it's nearly midnight his residence in riyadh head outside to investigate explosions. saudi arabia's a defense force so you'd intercepted and destroyed a ballistic missile over the capitol on saturday. the head of saudi media sued american patriot missile defense systems were used they added a missile also targeted the southern coastal city of the yemeni border witnesses in riyadh say they heard 3 explosions in the sirens. in the north of the city. the rebels have frequently launched missiles from yemen into saudi arabia were telling ation for its involvement in yemen's now 5 years civil war. the last strike on riyadh was in june 28th in another who the attack took up 2 major oil installations last september. but really hard study will put this all of the need to miss out on this is what i believe that all of this is beyond start from the destructive they actually are. fighting has intensified recently with the who are these expanding a territory by taking control of the show off province near the saudi border and looking to advance on the oil rich province of muddy wh

reports of an intercepted rocket attack on the side of capitol riyadh's 2nd so the city was also targeted. other than how the markets in and this is al jazeera boy from london also coming up another day of grim numbers from both italy and spain as the coronavirus pandemic continues unabated across europe. and china the city where the outbreak began begins to open back up again. and as the u.s. becomes the center of the pandemic the states and federal governments debate a broader loped and. we begin with breaking news service been getting reports of rocket attacks inside the capital riyadh according to city state television a missile was intercepted over the city on to syria cannot independently verify these images and say the meteor also reporting that a missile hit the southern coast in coastal city of the season on the red sea near the border with yemen well earlier i spoke see the editor of arab digest below he says it's clear who's the rebels in yemen launched the attack in a strong show of force against saudi arabia. well i think it's very clear that who are behind it and who these h

go back to add a bit we speak our minds and it is our responsibility and decisions we have in the riyadh increment conceded to have some way in actually dealing with the south of the sudanese now that instead of them are these and we need peace we don't want to fight a war in the northern wall in the south and we know that the f.c.c. is do not represent all the step of the whole southron and that that's the issue too and they have to know that they cannot just continue being outside the form of the government if we if this government is dissolved you would have more chaos in yemen then you would think it is not as easy as you think last year the saudis actually expelled one of your government advisors to the because work he'd wanted to sayas criticized coalitional actually and the son of a man is a diplomat with me he actually came and did something against protocol it's not because he still has to do anything they don't expel him his chairman ended and we did it from the office because he actually vitalism of the cause of the diplomatic court now you can't just politicize everything lik

and in other news saudi forces into sent to missile over the capital riyadh explosions and heard in the open areas of the city. the number of deaths is rising by the day countries are in confinement and the world is slipping into recession the coronavirus pandemic is turning out to be humanity's worst crisis in decades there are now more than 30000 deaths linked to the virus half of those come from just 2 countries in europe italy and spain and italy alone more than 10000 people have died in spain as reported its highest number of deaths in a single day bringing the total toll to more than 5800 the army has been asked to transfer bodies because undertakers are unable to cope in the u.s. the centers for disease control has warned residents of new york new jersey and connecticut against non-essential travel for 14 days. president trump earlier considered putting the virus hotspot under quarantine and it india the fear of death due to starvation and not the virus has led to a mass exodus of poor workers boston train stations are crammed with people forced to return to their villages after

and in other news saudi forces into septimus siloed of the capital riyadh explosions are heard in northern areas of the city. the number of deaths is rising by the day millions are in confinement and the world is slipping into recession the coronavirus pandemic is turning out to be humanity's worst crisis in decades there are now more than 30000 deaths linked to the virus half of those in just 2 countries in europe in italy alone more than $10000.00 people have died and spain has reported its highest number of deaths in a single day bringing the total there are more than 5800 the army has been asked to transfer bodies to morgues because undertakers are unable to cope saturday also saw the highest day on day increase in virus related deaths in the u.k. more than 1000 people died there and the government is increasing testing for frontline hospital staff at it in india the fear of death due to starvation not the virus has led to a mass exodus of poor workers bus and train stations are crammed with people forced to return to their villages after a 3 week lockdown left them without work more o

