Latest News
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The Russian budget deficit in 2025 was 2.6% of the GDP, which is the highest level since 2020
The Finance Ministry announced on Monday that Russia had a budgetary deficit of 5.6 trillion roubles, or 2.6% of GDP, by 2025. This is the largest deficit in terms of percentage of GDP since 2020 and in roubles since 2006. In 2024, Russia's fiscal deficit was equal to 1.7% of its GDP. The?government increased the deficit target in 2025 from the initial?1.2 trillion Rubbles or 0.5% GDP due to the shrinking energy revenue and a strong Rouble. Budget revenues were 37.28 trillion rubles, down 7.5% on the original target. This was due to the 24% drop in oil and gas revenue, which reached its lowest level since 2020 despite the corporate profit and income tax increases. Budget spending, at 42.93 trillion rubles, was up 6.8% from 2024, and 3.5% more than the original?budget plan. Analysts doubt that the government will be able to meet its target, despite the fact that the government has raised the value added tax in order to keep the deficit this year at 1.6% of GDP.
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Italian fashion great Valentino dead at 93
His foundation announced that Valentino Garavani, the Italian designer of fashion, died on Monday. Valentino, who is usually only known by his first name, was 93 years old and had Retired in 2008 Valentino, the founder of his eponymous label, was a pioneer in haute couture, who built a successful business empire, and also introduced to fashion a new color, the so-called "Valentino Red". The foundation posted on Instagram that "Valentino passed away today in a?his Roman home, surrounded by his loved ones." It added that the funeral would take place at 11am (1000 GMT) on Friday in Rome. Valentino, along with Giorgio Armani, Karl Lagerfeld and other great designers of an era when fashion was not a globalized industry dominated by marketing executives and accountants but rather a highly commercialized one. Lagerfeld The year 2019 has seen the death of many people. Armani Died in September. (Written by Alvise Armillini, edited by Gavin Jones).
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Ghana's mining reforms could choke off investment, warns industry body
Ghana's main mining industry group said that changes in the country's tax and royalties terms could deter investment, and slow?output. Last week, it was reported that Africa's largest gold producer planned to cancel long-term mining investments stability agreements and double royalty payments under sweeping reforms. These changes will result in the termination of the?stability agreement with Newmont, AngloGold Ashanti, and Gold Fields. The mining regulator stated that the change was intended to increase state revenue and crackdown on companies abusing their licenses. The draft bill, which is expected to be presented to the parliament in March, proposes a royalty rate of 9%, rising to 12% when gold reaches $4,500 an ounce or more, about double the current range of 3% to 5%. Fear of Stalemated Projects, Lost Jobs In a statement released on Monday, the Chamber of Mines - which represents the 'big mining companies' - said that they supported the principle of a sliding scale royalty system, which would allow the government to earn more when gold prices are higher. It warned, however, that the current proposal could push Ghana up the global effective taxes curve and potentially cause projects to be halted or jobs to be lost. "We understand why a sliding scale is used, but it must be structured in a way that the government can secure sustainable revenues?while industry continues to grow and reinvest," said Chief Executive Kenneth Ashigbey. The current proposal fails to strike this balance. The chamber did not offer a "counterproposal". The Minerals Commission and the Lands and Natural Resources Ministry of Ghana did not respond immediately to comments. The chamber of commerce said that Ghana's large scale miners pay a 3% growth levy and a flat 3-5% royalty rate. Both are levied based on gross revenue, not profit, and include a 35% corporation income tax, an 8% dividends tax and a 10% state-free carried interest. It said that stability and development agreements need to be improved, but not repealed outright. The chamber welcomed the ongoing consultations between Ghana's Lands and Natural Resources Minister and stressed that a competitive, predictable fiscal regime is essential to sustaining investment. Maxwell Akalaare Adombila, Robbie Corey Boulet and Susan Fenton edited the report.
