the ceo of the saudi exchange telling me last week it would definitely be listing here in riyadh. the report suggested the possibility of oil giants like bp, exxon taking strategic states in aramco. the oil industry wasn't the only area to see a reshuffle. the governor of the central bank, the saudi monetary agency, was replaced and a total of five other ministries were restruct >>> now to canada where firefighters and oil producers may have caught a break combating that fire in the country's oil sands region. that helped send oil prices a little bit oil settling down more than 2.5% despite the loss of supply from up there in alberta. deer dierdre bosa has more on the blaze and its potential cost friday edmonton. >> reporter: cooler weather and light rain. some respite for the fire officials battling what's been nicknamed simply "the beast." canada's wildfire blazes on and officials don't yet know the extent of the damage. >> we're waiting for information from the province. they're in there right now. last i heard a lot of the infrastructure is still being looked at. and apparentl

speaking in riyadh, khalaf al habtoor says the airline would also finance aircraft through leasing.highlighted staff reductions as a sign of their turnaround. >> we have done a major restructuring. have more than 6000 employees per today, they have short of 3000. today, a vast majority are newcomers. the company will do a they profits,d, commercial commercial testing. it could transform the company from the state owned to commercial. industriesudi basic improving operating efficiencies. [indiscernible] we are seeing a pressure on the pricing and profitability. we are leveraging the strategic capability. we have a product portfolio. they will appear like a one-stop shop for all of our customers. the other thing is we are leveraging cost efficiencies. trump is all but assured of going to the republican convention as the presidential nominee. after his last remaining rival -- john kasich -- made his decision. -- wassich has advised advised to stay in the race but scored just a single victory in his home state of ohio where he is governor. >> as i suspend my campaign faith,i have renewe

they put it back together again in riyadh and organized their own take on the european life drawing class abdulnasser gharem: you u know what the best thing about the artist? he is telling the options. sometimes the whole sosociety knows that option, but they can not say it because of authorities, or ideologies. the artist will say it. reporter in saudi arabia, : artists are a voice for a society that is changing faster than the clerics and the authorities. anchor: 16 years of f the millennium. 16 years of life. "global" is travelling aroround the globe to meet teens who were born in the year 2000. >> i'm totally crazy about dance. anchor what moves angel from the : seychelles? and what makes buenos aires worth living in for simon? join in our series, "millennium teens." you can find out how on our webpage. >> i am a millennial. >> i'm heng seiha. i live in cambodia, in the village of romenh in the province of takeo. ♪ >> in my free time, i play soccer or read -- especially books about cambodian history. ♪ >> my mother is vice-principal at koh andet high school. my father is a farmer. he'

king and a new power balance in riyadh.hese are all key positions that are more in line with the rulers. he's been very active. on the international stage of the domestic stage. i think this will be essentially a change in the people who are close to that. it will follow the same policy. i'll see any major shifts in the oil supply. >> continuity will be there. we've had no freeze in place. this oil shoots in price rally going to be very short-lived. >> i don't agree in general. if you want to know where the oil prices going to have to ask torself would you lend money independent oil companies right now. fracking is a business built on borrowing. debt is now becoming junk debt. are becoming a daily occurrence. yields on these junk bonds is 20%. are tracking the exposure to the oil business. the 20% that is required by the markets to fund these cash you see where we're going. well over libor. iran will take time to come back into the markets. they will have time to revamp their oil industry. it is a slow-motion process. the p

far from over we will be live on air at 5:00 to show you what is going on this is all out to men riyadhhis out of lost expressway their outside we consider it is probably about for businesses and capt. we see them on the side that rests on shooting the fire into it in the back of the complex to conceal matter fully extended it is far from over the huge black smoke that is a clear indication more firefighters that are still arriving to the scene but this is far from over. >>reporter: a live look at the bay bridge as we try to look at the sun although probably mostly cloudy star for most areas aerosol comes out in the satellite and radar picture. >>reporter: temperatures because of the cloud cover is a little bit higher we do not have a warrant for his or mid 50's 58 did concede for oakland, 57 san jose, sunnyvale 55. >>reporter: the winds are still on short you concede the double digits in some areas 64 fairfield we will see a little bit of wind in the next 48 hours that tends to be illiterate when the impact to break down 5866 by 2:64 the wind out of the southwest at about 10 to 15 you'

