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INTERVIEW: Saudi private sector to play a larger role in Vision 2030, Minister says at Davos
Economy Minister Faisal Al-Ibrahim said Saudi Arabia will hand over the scope of some Vision 2030 Projects to the private sector, as it adjusts timetables to avoid economic "overheating". Ibrahim stated in an interview conducted in Davos in Switzerland that the government was "agile" when managing its ambitious pipeline of development projects. He said some projects were rescoping, but maintained momentum in its Vision 2030 goals for economic transformation. Ibrahim stated on Monday that the private sector was ready and eager to participate. He added: "Recently some whole scopes of project were given to private sector with regulatory support and guidelines." The top oil exporter in the world is already more than half way through its Vision 2030 plan. This plan calls for government investments of hundreds of billions?of dollars to reduce its dependence on hydrocarbon revenues by investing in tourism and other sectors. Saudi Arabia is grappling with economic challenges and logistical limitations. This has led to delays and recalibrations in some of the landmark projects, such as NEOM - a futuristic desert city by the Red Sea. In?October, it was reported that the Kingdom is planning to divert its $925 billion sovereign fund from being focused on mega-projects in real estate. Saudi Arabia has heavily tapped the debt markets over the past few years, as oil prices, which are its main source of income have fallen below the levels needed to fund the program. Ibrahim said that the changes to 'the timeliness and scope of project were driven by multiple factors including inflation, import pressures, and economic overheating. He said that he did not want to "overheat" the economy. "We are very transparent." Ibrahim stated that he would not hesitate to say we had to delay, reschedule, or shift a project. If you believe that the project, "the brick and mortar"... is Vision 2030 then that could be a problem. The project exists to achieve a specific outcome. According to the Saudi budget for this year, 2026 marks the beginning of a “third phase” of Vision 2030,?signaling a shift from launching reforms in economics to maximising impact. Saudi Arabia’s non-oil sector now accounts for more than a fifth of its real GDP, and will continue to grow as the country strives to lessen its dependence on oil revenues. He said that the percentage of non-oil activity dependent on oil flow?has already fallen from approximately 90% to about 70% with the aim of driving this figure even lower. He said that most non-oil industries have experienced a steady growth rate of between 5-10% per year over the last five years. The ministry is expecting both the overall growth and non-oil to be strong, with a range of 4-5%, for the next three. Saudi Arabia is now focusing on hosting major international sporting events. The 2027 AFC Asian Cup and 2030 World Expo are the top priorities. Ibrahim stated that the organizers are studying Qatar's "successful 2022 World Cup tournament model, and consulting with Qatari officials. He said that the Qataris had been very helpful. (Reporting and writing by Samia Nakhoul and Dmitry Zhdannikov, Hadeel al Sayeghl, Editing by Alexander Smith).
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Workers of Peru's state-owned oil company go on strike for three days over the privatization plan
Petroperu workers in Peru launched a 72 hour strike on Monday to protest the plan to privatize a part of the firm. The company claimed that operations were normal and the government declared the walkout illegal. Jose Luis Saavedra is the general secretary of the union of administrative workers. He said that at least 30% of their 2,200 unionized employees had taken part in the strike on Monday. Saavedra said by phone that "the speed at which the government wants privatize Petroperu" is shocking. Petroperu, however, said that its facilities were all operating normally. It also guaranteed that fuel supplies would not be disrupted. The?company said that Peru's Labor Ministry had ruled that the strike?call was "inadmissible" though this decision is subject to a 3-day review. The ministry didn't immediately respond to an inquiry for comment. The strike is a response to the aforementioned. Plan approved by late December Jose Jeri, President of the Republic, has announced his intention to revamp the financially distressed company. The plan aims to attract investment in key assets. Economy Minister Denisse miralles stated last week that 'first management contracts could be signed with private firms as early as June. Petroperu has a massive debt after receiving up to $5.3 Billion in government aid between 2022 and 2024. A part of its financial burden is due to its new Talara refining plant, a $6 billion project which commenced operations in 2023. The investment agency of the government has stated that the refinery is among the assets. Private investment is possible Or offered as a compromise. (Reporting and editing by Aida Peaez-Fernandez, Sarah Morland).
