World Bank President: Saudi Arabia Adopting Great Approach to Empower Women in Labor Market

President of the World Bank Ajay Banga addressed the seventh edition of the Future Investment Initiative in Riyadh. (SPA)
President of the World Bank Ajay Banga addressed the seventh edition of the Future Investment Initiative in Riyadh. (SPA)
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World Bank President: Saudi Arabia Adopting Great Approach to Empower Women in Labor Market

President of the World Bank Ajay Banga addressed the seventh edition of the Future Investment Initiative in Riyadh. (SPA)
President of the World Bank Ajay Banga addressed the seventh edition of the Future Investment Initiative in Riyadh. (SPA)

President of the World Bank Ajay Banga stressed on Tuesday that Saudi Arabia has sought to empower women in the labor market, urging other countries to follow suit to realize aspirations through the quality of life to create jobs.

He noted that the World Bank has a mission and vision to address climate change, resilience to engage with the world and focus on the youth as the beating heart of the world to achieve future aspirations, the growth of the global economy and joint efforts.

Banga made his remarks while participating in the seventh edition of the Future Investment Initiative that is currently underway in Riyadh.

He added that aspirations must be realized through the quality of life and generating jobs, reviewing the geopolitical challenges and crises in various countries.

He noted that the global economy will be in a good and reassuring status only if the world joins efforts, adding that all should be responsible for facing challenges related to energy transition and debts.

Moreover, he said the volume of renewable energy amounts to $3 billion, which is increasing, stressing the need for the private sector's engagement to reach a level that develops the global economy, works together to reduce carbon emissions, and focuses on reaching solutions to reduce increasing emissions.

He also highlighted risks related to the economy through legislative frameworks that the World Bank is planning to address, which requires local capital from the private and public sectors.



Oil Slips as Iran-Israel Conflict Enters Sixth Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Slips as Iran-Israel Conflict Enters Sixth Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices fell on Wednesday, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement.

Brent crude futures fell 93 cents, or 1.2%, to $75.52 a barrel by 0918 GMT. US West Texas Intermediate crude futures fell 88 cents, also 1.2%, to $73.96 per barrel.

US President Trump warned on social media on Tuesday that US patience was wearing thin, and called for an "unconditional surrender" from Iran.

While he said there was no intention to kill Iran's leader Ali Khamenei "for now," his comments suggested a tougher stance toward Iran as he weighs whether to deepen US involvement.

A source familiar with internal discussions said one of the options Trump and his team are considering included joining Israel on strikes against Iranian nuclear sites.

A direct US involvement threatens to widen the confrontation further, putting energy infrastructure in the region at higher risk of attack, analysts say.

"The biggest fear for the oil market is the shutdown of the Strait of Hormuz," ING analysts said in a note.

"Almost a third of global seaborne oil trade moves through this chokepoint. A significant disruption to these flows would be enough to push prices to $120 [a barrel]," the bank added.

Iran is OPEC's third-largest producer, extracting about 3.3 million barrels per day (bpd) of crude oil.

Meanwhile, Iranian ambassador to the United Nations in Geneva Ali Bahreini said on Wednesday that Tehran has conveyed to Washington that it will respond firmly to the United States if it becomes directly involved in Israel's military campaign.

Markets are also looking ahead to a second day of US Federal Reserve discussions on Wednesday, in which the central bank is expected to leave its benchmark overnight interest rate in the range of 4.25% to 4.50%.

However, the conflict in the Middle East and the risk of slowing global growth could potentially push the Fed to cut rates by 25 basis points in July, sooner than the market's current expectation of September, said Tony Sycamore, market analyst with IG.

Lower interest rates generally boost economic growth and demand for oil.

Confounding the decision for the Fed, however, is the Middle East conflict's potential creation of a new source of inflation via surging oil prices.

US crude stocks fell by 10.1 million barrels in the week ended June 13, market sources told Reuters, citing American Petroleum Institute figures on Tuesday. Official Energy Information Administration data is due later on Wednesday.