Saudi Arabia Sends High-Ranking Delegation to World Economic Forum Annual Meeting


The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
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Saudi Arabia Sends High-Ranking Delegation to World Economic Forum Annual Meeting


The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)
The annual meeting of the World Economic Forum 2024 will be held in Davos (Asharq Al-Awsat)

Saudi Arabia announced that a high-ranking delegation will participate in the World Economic Forum (WEF) Annual Meeting 2024 in Davos, Switzerland, from January 15-19, under the theme of "Rebuilding Trust."

The delegation, chaired by Foreign Minister Prince Faisal bin Abdallah, includes Saudi Ambassador to the US Princess Reema bint Bandar, Minister of Commerce Majid al-Kassabi, Minister of State for Foreign Affairs and Envoy for Climate Adel al-Jubeir, Minister of Investment Khalid al-Falih, Minister of Finance Mohammed al-Jadaan, Minister of Communications and Information Technology Abdullah al-Swaha, Minister of Industry and Mineral Resources Bandar al-Khorayef, and Minister of Economy and Planning Faisal al-Ibrahim.

- Current challenges

The Saudi delegation will address these era-defining challenges by working with the international community to advance substantive global collaboration, drive economic resilience, build sustainable resource security, and harness human-centric innovation.

It would also explore the opportunities offered by emerging technologies and their impact on the policy and decision-making process.

The Saudi delegation will highlight the social and economic progress made within the framework of Vision 2030, the transformation, diversification, and development witnessed by the Kingdom in various fields, and the multiple investment opportunities available across the nation's thriving economy.

- Competitive capabilities

The Saudi delegation will share its expertise in enhancing the Kingdom's attractiveness as a private and foreign investment destination.

The delegation will also review the best practices and solutions developed by the Kingdom to enhance the economy's resilience and achieve financial sustainability, in line with its ambitions for economic diversification and sustainable growth under Vision 2030.

- Enhancing cooperation

The 54th annual meeting of the World Economic Forum will discuss ways to enhance cooperation between the public and private sectors to explore future opportunities, review solutions and developments within various economic and development sectors within the framework of international cooperation, and joint work between governments and various institutions.

The Forum brings together representatives from more than 100 governments, major international organizations, and more than 1,000 major private sector players, in addition to representatives of civil society and academic institutions.

The theme "Rebuilding Trust" highlights the importance of joint international action in confronting humanitarian, climate, social, and economic challenges.

- Global risks

In addition, the Global Risks Report 2024 issued by the World Economic Forum warned of a global risk landscape that will witness a decline in human development. It will weaken countries and individuals and expose them to new risks.

Given the systemic changes in global power mechanisms, climate, technology, and demographic distribution, global risks impose significant pressures that may exhaust the world's ability to adapt.

The report said that these matters are among its most prominent findings, which showed that cooperation on global issues is declining and that there is an urgent need to adopt approaches to address global risks.

The transnational risks will become harder to handle as global cooperation erodes.

In this year's Global Risks Perception Survey, two-thirds of respondents predict that a multipolar order will dominate in the next ten years as middle and great powers set and enforce – but also contest – current rules and norms.

WEF Managing Director Saadia Zahidi said underlying geopolitical tensions combined with the eruption of active hostilities in multiple regions contribute to an unstable global order characterized by polarizing narratives, eroding trust, and insecurity.

Zahidi warned that the situation leaves ample room for accelerating risks – like misinformation and disinformation – to propagate in societies that have already been politically and economically weakened in recent years.

- Misinformation and Conflict

Emerging as the most severe global risk anticipated over the next two years, foreign and domestic actors will leverage misinformation and disinformation to widen societal and political divides further.

Cost-of-living pressures continue to bite amidst persistently elevated inflation, interest rates, and economic uncertainty in much of the world.

Misinformation and disinformation have risen rapidly in rankings to first place for the two-year timeframe, and the risk is likely to become more acute as elections in several economies take place this year.

Interstate armed conflict is a new entrant into the top risk rankings over the two-year horizon as both a product and driver of state fragility.

With many conflicts currently ongoing in different parts of the world, the risks of geopolitical tensions and declining community resilience may lead to the spread of conflict contagion.

- Economic uncertainty and declining development

The continued state of economic uncertainty and the widening of the financial and technical gap are among the most prominent features of the coming years, and the lack of economic opportunities ranked sixth in risks over the next two years.

In the long term, obstacles to economic mobility are expected to increase, which will lead to the deprivation of large segments of the population of economic opportunities.

In addition, countries affected by conflict or climate risks may become isolated from investment, advanced technologies, and new employment opportunities.

