The Latest: Russia invites Trump to its top investment forum

The Latest on the World Economic Forum in Davos, Switzerland (all times local):

5:15 p.m.

A top Russian official says President-elect Donald Trump can only succeed if he cooperates with Russia — and invited Trump to the country's flagship investment forum to boost economic ties.

Deputy Prime Minister Igor Shuvalov shrugged off criticism of Russia's actions in Ukraine, as Russian executives hope that the Trump administration moves to lift sanctions imposed over Ukraine's conflict.

Shuvalov, speaking Thursday at the World Economic Forum in Davos, Switzerland, said his government remains cautious about Trump and whether sanctions are on their way out. But he insisted that Trump can only achieve positive results as president "in cooperation with Russia."

Laying out Russia's economic strategy, Shuvalov predicted 1-2 percent growth this year and said the government is working on deeper reforms that economists say are badly needed to boost the economy.

Slovakia's foreign minister, Miroslav Lacjak, pressed Shuvalov to work on peace in Ukraine if he wants EU sanctions to be lifted.

Russian executives are trying to convince the Trump administration that sanctions didn't work, and are wooing investors at Davos.


4:10 p.m.

Saudi Arabia's energy minister says there's a chance of another production cut from OPEC countries this year.

Speaking at the World Economic Forum at the Swiss ski resort of Davos, Khalid Al-Falih says he "would not exclude" another cut to follow last year's December agreement if higher prices don't stick.

He noted that in the past the OPEC oil cartel has often had to cut production more than once to stabilize the market.

Another option, he says, is that the recently agreed on production cut could be extended further. However, he says oil ministers don't want to create a shortage too early.

Oil prices are trading over $50 a barrel, nearly double the level they were a year ago.


11:00 a.m.

British Prime Minister Theresa May has sought to convince business leaders gathered at the World Economic Forum that the country remains committed to free trade and globalization.

May said Thursday that the country's decision last year to leave the European Union was not a rejection of "our friends in Europe," or an attempt to cease cooperation.

She said it was a vote to "take control and take decisions for ourselves" and to become "even more global and internationalist in action and spirit as well."

Britain, she added, is looking to strike trade deals with "old friends" and "new allies."

She also said governments have to take account of those left behind by globalization and urged businesses to play by the same rules as everyone else, especially on paying taxes.