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Gulf Insider
a day ago
- Business
- Gulf Insider
Saudi Arabia to Review Spending Priorities
Saudi Arabia will review its spending priorities after the oil price decline, and will consider whether to delay or accelerate some projects, the Kingdom's Finance Minister, Mohammed Al-Jadaan, told the Financial Times in an interview published on Thursday. Saudi Arabia needs oil prices at about $90 per barrel to balance its budget. The world's top crude oil exporter is already running a higher-than-planned deficit, which is set to swell with the oil price dip in the second quarter. With oil prices having crashed into the $60 a barrel range, the Kingdom will look to avoid falling again into the 'trap of booms and busts,' Al-Jadaan told FT. A 'crisis provides us an opportunity to take stock and consider', the minister added. 'Should we delay? Should we reschedule? Should we accelerate?' Al-Jadaan said. Last week, Saudi Minister of Economy and Planning, Faisal Alibrahim, said that the Kingdom is always ready for multiple oil price scenarios. 'We have the long-term fiscal planning and medium-term frameworks that help us adjust depending on what scenario actually plays out,' Alibrahim said at the Qatar Economic Forum in Doha. Saudi Arabia booked a hefty budget deficit for the first quarter of the year, even before oil prices plunged in April. Saudi Arabia's budget deficit jumped to $15.6 billion (58.7 billion Saudi riyals). That's already more than half of the deficit the Kingdom had forecast for the full year—a deficit of $27 billion (101 billion riyals). The second-quarter deficit will be even higher than in Q1, as oil prices have languished in the low $60s per barrel Brent since they crashed in early April. All the deficit in the first quarter was covered by borrowing, suggesting that Saudi Arabia prefers to continue tapping debt markets to using central bank foreign currency reserves. With oil at $60-$65 per barrel, Saudi Arabia may have to accelerate borrowings and defer planned investments in its mega initiatives such as the futuristic city of Neom, analysts say. Also read: Refiners Expect Saudi Arabia to Cut Oil Price
Yahoo
a day ago
- Business
- Yahoo
Elon Musk Throws Tantrum on Stage, Accuses Delaware Judge of Being an "Activist" in a Halloween Costume
Elon Musk has developed a new approach to getting his obscene $56 billion Tesla pay package: insulting the judge who invalidated it. During a wide-ranging tele-appearance at Bloomberg's Qatar Economic Forum this week, the multi-hyphenate billionaire lambasted Chancellor Kathaleen McCormick, the Delaware judge who has twice invalidated the massive bonus. Responding to claims from the Wall Street Journal alleging that Tesla's board of directors has begun formally looking for a new CEO — which were promptly denied by Tesla board chair Robyn Denholm — Bloomberg anchor Joumanna Bercetche asked Musk if he felt confident seeing himself running Tesla in a few years. The multi-hyphenate billionaire insisted that he will, short of his untimely death, continue to helm Tesla and be paid accordingly. "The compensation should match that something incredible was done," he said. "I'm confident that whatever some activist posing as a judge in Delaware happens to do will not affect the future compensation." Musk went on to interrupt Bercetche when she attempted to clarify which judge he was talking about. "Not a judge, not a judge," he said while literally wagging his finger at the screen. "The activist cosplaying a judge in a Halloween costume." Though he didn't expound on his definition of "activist," it's easy to guess based on past precedent what Musk meant: anyone who is critical of him, or who doesn't do what he wants. That was not Musk's final mention of "activism," either. While the crowd laughed uproariously at the stupid joke, Bercetche noted that that was Musk's own "characterization" of the scenario. Though he attempted again to interrupt her, the reporter launched ahead into her next question, asking Musk if he felt "relaxed" about his position and whether his pay package had any bearing on his commitment to leading Tesla. "Sufficient voting control such that I cannot be ousted by activist investors is what matters to me," the CEO countered, "and I've said this publicly many times." "Let's not have this whole thing be a discussion of my alleged pay," he continued. "It's not a money thing, it's a reasonable control thing over the future of the company, especially if we're building millions — potentially billions — of humanoid robots." Musk again raised the specter of "activism" when suggesting that his proposed compensation, which is currently being reviewed by an internal two-person committee that includes the board chair, will offer him security. "I can't be sitting there and waiting to get tossed out for political reasons by activists," he declared, eyes shifting about all the while. "That would be unacceptable." Yeah, he's clearly very "relaxed" about this whole thing. More on Tesla's investors: A Longtime Tesla Bull Dumped His Stock, Predicting a Total Collapse