i think it looks vastly different when you're in abu dhabi or riyadh. so, i think the president's comments in terms of sitting down and actually engaging iran, they're not unreasonable, but i think if you are in the region today and you are witnessing current iranian behavior in your own neck of the woods, it's very difficult to see a conversation where that takes place in the current environment. and again, if we are to engage iran, iran has a responsibility to also engage with us. and i don't see any behavior that indicates that so, in theory, it's a good position to have, and it's not unreasonable. but i think given the current climate and the environment we are dealing with, i think it's very unlikely. on the aumf question, i don't think i'm the right person to answer that. i think that's a domestic u.s. question and i'll defer that to my american colleagues up here. >> so, just picking up on the question about soft power tools and things that we can do to move the iceberg here. i actually think that's where a lot of our effort ought to go in the ne

i'm told that riyadh wants to redux this.hey want to open their society, c equivalent and become more a part of global capitalism. is there any met that the traditional royal family can do that? alaa: they are trying to. they are setting up a financial district in riyadh. this project in particular is dotted with a lot of problems. dubai is, as you said, well-established as a financial center in the middle east. others have tried to do that. abu dhabi tried. they haven't been able to unseat dubai. let alone the challenge domestically for the saudi society. it is a tall mountain to climb. you ask yourself how many financial hubs does the middle east need at this stage. vonnie: how much is he a puppet? he did go to the april meeting ha and agree to a freeze only to u-turn at the last minute. alaa: so now that deputy crown prince appears to have a greater say in oil policy. the minister who was replaced was negotiating the freeze deal with opec. before the meeting, deputy crown prince told us in an interview that his position is

reporter: a move to compensate grieving relatives that could prompt the end of cordial relations between riyadh and washington. families of the victims of the 9/11 attacks may soon be able to sue saudi arabia in u.s. courts for its alleged participation in terrorism. both democratic and republican senators behind the justice against sponsors of terrorism act as a it is a long overdue measure. the lot needs approval from the house of representatives. >> this is sadly designed to provide these families access to that every other american conceit in a court of law. when a schumer: government participates in terrorism, they should pay a price, and it is worse if they are not brought to justice because it will encourage others to do it. reporter: the kingdom of saudi consistently denied sponsoring the terrorists in the attacks that killed 3000 people. many have referred to a classified report on 9/11 that could include important details. saudi authorities say they could pull billions of dollars in u.s. securities and chelios and if the law is passed. is doing is stripping the principle of sovereign

our hadley gamble is live in riyadh with the latest on that.ood morning, hadley. >> reporter: good morning. basically what we know right now is there is a new oil minister here in saudi arabia, khaled al faleh. he is a 30-year veteran of aramco, taking the place of ali al naimi, who yesterday said good-bye and thank you to his colleagues at aramco. he's thanked them for helping him make all of those tough decisions, and he essentially is going now to become an adviser to the royal court. so, a lot of hoopla in the press, whether they'd be in the west or saudi arabia, about whether or not he was ousted or fired. but the bigger question going forward is how khaled al faleh will ease the way for aramco. that's part of the debate in saudi arabia about where this company is going to list its 5% stake of aramco. it will be the biggest ipo perhaps in history. an article in "the telegraph" newspaper suggested it would be a tri listing in new york, hong kong as well as london, but the ceo of the saudi exchange telling me last week it would be listing in

said to beo is working with jpmorgan, hbs be, and riyadh bank.ll help the world's largest exporter -- they also said the first sale could take place this year although its size has not been determined, and other banks could be appointed. nomura had cut pay for its top executives to the lowest level in three years. the seven bosses including the ceo were awarded an average of one and a half million dollars losses abroad -- swelled. a tough week for deutsche bank just got worse. it has slipped to number four as it fell from being number two according to a euromoney institution survey. up then picked second-place ranking while citigroup held the top spot for the third year in a row. francine: thank you so much. some other corporate news, banks, we focused on them yesterday and we focus again today. has agreed tooni step down after six years at the helm of italy's biggest bank. he and the board agreed there was a need for change in management. program have you on the . he wrote a great piece. italy's banking backstop you said, needs a turnaround. why