In the absence of guaranteed and secure livelihoods, individuals may become more vulnerable to involvement in crime, militancy, and extremism.

- The planet is in danger

It is expected that environmental risks continue to dominate the risk landscape over all three timeframes, while the report called on business leaders to reconsider the steps that must be taken to confront global risks.

The report recommended focusing global cooperation efforts on accelerating the construction of protection barriers against the most urgent emerging risks, such as signing agreements to integrate artificial intelligence in the decision-making process.



TotalEnergies Extends Fuel Price Cap in France Through June

This photograph shows the TotalEnergies refinery in Antwerp on May 18, 2026. (Photo by JONAS ROOSENS / Belga / AFP)
This photograph shows the TotalEnergies refinery in Antwerp on May 18, 2026. (Photo by JONAS ROOSENS / Belga / AFP)
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TotalEnergies Extends Fuel Price Cap in France Through June

This photograph shows the TotalEnergies refinery in Antwerp on May 18, 2026. (Photo by JONAS ROOSENS / Belga / AFP)
This photograph shows the TotalEnergies refinery in Antwerp on May 18, 2026. (Photo by JONAS ROOSENS / Belga / AFP)

Oil major Total Energies said on Wednesday it would extend its policy of capping fuel prices at its French service stations through the month of June as the Middle East crisis continues.

The company said it would ⁠keep the price ⁠caps, first announced in March, at €1.99 ($2.32) per liter for gasoline and €2.25 per liter for diesel.

French Finance Minister Roland Lescure welcomed the ⁠decision but told BFM TV he also would not rule out imposing a new tax on profits energy companies have made during the surge in energy prices provoked by the Iran war.

Several French opposition politicians have advocated for additional so-called windfall taxes ⁠on ⁠oil companies including TotalEnergies since the war began in late February.

TotalEnergies' Chief Executive Patrick Pouyanne said earlier this month the company would end its cap on prices were such a tax approved.


Samsung Workers Approve Bonus Deal after Big AI Profits

FILE PHOTO: Samsung Electronics’ labor union members chant slogans during a protest against the company’s compensation levels ahead of a planned lengthy strike in front of Samsung Electronics semiconductor plant in Pyeongtaek, South Korea, April 23, 2026.  REUTERS/Kim Hong-Ji/File Photo
FILE PHOTO: Samsung Electronics’ labor union members chant slogans during a protest against the company’s compensation levels ahead of a planned lengthy strike in front of Samsung Electronics semiconductor plant in Pyeongtaek, South Korea, April 23, 2026. REUTERS/Kim Hong-Ji/File Photo
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Samsung Workers Approve Bonus Deal after Big AI Profits

FILE PHOTO: Samsung Electronics’ labor union members chant slogans during a protest against the company’s compensation levels ahead of a planned lengthy strike in front of Samsung Electronics semiconductor plant in Pyeongtaek, South Korea, April 23, 2026.  REUTERS/Kim Hong-Ji/File Photo
FILE PHOTO: Samsung Electronics’ labor union members chant slogans during a protest against the company’s compensation levels ahead of a planned lengthy strike in front of Samsung Electronics semiconductor plant in Pyeongtaek, South Korea, April 23, 2026. REUTERS/Kim Hong-Ji/File Photo

Samsung Electronics union members on Wednesday approved a deal with management securing massive annual bonuses after threatening a major strike, as the global artificial intelligence boom causes the South Korean chip giant's profits to soar.

It means that around 78,000 employees from the company's 125,000-strong domestic workforce are eligible to receive a bonus of roughly $370,000 this year, based on a market estimate of annual operating profit.

Samsung's largest workers' union said in a statement that more than 73 percent of its members had backed the agreement in an electronic vote held over six days.

The deal was struck at the last minute last week to avert an 18-day strike that had raised fears over the impact on South Korea's economy.

Frenzied demand for the memory chips that power AI data centres has turbocharged Samsung's earnings.

The firm in April said first-quarter operating profit soared roughly 750 percent year-on-year, while its market value topped $1 trillion for the first time this month.

Under the union's 10-year deal -- which is tied to ambitious performance targets -- annual bonuses for employees in the semiconductor division would amount to 10.5 percent of their segment's operating profit.

The bonuses will be paid in shares, alongside an additional 1.5 percent in cash, AFP reported.

The new bonus scheme has fueled tensions among workers in other divisions, who will receive different rewards under the deal, as well as subsidiaries and shareholders.

