Category: Highlights

Updating globalisation

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globalisation

China’s emergence as a world factory has induced developed states to seek protectionism to spur industrialisation, arguing that the country’s overcapacity’ is a strategic risk to their market economies. Instead of pursuing financial globalisation like many nations, Beijing had earlier mainly focused on industrialisation, which led to growth in all other sectors of the economy. Now, many policymakers and economists are concerned that the rising protectionism and thousands of new industrial policy measures around the world over the last year are threatening free trade. “Trade, for the first time, is…

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NDCs 3.0: A Defining Moment for Global Climate Goals to Triple Renewables by 2030

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2023-2050

Abu Dhabi, UAE/Baku, Azerbaijan, 11 November 2024 – As COP29 opens in Baku, the International Renewable Energy Agency (IRENA) has released its 2024 World Energy Transitions Outlook, urging countries to significantly strengthen their climate commitments in the upcoming third round of Nationally Determined Contributions (NDCs) in 2025. Current climate pledges fall short of what is required to limit global warming to 1.5°C, with the agency warning that achieving net-zero by 2050 will require a rapid scale-up in renewable energy and energy efficiency. Under IRENA’s 1.5°C Scenario, renewable energy would account…

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UAE CG Releases Green Turtle Hatchlings at Hawkesbay, Urges Responsible Tourism

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Consul-General

KARACHI: UAE Consul General in Karachi, Bakhit Atiq al-Rumaithi, participated as the chief guest in a conservation event at Turtle Beach, Hawkesbay, where he released green turtle hatchlings into the Arabian Sea. The event, organized by the Sindh Wildlife Department (SWD), aimed to promote environmental protection and marine life conservation. The SWD’s Deputy Conservator, Mumtaz Soomro, and Marine Turtle Unit In-Charge, Ashfaq Memon, were also present. Al-Rumaithi, after viewing a documentary on green turtles that migrate to Pakistan’s shores for breeding, released a hatchling, symbolizing the start of its journey…

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Saudi Aramco Q3 Profit Falls 15% Amid Lower Oil Prices, Dividend Remains Steady

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Saudi-Aramco

DUBAI: Saudi Aramco reported a 15.4% decline in third-quarter profit, with net income at $27.6 billion, impacted by lower crude prices and reduced refining margins. Despite the profit dip, the oil giant maintained its substantial dividend at $31.1 billion for the quarter, including $10.8 billion in performance-linked payouts. This third-quarter performance surpassed analysts’ estimates, including Citi’s projection of $26.3 billion. Aramco’s dividend policy combines performance-linked payouts with a base dividend, ensuring steady returns even when earnings fluctuate. The Saudi government, directly holding 81.5% of Aramco, relies on these dividends, along…

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Oil settles down 2% on receding hurricane risk, lackluster China stimulus

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crude oil

NEW YORK, Nov 8 (Reuters) – Oil prices settled more than 2% lower on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China’s latest economic-stimulus packages failed to impress some oil traders. U.S. West Texas Intermediate futures led the decline and settled at 70.35 per barrel, down by 2.7%, or $1.98. Global benchmark Brent crude futures fell by 2.3%, or $1.76, to$73.87 per barrel.

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