these exemptions and links to riyadh airport. abu dhabi is expanding its financial center. >> i think is it -- it is about collaboration and connectivity. three financial centers. fore is much more room everybody. my -- over 2400 journalists in 150 news bureaus over the world. the imf has welcome news saying it is weathering and economic downturn better than its oil-rich neighbors. the fund sees the growth accelerating to more than 5% by the end of the decade. saying this despite a fall in property prices. >> this is a welcome correction at this moment. is [indiscernible] than where they we 2015. -- that they were in in 2015. is the model why here holding up better than the rest of the region? guest: it is a basically more diversified model in a region beset by turmoil and more. and it isto diversify not reliant on oil. it is holding up pretty well. the big question is you see it in the rental prices have come down and so you see it in the school waiting lists are getting center. people worry, is this the beginning of another big

and a generational change in riyadh. the mystery that is saudi arabia's new oil policy.ing. "his is bloomberg "surveillance from new york. '

president obama last month went to riyadh to host a gcc summit. it's important for the united states to provide, i think, reassurance with respect to our partners, our partners like saudi arabia in the region. you know, it's always important to have a keen understanding of the threats that they see and that they feel and for us to really do a clear-eyed assessment of what the alternatives are as we proceed with our policy going forward. >> thank you, mr. chairman. >> thank you. senator gardner? >> thank you, mr. chairman, and thank you very much for the opportunity to hear your hearings -- your testimony today. wanted to follow up a little bit on this question of energy issues and the burden that the american taxpayers are carrying and nato and other -- other instances around the globe. secretary baker, you mentioned it's not fair to carry an undue burden of world security i think to paraphrase what you said, i don't want to put words in your mouth. i think that's the essence of what you talked about. russia, of course, reliance on energy to fill

and a lot of speculation about which city they're going to, london, hong kong, riyadh, all of them touteds possibilities. the big question for the ceo, of course, he said he's very hard at work with an internal team there at aramco trying to make that decision. they expect that decision to come sooner than later. another big question, how you put the value on a company of that size. i asked the ceo and president. take a listen. >> saudi aramco, as you know, in reserve base, to $261 billion. if you look at gas reserves we're talking about 210 to 98 billion of gas. you're looking at the capability of the company for productions cavity of 12 million in gas. we're looking at the cavity currently close to 16 -- the capacity, but not the productions. the production is around 11 for 2016. so it's a huge size company. now, the valuation of the company will all be depending on the fiscal that will be established and shared. and based on that, it will be decided. >> so, we've got some incredible numbers there, 10.2, 10.3 million barrels there. pretty big numbers there. we got the chance yesterday t

if you said that a year ago you would be booted out of riyadh, and now it is part of the plan. robin, thank you for your insight and context. robin mills, ceo at qamar energy. a glimmer of hope for india after back-to-back damaging droughts. the forecast for the monsoon and fect on the economy is next. this is "bloomberg markets middle east." ♪ rishaad: back with "bluebird markets middle east." 9:54 in india, where farmers have endured back-to-back droughts. there is hope on the horizon, with the forecast of an above average monsoon. how bad are things, especially where you are in maharashtra? rish, very bad indeed. india has been suffering from back-to-back droughts for the last couple years. the situation is so grim in maharashtra, no incomes, no debt have been e forcing farmers to commit suicide. but this is a glimmer of hope, with average rainfall expected to be the highest since 1994. if that happens, it could provide much-needed relief. more importantly, this is significant for two reasons. 70% of indians depend on agriculture for sustenance, and more importantly the time