Yahoo
a day ago
- Entertainment
- Yahoo
Elon Musk's Dad Slams His Son's Whimpering Failure at Politics
Elon Musk's father Errol is once again sounding off about his billionaire son — and as usual, he has nothing nice to say. In an interview with England's Sky News, the elder Musk heaped on the criticism when asked to describe his famous spawn's political prowess. "He's not a very good conversationalist," the patriarch said. "He's not a very good politician at all." The former emerald miner went on to say that Musk doesn't have the "gift of gab" and suggested that he tried to warn his son against going into politics, which he bizarrely characterized as a bottomless "human swimming pool" in which nobody, including Winston Churchill or Donald Trump, can stay afloat. Notably, the Sky interview aired just before the younger Musk announced that his time as a "special government employee" in the United States was up. Soon after, the father — with whom Musk has been estranged since learning that he'd impregnated his step-sister — told GB News that his son and Trump still have a "good relationship." During his Sky interview, the older Musk also argued with broadcaster Gillian Joseph, a Black woman, about whether or not a so-called "white genocide" is taking place in South Africa, his and Elon's home country. When Joseph pointed out that a recent videos Trump shared purporting to show attacks against white farmers in SA was actually filmed in the Democratic Republic of Congo and taken out of context, Musk — who's shared fond memories of how "well-run" the country was during apartheid — kept insisting that was "not true." "Where's the evidence?" Joseph asked, as the elder Musk kept repeating "no, no, no" and spoke over her. Coincidentally, his billionaire son gave an extremely similar performance when speaking at Bloomberg's Qatar Economic Forum earlier in the month when reporter Joumanna Bercetche had the audacity to not laugh at one of his dumb jokes. For all their animosity, it seems Elon and Errol have a lot in common when it comes to being weird with women. Maybe the apple doesn't fall far from the emerald mine. More on the younger Musk: You Can Suddenly Sense Elon Musk's Desperation
Yahoo
a day ago
- Business
- Yahoo
Elon Musk's companies see reputations crumble as backlash from his work with DOGE hits his ventures
Elon Musk's companies have seen their reputations decline dramatically over the last year, according to a new poll, the latest sign of a backlash against the billionaire's work with the Trump administration. In a ranking of the country's 100 most visible brands, Tesla fell to 95th, while SpaceX clocked in at 86, according to the 2025 Axios Harris 100 poll. The rankings represent steep declines from the companies' previous perches at 8th and 5th, respectively, in the 2021 poll. The plunge in reputation came even as competitors like Microsoft, Samsung, Nvidia, and Apple all made the top 10 for 2025. X, meanwhile, notched a minor increase from last year — though only rising from 99th to 98th place. The Independent has contacted SpaceX and Tesla for comment. The poll, conducted between January and May, is the latest sign of the uneasy mix between Musk's role as an owner and executive at multiple high-profile companies and the figurehead for the Trump administration's Department of Government Efficiency initiative to dramatically slash federal spending. In its first quarter of 2025, Tesla faced reduced profits, as well as freefalling sales in Europe, and Tesla dealerships and charging stations around the U.S. were set on fire and vandalized. DOGE has also faced scores of lawsuits and protests accusing Musk and his allies of unilaterally gutting large parts of federal spending and hamstringing key agencies of the government like the Social Security Administration. Against these headwinds, signs have pointed to Musk taking a step back from the world of politics. In late April, he said he would be scaling back his White House role to a day or two of work per week, compared to the round-the-clock early months of the administration. Observers also believe Donald Trump has cooled somewhat on Musk, noting big-money political failures like Musk's attempts to sway a Wisconsin judicial race, and the fact that the president hasn't posted about Musk since early April, according to an analysis by Politico. 