found out was there a price for your of agreement that is not completely out of the price of the riyadh agreement is to get united so we can pick it back and make peace you know you can just have everything perfection is not really a possible way out in yemen and it is actually the enemy of good and that's what we want at the cellular center for strategic studies says that your president hardly earn the s.t.c. the southern transitional council have accepted that all major government actions be coordinated by saudi arabia so basically you saw you know that is not true i am the compass of the side of the us what you think the foreign minister of yemen and i say a word i believe it is for the right to the yemenis now with the sudanese want to know what the immoralities want network anyone wants and that's proven yes rian really aren't we go back to either but we speak our minds and it is our responsibility and decisions we have in the reality greenman conceded to have some way in actually dealing with the south of the sudanese know that instead of them what are these and we need peace we d

as session who said so they did know that is not correct ask how do as the others who signed the riyadh agreement i mean it is not correct they want to stay and they said so the southron issue for them not what we say would come after we finish the war with the who thinks and then we can discuss it that's what they say so you know just the facts. oh peace and you will over and world com and we wanted to come but we're not just going to have any peace with the who is you know i'm not going to give the future of a few men to those who believe that they could just you know. and have this defined way to all of us like what they do in iraq we're not going to accept that there is need to know that they could share power that they could not get to do it with guns facing and you know pointing in our face more hollowed out on the that's very much being more thank you so much for this particular discussion. her. 8 death threats 30 areas. sound man rushed he was forced into hiding and survived countless attacks but he's not afraid anymore. a great writer speaks about using humor as a weapon. and t

difficult for and it was only the saudis that patch together and then agree i agree you call the riyadh agreement that's not working either is when it is not working because there's just some intransigence and we believe this with these would be a on all sides no and the s.t.c. sites and we could prove it we have the facts we have the metrics that actually explains what we did but you know we have to pass that you've given away a lot to get the 3 agreement to you've basically given some of these control over major decisions that your government is taking you say no according to the carnegie middle east center several articles of the riyadh agreement emphasize saudi supervision of this new government but very in the u.a.e. will continue to intervene as they wish. in term of there as i found out was the price for your dream and that is not completely out of the price of the riyadh agreement is to get united so we can pick it back and make peace you know you can just have everything perfection is not really a possible way out in yemen and it is actually the enemy of good and that's what we

as you can see yes i'm in a supermarket and that's why i'm keeping my mask on because riyadh i mean they're inside and this is actually one of the. more aust risky places because of course you have to touch objects so what you can see behind me you can see i mean everybody is in everybody that is not yet in the one in line you have to stay a one meter at least usually it's more than one meter a way from each out there and everybody these wearing a mask and gloves and now that is i mean i was coming here there is a meeting in the municipality with a group of ts and of the suit protection and probably from to morrow

the coalition says the kingdom's air defense systems intercepted to the list of missiles targeting riyadh in the southern city of just on saturday people living in the capital say they heard at least 3 explosions. so those are the headlines the news continues on al-jazeera after counting the cost and that's a lot about. how much is the coronavirus on the stock market thanks to a new race to the white house we're joined by the sun to secure the democratic nomination i believe we can be down draw follow all the developments in the u.s. election campaign on al jazeera. hello i'm sammy's day than this is counting the cost on al-jazeera your weekly look at the world of business and economics this week a mighty dollar for all the talk of emerging challenges when push comes to shove the dollar proves it's the world's reserve currency we find out why the financial system riddled with bad debts india tends to revive the country's 4th largest bank as depositors yank their cash. and saudi arabia's oil price war with russia could send crude prices to $10.00 a barrel with an oil producer like indonesi

