MEXICO CITY: The sweeping trade deal for the Pacific region known as the Trans-Pacific Partnership (TPP) might still be implemented by making adjustments to its text even though the US has withdrawn, Mexico’s Economy Minister Ildefonso Guajardo said on Tuesday.
The TPP, which had been promoted by former US President Barack Obama and Japan as a way to counter China’s influence in a fast-growing region, was written in a way to prevent implementation without the US.
But if Japan leads the way, that clause could be stripped out without “any problem,” and Mexico and other members could evaluate the pros and cons of pushing forward with the TPP without the US, Guajardo said at an event.
“A TPP 11 instead of 12,” he said in reference to the remaining signatories to the deal since US President Donald Trump withdrew the US after taking office in January. “But we would have to see if nations such as Vietnam would put the same things on the table without the US,” he added.
Following the US’ departure, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam are still signed up to the TPP, though most must have put off ratifying it.
TPP signatories are expected to delve deeper into trade at the Asia-Pacific Economic Cooperation (APEC) Summit that Vietnam is hosting this year. Ministers start meetings in May and heads of state will gather in November.
Several alternatives to the TPP have been floated since Trump was elected in November, from inviting China to join the pact to doubling down on efforts to forge bilateral trade deals.
Mexico is looking to diversify its trading options to counter the threat of Trump ditching the North American Free Trade Agreement (NAFTA), which underpins the vast bulk of its commerce and binds it with the US and Canada.
Guajardo said that Trump’s recently signed “Buy American and Hire American” executive order that aims to boost purchases of American products in federal contracts might violate NAFTA by giving US industries a new advantage, but he said it was still not clear how it would play out.
Trump said Tuesday that he plans to make some “very big changes” to NAFTA or else get rid of it.
Guajardo also said that the exchange rate was moving toward a more sustainable level after what he described as an overreaction by the market.
Mexico says TPP might still be implemented without US
Mexico says TPP might still be implemented without US
Partnership with Saudi Arabia will address global critical mineral challenges, says UK minister
RIYADH: Saudi Arabia and the UK are deepening mining ties as the British government seeks to secure critical minerals for industries such as artificial intelligence and emerging technologies.
On Jan. 14, the two nations signed an agreement to collaborate on mineral resource development, emphasizing sustainable practices, technology transfer, and economic growth.
In an interview with Arab News on the sidelines of the ongoing Future Minerals Forum, the UK Minister for Industry, Sarah Jones, highlighted the growing collaboration between the two Kingdoms.
She emphasized the importance of partnerships in the critical minerals sector, which are vital for advancements in AI, green energy transitions, and emerging technologies.
“The quantity of critical minerals we’re going to need in the future is significantly bigger than we have today, and I think Saudi Arabia has taken quite a leadership role with the Future Minerals Forum, convening so many countries to come together and talk about this,” Jones said.
The minister outlined the challenges and opportunities as both countries work to address the surging global demand for essential minerals. She expressed confidence in the potential of the UK-Saudi partnership to tackle these challenges effectively.
The UK’s expertise in mining finance, as well as it universities — renowned for research and technical knowledge — position it as a valuable partner for Saudi Arabia in mining and exploration.
Jones emphasized that Britain’s focus on mining finance, combined with its global academic reputation, strengthens the collaboration.
“We wanted to have a relationship where we work together on some of these challenges, and I think this is the start of what will be a strengthening relationship going forward,” she said.
The minister expressed excitement about future collaborations, including sustainable mining practices, innovative financing structures, and technological advancements to meet the growing demand for critical minerals.
The UK government, under Prime Minister Keir Starmer, is taking a proactive approach to shaping its industrial future, especially in sectors integral to the global green transition and technological progress.
“We’re looking at things slightly differently,” said Jones. “We’re trying to be more proactive in devising what are the industries of the future that we need in the UK. Where do we get our supply chains from? How do we make sure we’re secure?”
As part of its new industrial strategy, Britain is prioritizing critical minerals, recognizing their essential role in advanced manufacturing, green energy, and AI.
Jones highlighted the government’s determination to position the UK as a key player in the global minerals market and equip domestic industries for future demands.