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Gold and silver record highs amid Greenland dispute
Gold and silver reached record highs on Monday as investors fled to safety following the warnings from U.S. president Donald Trump about extra tariffs being imposed on certain European countries over a dispute regarding Greenland. By 12:05 pm, spot gold had risen 1.7% to $4672.49 per ounce. After reaching a record high of $4,689.39, ET (1705 GMT) was reached. U.S. Gold Futures for February Delivery increased 1.8% to $4677.70 per ounce. Trump threatened several European Allies on Saturday with an escalating series of tariffs unless the U.S. was allowed to "buy Greenland", intensifying a dispute about Denmark's vast Arctic Island. "When institutional or policy risks resurface the markets tend to'react quickly by reallocating towards safe-haven investments, with gold emerging once again as the preferred option," said XS.com senior analyst Linh Tran. Dollar fell after Trump's latest threats to raise tariffs prompted investors to seek out safe-haven currencies like gold, yen (Japan) and Swiss Franc. This was part of a broader risk-averse movement across all markets. Gold is more likely to do well in times of geopolitical or economic uncertainty and 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 for Supervision, said that the U.S. Central Bank should be prepared to lower interest rates if necessary due to a fragile and potentially weakening job market. The markets expect the Fed will hold rates at its meeting on January 27-28, but they are pricing in two 25 basis point rate cuts this year. Spot silver, which had previously reached a record-high of $94.61, has risen 5% to $94.41 per ounce. Since the beginning of the year, silver has increased by more than 32%. Citi Research analysts said they remain "tactically bullish" on precious metals. They set price targets for gold of $5,000 per ounce and silver at $100 per ounce in the next three month, citing the geopolitical tensions likely to continue to be high. Palladium increased 1.1%, to $1,819.99, while spot platinum rose 1.5%, to $2,362.65 per ounce.
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Source: Canada could send a small contingent of troops into Greenland
A source familiar with the situation said that Canada was considering sending a small contingent of troops to Greenland in order to take part in NATO exercises. The first to report the news were CBC News and Globe and Mail. Source: Military officials have "presented" plans for the operation to government, and are "awaiting a decision by Prime Minister Mark Carney," said the source. The source requested anonymity due to the sensitive nature of the issue. Carney's office declined to comment. Carney is challenged by the threats of U.S. president Donald Trump to annex Canada. He wants to be on Trump's side, but also show solidarity with European allies. Carney, who spoke to reporters on Sunday in Doha, said: "We are concerned about this escalated situation. To be clear, we will always support the sovereignty and territorial integrity of countries, regardless of their geographical location." Last week, a small number of European countries sent military personnel to Greenland. Germany, France and Sweden have all said that they will be sending military personnel to start preparations for large drills in the second half of this year. Bill Berkrot edited the report by David Ljunggren.
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Gold and silver record highs amid Greenland dispute
Gold and silver reached record highs on Monday as a result of a flight for safety following the warnings from U.S. president?Donald Trump about extra tariffs being imposed on certain European countries over a dispute?over Greenland. By 10:08 am, spot gold had risen 1.6% to $4.669.69 per ounce. After reaching a record high of $4,689.39 at 1508 GMT ET (Eastern Time), spot gold jumped 1.6% to $4,669.69 an ounce. U.S. Gold Futures for February Delivery increased 1.7% to $4.675 an ounce. Trump threatened several European Allies on Saturday with an escalating series of tariffs unless the U.S. was allowed to "buy Greenland", intensifying a dispute about Denmark's vast Arctic Island. "When institutional or policy risks resurface the markets tend to'react quickly by reallocating towards safe-haven investments, with gold emerging once again as the preferred option," said XS.com senior analyst Linh Tran. The dollar and stock markets fell after Trump's latest threats to raise tariffs prompted investors to flock towards'safe-haven' gold, Japanese yen, and Swiss francs in a risk-averse movement?across all markets. When interest rates are low and geopolitical or economic uncertainty is present, gold tends to perform well. 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 for Supervision, said that the U.S. Central Bank should be prepared to lower interest rates if necessary due to the fragile state of the job market. The markets expect the Fed to keep rates on hold at its meeting in January 27-28, but they are pricing in two rate cuts of 25 basis points or more this year. Silver spot also rose 4.4%, to $93.93 per ounce. This is after it reached a record high price of $94.10. Since the beginning of the year, silver has increased by more than 31%. Citi Research analysts remain tactically bullish, setting price targets for precious metals of $5,000 per ounce for Gold and $100 for Silver in the next 3 months. They cite geopolitical tensions likely to remain elevated in the short term. Palladium increased 1.2%, to $1,820.50, while spot platinum rose 2%, to $2,374.85 per ounce.
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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).
Trump transition group plans sweeping rollback of Biden EV, emissions policies
Inbound U.S. President Donald Trump's shift group is recommending sweeping changes to cut off assistance for electric cars and charging stations and to reinforce procedures obstructing automobiles, elements and battery materials from China, according to a file seen .
The recommendations, which have actually not been formerly reported, come as the U.S. electric-vehicle shift stalls and China's greatly subsidized EV industry continues to rise, in part since of its superior battery supply chain. On the project path, Trump promised to alleviate policies on fossil-fuel cars and trucks and roll back what he called President Joe Biden's EV mandate.
