We went aboard a cruise ship navigating some of the world's most dangerous waters. In the Arctic, drifting icebergs, sea ice, sudden storms and fierce winds make sailing unpredictable. Yet every year, around 100,000 cruise passengers travel to Greenland to explore its remote coastline and experience one of the world's last great wildernesses.

ISLAMABAD – Pakistan stepped up efforts to ease its mounting debt repayment pressures with fresh financing discussions with three major United Arab Emirates (UAE) banks, exploring Sukuk issuance, debt refinancing and investment opportunities across key sectors of the economy.

Finance Minister Aurangzeb held separate meetings with delegations from Sharjah Islamic Bank, Abu Dhabi Commercial Bank (ADCB) and Ajman Bank on the sidelines of the World Bank Group–IMF Annual Meetings 2026 in Bangkok, with discussions centred on reducing borrowing costs, extending repayment periods and diversifying financing sources.

The talks come as Pakistan seeks to replace expensive short-term borrowing with more sustainable arrangements and manage concentrated debt repayments without increasing its overall external debt burden.

The proposed financing avenues include Islamic bonds, international capital market transactions, credit-supported funding structures and instruments designed to broaden access to foreign financing. However, the discussions have not, by themselves, resulted in confirmed financing agreements.

Aurangzeb briefed the banking delegations on Pakistan’s improving fiscal and external indicators, highlighting stronger foreign exchange reserves, credit rating upgrades and progress under the International Monetary Fund (IMF) programme. He reaffirmed the government’s commitment to macroeconomic stability, fiscal consolidation and export-led growth, stressing the importance of sustaining reforms while improving the country’s financing position.

Sharjah Islamic Bank emerged as a potential partner in Pakistan’s efforts to expand its financing options, with discussions covering prospective Sukuk issuance, rupee-denominated instruments settled in US dollars, additional Panda bonds and possible Eurobond tokenisation.

The two sides also examined financing supported by the Multilateral Investment Guarantee Agency (MIGA), particularly against the backdrop of rising global borrowing costs.

Sharjah Islamic Bank reaffirmed its support for Pakistan and expressed willingness to participate in a Sukuk issuance, although the final terms and size of any transaction were not disclosed.

Aurangzeb highlighted investment opportunities in refinery upgrades, power distribution privatisation and airport outsourcing, alongside efforts to strengthen capital market benchmarks through issuances by financial institutions.

Expanding access to financing for businesses, small and medium-sized enterprises (SMEs) and the agriculture sector also featured in the discussions, reflecting a broader push to channel funding into productive economic activities.

Pakistan’s discussions with Abu Dhabi Commercial Bank focused on capital market transactions and measures to improve the country’s debt profile, particularly through the refinancing of costly short-term obligations and the extension of repayment maturities.

Aurangzeb welcomed the bank’s interest in several potential transactions, including the restoration of Pakistan’s credit limits, participation in financing through the International Islamic Trade Finance Corporation (ITFC), MIGA-backed funding and a Diversified Payment Rights (DPR) transaction supported by the International Finance Corporation (IFC).

In a separate meeting with Ajman Bank, Aurangzeb explored potential Sukuk offerings and dollar-settled, rupee-denominated instruments as part of Pakistan’s wider strategy to diversify its funding sources.

The finance minister emphasised the need to reduce reliance on expensive short-term borrowing, spread repayment obligations over longer periods and manage concentrated debt maturities without adding to the country’s overall external debt.

Beyond debt management, the meetings highlighted Pakistan’s efforts to attract financing for sectors that could support economic activity and long-term growth.

Refinery upgrades, power distribution privatisation, airport outsourcing, electricity transmission and the ML-1 railway project featured prominently across the discussions. Data centres and digital financial services also emerged as potential areas for investment.

The post Pakistan seeks Debt Relief from 3 UAE Banks in Major Funding Push appeared first on Daily Pakistan English News.

For more than three decades, Michael Gove has been a leading figure in British Conservatism. As a journalist, government minister and now editor of the Tory bible, the Spectator, he has helped shape the right even as it has moved further rightwards. In the latest episode of Radical Thinking, Gove joins Aditya Chakrabortty to discuss the future of the right, his record on Brexit and austerity, and the Spectator’s position on Islam

Watch the full episode with Michael Gove here.

