Saudi Arabia vows retaliation if punished over ‘missing’ journalist

Agencies
October 14, 2018

Dubai, Oct 14:  Saudi Arabia warned on Sunday it would retaliate against any sanctions imposed on the oil-rich kingdom over the disappearance of journalist Jamal Khashoggi, as the Riyadh stock market suffered its worst plunge in years.

From tech tycoons to media giants, a host of Western companies are now distancing themselves from the Gulf state, imperilling Crown Prince Mohammed bin Salman's much-hyped economic reform drive.

US President Donald Trump threatened ally Saudi Arabia on Saturday with "severe punishment" if Khashoggi, who has been critical of Prince Mohammed, was killed inside its Istanbul mission.

But Riyadh vowed to hit back against any action against it.

"The kingdom affirms its total rejection of any threats or attempts to undermine it whether through threats to impose economic sanctions or the use of political pressure," an official source said, quoted by state news agency SPA.

He said Riyadh would "respond to any action with a bigger one", pointing out that the oil superpower "plays an effective and vital role in the world economy".

As investors took fright, Saudi stocks tumbled by around seven percent at one point on Sunday, wiping out their gains for 2018.

Business barons including British billionaire Richard Branson and Uber CEO Dara Khosrowshahi, as well as media powerhouses like Bloomberg and CNN, have pulled out of next week's Future Investment Initiative (FII) in Riyadh, dubbed "Davos in the desert".

Khashoggi, a Washington Post contributor, vanished after entering the consulate on October 2 to obtain official documents for his upcoming marriage.

Turkey on Saturday stepped up pressure on Saudi Arabia by accusing the kingdom of failing to cooperate with a probe into the journalist's disappearance.

Turkish officials have said they believe Khashoggi was killed inside the mission and claims have been leaked to media that he was tortured and even dismembered.

Saudi Arabia insists Khashoggi left the building safely and dismissed accusations that authorities had ordered his murder by a hit squad as "lies and baseless allegations".

The kingdom's Tadawul All-Shares Index (TASI) lost more than 500 points in the first two hours after trading resumed after the weekend, in panic selling similar reminiscent of the days after the global financial crisis in 2008.

It clawed back some losses by mid-session but was still down by 5.0 percent, the worst single-day drop in about three years, trading at a 10-month low of 7,167 points.

The index had already dropped 3.0 percent on Thursday, following a rout on world stock markets fuelled by worries about higher interest rates and US President Donald Trump's attacks on the Federal Reserve.

Mohammed Zidan, market strategist at Thinkmarket in Dubai, said the drop in Saudi stocks was the result of panic selling because of several political and economic factors.

"There has been a kind of uncertainty surrounding the situation of the disappearance of Khashoggi which has caused the market to fall," Zidan told AFP.

"The withdrawal of top participants from the Riyadh investment conference has also negatively impacted traders' sentiment," he said.

The pullouts have cast a pall on the annual summit at which Prince Mohammed wowed investors last year with talking robots and blueprints for a futuristic mega city.

The withdrawal of Uber's Khosrowshahi from the event is particularly symbolic as the kingdom's vast Public Investment Fund (PIF) has invested $3.5 billion in the ride-hailing app.

Branson, who dropped two directorships linked to Saudi tourism projects around the Red Sea, said claims about Khashoggi's disappearance would "change the ability of any of us in the West to do business with the Saudi government".

Global multinational corporations "see potential in a developing market like Saudi Arabia, but for many the reputational risk of being associated with FII outweighs the potential gains from the Saudi economy," said Michael Stephens, a Middle East expert at the Royal United Services Institute.

Washington lobbying firm Harbour group which represented the Saudi government, has also terminated its $80,000 per month contract.

"We (have) ended the relationship," Richard Mintz, managing director of the firm, told AFP.

The Saudi leadership faces "an acute public relations crisis" over Khashoggi's disappearance, said consultancy group Eurasia.

"The leadership will now have to manage a more serious threat to its economic liberalisation strategy," Eurasia said.

"At this point, Saudi Arabia will find it incredibly challenging to contain the emerging crisis."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 3,2026

wind.jpg

Dakshina Kannada MP Capt Brijesh Chowta has urged the Centre to give high priority to offshore wind energy generation along the Mangaluru coast, citing its strategic importance to India’s green energy and port-led development goals.

Raising the issue in the Lok Sabha under Rule 377, Chowta said studies by the National Institute of Oceanography have identified the Mangaluru coastline as part of India’s promising offshore wind ‘Zone-2’, covering nearly 6,490 sq km. He noted that the region’s relatively low exposure to cyclones and earthquakes makes it suitable for long-term offshore wind projects and called for its development as a dedicated offshore wind energy zone.