stories for you in just a moment but 1st we are getting reports of a rocket attack on the saudi capital riyadh according to scientists state television a missile was intercepted over the city will say the media are also reporting that a missile hit the southern city of jesus and on the red sea near the border with yemen we will bring you more on this story as it develops. now the number of coronavirus deaths continues to rise for it spain and italy remaining at the center all of the pandemic the death toll in spain passed 5000 on saturday now in italy it's now twice that they were in the hardest hit countries in europe but saturday also saw the highest day on day increase in deaths in the u.k. now that's highlighting concerns over the trajectory of the virus especially as fears grow of a 2nd wave of infections in asia where the pandemic began around the world are scrambling to deal with the wave of cases expected india poncy is where we coaches isolation wards well in the u.s. a navy hospital ship is heading toward new york city the epicenter of america's i break we begin our coverage with thi

david: you have instituted a conference in riyadh.nual event not unlike dabo's aware it is a gathering of the elites of the investment world and they gather at a conference you sponsor. why do you do that conference? will you continue to do that? yasir: we will definitely continue to do that. the conference has transformed into an institution. it is now the fii institution. we have done it for the third year in a row. everyl continue doing it year. it is going to be a conference. david: the crown prince announced a project i assume you will invest in, which is to build a new city. is that something you are involved with as well? yasir: it is part of pif portfolio companies. we have six different pools for investment. one of these is the gige project. seaave another from the red seagetty a -- from the red in addition to the other pools of real estate and infrastructure. david: people who have never been to saudi arabia, you would say what they should know about saudi arabia that they do not is what? what would you like people to know a

. ♪ yasir: welcome to riyadh, welcome to the future investment initiative 2019.d: in recent years you had conference in riyadh, an annual where it unlike davos is a gathering of the elites of the investment world, and they come to the conference that you sponsor. why do you do that conference? yasir: we will definitely continue to do it. hasact, now the conference transformed into an institution. the fii institution. we have done it for three years in a row and will continue doing it every year. princethe crown announced a project i assume you are investing in, to build a new city. is that something you are involved with as well, or people you invest with are involved with? yasir: it is part of pif. we have six pools of investments. have another three projects in addition to the other pool of the real estate and infrastructure. who have never been to saudi arabia, you would say what they should know about saudi arabia that they might not know is what? it is different than what they might think? what would you like people to know about saudi arabia? yasir: saudi a

. ♪ riyadh, welcome to the future investment initiative 2019.: in recent years, you instituted a conference in riyadh, an annual event not unlike davos, where it is a gathering of the elites of the investment world, and they come by the conference you sponsor. why do you do that conference? will you continue to do it? yasir: we will definitely continue to do it. now the conference has transformed into an institution. now it is the fii institution. we have done it for the third year in a row, and we will continue doing it every year. princethe crown announced a project i assume you are investing in, to build a new city. is that something you're involved with, as well? or some of the people you have invested with? yasir: it is part of pif's portfolio companies. we have six different investment levels. it is on top of these projects. we have another three gige in additiond to the other pool of real estate and infrastructure. david: for people who have never been to saudi arabia, you would say what they should know that they might not know is what?

he may be giving saudis more room to put pressure on riyadh.s saying we are headed into recession, lower gas prices could help consumers. nejra: annmarie hordern, thank you. raj shant from jennison associates is still with us. i have heard conflicting things about how the oil price plays into the rest of the market here, particularly some people saying even if we have a lower oil price, they may not give the support to consumers like it has in the past. what is your thinking on the correlation between oil and the rest of the markets? lower oilthink a price is a transfer of wealth from oil producers to oil consumers. and to the extent that helps mitigate some of the harmful impact of the lockdowns, of the pandemic, i think that is useful. but clearly, that is not going to make people travel to work when they are in a city in lockdown. there is a very limited benefit to the oil consuming countries and sectors. more fundamentally, the oil stocks and commodity companies in general, which have suffered badly in this downturn, this hiatus in economic

