i think to the extent that it it funnels over to saudi arabia it could be huge i think if saudi arabia can continue to isolate itself and co wait and and its u.a.e. and bahrain and they continue to isolate itself from you know our awakening then i think it's going to have a minimal impact but at the end of the day if it does spread the saudi arabia and saudi arabia loses control then i think you know all bets are off and my going to scrape or something because the other day saudis are producing eight point nine million barrels of oil a day of the three point six million barrels a day of oil that's available in circles capacity three point three of it is in saudi arabia so at the end of the day it's a saudi game and if anything impacts negatively saudi flow in oil it's just a huge huge issue for the consuming world what do you think about that i mean this is where another political angle comes in i mean we we see a lot of criticism of saudi arabia and i get a mention in bahrain and whatnot i mean this is a region that is getting more and more volatile and it doesn't look like pro-democr

arabia so the other day it's a saudi game and if anything impacts negatively saudi flow in oil it's just a huge huge issue for the consuming world what do you think about that bill i mean this is where another political angle comes in i mean we we see a lot of criticism of saudi arabia and i get a mention in bahrain and what not i mean this is a region that is getting more and more volatile and it doesn't look like pro-democracy forces are winning lead to the day at the end and the end of all of this here it's more sectarianism in how much how concerned should the concern global consumer be as this thing continues down that it's inevitable path of change . well i think much is made of the inevitable part of change but i think if anything. the wave of changes kind of run up and play against a bit of a big wall at the moment i think part of the reason that we saw prices. slip back a few weeks ago was was that the immediate appearance of threat toward saudi arabia seems of faded and i think if you look i don't think there's any more international side thought for getting involved in si

saudis are using that as a significant lever. i'm a little bit more positive on the g.c.c. initiative also then. mr pipes i think it was a well designed effort i think it got for i think the governments in the region really complicated it because when you started to see what was happening in egypt with hosni mubarak i think president saleh got cold feet and really questioned whether or not he wanted to give his state over and i also think he was motivated in seeing developments in places like libya and syria where dictators have held on to power through military force so it's it's a larger regional phenomenon it's interesting daniel i mean if we take this on board here. no matter what happens the president steps down now it's going to be just absolute chaos there i mean which way could he go and i mean there are other people that well know there are some people are very concerned that he could we could see al qaeda really get a foothold that's how i introduce this program is that it would be a threat to the region and beyond how serious do you think that is because we know

saudi intervention are about in yemen i think would be a disaster any arab country. generally any country that's tried to intervene military really in yemen has lived to regret it certainly the gyptian the good and the saudi intervention these are the other two things was on the side of it wasn't against saddam but where the saudis have influences with the pocket book a great deal of resources flow from saudi arabia into yemen and there are recent indications that the. saudis are using that as a significant lever. i'm a little bit more positive on the g.c.c. initiative also then. mr pipes i think it was a a well designed effort i think it got for i think developments in the region really complicated it because when you started to see what was happening in egypt with hosni mubarak i think president saleh got cold feet and really questioned whether or not he wanted to give his state over and i also think he was motivated in seeing developments in places like libya and syria where dictators have held on to power through military force so it's it's a larger regional phen

for saudi nationals.he golf markets as investors awaited a decision by msci to up great the uae in qatar to emerging market status. in the end the financial data provider decided to delay the decision until the end of the year due to a lack of data. why is the upgrade so important. leony licanti has the story. >> when you think of frontier markets, you may think of the wild west. to put it basically, economies progress from frontier markets to emerging markets, all the way up to developed markets, like the g-8 countries, for instance. the best way to illustrate this is to look at some examples. frontier markets, for instance, include the likes of bangladesh and vietnam in asia, serbia and bulgaria in europe, for example. also in this category, many of the gulf arab countries. that may come as a surprise because these countries are so rich in oil and gas reserves. the main reason they're included in the frontier markets, according to analysts, is because foreign investors have limited access to these marke

aside from diversification comes saudi-ization.ority. jim bolden went to find out how foreign companies are helping saudi arabia meet that challenge. ♪ >> reporter: it's not often korean drums rumble into the saudi arabian night air. korean giant samsung is opening its new $100 million engineering training park in eastern saudi arabia. saudi arabia's petrol chemical region is one of the samsung engineer's biggest markets. >> are you our partner. >> reporter: samsung's new engineering center is one big way the company will increase the number of saudis it hires. and therefore, bring in fewer koreans and indians. >> at this time, saudi engineers is only 180s, this is only 20% of our work force. i thinkings that not enough -- i think that's not enough. we have to recruit more and train them and show our experience. >> reporter: six years ago, the saudi government initiated so-called saudi-ization, a push for private firms to hire more of the growing number of recent graduates and, therefore, reduce the unemployment rate. given all the

