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Risks surrounding Venezuela, which holds the world’s largest oil and gas reserves, are rising significantly. With President Nicolás Maduro calling on Russia, China, and Iran for assistance in facing a potential military confrontation with the United States, anxiety is growing across global oil and gas markets over the possibility of a new conflict.   The growing U.S. military buildup around Venezuela — officially described by the Trump administration as a campaign against the country’s alleged role in international drug trafficking — closely resembles the “military training exercises” carried out by Vladimir Putin’s Russia before its invasion of Ukraine.   Although…

Gold traded below the $4,000-per-ounce mark again on Tuesday as the dollar remained resilient at over three-month highs, while reduced chances of another U.S. interest rate cut in December and easing U.S.-China trade tensions blunted bullion’s demand. Spot gold was down 0.8% at $3,970.39 per ounce, as of 0625 GMT. U.S. gold futures for December delivery slid nearly 1% to $3,979.30 per ounce. The dollar steadied, hovering near a three-month high as a divided U.S. Federal Reserve spurred traders to rein in interest rate cut wagers. “The stronger dollar is acting as a thorn in the side of gold, with…

BRUSSELS (AP) — The European Union is attempting to forge new climate goals on Tuesday before the U.N. climate talks in Brazil starting next week.Ministers from across the 27-nation bloc are meeting in Brussels to try and get at least 15 to align their nationally-determined emissions targets in order to have a stronger negotiating position during the COP30 summit in Belém.“We need to show to the world that we are leaders in climate change. We need to deliver adequate signals for investors. Today’s the day,” Spanish climate minister Sara Aagesen said before the meeting.The EU’s long-held leadership of action on…

Federal Minister for Communications Abdul Aleem Khan has invited the Kingdom of Saudi Arabia to invest in Pakistan’s major motorway and infrastructure projects, citing vast opportunities in the country’s expanding transport and logistics network. The development came during Aleem Khan’s meeting with the Minister of Transport and Logistic Services of the Kingdom of Saudi Arabia, Engineer Saleh bin Nasser Aljasser, on the sidelines of the Pakistan International Maritime Expo and Conference (PIMEC 2025) in Karachi, read a statement. During the meeting, Aleem expressed Pakistan’s strong desire to further enhance cooperation with the Kingdom of Saudi Arabia in the fields of…

Malaysia’s football association said it was “deeply shocked” after Fifa rejected its appeal against the sanctions imposed by the sport’s global body over forged documents that allowed seven foreign-born players to represent the country.The football-mad nation has been rocked by the scandal that unfolded in September when Fifa found the Football Association of Malaysia (FAM) guilty of falsifying ancestry documents to help the so-called “heritage” players become eligible to play for the national team.In scathing remarks, Fifa called the breach a “pure and simple form of cheating”.Fifa investigators found that FAM had submitted falsified documents to show the players’ grandparents…

Mainland China, Hong Kong, Japan and India are poised to attract capital inflows from international investors seeking to diversify their portfolios with non-US-dollar assets while pursuing growth opportunities in the coming years, according to top Wall Street bankers.“China is one of the largest [and] most important economies in the world,” said David Solomon, chairman and CEO of Goldman Sachs, during a panel discussion at the Global Financial Leaders’ Investment Summit in Hong Kong on Tuesday. “Global capital allocators will continue to be interested in China in almost any environment.”Solomon is among 300 leading financiers attending the three-day summit, which began…

Mainland China, Hong Kong, Japan and India are poised to attract capital inflows from international investors seeking to diversify their portfolios with non-US-dollar assets while pursuing growth opportunities in the coming years, according to top Wall Street bankers.“China is one of the largest [and] most important economies in the world,” said David Solomon, chairman and CEO of Goldman Sachs, during a panel discussion at the Global Financial Leaders’ Investment Summit in Hong Kong on Tuesday. “Global capital allocators will continue to be interested in China in almost any environment.”Solomon is among 300 leading financiers attending the three-day summit, which began…

Oilboy Energy Limited, formerly Drekkar Kingsway Limited, has decided to redirect the funds raised through its Rs250 million right issue towards expanding its trading and logistics operations, marking a shift from its earlier plan to invest in a bio-oil project. The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. The company had raised Rs250 million through the issuance of 25 million ordinary shares at Rs10 each, originally meant to finance its “Bio-Oil from Pyrolysis – Waste to Energy through Fast Pyrolysis” project. “The proposed plant is based on fast pyrolysis is a…

Chinese Foreign Minister Wang Yi has accused Germany of making “groundless accusations” and called on Berlin to support reunification with Taiwan in a phone call with his German counterpart, Johann Wadephul.The call, at the request of Wadephul, came a week after he postponed his first trip to China, saying that Beijing had confirmed only one of his requested meetings.“China and Germany have different histories, cultures and social systems, so differences are unavoidable,” Wang said in the phone conversation on Monday, according to a Chinese foreign ministry account.“Both sides should adhere to communication and dialogue … but should not engage in…

Ukrainian long-range drones attacked an industrial plant around 1,300 kilometers (800 miles) inside Russia, local officials said Tuesday, while Ukraine’s army remained locked in an intense battle to hold back a Russian push on the key city of Pokrovsk in the eastern Donetsk region.Two drones targeted an industrial facility in Sterlitamak, a city in Russia’s Bashkortostan region, regional Gov. Radiy Habirov said in an online statement. He didn’t specify what facility was targeted but he said that both drones were shot down. There were no casualties, and the facility was operating normally, he said.Meanwhile, the city administration reported an explosion…