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A new Fed chair, Saudi shake up, and other weekend surprises

It has been a busy few days for Saudi Arabia, while in America Donald Trump has made a few big announcements

Image Credit: Reuters
A man walks past the Federal Reserve in Washington.
Gulf News

Dubai: It was a very busy weekend for new appointees, both in the US and in Saudi Arabia.

Whilst the US finally saw a new chairman of the Federal Reserve nominated to replace the outgoing Janet Yellen, Saudi Arabia saw a government shake up of its own, with several high profile ministerial replacements.

On today’s episode, we discuss the implications of Jerome Powell’s nomination to the position of Fed chairman, and why Donald Trump chose Powell over Yellen (hint: it’s to do with his political orientation).

We then discuss Saturday night’s events in the kingdom, including the creation of an anti-corruption commission headed by the powerful Crown Prince Mohammad Bin Salman Al Saud, and the apparent arrest of several prominent business people, according to local Saudi media.

Whilst on the topic of Saudi, what was Trump doing when he tweeted that he’d appreciate state giant Aramco floating part of its oil business on the New York Stock Exchange? We look at what was motivating him, and whether it will impact Saudi Aramco’s decision.

Elsewhere in the Gulf, we talk about what is taking place this week in the UAE.

Finally we look at what the interest rate hike from the Bank of England means for the country, and what signals there were to be found in governor Mark Carney’s forward guidance following the rise.

 

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