we have surveyed the written laws in saudi arabia and there is no written law in saudi arabia, constitution, or the traffic laws that specify prohibiting women from driving. the assumption was made that this is just a customary thing, ask based on statements released from the government top fors, that it is a societal issue and once society is ready, the ban would be removed and lifted. many women have tried to talk in the media and the time to lift the ban. the pressure on the government to justify women being arrested because there is no written law, this came out in the press and said that there is in fact a law enacted by the ministry of interior nthe 1990s, based on a religious fat what. we were not aware of such a law. >> woodruff: michele dunne, it sounds like it's principally a religious law. >> yes. yes, this was a religious fought what. but the thing is, in saudi arabia, these can be enforced by the religious police. >> woodruff: and what is the practical effect of it? what does it really mean for women? >> the practical effect is it makes it very difficult for women to work. for

be heading still goes on in saudi arabia? >> it does.nd what we have seen in the case of foreign workers is that it's quite common for their governments not to have any notification that one of their nationals may be executed. >> how much more information do we know about the beheaded maid's side of the story? >> we know very little. there are some reports that her employers were prohibiting her from returning home to indonesia and that's one of the reasons why she attacked her employer, but we don't have much more information. >> moving forward, what is it that human it's watch wants saudi arabia to do? >> well, there are a range of problems that domestic workers in saudi arabia are facing. one problem is poor treatment in the criminal justice system where they might be executed without ninoing about it. but they're also subject to labor exploitation, often not getting paid for months or years. in many cases confined to the workplace, having their passports confiscated, and sometimes subject to physical and sexual abuse. we would like t

and usually what saudi arabia wants, it et goes. it's the biggest member of opec, the most powerful, the world's biggest oil exporter. and so usually they're able to swing the other countries behind them and get them to go along with what they want. not this time. as you were saying in your introduction, there was a coalition of countrieses, probably lead by iran but with a number of very other, a number of other countries very prominent in there, venezuela, another notorious opec hard-liner but also some countries that you might think of rather more centrist and moderate including angola and iraq, actually also voting against this. and at geria, another on one-- algeria, all opposing the saudi proposal saying they didn't want prices to-- they weren't going to produce more oil so it was defeated. >> how much of this was over differences in the economics of the world oil market and how much was driven by politics? >> both. and the two things i think very much play together. on the economic side, there are differences of interest in t

saudi arabia spare oil about 2.5 to 3 million barrels. we're seeing rising crude prices that may slow down economic recovery on the world. opec may not have the spare capacity to make a difference. i'll be back to talk about oil demand. stick around. >> we look forward to it. >>> sobering words. let's start out with indices in europe, all have started on a lower note. six day of losses in a row for some markets. heaviest losses coming from the dax and the cac 40 in paris. investors are concerned about the lack of economy in u.s. and germany exports fell by 5.5% in april and imports declined by 2.5%. ben bernankes the best way to support the dollar is to pursue maximum employment and price stability. as you can see, we currently have euro down against u.s. dollar, the pound down against the u.s. dollar. pound trading at 1 .638 0. euro, 1.4672. yen up trading 79.84ers have the greenback. >>> let's take a look at how things fared in asia. losses for automakers and utility on nikkei paved the way for losses across the region. tokyo was able t

and uslly what saudi abia wants, iet goes. 's the biggest member of opec, t mo powerl, the world biggest l exporter. a so usually tey'reable to ing the other countries behind them and get them to go along with what ty want. not ts time. as you were saying i yo introduio there was a coitioof countrieses, obably lead by iran but with a mber of very oth, a number of other countries ve prominent in there, venezue, another notoriou opec hard-liner but also some couries thatyou might thinof rather me centrist and moderate includi angola and iraq, actuay al ti ainst thi nd geria,nother o one--lgeria, all opping th saudiroposal sayi they didn't want prices to-- they wern't going to produce more oil so it wa defeated. >> how much othis was ove dierences inhe ecomics f he world oil market and ho much was driven by politics? >> both. and the two thin i think very mucplay together. on the economic side, tre re differencesf interest terms of the way the oil mart works but a t of the countries ceainly this is true ofran and venezuela, ty're

