Day: December 31, 2023

Pakistan beyond COP28

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COP28

Every United Nations Climate Change Conference – or COP – carries the weight of expectation, the pressure to inch closer to a sustainable and climate-resilient future. COP27 delivered the Loss and Damage Fund, a vital lifeline for communities already bearing the brunt of a changing climate. COP28, which came at the heels of the warmest year recorded in human history, witnessed a different kind of milestone – the mention of “fossil fuels” in the final text, a first in nearly three decades. But the euphoria quickly dimmed upon closer inspection.…

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Oil ends 2023 down 10%, faces headwinds in 2024 from Middle East conflict

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oil-and-gas

LONDON: Crude futures lost over 10 percent in 2023 in a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world. Brent crude on Friday, the last trading day of the year, settled at $77.04 a barrel, down 11 cents or 0.14 percent. U.S. West Texas Intermediate crude settled at $71.65 a barrel, down 12 cents or 0.17 percent. Both contracts slipped more than 10 percent in 2023 to close out the year at their lowest year-end levels since…

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$382m ‘Karachi Mobility Project’: WB rates implementation progress as ‘moderately unsatisfactory’

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Karachi-Mobility-Project

ISLAMABAD: The World Bank has rated the overall implementation progress of the “Karachi Mobility Project” worth $382 million, as moderately unsatisfactory. The bank’s official documents revealed that the effective date of the project was November 26, 2019, however, only $18.88 million i.e. 4.9 per cent of the total $382 million was disbursed so far. The implementation of the project has accelerated, especially following the hiring of the project management’s core team. Recruitment of additional staff to support the Sindh Mass Transit Authority (SMTA) and public-private partnership (PPP) transaction service is…

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Atif Ikram elected FPCCI president

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fpcci

KARACHI: Majority of candidates nominated by United Business Group (UBG) and Businessmen Panel Progressive (BMP) succeeded in the elections of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for the term of 2024-25. According to unofficial results issued on Saturday late night, the UBG and BMP Progressive bagged all the leading seats including the slots of the president and the senior vice president. The UBG’s presidential candidate Atif Ikram Sheikh was unofficially elected, defeating Muhammad Ali from BMP. FPCCI elections: Sheikh says various chambers, trade bodies have announced…

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