Aditya’s suggested reading:

To read the fruits of Michael Gove’s dalliance with the Marxism Today gang, look up his essay in a 1998 collection called The Moderniser’s Dilemma: Radical Politics in the Age of Blair

For slalom ride through Michael Gove’s years in power, read The Demented Dalek by the historian Richard J Evans in the London Review of Books

To learn more on what’s become of the British right, there’s a column by me for the Guardian

Just why the most successful political party is now failing is analysed in-depth by Phil Burton-Cartledge in his book The Party’s Over: The Rise and Fall of the Conservatives from Thatcher to Sunak

Phil also writes a very good blog on British politics, which keeps a close eye on how each party is trying to marshall a coalition of voters. Here he is on Kemi Badenoch

Geoffrey Wheatcroft does an entertaining short narrative in Bloody Panico!:

or, Whatever Happened to The Tory Party

For more on the economics of the Cameron years, this paper is acute on how the Tories failed to move the UK away from being a country of renters towards a country of makers. Two of its authors will join us for a podcast later in the series.

And if you want to read how Brexit may have cost the UK 8% of GDP, there’s this paper based on data from the Bank of England

Finally, on the Spectator read Nesrine Malik’s recent column in The Guardian

Why has Britain’s oldest political magazine become such a rabid cheerleader for Islamophobia?

Whether it was youngsters proving their skills or state sabotage, Europe’s most hacked country was left with a mountain of waste after food began cooking in freezers

Shortly before midnight last Sunday, the digital thermostats controlling hundreds of supermarket cold aisles across France began to flicker and rise.

In a “bizarre and unprecedented” cyber-attack, hackers had remotely overridden the temperature settings on thousands of freezers, fridges and chiller cabinets pushing them from as low as -27C (-16.6F) to well over 50C (122F).

Former minister and OECD head urges Australia not to adopt migration caps, with research showing migrants boost employment

• Get our breaking news email, free app or daily news podcast

Australia’s mainstream political parties are being warned not to adopt populist policies such as migration caps to address voters’ grievances over the cost of living.

Instead, Australia’s longest-serving finance minister, Mathias Cormann, is urging politicians to deliver housing, real wage growth and lower energy costs by boosting productivity.

As house prices plateau, the gap between the cost of buying and renting is narrowing in dozens of suburbs

• Get our breaking news email, free app or daily news podcast

High rents and falling property prices have opened a rare window for Australian tenants to become homeowners, with mortgage repayments cheaper than rent in dozens of suburbs.

Guardian Australia’s analysis of Cotality data shows that median rents in inner-city Melbourne, suburban Canberra and Darwin are now nearly matching weekly home loan repayments.

In one in 10 suburbs and towns across the country, repayments are less than $200 a week higher than rent, for the typical property. In some suburbs, they are actually cheaper.

Think Belgium and things like Manneken Pis, trappist beer and les frites may spring to mind.

There is, of course, also chocolate, probably the most iconic of Belgian products.

One of the country’s finest and best-known chocolate makers is Leonidas … Read more

Beijing warns against ‘discriminatory’ step after France drops opposition to British role in Made in Europe package

No 10 has left the door open to imposing tariffs on Chinese-made electric vehicles as part of the Made in Europe package, prompting a warning from Beijing that such a move would be “discriminatory”.

Downing Street said on Friday that it would “welcome the objective to have the UK included in the Industrial Accelerator Act” after France dropped its opposition to Britain joining the scheme.

Beijing warns against ‘discriminatory’ step after France drops opposition to British role in Made in Europe package

No 10 has left the door open to imposing tariffs on Chinese-made electric vehicles as part of the Made in Europe package, prompting a warning from Beijing that such a move would be “discriminatory”.

Downing Street said on Friday that it would “welcome the objective to have the UK included in the Industrial Accelerator Act” after France dropped its opposition to Britain joining the scheme.

ISLAMABAD – The federal government announced another cut in petrol prices, lowering the rate by Rs3.93 per litre to Rs386.30, offering some relief to motorists as fuel prices remain close to the Rs400 mark.

Diesel consumers will see no change, with high-speed diesel (HSD) continuing to sell at Rs396.96 per litre.

The revised rates will take effect from October 17 and remain in force until October 19, 2026, covering the weekend, according to an announcement by the Petroleum Division.

The latest reduction follows Wednesday’s price adjustment, when petrol became cheaper by Rs3.63 per litre, bringing its price down to Rs390.23. In the same revision, diesel prices increased by Re0.31 per litre to Rs396.96. The latest decision has lowered petrol prices further while leaving diesel rates untouched.