“We’re setting the directions of all of our companies and our businesses know the sectors that we want to grow and the direction that we want to go in,” she said.
To support this strategy, the British government has established funding mechanisms like the National Wealth Fund and UK Export Finance to mitigate risks associated with critical minerals mining, technology development, and sustainable practices.
In addition to the UK-Saudi partnership, Jones discussed opportunities for joint investment in mining projects in third countries.
She proposed collaboration on initiatives in Africa, where both nations have significant interests and could combine resources to meet growing mineral demands.
“Can the UK and Saudi Arabia have a project in an African country? We have several kinds of ideas, thoughts that we could do together,” she said.
Jones also highlighted the rising interest in mining within the UK, citing developments such as lithium and tin mining in Cornwall, which could support both the UK’s industrial needs and the global green transition.
The conversation touched on the ethical and environmental challenges associated with mining. Jones acknowledged the industry’s troubled history, including issues of worker mistreatment, environmental damage, and resource mismanagement.
As demand for minerals grows, she stressed the need for mining practices to evolve, becoming more sustainable and equitable.
“Historically, mining has been difficult in terms of the way that countries and people have been treated,” Jones said. “We’ve got to make sure where mining is sustainable and helping the countries that are supporting those mines, we have to make sure we’re creating wealth there and these things are hard, and that’s why countries need to work together.”
She concluded by emphasizing the importance of global cooperation in addressing critical mineral challenges.
“I think we can talk to each other between Saudi Arabia and ourselves about how some of these funding mechanisms work, how we support each other’s companies, and how we develop and help other countries to, to develop what they need as well. But it’s a huge challenge and that’s why we’re here,” Jones said.
Closing Bell: Saudi main index closes in green at 12,212
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 39.49 points, or 0.32 percent, to close at 12,212.24.
The total trading turnover of the benchmark index was SR7.17 billion ($1.91 billion), as 116 of the listed stocks advanced, while 114 retreated.
The MSCI Tadawul Index increased by 9.44 points, or 0.62 percent, to close at 1,526.65.
The Kingdom’s parallel market Nomu dipped, losing 17.28 points, or 0.06 percent, to close at 31,299.81.
This comes as 47 of the listed stocks advanced, while 34 retreated.
The best-performing stock was Nice One Beauty Digital Marketing Co., with its share price surging by 9.94 percent to SR59.70.
Other top performers included the Power and Water Utility Co. for Jubail and Yanbu, which saw its share price rise by 5.77 percent to SR55, and United International Transportation Co., which saw a 4.86 percent increase to SR84.10.
The worst performer of the day was Astra Industrial Group, whose share price fell by 5.46 percent to SR190.60.
Saudi Reinsurance Co. and Riyadh Cables Group Co. also saw declines, with their shares dropping by 3.53 percent and 3.05 percent to SR57.40 and SR146, respectively.
On the announcements front, Al Rajhi Bank has successfully completed its offer of US dollar-denominated additional Tier 1 capital sustainable sukuk, raising $1.5 billion.
The issuance, with a par value of $200,000 per sukuk and totaling 7,500 sukuk units, will be settled on Jan. 21, according to a Tadawul statement.
Offering an annual return of 6.25 percent, the perpetual sukuk includes a callable feature after five years. It will be listed on the London Stock Exchange’s International Securities Market, adhering to Regulation S under the US Securities Act of 1933.
The sukuk is aimed at eligible investors within Saudi Arabia and internationally, contributing to the bank’s sustainable financing initiatives.
Al Rajhi ended today’s trading session surging by 0.21 percent to SR96.20.
WEF: War, disinformation, and climate dominate global threats in 2025
- More than 900 global leaders highlight escalating geopolitical tensions, environmental crises and misinformation as critical issues shaping the year ahead
- Davos to begin Jan. 20 amid fragmented global order marked by growing power rivalries, weakened multilateralism
LONDON: Escalating wars, rising disinformation, and intensifying climate challenges rank as the most pressing global threats for 2025, according to the World Economic Forum’s Global Risk Report, released Wednesday ahead of the Davos annual meeting.
Based on insights from 900 global leaders in business, politics and academia, the report highlights escalating geopolitical tensions, environmental crises and misinformation as critical issues shaping the year ahead.