Highlighting the role of New Mangalore Port, Chowta said its modern infrastructure, multiple berths and heavy cargo-handling capacity position it well as a logistics hub for transporting and assembling large wind energy equipment.

He also pointed to the presence of major industrial units such as MRPL, OMPL, UPCL and the Mangaluru SEZ, which could serve as direct buyers of green power through power purchase agreements, improving project viability and speeding up execution.

With Karnataka’s peak power demand crossing 18,000 MW in early 2025, Chowta stressed the need to diversify renewable energy sources. He added that offshore wind projects in the Arabian Sea are strategically safer compared to the cyclone-prone Bay of Bengal.

Calling the project vital to India’s target of 500 GW of renewable energy by 2030, Chowta urged the Ministry of New and Renewable Energy to initiate resource assessments, pilot projects and stakeholder consultations at the earliest.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 20,2026

Mangaluru: In a major step towards strengthening rural innovation, the Office of the Principal Scientific Adviser (PSA) to the Government of India is supporting the establishment of RuTAGe Smart Village Centres (RSVCs) across the country through collaborations with academic institutions, civil society organisations and philanthropic partners.

As part of this national initiative, Nitte (Deemed to be University) will set up the first RSVCs in the region at Nitte GP in Udupi district and at the Nitte Health Centre, Sevanjali Trust, Farangipete, in Dakshina Kannada district. The centres will be inaugurated on January 21. In South India, the programme is being implemented by the Section Infin-8 Foundation (SI-8).

Speaking to reporters on Monday, SI-8 founder-director Vishwas US said experts from Nitte University and SI-8 would work closely with farmers, students, youth and local entrepreneurs to adapt and deploy technologies tailored to local needs.

Project head Prof Iddya Karunasagar, representing Nitte DU, said the RSVCs at Nitte and Farangipete would serve as demonstration hubs for a wide range of agriculture, energy, skill-development and assistive technologies. These include solar dryers for fruits, vegetables and crops; soil-testing solutions; power weeders and women-friendly farm tools; wind-powered devices for rural artisans; grain storage systems; grass-cutting and tree-climbing equipment; and liquid fertiliser production using cowshed waste.

SI-8 CEO Aravind C Kumar said the centres would also provide access to digital and knowledge-based platforms such as ISRO applications, government scheme portals, market linkage tools and gamified learning resources, along with assistive technologies for persons with visual impairments.

Highlighting the broader impact of the initiative, Principal Scientific Adviser Prof Ajay Kumar Sood said it demonstrated how applied research could bridge the rural–urban divide and help create self-reliant, technology-enabled villages.

The initiative has been made possible through philanthropic support from Dr NC Murthy of ACM Business Solutions, LLC, USA. Dr Sapna Poti, Director (Strategic Alliances) at the Office of the Principal Scientific Adviser, said the long-term objective is to build self-sufficient, technology-driven communities capable of generating sustainable livelihoods on their own.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 23,2026

Karnataka Governor Thaawarchand Gehlot read only three lines from the 122-paragraph address prepared by the Congress-led state government while addressing the joint session of the Legislature on Thursday, effectively bypassing large sections critical of the BJP-led Union government.

The omitted portions of the customary Governor’s address outlined what the state government described as a “suppressive situation in economic and policy matters” under India’s federal framework. The speech also sharply criticised the Centre’s move to replace the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with the Viksit Bharat–Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, commonly referred to as the VB-GRAM (G) Act.

Governor Gehlot had earlier conveyed his objection to several paragraphs that were explicitly critical of the Union government. On Thursday, he confined himself to the opening lines — “I extend a warm welcome to all of you to the joint session of the State legislature. I am extremely pleased to address this august House” — before jumping directly to the concluding sentence of the final paragraph.

He ended the address by reading the last line of paragraph 122: “Overall, my government is firmly committed to doubling the pace of the State’s economic, social and physical development. Jai Hind — Jai Karnataka.”

According to the prepared speech, the Karnataka government demanded the scrapping of the VB-GRAM (G) Act, describing it as “contractor-centric” and detrimental to rural livelihoods, and called for the full restoration of MGNREGA. The state government argued that the new law undermines decentralisation, weakens labour protections, and centralises decision-making in violation of constitutional norms.

Key points from the unread sections of the speech:

•    Karnataka facing a “suppressive” economic and policy environment within the federal system

•    Repeal of MGNREGA described as a blow to rural livelihoods

•    VB-GRAM (G) Act accused of protecting corporate and contractor interests

•    New law alleged to weaken decentralised governance

•    Decision-making said to be imposed by the Centre without consulting states

•    Rights of Adivasis, women, backward classes and agrarian communities curtailed

•    Labourers allegedly placed under contractor control

•    States facing mounting fiscal stress due to central policies

•    VB-GRAM (G) Act accused of enabling large-scale corruption

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.