'He's finished, done, gone. He polls terribly. People hate him,' an anonymous GOP operative told the outlet. 'He'd go to Wisconsin thinking he can buy people's votes, wear the cheese hat, act like a 9-year-old. ... It doesn't work. It's offensive to people.' Speaking at the Qatar Economic Forum on Tuesday, Musk said he plans to 'do a lot less' political spending. 'I think I've done enough,' he said. During the 2024 campaign, Musk aligned himself closely with the GOP, pouring over $290 million into supporting Trump and his allies. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 days ago
- Business
- Yahoo
What to know about Musk's claim Starlink can't operate in South Africa because he's not Black
On May 20, 2025, Elon Musk, the South Africa-born tech billionaire who owns the space aeronautics company SpaceX (among others), spoke about his businesses at the Qatar Economic Forum. Bloomberg's Mishal Husain asked Musk about potential conflicts of interest between his tight connection with U.S. President Donald Trump and his businesses. Discussing Starlink, the satellite internet service provider operated by SpaceX, Husain claimed there was "some evidence that companies are allowing access to it because they want to be close to the Trump administration," and pointed to South Africa as an example. Musk responded by claiming that he couldn't get a license for Starlink in South Africa, because in his words, "I'm not Black." (It wasn't the first time Musk had made the claim — he also did so on his social media platform X on March 7.) Users shared the claim widely on social media following Musk's remarks. (X user @cb_doge) However, South Africa's telecommunications regulator, the Independent Communications Authority of South Africa, told the BBC in March that Starlink wasn't banned from the country at all. The nation's foreign ministry said Starlink would be welcome to operate in the country as long as it followed South African law. Snopes reached out to ICASA to ask whether Starlink had submitted an application in the last few months or if the South African government had come to an agreement with Musk that would allow Starlink to operate in the nation. A representative told us by email that Starlink "has not applied for a license with ICASA." In other words, Musk's company simply hasn't done the paperwork required to operate in the nation, according to ICASA. There is some legal nuance to this matter. Following the 1994 end of apartheid, the policy of legal segregation that effectively blocked the country's Black majority from participating in politics or the economy, then-President Nelson Mandela's government passed legislation aiming to prop up the nonwhite population's economic power. One such law requires many companies operating in South Africa to give local Black firms a stake in operations within the nation. According to February 2025 reporting from Semafor, the South African government was considering giving Musk's ventures, including Starlink, an exception to that rule. On May 20, Bloomberg reported that the nation's government had in fact struck such a deal, partly to reduce tensions between the country and Trump. Snopes has not independently confirmed these reports. Both Musk and Trump have publicly floated the conspiracy theory that there is a "white genocide" taking place within South Africa (Snopes checked the theory in 2018 and rated it false). The Trump administration withheld aid from the country in February 2025 on the grounds that white South Africans faced discrimination. Apartheid | South Africa, Definition, Facts, Beginning, & End | Britannica. 17 May 2025, Broad-Based Black Economic Empowerment – The Department of Trade Industry and Competition. Accessed 22 May 2025. Elon Musk's Starlink and the Racially Charged Row over Operating in South Africa. 16 Apr. 2025, Gedeon, Joseph. "US Suspends Aid to South Africa after Trump Order." The Guardian, 6 Mar. 2025. The Guardian, Palma, Bethania. "Is a 'Large-Scale Killing' of White Farmers Underway in South Africa?" Snopes, 24 Aug. 2018, Prinsloo, Loni, and S'thembile Cele. "South Africa to Offer Musk Starlink Deal Before Trump Meet." Bloomberg, 20 May 2025, South Africa Might Bypass Black Ownership Rules for Musk. 10 Feb. 2025, "South Africa to Offer Musk Starlink Deal before Trump Meeting, Bloomberg News Reports." Reuters, 20 May 2025.