The prospect of a strike had sparked wider concerns in South Korea, where Samsung Electronics alone accounts for around 12.5 percent of gross domestic product and memory chips make up about 35 percent of exports.

It has also fanned a debate over how AI profits should be distributed.

A senior presidential official has floated the idea of a "national dividend" -- arguing that excess AI-related tax revenue could be used to support social welfare programs.

Analysts say large bonuses could help prevent engineering talent from moving abroad, as US firms such as Tesla ramp up investment in AI chips.

According to Samsung's union, workers at rival chipmaker SK hynix -- which also hit a $1 trillion market capitalization on Wednesday -- received bonuses more than three times larger than those paid by Samsung last year.

The promised windfall at both firms has sharply elevated the social status of chip engineers in South Korea.

A simple jacket bearing the SK hynix logo went viral on social media this month as a symbol of wealth and success, with parody posts depicting it as a "golden ticket" to luxury boutiques or better dating prospects.

Yonhap news agency said jobs at Samsung and SK hynix now guarantee "a boost in marriage market value", citing a rise in their "desirability indices" compiled by matchmaking agency Sunoo -- catching up with professions such as doctors and lawyers.

There have been reports of worker discontent over similar issues at Taiwan's chip production giant TSMC, which has also logged record net profits due to AI demand.

The Samsung agreement is fueling labor demands across South Korea, with workers in sectors ranging from biotech and autos to shipbuilding asking for a larger share of corporate profits through bonuses.

Within Samsung Electronics, the deal has deepened divisions between employees in the highly profitable semiconductor business and other divisions such as mobile, display and consumer electronics, where profits have stagnated or declined.

The tensions have already led to legal action, with a smaller union representing workers outside the semiconductor division filing an injunction on Tuesday, seeking to block the agreement they say disproportionately favors chip employees.

Discontent is also spreading among employees at Samsung affiliates including Samsung Display, Samsung SDI and Samsung Electro-Mechanics, which are separately listed and offer significantly smaller bonuses.

Some shareholders have also voiced opposition, arguing the agreement lacked their approval. A group of retail investors said they were prepared to pursue legal action.


Gold Falls as Renewed US-Iran Tensions Dampen Peace Hopes, Clouds Interest Rate Outlook

A saleswoman adjusts gold jewellery for sale at a shop in Lianyungang_ in China痴 eastern Jiangsu province - AFP
A saleswoman adjusts gold jewellery for sale at a shop in Lianyungang_ in China痴 eastern Jiangsu province - AFP
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Gold Falls as Renewed US-Iran Tensions Dampen Peace Hopes, Clouds Interest Rate Outlook

A saleswoman adjusts gold jewellery for sale at a shop in Lianyungang_ in China痴 eastern Jiangsu province - AFP
A saleswoman adjusts gold jewellery for sale at a shop in Lianyungang_ in China痴 eastern Jiangsu province - AFP

Gold slipped on Tuesday as US strikes in Iran pushed Brent prices higher, stoking inflation worries and clouding the outlook for US interest rates.

Spot gold was down 0.7% at $4,537.10 per ounce, as of 1052 GMT. US gold futures for June delivery was unchanged at $4,536.80.

"The uncertainty triggered an uptick in oil prices, sharpening inflationary fears and reinforcing hawkish Federal Reserve expectations, creating a headwind for non-yielding gold," ActivTrades analyst Ricardo Evangelista said.

"The path of least resistance for gold prices remains to the downside... Traders will remain focused on the US-Iran talks, while also looking ahead to the release of US PCE inflation data."

Brent crude oil prices rose sharply after the US military carried out strikes in Iran, dampening hopes of a swift resolution to the Middle East conflict.

US Secretary of State Marco Rubio said on Tuesday that negotiating a deal with Iran could "take a few days."

Elevated crude oil prices can accelerate inflation and keep interest rates higher for longer. While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Markets are pricing in a Fed rate hike before year-end, with a 41% chance of a 25-basis-point hike in December, according to CME Group's FedWatch tool, according to Reuters.

Investors now await the US Personal Consumption Expenditures (PCE) data for April due on Thursday, for more cues on US monetary policy.

Meanwhile, UBS lowered its year-end gold price target by $400 to $5,500 due to persistent risks from higher yields and a stronger dollar.

However, "elevated global debt burdens, persistent fiscal deficits in the US, and continued reserve diversification trends should again elevate the strategic case for hard assets, especially as oil prices likely moderate toward the end of the year," UBS said in a note.

Spot silver fell 2.2% to $76.37 per ounce, platinum lost 0.9% to $1,949.54, and palladium slid 1.7% to $1,374.