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South Sudan opposition forces march to Juba after battlefield victories
SPLA-IO captures Pajut, strategic town The commander orders an advance on the capital Juba UN condemns sabotage 2018 peace agreement JUBA, 19 January - South Sudan’s main opposition faction called on their forces to advance on Juba's?capital on Monday after they had captured a strategically important town last week. The Sudan People's Liberation Army-in-Opposition, which fought forces loyal to Salva Kiir in a civil war from 2013 to 2018, could not be considered a credible threat against Juba. The call was a sign of escalation for the SPLA-IO after months of violent clashes in various parts the country, which the United Nations said were at a level not seen since 2017. Heavy fighting took place last week in the north of Jonglei State, where the SPLA-IO captured the town of Pajut. This is more than 300 km north of the capital. The capture of Pajut puts the state capital Bor within striking range of the SPLA. In a press release, SPLA-IO spokesperson Col. Lam Paul Gabriel stated that Deputy Chief of Staff 'for Operations Wisley?Welebe Samson had ordered SPLA IO forces to "move to Juba from?all?directions in South Sudan" and?remove?the anti-peace government in Juba. A spokesperson from the South Sudanese military declined to comment. A spokesperson for the government was not immediately available to comment. In the war of 2013-18, Kiir's troops fought against those loyal to Riek Makar, his vice-president. The conflict was fought largely along ethnic lines, and?cost around 400,000 people their lives. In 2018, a peace agreement was reached, but localised clashes continued. Last year, heavy fighting erupted again after an 'ethnic militia' with historical ties to SPLA-IO took over an army base near the town of Nasir in the northeast. Machar was arrested by the government after he returned to vice-presidency under the peace agreement. He was charged with treason, crimes against humanity and alleged involvement in the incident. Machar denies the charges in a trial that is currently underway. Bol Deng Bol is a civil society activist from Jonglei. He said that the fighting has caused many people to leave their homes and many have fled into swamps. The U.N. Commission for Human Rights in South Sudan has condemned "deliberately sabotage" to the 2018 peace accord, including what they called indiscriminate air bombardments.
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Four killed in Inner Mongolia steel factory explosion
A blast at a steel 'plate factory in Inner Mongolia, China's northern region, killed four people and left six others missing on Sunday. CCTV reported that rescue efforts are underway. Inner Mongolia's?Baotou Steel Union?, whose subsidiary owned the factory, said in an earlier stock exchange filing that 84 people were injured by the explosion. The?steelmaker stated that the explosion of a saturated steam and water tank?at Baotou City unit?damaged?parts of?factory equipment and buildings. It was also expected to have an impact on production at the plate-mill and adjacent facilities. The company stated that it was still assessing?the extent of losses. It added that the injured were taken to hospital and that the company was cooperating with authorities in their investigation of the cause, which is still unknown. CCTV reported on Sunday that three of the injured are in critical condition. Baotou Steel Union stated that ecological monitoring revealed the incident did not have any impact on the soil or atmosphere surrounding the site, and produced no wastewater. Beijing Newsroom, Clarence Fernandez, and Susan Fenton edited the report.
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Chile fires kill 19 people in extreme heat
Authorities in Chile said that at least 19 people have died as a result of wildfires. The government has carried out?mass-evacuations and is fighting nearly two dozen fires, which are exacerbated by high winds and intense heat. Luis Cordero said, "At a Monday morning news briefing, while the weather conditions over night helped to control some fires but the largest ones were still active and adverse conditions are expected all day." Cordero stated that the forecast for today was?high temperatures, and that the main concern was the possibility of new fires erupting?all over the region. Extreme heat warnings were issued for parts of central and south Chile, with temperatures reaching up to 37 Celsius. STATE OF EMERGENCY DESCRIBED? IN NUBLE, BIO BIO The CONAF, Chile's forestry agency, said that as of late Sunday night, firefighters were battling 23 fires in the country. The largest were located in the regions of Nuble, and Bio Bio where President Gabriel Boric had declared a catastrophe. The largest fire, which covered 14,000 hectares, was on the outskirts of Concepcion, a coastal city. Over the weekend, the fast-moving fire tore through Penco and Lirquen, destroying hundreds homes and killing a number of people. Authorities are still assessing the damages. ARGENTINA IS ALSO AFFECTED by HEAT AND BLAZES The authorities are currently battling a fire that threatened the Manzano Prison on the edge Concepcion, and the town of Tome in the north. Heat waves have continued in both Chile and Argentina into the month of January. Wildfires began to burn around 15,000 acres in Argentina's Patagonia earlier this month. (Reporting and Editing by Bernadette B. Baum)
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BHP denied permission to appeal UK judgement over 2015 Brazil dam failure
BHP has been denied permission to appeal a ruling that found it liable for a 2015 dam collapse in the southeast of Brazil. The London lawsuit could be worth tens or hundreds of millions of pounds. The London High Court ruled in November that BHP is legally responsible for collapse of Fundao Dam, located in Mariana (southeastern Brazil), which was owned by BHP's joint venture with Vale, Samarco. BHP's request for a?permission of appeal this ruling? was denied by High Court. BHP has said it will directly apply to the Court of Appeal. BHP's spokesperson stated in a press release that they would be appealing to the Court of Appeal. BHP will continue to vigorously defend all remaining phases of this action. "Brazil's the best place to offer full and fair remediation to those affected." After their initial win, the claimants' attorneys sought nearly 200 million pounds of legal fees. They had previously valued the case, which was one of the largest legal cases in English history, as up to 36 billion pound ($48.26billion). In October, a trial will be held to decide the amount of damages that must be paid. A decision is likely to come in mid-2027. BHP was sued by hundreds of thousands of Brazilians as well as dozens of local governments, and about 2,000 companies, over the collapse of Fundao Dam, Brazil's "worst" environmental disaster. The collapse released a toxic sludge wave that left 19 dead, thousands homeless, and flooded forests. It also polluted the entire length of the Doce River. Last year, Judge Finola O'Farrell found that BHP had been negligent in continuing to increase the height of the dam. This led to its eventual collapse. Reporting by Sam Tobin, editing by William James. $1 = 0.7459 lbs
