G20 Warns War Repercussions Exacerbate Global Economy Fragility

G20 meeting of finance ministers and central bank governors in Bangalore, India (Reuters)
G20 meeting of finance ministers and central bank governors in Bangalore, India (Reuters)
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G20 Warns War Repercussions Exacerbate Global Economy Fragility

G20 meeting of finance ministers and central bank governors in Bangalore, India (Reuters)
G20 meeting of finance ministers and central bank governors in Bangalore, India (Reuters)

Finance ministers of the world's largest economies on Saturday strongly condemned Moscow's war on Ukraine, with only China and Russia refusing to sign a joint statement.

India, the current chair of the Group of Twenty (G20), was reluctant to raise the issue of the war, but Western countries insisted they could not support any final statement that did not condemn it.

The lack of consensus among G20 members led India to issue a "chair's summary and outcome document," which summed up the two days of talks and noted disagreements.

"Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy," India said, noting supply chain disruptions, risks to financial stability, and persistent food and energy insecurity.

"There were other views and different assessments of the situation and sanctions," it added, referring to the measures taken by the US, European countries, and other countries to punish Russia for the invasion and limit its revenues.

The outcome was similar to a G20 summit in Bali last November when host Indonesia issued a final declaration acknowledging differences.

The G20, formed over two decades to tackle economic crises, has increasingly struggled to reach a consensus to issue an official end-of-meeting communique.

Indian Finance Minister Nirmala Sitharaman said that although there has not been a "communique but only an outcome statement," some progress has been made in having all the ministers on board.

German Finance Minister Christian Lindner said China's refusal to sign the declaration was "regrettable."

US Treasury Secretary Janet Yellen told Reuters that it was "necessary" for a statement to condemn Russia.

Two delegates told Reuters that Russia and China did not want the G20 platform to be used to discuss political matters.

Russia, a G20 but not G7 member, described its actions in Ukraine as a "special military operation" and avoided calling it an invasion or war.

India has maintained a largely neutral stance on the war, refraining from blaming Russia for the invasion, seeking a diplomatic solution, and boosting its purchases of Russian oil.

India and China were among the countries that abstained on Thursday when the UN overwhelmingly voted to demand Moscow withdraw its forces from Ukraine and stop fighting.

Besides the G7 nations, the G20 bloc includes countries such as Australia, Brazil, and Saudi Arabia.

Japanese Finance Minister Shunichi Suzuki told reporters that it's becoming difficult for the G20 to engage in constructive discussion because of Russia's invasion of Ukraine, which is an act that shakes the foundations of the global order.

The International Monetary Fund (IMF) and the World Bank met on the sidelines of the G20 summit with China, India, Saudi Arabia, and the G7.

The meeting addressed restructuring debt for distressed economies, but there too, were disagreements among members.

Yellen said there were no "deliverables" from the meeting, which was primarily organizational.

Additional discussions are scheduled around the time of the IMF and World Bank spring meetings in April.

Pressure is mounting on China, the world's largest bilateral creditor, and other countries to offer a significant cut in loans to struggling developing countries.



Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Silver jumped past the $65-per-ounce mark for the first time on Wednesday, while gold climbed higher after US jobs data showed a softening labor market, rekindling expectations of further rate cuts next year and boosting demand for precious metals.

Spot silver was up 3.9% at $66.28 an ounce after rising to an all-time high of $66.52 earlier in the session. Spot gold prices rose 0.8% to $4,337.85 an ounce by 0552 GMT.

US gold futures gained 0.8% to $4,368.60.

"There is a major short squeeze (speculative trade) happening in silver... and we are not seeing the supply side responding the way it should have after the US added silver to the critical minerals list," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

"Every country planning to enter the data center-AI space will need more of silver," Shah said, noting that current trends could push silver towards $70 in the near term.

The rally followed US data showing the unemployment rate rose to 4.6% in November, above a Reuters poll forecast of 4.4%.

The unemployment data has definitely helped precious metals and weakened the dollar, prompting investors to look for other asset classes offering higher returns as a hedge against risk, GoldSilver Central MD Brian Lan said.

Investors now await the US consumer price index data on Thursday and the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, on Friday.

Last week, the Fed delivered its third and final quarter-point rate cut for the year, while Chair Jerome Powell's accompanying comments were perceived as less hawkish than expected.

Traders still expect two cuts of 25 basis points each in 2026.

Non-yielding assets like bullion typically perform well in low-interest-rate environments.

Elsewhere, platinum was up 3.6% at $1,916.80, its highest in more than 17 years since July 2008, while palladium added 0.7% to $1,615.28, a two-month high.


Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
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Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat

The Eastern Province is expected to witness the implementation of more than 650 tourism projects valued at over SAR12.7 billion (approximately $3.39 billion).

With the addition of investments in new projects exceeding SAR21 billion ($5.6 billion), total tourism investments amount to around SAR33.7 billion (nearly $9 billion), reflecting a growth in the sector.

Saudi Minister of Tourism Ahmed Al-Khateeb said tourism investments in the region are experiencing qualitative growth, adding that the Eastern Province enjoys competitive advantages that make it attractive for tourism investment.

The minister said the region has achieved positive results in sector performance, welcoming more than 13.4 million tourists whose spending exceeded SAR18.5 billion ($4.9 billion), underscoring the rising demand for tourism services.

Tourism Diversity

Al-Khateeb revealed that more than 650 approved tourism projects would contribute to improved tourism, in addition to strengthening partnerships and supporting private sector participation. This, he said, reflects the rapid growth pace and the achievements that the tourism sector in the Eastern Province has witnessed.

High-quality projects in the region enhance competitiveness, supported by the Tourism Development Fund, said Al-Khateeb. These projects contribute to improving quality of life and offering integrated visitor experiences, reinforcing the region’s position as a leading tourist destination on the Arabian Gulf coast, he added.

The minister met with Eastern Province’s tourism employees, who briefed him on promising opportunities and made proposals aimed at developing career paths for workers in the sector.

Al Khobar Season

Al Khobar Season 2025 has achieved remarkable success since its launch, featuring a seasonal program spanning nearly 90 days. Supported by the Sharqia Development Authority and the Saudi Tourism Authority, the season hosted events across more than 20 locations, attracting over one million visitors and involving more than 50 partners from the private sector.

Al Khobar Season enhances the Eastern Province’s status as a major tourism and entertainment destination through experiences that blend entertainment, culture, arts, and sports. This contributes to improving quality of life, achieving the objectives of Saudi Vision 2030, and developing the tourism sector.


Saudi Exports Development Authority Organizes Trade Mission to Syria, Iraq 

Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
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Saudi Exports Development Authority Organizes Trade Mission to Syria, Iraq 

Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)

The Saudi Exports Development Authority (SAUDI EXPORTS) organized a trade mission for Iraq and Syria in conjunction with the Made in Saudi Expo 2025 in Riyadh, reported the Saudi Press Agency on Tuesday.

The missions involved 87 Saudi exporters and 32 importing companies, representing key sectors including construction, food products, medical supplies, and packaging industries.

A series of business-matching meetings were held to explore opportunities for cooperation and trade partnerships.

The meetings and bilateral discussions held alongside the exhibition resulted in the signing of seven trade agreements, reflecting the quality and competitiveness of Saudi products.

This was followed by an orientation tour for the visiting trade delegation of the Saudi companies’ pavilions to explore the latest national innovations and products.