Category: Highlights

Debt-Based Climate Financing Must End, PM Shehbaz Stresses at COP29

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COP29-World

At the COP29 World Leaders Climate Action Summit in Baku, Azerbaijan, Prime Minister Shehbaz Sharif called for a global overhaul in climate financing, urging that debt-based funding should no longer be the norm. Addressing the Climate Finance Round Table Conference, organized by Pakistan, PM Shehbaz highlighted the need for innovative, debt-free financing solutions to support developing countries in combating climate change without increasing their financial burdens. “We stand at a crucial threshold where the global climate finance framework must be redefined to meet the urgent needs of vulnerable nations,” he…

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Saudi crude oil supply to China to fall in December on weak demand

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PETROLEUM

SINGAPORE: Saudi Arabia’s crude oil supply to China is set to fall to about 36.5 million barrels in December, trade sources said on Monday, on weak demand from the world’s largest importer. This is a second straight month of decline and the lowest volume since July, down from about 37.5 million barrels that Chinese refiners are expected to receive in November and about 46 million barrels in October, trade data collated by Reuters showed. China’s state majors Sinopec, PetroChina and Sinochem will be lifting less crude in December while Saudi…

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Oil prices steady ahead of OPEC report, China stimulus limit gains

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crude oil

Oil prices were little changed on Tuesday, awaiting further price direction from OPEC’s monthly report, while investor disappointment over China’s latest stimulus plan and oversupply concerns limited gains. Brent crude futures rose 38 cents, or 0.5%, to $72.21 a barrel, by 0944 GMT. U.S. West Texas Intermediate crude futures were up 36 cents, or 0.5% at $68.40 a barrel. “In a flat price environment that is stalled, supply and demand become even more magnified and at present it would appear that oil market participants do not like what they see,”…

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Bitcoin nears a record $90,000

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bitcoin

Global stocks came under pressure on Tuesday from investor concern about U.S. President-elect Donald Trump’s policies, while bitcoin neared a record $90,000 as traders piled into assets they believe could benefit from the new administration. Investors have been funneling cash into assets they think will get a boost from Trump’s second four-year term in office, in which he has vowed to raise tariffs on imports from key trading partners, as well as bring in tax cuts and looser regulations. Bitcoin, the world’s biggest cryptocurrency, was trading just shy of a…

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Gold price per tola falls massive Rs7,000 in Pakistan

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gold price

Gold prices in Pakistan saw a massive decrease on Tuesday in line with their drop in the international rates. In the local market, the price of gold per tola lost Rs7,000, clocking in at Rs270,500. Similarly, 10-gram gold was sold at Rs231,911 after it recorded a decrease of Rs6,000, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA). On Monday, gold price declined by Rs1,300 to settle at Rs277,500. Meanwhile, the international rate of gold decreased on Tuesday. As per APGJSA, the rate was $2,593 per ounce (with a…

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