Americas: Government suspends gold mining, imposes curfew in Peru after 13 miners killed
Sectors: all; mining
Key Risks: targeted attacks; business risks; business disruptions; kidnapping
In Peru, on 5 May President Dina Boluarte’s government suspended mining in Pataz district, La Libertad region, for 30 days and imposed a 12-hour curfew from 18:00 to 6:00 local time after 13 mining workers from a local company R&R – contracted by gold mining company La Poderosa – were kidnapped and killed by illegal miners. Boluarte announced the army’s takeover of the area, but details on whether the mining pause would apply to legal mining remained unclear. The government faced growing criticism for its ineffective response to the 30 April kidnapping, despite a state of emergency in place since 12 February due to prior attacks on Poderosa’s operations. This came amid escalating violence in the country, including against artisanal miners and contractors in the region. The risk of further such violence, with the potential to disrupt mining operations, will remain high.
Click here to access Peru’s Global Intake country profile.
Asia Pacific: Maldives announces launch of new financial centre in Male
Sectors: all
Key Risks: economic risks; business risks
In the Maldives, on 5 May the government announced plans for the development of the Maldives International Financial Centre (MIFC) special economic zone (SEZ), in partnership with UAE-based MBS Global Investments. The MIFC, which would be based in Male, is designed to attract global investors, financial technology pioneers and digital nomads. The MIFC’s announcement came amid a desire to reduce the country’s dependence on the tourism industry, which accounts for 30 per cent of GDP. The MIFC will offer zero corporate or inheritance tax and no residency requirement. The SEZ is projected to generate US$1bln by 2030. However, the project may face difficulty in attracting meaningful, long-term investment due to Male’s chronic issues with high debt and external dependencies, primarily on China and India. Economic instability created by these pressures may cause increased wariness from private investors, damaging the MIFC’s potential for success.
Click here to access the Maldives’ Global Intake country profile.
Eurasia: Russia’s unilateral ceasefire in Ukraine to take effect on 8 May on eve of “Victory Day”
Sectors: all
Key Risks: war-on-land
In Russia and Ukraine, on 8 May a unilateral three-day ceasefire announced by Russian President Vladimir Putin is set to take effect, in line with Moscow’s annual 9 May ‘Victory Day’ celebrating the defeat of Nazi Germany. Ukrainian President Volodymyr Zelensky has called for an immediate 30-day ceasefire, accusing Putin of trying to project an image of calm during the celebrations. Chinese President Xi Jinping and Brazilian President Lula Inacio Lula da Silva will be among the foreign leaders and envoys attending the celebrations as Moscow seeks to showcase it has not been internationally isolated despite its invasion. Kyiv and Moscow have traded threats in the preceding days. A previous unilateral ceasefire declared by Putin on 20 April ended with reports of numerous violations. The latest truce is unlikely to hold and there remains a risk of a high-profile attack or “false-flag” operation by Moscow during the events.
Click here to access Russia’s and here to access Ukraine’s Global Intake profile.
Europe: Germany’s Friedrich Merz approved as chancellor in second vote amid internal dissent
Sectors: all
Key Risks: political stability
In Germany, on 6 May Christian Democratic Union (CDU)’s leader, Friedrich Merz, failed to be elected chancellor in the first parliamentary vote – receiving 310 votes, six short of a majority. The failure marked the first time in the country’s postwar history when a designated chancellor failed the first vote after successful negotiations. It came after Merz secured a coalition with the Social Democrats (SPD), with the two parties having a majority of 328 votes. This indicates that some MPs voted against the official position of the parties. The failed vote came amid discontent among CDU’s more fiscally conservative members over Merz’s plans to overhaul Berlin’s constitutional spending limits. Merz was subsequently approved as chancellor in a second vote held later in the day. However, the initial failure has undermined his position and the government’s legitimacy.
Click here to access Germany’s Global Intake country profile.
MENA: IDF strikes Hudaydah port in Yemen after Huthi drone attack on Israel’s Ben Gurion Airport
Sectors: all
Key risks: business risks; business disruptions; regional escalation
In Yemen, on 5 May at least one person was killed and 35 others were injured in Israel Defense Forces (IDF) airstrikes on Hudaydah port and on a concrete factory in Bajil, Al Hudaydah province. Multiple sources reported significant damage to the port, halting operations. Washington denied its participation in the last bombing campaign but it has been targeting Huthi-controlled areas since 15 March. The IDF strikes were launched in response to a Huthi missile attack that hit inside Ben Gurion Airport in Tel Aviv on 4 May, injuring eight people. The Huthis pledged an “aerial blockade” on Tel Aviv through continued rocket attacks, posing a high risk to air travel despite likely interceptions. IDF and US attacks on critical energy and transport facilities across the country are highly likely.
Click here to access Yemen’s Global Intake country profile.
Sub-Saharan Africa: RSF launches waves of drone strikes in Port Sudan
Sectors: all; energy; transport
Key risks: civil war; economic risks; targeted attacks
In Sudan, on 4 May the Rapid Support Forces (RSF) launched multiple drone strikes against the temporary capital of Port Sudan, Red Sea state, controlled by the Sudan Armed Forces (SAF). The attacks targeted fuel storage facilities, a container terminal, the airport and other civilian infrastructure. The attack marked a major escalation of the conflict after the RSF vowed to expand the war to the north and east of the country on 17 April. Since 27 April RSF has primarily focused on targeting oil refineries, power stations and other civilian infrastructure in Northern and River Nile states to disrupt the economic life of areas relatively unaffected by the conflict. The RSF will likely launch further drone strikes as it looks to further disrupt civilian and economic life in SAF-controlled areas, including the Red Sea state, with power stations and oil infrastructure the likely targets.
Click here to access Sudan’s Global Intake profile.
