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Dispute between Canada and Saudi Arabia escalates amid asset sell off

08 August, 2018, 22:12 | Author: Ted Wilson
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The Canadian dollar fell on Wednesday after the Financial Times reported that Saudi Arabian officials instructed the kingdom's asset managers to dump their holdings of the country's assets.

"We are always going to speak up for human rights, we are always going to speak up for women's rights and that is not going to change", Freeland said.

Following a tweet by Canada's foreign ministry calling for the immediate release of detained human rights activists, Saudi Arabia instigated a full-blown diplomatic crisis.

Canada plans to seek help from the UAE and Britain to defuse an escalating dispute with Saudi Arabia, sources said on Tuesday, but close ally U.S. made clear it would not get involved.

The Canadian dollar was down by 0.2% against the United States dollar to 1.3096 at 8:59 a.m. ET.

A source at a Saudi bank told Reuters the bank was contacted by the central bank on Wednesday afternoon asking for information about all their Canadian exposure - investments in Canada and foreign exchange positions.

Manafort defense questions star witness Gates about 'secret life'
The email exchange occurred after Manafort left the Trump campaign but while Gates was active on the Trump inauguration committee. Gates (46) admitted he had embezzled from other employers; he had volunteered the information once he began cooperating.

Crown Prince Mohammed bin Salman recently went on a global tour touting proposed economic reforms and promoting his vision for the kingdom as "the next Europe".

Inflows slowed in recent years mainly due to low oil prices, but regional turmoil doesn't help, critics of the government say.

But if this was an attempt by Saudi Arabia to push down Canadian markets, the move had limited success.

Saudi Arabia is now coordinating for the transfer of all Saudi patients from Canadian hospitals to other facilities outside of the country, according to a report from the Saudi Press Agency. On Tuesday, Minister of Education Dr. Ahmed Al-Eissa assured Saudi scholarship students in Canada that the Kingdom has worked to provide all facilities for an easy transfer to universities in other countries. Saudi Arabia's airline suspended flights to and from Canada, potentially complicating travel plans for Canada's Muslim population as the annual Hajj pilgrimage to Mecca approaches later in August.

The dispute may hurt what is a modest bilateral trade worth almost $4 billion a year.

It remains unclear how many Saudi patients will be affected by the decision. Saudi Arabia has invested about $6 billion in Canadian businesses since 2006, data compiled by Bloomberg show.

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