The domestic price revision comes amid continued uncertainty in international energy markets. Crude oil prices remained relatively steady on Friday but were heading towards weekly gains as concerns over Middle Eastern supplies and a larger-than-expected drawdown in US crude inventories supported the market.

The post Petrol Price in Pakistan drops to Rs386 in fresh Weekend Cut appeared first on Daily Pakistan English News.

KARACHI – Pakistan’s external sector is facing pressure as current account deficit jumped to $356 million in September 2026, reversing the surplus recorded a year earlier and raising fresh concerns about the country’s trade imbalance.

Fresh data by State Bank of Pakistan (SBP) shows September deficit was higher than the revised shortfall of $73 million in August. The latest reading also marks a sharp reversal from September 2025, when Pakistan posted a current account surplus of $133 million.

The deterioration comes despite stronger exports and continued growth in overseas Pakistanis’ remittances, highlighting a persistent problem: the country’s import bill is expanding much faster than its export earnings.

The latest figures reveal growing imbalance in Pakistan’s external trade. Exports of goods and services rose to approximately $3.95 billion in September, up from $3.42 billion a year earlier. However, imports climbed to $7.38 billion from $5.99 billion over the same period.

The numbers tell a troubling story for Pakistan’s external account. While export receipts improved, the faster rise in imports increased the pressure on foreign exchange outflows. This imbalance has become a key factor behind the country’s deteriorating current account position.

The pressure is becoming more evident in the broader fiscal-year picture. Pakistan’s current account deficit reached $874 million during the July–September quarter of FY27, compared with $755 million in the same period last year, marking an increase of approximately 15.8%. The deficit accumulated in just three months has already exceeded twice the approximately $391 million shortfall recorded during the entire FY26.

The merchandise trade figures help explain the deterioration. Goods exports increased by 7.7% to $8.45 billion in the first quarter, while goods imports rose by 14.3% to $17.78 billion. Consequently, the goods trade deficit widened by around 21%, reaching $9.33 billion compared with $7.71 billion a year earlier.

The widening gap suggests that export growth has yet to match the pace of Pakistan’s rising import demand. Remittances from overseas Pakistanis remain one of the country’s most important sources of foreign exchange, but their contribution has not been sufficient to offset the growing trade imbalance.

Pakistan received $3.59 billion in workers’ remittances in September, compared with $3.18 billion in the same month last year. This shows annual growth of nearly 13%, although inflows were slightly lower than the $3.66 billion received in August.

Despite this encouraging performance, the current account remained under pressure as payments for imports and other external transactions continued to outweigh foreign exchange receipts.

The post Pakistan’s Current Account Deficit surges to $356 Million amid soaring Import Bill appeared first on Daily Pakistan English News.

Russia has placed five foreign-owned businesses under compulsory administration, including Belgian manufacturer Ontex and French flooring group Tarkett. The latest seizures deepen the confrontation over sanctions, frozen Russian assets and the future of European investment in Russia.

Russian President Vladimir Putin has ordered the transfer of five Western-owned businesses into compulsory Russian management, extending a campaign of asset seizures targeting European companies that continued operating in Russia after the full-scale invasion of Ukraine.

The decree, signed on 15 October, affects businesses with combined annual revenues exceeding 53 billion roubles, approximately €530 million. They include French flooring manufacturer Tarkett, Belgian hygiene products group Ontex, German packaging producer Menshen, Kappa Rus and Eviosys Packaging Kuban, now linked to American group Sonoco.

Under Presidential Decree No. 738, operational control has been transferred to Centre Capital, a little-known Moscow company established in February 2026 with registered share capital of just 10,000 roubles.

The decision follows similar interventions against Nestlé, Auchan, FM Logistic and Metro in September. Together, the measures demonstrate how Moscow is using foreign-owned businesses as instruments of economic retaliation against countries supporting Ukraine.

Foreign businesses placed under Russian control

Centre Capital is headed by Marat Mirkhaydarov, a former senior official in Russia’s Zabaykalsky region who reportedly served with the Akhmat military formation during Russia’s war against Ukraine.

The scale of the companies placed under his management contrasts sharply with the financial standing of the administrator.

Tarkett’s Russian operations generated approximately 19.3 billion roubles in revenue during 2025, while Kappa Rus recorded 16.5 billion roubles and Ontex RU another 10.3 billion. Eviosys Packaging Kuban and Menshen Packaging CIS reported approximately 6.1 billion and 1.4 billion roubles respectively.