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Gold and silver reach record highs as safe-haven buyers buy after Trump EU tariff warning
Gold and silver reached record highs Monday as investors fled to safety following the warnings of U.S. president Donald Trump about extra tariffs being imposed on certain European countries over a dispute involving Greenland. Gold spot jumped by 1.5%, to $4,662.85 an ounce, at 1121 GMT. It had previously reached a high of $4689.39. U.S. Gold Futures for February Delivery increased 1.6% to $4.668 an ounce. Trump threatened several European Allies on Saturday with escalating Tariffs, unless they allowed the U.S. to purchase Greenland. This intensified a dispute about Denmark's vast Arctic island. Linh Tran is a senior market analyst with XS.com. She said that when institutional and policy risk resurfaces, the markets will tend to move quickly towards safe-haven investments, with gold emerging as a preferred choice. The dollar and stock markets?fell' as Trump's new tariff threats prompted investors to seek out safe havens like gold, Japanese yen, and Swiss franc. Gold is more likely to perform well in times of geopolitical or economic uncertainty as well as when interest rates are low. It has gained over 64% since 2025 and more than 8% in the first half of this year. Michelle Bowman, Vice Chair of the Federal Reserve's Supervision Department, said that a "fragile" job market could deteriorate quickly and that the U.S. Central Bank should be prepared to lower interest rates if necessary. The markets expect the Fed to hold rates at its meeting on January 27-28, but they are pricing in at least two 25 basis-point rate reductions this year. Silver spot also rose 3.7%, to $93.24, from a high of $94.08. White metal has increased by over 30% this year. Analysts at JP Morgan?said they prefer gold to silver. They said that any disruption in silver could have some short-term spillover into gold. However, it still represents a good opportunity to buy gold. Other precious metals rose in price as well. Spot platinum increased 1.2% to $2355.96 an ounce while palladium increased 0.7% to $1811.55.
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Hungarian opposition hires former Shell executive to fill economics role before April elections
Peter Magyar, the leader of Hungary's opposition party, has hired former Shell executive Istvan kapitany to fill a key economics position in his team. He is attempting to defeat Viktor Orban, the nationalist prime minister in upcoming elections. The campaigning for the 12th of April is focused on how to wake up the economy from its three-year sleep. Magyars' centre-right Tisza Party leads Fidesz by a wide margin in the majority of polls. However, many voters remain undecided. Kapitany is a former executive vice-president at Shell and a former Hungarian association president between 2020 and 2025. She said that the release of EU funding and the implementation of predictable policies will help to revive the economy. In a video on Facebook announcing Orban's appointment, he suggested that small local businesses be made more competitive instead of supporting manufacturing megafactories. The key task would be to restore confidence in the investment environment by creating a predictable one. Kapitany stated that Orban's policy changes were impromptu and windfall taxes imposed on certain sectors as a way to fill budget gaps. In the video,?Kapitany says: "I'd like to see this country perform better and I'm willing to work for that." "However I would like stress that there are not miracles. He said that "we need to work, have a decent approach, and corruption will kill business." Kapitany, a former executive of Erste Bank, will be working with Andras Karaman as Tisza's fiscal and tax policy adviser. The EU suspended billions of euro?of funding due to Orban's reforms in the rule of law, forcing the government?to cut back on investments for the economy. Orban has been in power since 2010 and has claimed that Hungary is no more corrupt than any other EU member. Kapitany stated, "We must bring EU funds back home... we need to use them fairly & well." (Reporting and editing by Susan Fenton; Gergely Szakacs, Gergely's assistant)
Chile delays copper output peak, cuts short-term forecasts
Chile has delayed its goal to reach a peak annual copper production of 6 million metric tonnes by several years, and cut a significant portion of its estimates for upcoming years.
The report, released by the state-run Cochilco on Monday, was a result of falling ore grades, and changes to the mining plans. Andean countries, which are the largest producers of metal in the world, have made adjustments in their mining plans.
Cochilco stated that in its 2025-2034 forecast, Chile's copper production is expected to reach 5.86 million tons by 2034 after reaching a high of 6.06 million tons the year before.
In its 10-year outlook published in 2024, it had "predicted a peak production of 6,07 million tons" by 2027. The agency has now lowered its estimate to 5.97 millions tons.
The annual production forecasts for 2026-2031 were reduced compared to last year's report. A recovery is expected in only the last three years of the projection horizon.
Cochilco stated that "although projects currently under execution and those in the investment pipeline will allow for a gradual recovery of production toward the end of the period but output will stabilize at similar levels to today's,"
It emphasized that the development of the country's pipeline of investment is crucial in mitigating production decline.
The agency stated that Chile's share in global copper production is projected to drop to 21,5% in 2030, from 23% in 2020, before rising to 27% in 2034 depending on the success of expected investments. (Reporting and writing by Fabian Cambero, Gabriel Araujo, Editing by Cassandra Garrison).
(source: Reuters)