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ECON Saudi Crown Prince Nayef Dies Causing Plunge in Saudi Arabian Stocks
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  1. 06-16-2012 07:39 AM #1
    JohnGaltfla's Avatar
    JohnGaltfla
    JohnGaltfla is offline Doom Never Sleeps
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    21 Saudi Crown Prince Nayef Dies Causing Plunge in Saudi Arabian Stocks

    Saudi Crown Prince Nayef Dies Causing Plunge in Saudi Arabian Stocks


    by John Galt
    June 16, 2012 07:15 ET

    Prince Nayef bin Abdulaziz Al Saud, who became heir to the throne last year at the age of 78, has passed away. He was also the head of the country’s interior ministry and considered a hard core traditionalist willing to work with Western governments while demanding non-intervention from world powers in Saudi Arabian affairs. The Crown Prince’s passing now brings a wee bit more instability to the region as the new successor must be found soon considering the poor health and age of King Abdullah. The immediate reaction to the news was quite obvious with the Saudi Arabian stock market, the TASE, selling off by over 2% immediately then recovering about half of those losses.

    (chart from Bloomberg.com)

    "I've always wondered what the 1920's and 1930's were like, but I never wanted to see it from the German perspective....."
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  2. 06-16-2012 07:47 AM #2
    fairbanksb's Avatar
    fairbanksb
    fairbanksb is online now Freedom Isn't Free
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    I wonder who's next in line. Wasn't this guy just nominated less than a year ago? Dropping like fly's.
    In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people. Source – The Declaration of Independence
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  3. 06-16-2012 08:06 AM #3
    Berean
    Berean is offline Senior Member
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    And the hits just keep on coming! Don't ask "what's next?" I haven't gotten over the last three days of news.....
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  4. 06-16-2012 08:08 AM #4
    Gingergirl
    Gingergirl is offline Veteran Member
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    Probably the Defense Minister, Prince Salman...but the King can choose whoever he wants.

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    that which one man receives without working for, another man must work for without receiving." -- Kenneth W. Sollitt
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  5. 06-16-2012 08:23 AM #5
    bw
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    Quote Originally Posted by fairbanksb View Post
    Dropping like fly's.
    At age 78 they do that.
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  6. 06-16-2012 09:13 AM #6
    scubasteve
    scubasteve is online now Senior Member
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    Had no idea the stock market was so dangerous. Obama and Bernake need to be extra careful!


    Saudi Crown Prince Nayef Dies Causing Plunge in Saudi Arabian Stocks
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  7. 06-18-2012 11:05 AM #7
    fairbanksb's Avatar
    fairbanksb
    fairbanksb is online now Freedom Isn't Free
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    Psychic? LOL

    http://www.foxnews.com/world/2012/06...est=latestnews

    Saudi Arabia names defense minister crown prince

    Published June 18, 2012

    Associated Press

    RIYADH, Saudi Arabia – Saudi Arabia says Defense Minister Prince Salman bin Abdul-Aziz is the country's new crown prince.

    The official announcement Monday comes the day after the burial of Prince Nayef, who died last week in Geneva. He was named the heir to the Saudi throne in November.

    The 76-year-old Prince Salman is the third successor for the 88-year-old King Abdullah in the past year in one of the West's most critical Middle East allies.
    In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people. Source – The Declaration of Independence
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  8. 06-18-2012 11:34 AM #8
    Richard
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    prepare for the Saudi Spring.......
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