*By Michael Teich*
American businesses withdrawing from Saudi Arabia's Future Investment Initiative conference are hypocritical for boycotting the kingdom after the disappearance of journalist Jamal Khashoggi, said Axios business editor Dan Primack.
"I'm not sure they all internalize or recognize \[that\]," Primack said Monday in an interview on Cheddar.
"Where were they when the Saudis were basically encouraging or creating a famine in Yemen? Where were they when they were jailing activists? There's all this talk that women are now allowed to drive in Saudi Arabia, which is great, but a lot of women who advocated for that in Saudi Arabia are still in jail," Primack said. "Yet everyone was willing to go to this conference two weeks ago."
A number of high-profile names in business have already excused themselves from the conference, including Uber CEO Dara Khosrowshahi, JPMorgan ($JPM) CEO Jamie Dimon, BlackRock ($BLK) CEO Larry Fink, and Mastercard ($MA) CEO Ajaypal Banga.
But Primack said Wall Street and Silicon Valley shouldn't be leading the charge against Saudi Arabia.
"The problem here is it should be the White House taking the lead here," he said. "If they put sanctions, it gives businesses some sort of, not only PR cover, but also structural cover. It can maybe even get out of deals because there are sanctions put on by the government."
Canceling a trip to the finance conference in Riyadh is a necessary first step, but it will be crucial to examine the businesses' actual relationships to Saudi Arabia beyond this event, Primack said.
The Blackstone Group's ($BX) founder and CEO Stephen Schwarzman, declared Monday he would no longer be attending the event, which is hosted by Saudi Arabia's Crown Prince Mohammed bin Salman and the kingdom's sovereign wealth fund.
But, as Primack noted, "Blackstone has gotten a commitment of about $20 billion from the Saudi government for a new global infrastructure fund it's raising."
"Blackstone has earnings Thursday, and they're going to have to address this," he said.
For full interview [click here](https://cheddar.com/videos/wapo-journalist-disappearance-could-sever-business-ties-for-saudi-arabia-2).
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
Consider this your sign to pack your bags. Airbnb says Colorado Springs will be a top travel destination in 2024.
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