manus: markets in the middle east are opening up with the ci, last year,s riyadh granted licenses. trading with hsbc. patrick george is the global head, he joins us now. great to have you with us. you are very welcome. to the opening up of saudi arabia, it really has not been a resounding success thus far. but what are you seeing from the forms that are proposed, changing the rules in terms of assets under management? are you more helpful -- hopeful for a better projector he patrick: it was the first step for a foreign investor to have access to the market. it came at a bad timing for emerging market investors. as you can see, they went into turmoil, the oil price collapse. and it was a very good step, but it came at a bad time. but what we had recently was to massive reforms, structural reforms and another to reacts other one.ip on the and the opening of the saudi economy for the program, in order to diversify from the oil into the other sector. those two will definitely create a catalyst for foreign investment into saudi arabia. there is no doubt about it. it will take time, but

you know, the more commercial side of the role, as a political power that came through from riyadh.nd then we're following now what is given directly by the new regime that's a lot more in sync. >> do you anticipate any further movements with the u.s. crude inventories being published? we're expecting, what, a jump for the fifth straight week? >> i think it might get impacted with the wildfires because the canadian supply may have gotten impacted. and potentially, if the imports from elsewhere having to sort of balance we could be in for a surprise. >> what's your view on the dollar impacts because it's now been five straight gains for the dollar. analysts suggesting if that trend ends we may see a major impact on oils and other commodities as well. >> yes. last year, we saw -- the dollar as a headwind. this time around, because of uncertainty, it's subtly become a tailwind. and speaking to emerging markets they are saying that the weakness is of great interest. >> what's the end of year target for oil prices? >> we think we'll gravitate to the $60 a barrel level. but we have a weak

i think riyadh marez and cante, there will be big bids for them over the summer. whether they go or not, i don't know. leicester, the chance to go into the champion league-- the players are quite key on one another and work very well as a team. hopefully, you know, they'll give it at least one shot in the champions league before they accept the big offers and move on. >> sreenivasan: all right andi thompson from s.b. nation, thank you very much for joining us. >> thank you. >> woodruff: now, the latest addition to the newshour bookshelf. it's a very personal look at the changing role of grandparents and comes from long-time "60 minutes" correspondent lesley stahl, who has full-heartedly embraced the job in her new book, "becoming grandma: the joys and science of the new grandparenting". i talked with her recently. welcome, lesley stahl. >> thank you, judy woodruff. >> woodruff: so we have known each other going back to being white house reporters -- >> the beginning of time, judy. >> woodruff: the beginning of time, president carter, president regan. you are showi

. >> rose: at the same time what comes out of riyadh is the saudis care more about iran and their total focus is on iran, is not so much a concern about i.s.i.l. i'm asking. that's not a statement. >> well, that's true. i think if you ask them, you know, secretary kerry, we spent about three hours with the young deputy crown prince salman, their number one problem is iran and what iran is doing in the region. >> rose: because they believe iran is trying to be a hedge power. >> they do and they also believe in their narrative, and we see ate little differently, what is driving this recruiting to i.s.i.l is that i.s.i.l is seen as a kind of the strongest sunni entity standing up against iran, which, of course, it's not. so the kingdom wants to kind of get ahead of that. but there is some of that. there is some of that in the region. i.s.i.l in syria and iraq is a bit of a symptom of governance, of sectarianism, but there is something much broader going on around the world. in libya there's no sectarianism. there's very little iranian influence. in places like indonesia and australia where

i think it is very important, i was in riyadh just a couple of moments ago, that we really see saudinedly moving to you know a different economy, that is not entirely oil-based. it is really important. and you buy continue to do really well. but there is less luxury buying coming, let's chinese visitors coming in. and they are precious. anna: you used to be of course on the barclays board, stepping away from that role now. but you are fairly involved around the discussion of africa. can you see a situation where barclays cells africa? someone at the forefront of the business? mike: i stepped down at the end of december. i think the barclays as my the right decision, given the overall sort of capital requirements, management focus. barclays is a great business. it was to focus on a u.k.-u.s. investment bank with a big retail bank year, presence in the far east. i think frankly speaking, there is a voice in which you can do in today's world. as to who purchases it, i think south africa will want to see a potential south african solution. i am not privy to those. anna: great to have you

