FILE - In this Jan. 29, 2011 file photo, Saudi journalist Jamal Khashoggi speaks on his cellphone at the World Economic Forum in Davos, Switzerland. Saud Al-Mojeb, Saudi Arabia’s top prosecutor, is recommending the death penalty for five suspects charged with ordering and carrying out the killing of Saudi writer Jamal Khashoggi. Al-Mojeb told a press conference in Riyadh Thursday, Nov. 15, 2018,  that Khashoggi’s killers had been planning the operation since September 29, three days before he was killed inside the kingdom’s consulate in Istanbul. (AP Photo/Virginia Mayo, File)
Saudi journalist Jamal Khashoggi speaks on his cellphone at the World Economic Forum in Davos, Switzerland. AP 

Saudi foreign minister: Crown Prince had absolutely no role in Khashoggi death



Saudi Arabia's Crown Prince Mohammed bin Salman had "absolutely" nothing to do with the killing of Jamal Khashoggi, Foreign Minister Adel Al Jubeir said on Thursday, shortly after the public prosecution called for some of the people charged in the case to be given the death penalty.

The Saudi public prosecutor recommended the death penalty for five people who ordered and committed the killing of Jamal Khashoggi.

Deputy public prosecutor Shaalan Shaalan told reporters in Riyadh that the role of the crown prince's former adviser Saud Al Qahtani was meeting with the team that was ordered to repatriate Khashoggi.

Eleven out of the 21 people held have been charged with murder, Mr Shaalan said.

Turkish Foreign Minister Mevlut Cavusoglu said that the measures announced by the Saudi public prosecutor's office were "positive but insufficient", and repeated Ankara's demand that the 15-man team be tried in Turkey.

The Saudi posecutor's update on the case was followed by the US State Department announcing sanctions on Mr Al Qahtani, "his subordinate Maher Mutreb, the Saudi Counsul General in Istanbul Mohammed Alotaibi, and 14 other people members of an operations team" with a role in the killing of Khashoggi, who had lived in the US for about a year before his death.

Secretary of State Mike Pompeo said the sanctions were imposed under the Global Magnitsky Human Rights Accountability Act.

"Our action today is an important step in responding to Khashoggi’s killing," Mr Pompeo said in statement released by the State  Department.

He said the department "will continue to seek all relevant facts, consult Congress, and work with other nations to hold accountable those involved in the killing of Jamal Khashoggi".

Mr Al Jubeir said the killing of the journalist was a legal matter and should not be politicised.

"The politicisation of the issue contributes to a fissure in the Islamic world while the kingdom seeks the unity of the Islamic world," the foreign minister said.

Mr Al Jubeir added that there were still unanswered questions in need of answers, but Ankara had refused three requests from Riyadh to provide proof of their accounts of the killing.

He said that Crown Prince Mohammed bin Salman had "absolutely" nothing to do with the killing of Saudi writer Jamal Khashoggi.

"Absolutely, his royal highness the crown prince has nothing to do with this issue," Mr Al Jubeir told reporters in a press conference in Riyadh.

He said the kingdom was investigating and holding those responsible to account "to make sure this doesn't happen again".

"Sometimes mistakes happen ... sometimes people exceed their authority," he said.

The deputy public prosecutor said a team was formed to bring Khashoggi under the orders of Mr Al Qahtani.

Mr Shaalan said he had been banned from travelling and remains under investigation.

The case has been transferred to court while the investigation continues, he said.

Mr Shaalan said the deputy chief of the Saudi intelligence, General Ahmed Al Assiri, ordered the operation.

Mr Al Assiri had given the order to force Khashoggi to return to Saudi while the head of the negotiating team that flew to Istanbul had ordered his murder, he said.

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Mr Al Assiri was fired for ordering Khashoggi's forced return.

Khashoggi's body was dismembered and transported outside of the Saudi consulate in Istanbul, the deputy prosecutor added.

A member of the team that was sent to Istanbul assessed that it would be difficult to complete a repatriation and decided to kill Mr Khashoggi in the consulate, he said.

Mr Shaalan said that Riyadh has asked Ankara to share the results of its investigation and recordings of the killing.

"The prosecution is still waiting for Turkey to hand over what was asked of them," he said.

Turkey has demanded an international investigation in to the case, and President Recep Tayyip Erdogan has said those who ordered the killing should be identified and brought to justice.

Khashoggi, a former palace insider who turned critic, was strangled and his body dismembered in Istanbul.

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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