“Rising geopolitical tensions, a fracturing of global trust and the climate crisis are straining the global system like never before,” said Mirek Dusek, WEF managing director.
“In a world marked by deepening divides and cascading risks, global leaders have a choice: To foster collaboration and resilience, or face compounding instability. The stakes have never been higher.”
State-based armed conflicts are flagged as the most immediate concern for 23 percent of respondents, with wars in the Middle East, Sudan and Ukraine driving global instability.
The forum will host a historic gathering of Middle Eastern leaders, including representatives from Iran, Syria, Yemen and Gulf countries, to discuss prospects for peace amid hopes of a ceasefire between Hamas and Israel after 15 months of devastating war that has killed tens of thousands of Palestinians.
Donald Trump, set to be sworn in as the 47th US president on Jan. 20, has vowed to end the war in Ukraine. He will deliver a virtual address to the forum on Jan. 23. Ukrainian President Volodymyr Zelensky will also attend and deliver a speech on Jan. 21.
“From conflicts to climate change, we are facing interconnected crises that demand coordinated, collective action,” said Mark Elsner, WEF’s head of the Global Risks Initiative, who urged world leaders to make “renewed efforts to rebuild trust and foster cooperation.”
While conflicts rank as the most immediate threat, the survey highlights the climate crisis as the dominant risk of the next decade. Environmental risks — including extreme weather, biodiversity loss and critical changes to Earth’s systems — account for three of the top four long-term global concerns.
In 2024, global warming hit a record 1.54 degrees Celsius above pre-industrial levels, triggering catastrophic weather events, such as the Los Angeles wildfires, devastating floods in Spain caused by the DANA weather phenomenon and unprecedented rainfall across the Middle East, which triggered floods in the Arabian Peninsula and Sahara Desert for the first time in half a century.
“The climate and nature crisis requires urgent attention and action,” said Gim Huay Neo, the WEF’s managing director for the Center for Nature and Climate.
Two technology-related concerns ranked next on the list of global threats: “Misinformation and disinformation” and the “adverse outcomes of AI technologies.”
The survey, conducted between September and October, noted rising anxieties about misinformation. These concerns have intensified following Donald Trump’s election victory and his alignment with tech leaders like Elon Musk and Mark Zuckerberg, who are reportedly advocating for deregulation policies expected to benefit the tech industry.
It coincides with Zuckerberg’s recent decision to scale back fact-checking and content moderation across Meta’s platforms, a move widely criticized by experts as an appeasement of Trump, whose return to the White House will overlap with the forum’s opening.
Organizers are expecting 60 heads of state and government to attend, alongside chief executives and campaigners. Several ministers and business leaders from Saudi Arabia are also expected to take part.
The WEF’s report found that 64 percent of experts foresee a fragmented global order dominated by competition among middle and great powers, with multilateralism under significant strain.
Against this backdrop, the forum’s theme, “A Call for Collaboration in the Intelligent Age,” highlights the need for renewed cooperation, even as Trump’s anticipated policy shifts could undermine collective efforts on critical global issues, including the climate crisis.
Private sector partnerships key to mining sector growth, says Al-Jadaan
RIYADH: The mining sector’s success in Saudi Arabia hinges on strong private sector partnerships, according to Finance Minister Mohammed Al-Jadaan. Given the significant investments and expertise required, the government alone cannot drive the sector’s growth, he said.
Speaking on the second day of the Future Minerals Forum in Riyadh, Al-Jadaan emphasized the need for collaboration between public and private sectors to unlock the full potential of the mining industry. The forum, which runs from Jan. 14-16, aligns with Saudi Arabia’s ambitious goal to increase the mining sector’s contribution to the nation’s gross domestic product from $17 billion to $75 billion by 2035.
It also supports the country’s Vision 2030 objective of establishing mining as a critical pillar of the industrial economy.
“This is a very complex industry that requires significant investments that, you know, the government alone cannot do. It requires significant know-how that the government alone cannot do, and you need to make sure that you actually partner with the private sector to enable this sector,” Al-Jadaan said.