it iserg has learned confident it can hold out longer than riyadh. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. alix: breaking news you, treasury secretary steven mnuchin says the irs is moving tax day from april posting -- from april 15 to july 15. they previously delayed payments, but now they are actually delaying when you are going to file. i have to tell you, very stressful here in the u.s. to get all that done, so this is a big relief for individuals, as well as small businesses. guy: i think a lot of people in the u.k. are quite delighted that our tax return story is already behind us. you do have to wonder what it is going to look like next year. what have we got coming up for you? more on that oil story that ritika was just mentioning. crude giving up gains of it today. it's more to come. -- much more to come. this is bloomberg. ♪ alix: from new york, i'm alix steel, with guy johnson in london. this is "blo

looking at the middle east in particular now, in my new job as i was in riyadh and abu dhabi last week, i've been all over the gulf, the united states is no longer the only game in town in the gulf for the middle east, and that means back the saudis the kuwaitis other people are looking for other alternatives for commercial goods, and to purchase their 5g infrastructure, from china interstates or europe but what also struck me is looking around the region, there is no other country that is able to pull together the different regional powers, the different international powers, like the united states. some people want to draw a parallel between the british withdrawal from empire after world war ii when britain physically gave up colonies. the united states is not doing that. first of all we are not a colonial power in the traditional sense. we do not occupy countries and run them around the world. what we have is a number of cooperative agreements where we have soft economic power, u.s. military presence, and in most cases guided with an embassy with a very broad representation of u.s.

. ♪ >> welcome to riyadh. welcome to the future investment initiative 2019.id: in recent years, you have instituted a conference in riyadh, which is an annual event not unlike davos or the milken conference where it is a gathering of the elites of the investment world, and they come to the conference that you sponsor. why do you do that conference? are you going to continue to do that? yasir: we will definitely continue to do it. in fact, now, the conference has transformed into an institution. so now it is the fii institution. and we have done it for the third year in a row, and we will continue doing it every year. david: now the crown prince announced a project i assume you are investing in, which is to build a new city. yasir: yes. david: is that something you are involved with as well, or people you invest with are involved with? yasir: it is part of pif's portfolio companies. we have six pools of investments. one of these is the giga project. we have another three giga projects, the red sea and neom and amaala, in addition to the other pool of the real

yes you're right to raise this there certainly are strains now of course we did see the riyadh agreement being signed in november last year which papered over the cracks in the coalition and enabled there to proxies on the ground being the southern transitional council supported by the u.a.e. and the head a government supported by saudi arabia and nominally also by the way to mend their differences this was just a cosmetic solution it kicked the can down the road none of the underlying issues have been solved and the southerners still at least the proportion of them represented by the southern transitional council still want secession as their ultimate goal and the head of government doesn't now so i think it's very important to highlight that there are various fractures with in the coalition and even if a ceasefire were achieved there are other problems that will knock into effect for example what will happen to all the soldiers and militias of which are dozens dozens of militias who rely on the war for their livelihoods what will happen to all those corrupt officials who rely on the wa

communicationany between riyadh and moscow?there any communication between washington and moscow, washington and riyadh, about maybe trying to stabilize the situation? annmarie: i think at the moment, there is zero communication between riyadh and moscow. they are waiting to see how this plays out in the oil market. they are waiting for the other want to come to the table, and neither of them want to blink first. you're seeing statement in the press, but i don't think there is any direct communication just yet. when they are ready to communicate, you will likely see a deal come soon, but what history tells us is these take years. the interesting thing about this one, the demand shock has never been so bad. that might shorten this price were a little bit. the only communication we know we are seeing asyears well is wh the gop senators asking the saudis to calm down the market. there's also been comments from the u.s. about what russia needs to do, but there is more so communication from trump to mbs then from trump to putin, i'm

