Saudi markets tank
Bahraini protesters run for cover from tear gas fired by police to disperse them in the village of Sanabis near Manama on Feb. 14, 2011, during a demonstration in Bahrain called for on Facebook and inspired by similar initiatives which led to the ouster of the regimes in Tunisia and Egypt. (AFP/Getty Images)
It's been a very ugly day for stocks in Saudi Arabia. The market tumbled some 7 percent on new worries about the ongoing political unrest in neighboring Bahrain.
Investors were apparently further unnerved by this article in Milaz.info, which reports that Saudi tanks have been seen headed to Bahrain.
Money quote:
Witnesses said that the causeway was blocked as "15 tank carriers carrying two tanks each were heading towards Bahrain," Egypt s al-Masry al-Youm daily reported in its latest edition.
Given the popular protests in the Persian Gulf kingdom, the transfer of the military hardware from Saudi Arabia to Bahrain seems highly unusual, commuters traveling along the 25-km causeway said.
For the past two weeks, protestors in Bahrain have been calling for the ouster of the government, and demanding further political reforms.
Saudi Arabia, of course, is watching developments closely and hope to avoid a protest spillover in the oil-rich kingdom.
Last week, King Abdullah announced a series of benefits ranging from aid to young, unemployed people to new funding to help offset high inflation. The goodies — which made no mention of political reform — add up to about $10.7 billion.
Every day, reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you. We need your support to ensure we can continue this work for another year.
Make a gift today, and you’ll help us unlock a matching gift of $67,000!