The shift team likewise suggests enforcing tariffs on all battery materials worldwide, a quote to enhance U.S. production, and then working out individual exemptions with allies, the file shows.
Taken together, the suggestions are a plain departure from Biden administration policy, which sought to stabilize encouraging a domestic battery supply chain, separate from China, with a fast EV shift. The transition-team plan would redirect money now flowing to building charging stations and making EVs affordable into national-defense priorities, consisting of securing China-free products of batteries and the important minerals to construct them.
The proposals originated from a Trump shift group charged with crafting a method for speedy application of brand-new automobile policies. The group also calls for eliminating the Biden administration's $7,500 tax credit for consumer EV purchases, a. plan that Reuters initially reported last month. The policies could. strike a blow to U.S. EV sales and production at a time when. lots of tradition car manufacturers, including General Motors and. Hyundai, have actually just recently presented a larger array of. electric offerings to the U.S. market.
Cutting federal government EV assistance could likewise harm sales of Elon. Musk's Tesla, the dominant U.S. EV seller. However Musk,. who invested more than a quarter-billion dollars helping to choose. Trump, has actually said that losing subsidies would injure competitors more. than Tesla.
The transition team calls for clawing back whatever funds. stay from Biden's $7.5 billion plan to construct charging stations. and moving the cash to battery-minerals processing and the. nationwide defense supply chain and vital infrastructure.
While batteries, minerals and other EV components are. critical to defense production, electric lorries and. charging stations are not, the document states.
The Defense Department in the last few years has actually highlighted U.S. strategic vulnerabilities due to the fact that of China's dominance of the. mining and refining of important minerals, consisting of graphite and. lithium required for batteries, and rare-earth metals utilized in both. EV motors and military aircraft.
A 2021 government report said the U.S. military faces. escalating power requirements for weapons and interaction. devices, among other innovations. Assured sources of. vital minerals and products are critical to U.S. national. security, the report discovered.
Trump shift spokesperson Karoline Leavitt stated voters. gave Trump a required to deliver on campaign promises, including. stopping government attacks on gas-powered vehicles.
When he takes office, President Trump will support the. automobile industry, permitting area for both gas-powered cars and trucks and. electric vehicles, Leavitt stated in a declaration.
PERMITTING MORE TAILPIPE POLLUTION
Car manufacturers internationally have been shifting towards electric. vehicles in part to abide by stricter federal government limitations on. climate-damaging tailpipe contamination.
But the transition group suggestions would enable. car manufacturers to produce more gas-powered lorries by rolling back. emissions and fuel-economy standards championed by the Biden. administration. The shift group proposes moving those. regulations back to 2019 levels, which would enable approximately. about 25% more emissions per vehicle mile than the current 2025. limitations and typical fuel economy to be about 15% lower.
The proposition likewise advises blocking California from. setting its own, more stringent vehicle-emissions requirements, which. more than a dozen other states have actually embraced. Trump disallowed. California from setting harder requirements throughout his very first. term, a policy that Biden reversed.
California has asked the U.S. Environmental Protection. Agency for another waiver to integrate a more powerful set of. requirements beginning in 2026, which would eventually need. all lorries to be electric, plug-in hybrid or hydrogen-powered. by 2035. The Biden administration's EPA has not approved. California's request.
A number of the transition-team proposals appear targeted at. motivating domestic battery production, mostly for. defense-related interests. Others appear aimed at securing. car manufacturers, even those producing EVs, in the United States.
The propositions include:
-- Instituting tariffs on EV supply chain imports consisting of. batteries, important minerals and charging components. The. proposal seen said the administration must use. Section 232 tariffs, which target national security dangers, to. limitation imports of such products.
The Biden administration just recently increased tariffs on. Chinese imports of several pointed out in the Trump-transition. document, consisting of lithium-ion batteries, graphite and. irreversible magnets used in EV motors and military applications. Those tariffs were provided on economic instead of security. premises.
-- Waiving environmental reviews to accelerate federally. funded EV infrastructure jobs, consisting of battery recycling. and production, charging stations and important mineral. manufacturing.
-- Broadening export constraints on EV battery technology to. adversarial countries.
-- Offering assistance for exports of U.S.-made EV batteries. through the Export-Import Bank of the United States.
-- Utilizing tariffs as a working out tool to open foreign. markets to U.S. vehicle exports, including EVs.
-- Getting rid of requirements that federal agencies purchase. EVs. A Biden policy needs all federal acquisitions of cars. and smaller trucks to be zero-emission vehicles by the end of. 2027.
-- Ending DOD programs targeted at buying or developing. electric military automobiles.
(source: Reuters)