The decree does not formally transfer ownership of the companies to Centre Capital. It does, however, remove the foreign shareholders’ effective control over management, operations and commercial decisions.

For Belgian manufacturer Ontex, the consequences are immediate.

In an official statement issued on 16 October, the Aalst-based company confirmed that a government-appointed administrator had assumed operational control of its Russian subsidiary.

Ontex Russia employs approximately 350 people, operates a manufacturing facility in Noginsk and maintains a sales office in Moscow. The subsidiary accounts for around five per cent of the group’s total revenue and between seven and eight per cent of adjusted EBITDA.

The company said it was examining measures to protect its assets and maintain business continuity.

Tarkett likewise confirmed that it was losing effective control of its Russian operations.

A mechanism established in 2023

The legal framework for such interventions dates to April 2023, when Putin introduced Decree No. 302, allowing the Russian authorities to place assets associated with countries designated as unfriendly under temporary external management.

The appointed administrator can exercise extensive ownership-related powers, although the formal right to dispose of the assets remains excluded.

Crucially, the arrangement can be terminated only by presidential decision. There is no automatic deadline for returning operational control to the original owners.

Moscow maintains that the measures are reversible. Nevertheless, the loss of management authority raises questions about whether businesses could eventually be returned with their financial position, organisational structure and commercial value intact.

The latest decree extends the process already documented by EU Today following the September takeover of Nestlé and Auchan’s Russian operations.

The Kremlin’s approach also serves domestic economic objectives. Keeping factories, retail networks and distribution facilities operating under Russian management helps preserve employment, production capacity and established supply chains.

At the same time, appointing Russian administrators allows the authorities to exercise greater influence over businesses originally developed through foreign capital, technology and expertise.

European companies caught in sanctions confrontation

Kremlin spokesman Dmitry Peskov has explicitly linked the seizures to the nationality of the affected companies and the policies of their governments.

He accused European states of participating in the unlawful seizure of Russian property through sanctions and financial restrictions.

Moscow’s argument centres partly on approximately €210 billion in Russian sovereign assets immobilised in the European Union, most of them held through Belgium-based securities depository Euroclear.

The European Union has used extraordinary revenues generated by those assets to support Ukraine, while further proposals involving the underlying funds remain subject to legal and political debate.

Belgium has been particularly concerned about potential financial exposure and legal claims. As EU Today reported in September, a Belgian Council of State judgment raised additional questions about the administrative procedures governing certain frozen assets.

The dispute has also moved into the European courts, with the Bank of Russia challenging EU measures intended to protect Euroclear against the enforcement of Russian judgments.

Moscow’s treatment of European businesses adds another dimension to this confrontation. By retaining control over foreign-owned industrial and commercial assets, Russia possesses a means of exerting pressure on companies whose governments support sanctions and military assistance to Ukraine.

The implications are particularly serious for Western banks that still maintain substantial Russian operations.

Austria’s Raiffeisen Bank International and Italy’s UniCredit remain exposed to Russia through local subsidiaries. Any extension of compulsory administration to financial institutions could create additional difficulties involving deposits, capital and banking supervision.

The cost of remaining in Russia

The seizures also expose the financial risks faced by Western companies that delayed their withdrawal after February 2022.

Many initially sought to protect their investments, employees and commercial infrastructure. Others reduced operations but retained ownership, expecting that conditions might eventually permit an orderly sale or renewed business activity.

Russian restrictions have progressively complicated that calculation, requiring foreign investors from designated countries to accept substantial discounts on asset sales and obtain official approval for transactions.

Companies remaining in the country now face the additional possibility that the government will appoint administrators without their consent.

The consequences extend beyond the businesses immediately affected. Russia is establishing a precedent under which foreign investment can remain legally owned by its original shareholders while its economic benefits and operational management are placed beyond their control.

For European governments, the latest decree illustrates the increasing connection between commercial interests and geopolitical decisions.

The Kremlin has demonstrated that sanctions imposed over its invasion of Ukraine can be answered not only through diplomatic or financial measures, but also through direct intervention in European-owned businesses operating on Russian territory.

Any eventual negotiation over sanctions relief and the restoration of economic relations will consequently have to address the status of these assets, the rights of their original shareholders and the question of compensation.

Until then, Western companies remaining in Russia face an investment environment in which the ultimate authority over their businesses rests increasingly with the Kremlin rather than their shareholders.