Saudi Crown Prince, Sovereign-Wealth Fund Tangle Over How to Invest Riches

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 5 January 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for Jan 5. Saudi Crown Prince Mohammed bin Salman has vexed financial officials at times as he pushes pet projects on the kingdom’s Public Investment Fund. WSJ reporter Rory Jones recounts a key episode in 2020 that escalated a power struggle over the future of the world’s seventh-largest sovereign-wealth fund, which now has $600 billion assets under management. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Slack.
0:03.8	With Slack, you can bring all your people and tools together in one place.
0:07.9	It's your digital HQ where you can increase productivity, enable flexibility and automate
0:13.0	workflows.
0:14.0	Plus, Slack is full of game-changing features, like huddles for quick check-ins or Slack
0:18.8	Connect, which helps you connect with partners inside and outside of your company.
0:23.8	Slack.
0:24.8	Where the future works.
0:26.3	It started at Slack.com slash DHQ.
0:34.1	Layoffs at Amazon will affect over 18,000 workers.
0:38.4	Plus, the World Health Organization pushes China for more COVID transparency and questions
0:44.6	swirl within the Saudi sovereign wealth fund over who's calling the shots and how.
0:49.3	It's pretty incredible that the fact that a leader of a country is looking at markets
0:54.6	and says, hey, we need to be getting into the market and trying to earn a buck.
0:59.2	It's Thursday, January 5th.
1:00.7	I'm Luke Vargas with The Wall Street Journal and here's the AM edition of What's News,
1:05.6	the top headlines and business stories moving your world today.
1:16.1	We are exclusively reporting that layoffs at Amazon are set to affect over 18,000 workers.
1:22.9	That is the highest headcount reduction at a major tech company in the past year as the
1:27.4	industry pairs back amid economic uncertainty.
1:31.3	Amazon had said in November that it was beginning layoffs with the journal reporting at the
1:35.8	time that the cuts would total about 10,000 people.
	...

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