Opec heavyweights said on Sunday oil and gas should not be stigmatised in the climate debate and that the industry had a role to play in an orderly energy transition. Energy ministers from Saudi Arabia, the United Arab Emirates and Iraq, the three largest members of the Opec, have gathered in the Saudi capital Riyadh for the UN MENA climate week. “The three of us here as major hydrocarbon pr
The World Bank has raised concerns over Pakistan’s approach to privatising its state-owned entities (SOEs) and highlighted the adverse impacts of judicial activism, political nuisance, sale of K-Electric and what it called the botched Sarmaya-i-Pakistan model. The financial institution cautioned the government of looming litigation in divestments to foreign states under government-to-government
Some of the world’s poorest countries face budget cuts topping $220 billion over the coming five years due to a debt crisis that has pushed dozens to the brink of default, according to an Oxfam International report released on Monday. Oxfam’s report, released at the start of the IMF-World Bank meetings in Marrakesh and drawing on IMF outlooks, also found that on current terms, low- and lower-mi
The World Bank (WB) on Monday urged Pakistan to close all tax exemptions and bring incomes from agriculture, properties and retail businesses under the effective tax net to generate an additional revenue of up to four per cent of GDP (about Rs4 trillion) in the short term. Speaking at a media briefing, WB’s Country Director Najy Benhassine and senior economist Tobias Haque said the people in tw
Oil prices jumped more than 4 per cent, gold gained and the US dollar edged up against the euro on Monday as military clashes between Israel and Hamas fuelled worries that the conflict could spread beyond Gaza. Emerging market stocks fell, while major US stock indexes were slightly higher in early afternoon New York trading, recovering from losses earlier in the day. Israel’s shekel weakened