they have a lot of leaders in saudi arabia. they have more than a million people working in saudi arabia, and they have been asking for better conditions and more guarantees for the safety of women, and back here in the philippines for example, people are really scared if they go to countries like saudi arabia, they may be of use -- abused, so these countries are asking for better pay and better condition, so they are saying they can get money from better places. >> they have contributed hundreds of millions to the philippine coffers through remittances. what impact is this going to have on domestic workers in the philippines announced? >> it is going to have a huge of fact on domestic work. the government is trying to protect domestic workers. they want decent conditions, and that is why they are fighting this. they are trying to demand better conditions, but there are many people who desperately need the money. most of these people do not have qualifications. they do not have many options. when people were arrested in the air

the saudis have a real interest here.e group, john that launched an attack with guns from yemen against our consulate when i was in the white house. this is a shared national security interest between the united states and saudi arabia. >> and we to in the united states don't like these -- normally, we go along with them a lot, but it's your reflex to not like these strong arm regimes, but in your view, how likely is a civil war? >> i think if president saleh comes back to yemen, the likelihood of a civil war is very high, because he wants to sow chaos to prove he's the one man who can bring stability to the country. allowing him to come back, and i'm getting conflicting signals from the saudis whether they will allow him to return or not, but his returning is a very bad omen for the future of yemen. professor bernard haykel, and our fran townsend, thank you both for coming in tonight. and this has also been a very bloody day in syria. with a new and potentially dangerous twist. the regime admits more than 100 of its own

i talked to saudi women and people that live in saudi arabia and for them they say for many women thisr issue. they are fighting for health care. they are fighting for security. they are fighting for social equality. and just like the face veil or driving, it's really a surface issue. that's not really their concern and besides in their culture you have two things. first, a lot of the major cities in saudi arabia are set up like new york city where people don't have cars. it's a pedestrian city. it's not an issue. >> do you say the women in saudi arabia don't need to drive? >> what i'm saying is perhaps for women who it is an issue for them, they see the reason for it and there are reasons for women to drive if not only safety issues. a woman needs that ability. if they don't even own a car because it's a pedestrian city and it's just like in new york city it's not an issue because they don't own a car. another issue is in saudi arabia in that culture, driving is something that is a service class. so for example women believe that it's an upper class thing to be driven around and to th

pump well that's from saying dow are is in rapid decline tell the truth you saudi think. but that's not what matters max all that matters is that they show their compliance because remember this is a us empire built on an addiction to oil and easy oil and all they need to tell the population of america is that the they will continue providing them with cheap oil as one oil analyst in the. the article notes saudi arabia wants everyone to understand that they are serious it's important that the saudis are signaling that they are offering additional barrels it's important for everyone to understand that the saudis are lying they don't have the additional oils barrels of oil to pump they feel like it's around in bergen in kuwait is in rapid decline the eighty five or eighty five million barrels that was pulled out of the ground recently during a recent year the top of the historic top it'll never be at that level again because it's a finite resource what what is it about the word finite that you don't understand you frickin saudis well listen we have a finite show here i've g

the article notes saudi arabia wants everyone to understand that they are serious it's important that the saudis are signaling that they are offering additional barrels it's important for everyone to understand that the saudis are lying they don't have the additional oils of oil to pump they feel like arabs around in bergen in kuwait is in rapid decline the eighty five or eighty five million barrels that was pulled out of the ground recently during a recent year the top is the historic top it'll never be at that level again because it's a finite resource what is it about the word finite that you don't understand you frickin saudis well listen we have a friday night show here i've got this really important story to end with so i want to move on to that so us underwrites internet detour around censors so this is another thing the the u.s. taxpayer built darpa the internet is being offered to dissidents in the middle east . dissidents anyway certainly not a saudi arabian dissidents or they are any dissidents they want to be given this the shadow internet system for which they can communi

they say saudi arabia is favoring production. you have more spare capacity then everyone and you're the ultimate winner. the effect is longer term they try to avoid repeat of 2008. >> suzanne: quickly one lastquel reserves. do you think we will tap them any reason too? >> it's unwise. it's always a option. they say in the market that washington is watching and will not let oil prices get out of kroll. >> suzanne: okay, fad hel as gr. >> suzanne: there was good >> suzanne: and, there was some good news on the supply side in the oil markets today. exxon mobil unveiled twin oil finds deep in the gulf of mexico. they contain more than 700 million barrels of recoverable oil. exxon found the fields ahead of last year's b.p. oil disaster, but couldn't get to them until the ban on deepwater drilling was lifted. >> tom: here are the stories in tonight's n.b.r. newswheel: wall street marks another day to the downside. the dow lost almost 22 points, the nasdaq fell 26 and the s&p 500 was off five-- its sixth straight losing session. trading