defense of its interests is the reason for this crisis that has ensued but just over the weekend riyadh did a 180 after that decision they said that they were going to lower it said it was going to lower its export prices to 6 to between $6.00 and $8.00 a barrel of oil in what has become really a price war between saudi arabia and russia it's you know there's been a lot of speculation as to why it's decided to do that why have decided to change its mind like that but most likely it has something to do with trying to bring russia to the negotiating table now not all countries are happy about this france is calling on saudi arabia to better coordinate with the world on fixing those oil prices and some experts have even called this policy by saudi arabia a scorched earth economic policy. we believe the opec and russia oil price war on equivocally started this weekend when saudi arabia aggressively cut the relative price which is sells its crude by the most at least 20 years this is turned into a scorched earth approach by saudi arabia in particular to deal with the problem of chronic over

escalating the oil war again right after cutting the crude price to its lowest since the ninety's riyadh has now announced boosting supplies to record highs moscow has reportedly suggested talks with the kingdom to ease the crisis but riyadh has allegedly rebuffed russia's call they spent between 2 of the world's top crude suppliers has also seen 30 rabia saying that it will slash prices to grab market share from moscow with some experts branding it a dangerous scorched earth approach as they have looked at what could happen next. 2020 will go down in history is the year where everything that could go wrong went wrong subject that has dominated the news all week. the coronavirus spreading fears grow of a global pandemic a huge spike in she says 3 prices down more than 22 percent earlier today the biggest loss since the launch of the gulf war the saudis have launched and oil price markets are getting punched in the face the dow collapsing around $300.00 points today its worst single day loss have a decent bottle of wine is now more expensive than a barrel of oil which as a consumer you mi

and russia have been working together to prop up oil prices for the last 3 years but fell out of a riyadh's insistence that they agreed to cut oil supplies by 1500000 barrels a day the reason was simple china the biggest importer of oil was turning back tankers as the coronavirus forced the economy to a standstill. well oil prices have had their biggest one day crash in the $991.00 gulf war and there's more pain to come as saudi arabia and russia flood the market with more oil goldman sachs' predict that oil prices could hit $20.00 a barrel both nations should be able to stomach a protracted economic war saudi arabia has foreign exchange reserves of $490000000000.00 and russia has reserves of 448000000000 dollars foreign reserves of course are important without them an economy can grind to a halt unable to pay for imports and pay for its debt that is where it becomes a little more tricky saudi arabia may need to borrow money to fill in between what is spent and the revenue it receives it needs all prices at around $82.00 a barrel to balance its budget and russia according to the internation

$6.00 to $6.00 to $8.00 a barrel of oil in what has escalated into basically a price war between riyadh and moscow now there's a lot of speculation as to why they did that most likely to bring russia back to the negotiating table at the end of the day but some countries are unhappy france is calling on saudi arabia to coordinate with the international community on oil prices and some experts are calling this move an economic scorched earth policy on behalf of saudi arabia. we believe the opec in russia oil price war on equivocally still to this weekend when saudi arabia aggressively cut the relative price which it sells its crude blood the most at least 20 years this has turned into a scorched earth approach by saudi arabia in particular to deal with the problem of chronic over production the saudis are the lowest cost producer by far now these developments have put an end to 3 long years of cooperation between opec and russia on supplying oil to the world we have to remember that russia is the world's 2nd largest crude oil producer and it's unfortunate but by standing its ground moscow

that's the biggest single day for since the 1st iraq war is sparked by a spat between top suppliers riyadh and moscow who couldn't agree on a deal on production opec proposed output cuts in response to falling demand due to coronavirus concerns but moscow disagreed noting that that would simply give an unfair advantage to u.s. crude producers russia insists that it won't give up its all firm's benefits. the russian oil industry has a high quality resource base and a sufficient margin of financial strength to remain competitive fight any predicted price level as well as maintain its market share for russia's interests this deal is simply illogical we giving up our own markets remove cheap arab and russian oil to make way for expensive american she'll and make it worthwhile for them and some mainstream media have called russia's refusal reckless but experts note riyadh is pursuing a dangerous scorched earth policy we believe the opec and russia oil price war on equivocally started this weekend when saudi arabia aggressively cut the relative price which it sells its crude by the most at least