Al-Jadaan outlined three key enablers for the mining sector's development: cross-sectoral alignment, the strategic use of data, and a competitive regulatory framework.
“If you want to do the right thing within mining, it is not the mining alone that will make it. You will need to make sure that you are aligning multiple sectors together — energy, mining, logistics, and possibly even a few others,” he explained.
He pointed to the National Industrial Development and Logistics Program as a successful example of how integrated sectors can collectively drive progress.
On the importance of data, Al-Jadaan emphasized its foundational role in shaping the sector's future. “There was real focus on making sure that we make an investment early on in data relating to mining, including specific technicalities and budgeting for supporting surveys throughout the mining sectors, and actually providing even support to companies who are coming for exploration,” he said.
The minister also highlighted the necessity of a stable and investor-friendly regulatory environment. “These are long-term investments investors would need to make. You know, we need to have predictability, confidence in the regulatory framework, and we need to ensure it is investor-friendly. They must be able to obtain their licenses on time and with certainty,” he added.
Al-Jadaan further acknowledged the challenges faced by emerging economies, particularly those in the Global South, which possess abundant mineral resources but often lack the capital, expertise, and infrastructure to exploit them fully. He suggested that with the right support, these nations could leverage their mineral wealth not only for industrial growth but as a key driver of broader economic development.
“With the right setup, they can utilize these resources not only for the mineral and metal industries but as part of a package for economic development,” he said, stressing that targeted support such as subsidized logistics and services could unlock the mining potential of these nations.
In a related panel discussion, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Africa’s critical role in the global energy transition. He pointed out the disparity between the continent’s vast resource potential and its actual contribution to the market.
“Today, investment needs to happen not only in extraction but also in infrastructure. We have seen great assets today in Africa are falling behind because of infrastructure challenges, not mining challenges,” Alkhorayef noted.
As the Future Minerals Forum continues, the collaboration between the private sector and government remains central to advancing the sector, not only in Saudi Arabia but across the global mining landscape.
Saudi Arabia unveils major gold, copper discoveries in Arabian Shield
- Finds include extensive gold deposits at Wadi Al-Jaww for gold and copper deposits at Jabal Shayban
JEDDAH: Saudi Arabia has announced significant gold and copper discoveries in the Arabian Shield region, a move set to bolster its global mining ambitions and strengthen the country’s economic diversification efforts.
The Saudi Arabian Mining Co., or Ma’aden, revealed the discoveries during the Future Minerals Forum 2025, held from Jan. 14-16 in Riyadh.
The finds include extensive gold deposits at Wadi Al-Jaww for gold and copper deposits at Jabal Shayban, with mineralization extending deeper and in multiple directions from shallow depths of 20 to 200 meters.
Bob Wilt, CEO of Ma’aden, highlighted the company’s aggressive exploration efforts, calling them part of “the world’s largest single-jurisdiction mineral exploration programs.”
“Through the work we have undertaken in recent years, the raw prospectivity of the Kingdom has been proven. The results announced today provide a further boost as we continue to accelerate drilling activities across our exploration program in 2025,” he said.
Wilt said the Kingdom’s focus on mining aligns with its broader economic transformation goals, creating opportunities for growth and development in the sector.
The company said that Jabal Shayban has long been recognized as a key exploration site, with programs dating back to the 1940s. In contrast, Wadi Al-Jaww represents a new frontier, as no prior exploration has been conducted there.
While Ma’aden didn’t provide specific estimates on the size and quality of the mineralization, the company said that ongoing analysis and drilling efforts would refine its understanding of the deposits throughout 2025.
Ma’aden announced new findings from its Mansourah-Massarah gold mine. Drilling has revealed high-grade gold mineralization below the current pit design and significant underground potential. Recent results include intercepts such as 61 meters grading at 10.4 g/t gold and 20-meter grading at 20.6 g/t gold within 400 meters of the mine.
The results build on earlier success at the mine, with Ma’aden noting strong growth opportunities from both open-pit and underground operations.
In a statement to the Saudi Stock Exchange, Ma’aden clarified that the financial impact of these discoveries remains undetermined. The company reaffirmed its commitment to transparency, promising to update shareholders on any significant developments.
