Two new reports released by the World Economic Forum (WEF) have warned businesses to act now to address growing climate risks or face steep financial losses, saying that the delay could see up to seven per cent of annual earnings wiped out by 2035, an impact akin to Covid-19 level disruptions every two years. Extreme heat and other climate hazards are expected to cause $560 billion to $610bn in
The Board of the Privatisation Commission has sought a detailed presentation from the Ministry of Power for divesting electricity distribution companies (Discos) to address outstanding issues in advance. The decision to speed up the privatisation process came a day after the release of the annual performance reports by the National Electric Power Regulatory Authority (Nepra), which spoke about
Oil prices rose more than one per cent on Wednesday after the European Union agreed an additional round of sanctions threatening Russian oil flows, while a larger-than-expected build in US fuel stockpiles last week capped the gains. Meanwhile, producers’ group Opec cut its forecasts for demand growth in 2024 and 2025 for the fifth straight month on Wednesday and by the largest amount yet. Br
Business confidence in Pakistan has improved to negative 5 per cent from 14pc, according to results of the 26th Wave of the Business Confidence Index (BCI) survey conducted by the Overseas Investors Chamber of Commerce and Industry (OICCI). The survey reflects improvement in overall business confidence compared to the previous wave conducted in March–April 2024. Overseas investors were optim
Conceding almost a record five per cent interest rate on $7bn loan from the International Monetary Fund (IMF), the government said on Wednesday the external financing gap had been met for the current year, leaving no urgency to access international financial markets until Pakistan’s credit rating improved. Testifying before the Senate Standing Committee, Finance Minister Muhammad Aurangzeb said