>>will tran: no one had to be evacuated and no shelter and place but welcome in riyadh we just lookedwelcome in riyal it appears to be running at this time south from could take some time. >>robin winston: saw the bond will be closed until further notice wait for the update from chp of the police department in a when they planned to reopen the south on the election this a lot of on the 400 block of el camino is a bit of a back up and threw that stretch is definitely an area to avoid between lawrence and paul more avenue successor to a home is the best option for him in the 22 on the five to to those of us want to run north and south along the stretch they will be rerouted onto for the notice also keep that in mind this also heavy traffic on one would live in san jose this morning trying to get to downtown sunnyvale or mountain view because of all the of the accident is still packed from 680 to the 237 split. >>reporter: a distracted will recall an incursion basically go to the atmosphere and its core of this time it's a little, just above the surface. >>reporter: that a lot of the chi

last three months i've conveyed my counterparts several times in paris, brussels, and last week in riyadh. next week in europe to brief them on the coalition military command plan but above all to urge them to contribute more inane more meaningful ways. since we embarked on that major acceleration, results followed and continued in recent weeks. on the battlefield in iraq, the iraqi security forces we took rahmani and along with kurdish #you have begun operations to isolate mosul with the intent to collapse isil's control over that syria city. and in syria local forces supported by our coalition we took the tricia and dan in the talus body to the east, cutting off two significant lines of communication in raqqa and one of the last major arteries between raqqa and mosul. therefore between isil and syria and isil in iraq. we also see results in targeting isil's leaders and finances. we eliminated isil's cabinet, having taken out it's so called ministers of war and finance. we captured one of the principles of isil's chemical warfare enterprise, remove external plotters from the battlefield

and that's not just by the united states but my others as well so when i was with the president in riyadhlast month we wereurging the gulf states, that's a place they could contribute . don't see baghdad to iran. get in the game. support a multi-sectarian approach. that's what abadi is trying to stand for and that's what melody didn't stand for and it's important to support him both politically and economically and the economic situation is particularly important today in view of the low oil prices. >> concern about the mosul dam. are you satisfied that the italian contractor and the arrangement that's been made by the government in iraq is sufficient and is going to be timely? it would be an absolute catastrophe if that dam went out x it is. it is the best practice outfit to do grouting at the dam. and with respect to the timing, that is the concern we all have, to get that routing done as soon as possible to mitigate the risk of that, there are failures in thedam before the grouting is complete and the stand can be shored up . >> one more quick question general dunford. we talked about

or twitter outside morningstar riyadh. highlights from today show. check it out. back in a minute. sure it's ano maintelligent one.. ♪ the all-new audi a4, with available virtual cockpit. ♪ maria: ron chaya worktime a powerhouse in hollywood and award-winning producer to producer after the rent rip recently made a major investment in imagine entertainment. howard production company with longtime collaborator brien grazer. the duo behind a beautiful mind, apollo 13, da vinci code had the opportunity to talk at the conference in las vegas last week had asked him about the $125 million >> more flexibility. we will own more of a remake and that's only the beginning. the idea of is to go much further. scalar company had. we've been very focused, targeted on servicing particular suppliers and now we are in an opportunity to do more, collaborate more with is indirect recently the. export television. we are having a lot of success, but it such an exciting medium right now to go further with the kind of shows became make them be frankly just more ambitious tale. maria: you are so incredibly

. >> but to david's larger point, this demographic poses a larger threat to places like riyadh. >> yesho would otherwise staying home with their parents is wrong. they're tapping into an already existing amount of grievances that is already out there. one of the things we at the state department is doing is trying to improve governance, anti corruption, help employment opportunities. that is the field in which resentment grows. and the resentment is what they're trying to cultivate. >> right. david. i want to ask rick one more question, relates to what we have been talking about for a couple hours here. that's donald trump. what effect did donald trump's comments, criticizing muslims, saying muslims are the problem. what effect does that have in terms of global messaging? does that reinforce the isis narrative out there? >> david, here's what i would say. i am basically the chief public diplomacy officer in the government. i'm out there all of the time. i'm not political. what i do see, there are tremendous challenges that come on the public front from what has been said in this campai