Jamie McGeever

The eye-watering surge in U.S. tech giant Oracle&#39;s share price on Wednesday added fuel to a fiery debate: is the U.S. artificial intelligence stock boom a bubble destined to burst?&nbsp;This is a question that has dogged Wall Street for months, as AI euphoria has helped the S&amp;P 500 and tech-heavy Nasdaq hit new highs seemingly every day, swatting away the chaos and uncertainty surrounding tariffs, Washington politics and Fed independence.&nbsp;But Wednesday felt different. It&#39;s not every day that one of the country&#39;s biggest tech companies sees its share price skyrocket by as much as 43%. Oracle is not a penny stock, startup or meme stock. A surge of this magnitude should make everyone reassess where markets are, and whether this boom is moving into unsustainable territory.&nbsp;Below are five charts that suggest what former Federal Reserve Chair Alan Greenspan termed &quot;irrational exuberance&quot; may be engulfing AI and tech.&nbsp;1. Oracle&#39;s soaring valuation&nbsp;Oracle, the cloud computing giant, saw its stock trade at nearly 50x estimated 12-month forward earnings on Wednesday, the highest since the dotcom crash when its forward PE topped 120. Its share price rose as much as 43% on the day, causing it to virtually double since June.&nbsp;Oracle did say it expects cloud revenue to exceed half a trillion dollars and announced four new multi-billion contracts, so some optimism is warranted. But should the company truly be worth twice as much as it was only three months ago?&nbsp;&nbsp;2. The Nvidia juggernautNvidia&#39;s share price has doubled since April, rising an eye-popping 300% in the last two years. The AI chip superpower is now the world&#39;s most valuable company with a market cap of $4.3 trillion, larger than every country&#39;s listed stock exchange apart from the US, China, Japan and India, according to Deutsche Bank.&nbsp;Sure, Nvidia continue to churn out cash, but just two customers made up 39% of its revenue in the last quarter. Is that sustainable?&nbsp;&nbsp;3. Record-high concentrationThe combined weighting of the top 5 companies in the S&amp;P 500 is nearing 30%, higher than the &#39;Nifty Fifty&#39; in the late 1960s/early 1970s and much higher than tech companies in 2000 before the dotcom bust.&nbsp;This doesn&#39;t automatically mean we&#39;re in a bubble, but the market is in unchartered territory and heavily dependent on a handful of companies - all of them in one industry. History suggests this level of concentration rarely ends well.&nbsp;&nbsp;4. Lofty valuationsThe S&amp;P 500 tech sector is nearing its most expensive levels since 2002 when the dust from the dotcom bust was still settling. Of course, this can be sustained as long as the cash keeps rolling in.&nbsp;But the amount of AI-related capex needed to develop the industry &ndash; an estimated $6.7 trillion worldwide by 2030, according to McKinsey - means the amount of cash that will need to keep coming in is enormous. When the bar is that high, even sound companies might struggle to meet it.&nbsp;&nbsp;5. Stretched positioningBank of America&#39;s August fund manager survey showed that the most crowded trade in world markets currently is once again &quot;long Magnificent 7&quot;, according to 45% of those polled. A majority, 52%, say they see no AI bubble, suggesting this packed trade could get even more crowded before it unwinds.&nbsp;Investors have little incentive to go against this trade as long as it remains a winning one. But when a crowded trade reverses it can be sudden, and not everyone gets out the exit door in time. A lot of investors could lose a lot of money.&nbsp;&nbsp;- The opinions expressed here are those of the author, a columnist for Reuters

Articles

Oracle’s massive stock surge intensifies debate over whether the U.S. AI tech boom is a risky market bubble.

Oracle surge pours fuel on fiery AI bubble debate

Muhammad Usman Amin

PESHAWAR: Siyar Khan stands atop a shaky scaffold, balanced above the roaring chaos of Peshawar&rsquo;s Ring Road. Paintbrush in hand, he adds a final stroke to the gray flyover before beginning his descent. It is only when he climbs down, slowly, deliberately, that his struggle becomes visible.&nbsp; Once on the ground, he reaches for his crutches. They are not ordinary crutches. They are vibrant splashes of red, yellow, and electric blue, decorated in the same truck-art motifs that made Siyar famous. He painted them originally for customers with disabilities. Now, fate has willed that he must use them himself. &ldquo;When you are destined to fall, you fall,&rdquo; he told Pakistan TV Digital with a calm, almost casual acceptance. But as he settles on a charpai in his workshop, greeted warmly by fellow painters, the truth becomes clear: Siyar may have been injured, but his spirit hasn&rsquo;t bent an inch. Master of moving canvasesFor decades, Siyar dominated one of Pakistan&rsquo;s largest and most iconic canvases: the Bedford truck. Since the early 1990s, he has transformed mechanical giants into rolling murals, layering peacocks, falcons, flowers, and poetry across their frames. But when the coronavirus pandemic brought Pakistan&rsquo;s transport network to a standstill, Siyar&rsquo;s world shrank overnight. There were no trucks on the road, and no work for the artists who painted them. Instead of resigning himself to the crisis, Siyar reinvented his craft. &ldquo;My field changed from Truck Art to &lsquo;Truck Art Products&rsquo;,&rdquo; he recalled, pouring tea for his guests with the precision of a man who has spent a lifetime steadying his hands.&nbsp; &ldquo;I started painting clay pots, mobile covers, and purses. Suddenly, I wasn&rsquo;t just a mechanic&rsquo;s painter anymore.&rdquo; Teapots replaced truck doors. Lanterns replaced bumpers. His bold patterns migrated from highways to living rooms, reaching an entirely new audience. Global stage, painful contrastThe pivot didn&rsquo;t just keep Siyar afloat; it thrust him onto the global stage. He speaks proudly, though modestly, of invitations to the Dubai Expo, commissions for murals inside the Canadian and Thai embassies in Islamabad, and recognition from Lok Virsa, the country&rsquo;s national heritage institute. Yet with every international appreciation comes a reminder of home&rsquo;s indifference. &ldquo;Foreigners look at our work and see a masterpiece,&rdquo; Siyar said, frustration softening his voice. &ldquo;If an artist makes a portrait for a foreigner, they pay hundreds of thousands. But a local? They won&rsquo;t even pay Rs5,000 [$17.70].&quot; &quot;It is very simple: there is no value for the artist here.&rdquo; This is the dilemma of Pakistan&rsquo;s folk artists: globally admired, locally overlooked. While &ldquo;phool patti&rdquo; art is celebrated as a cultural export, its practitioners often struggle to make ends meet. Siyar dreams of changing that narrative. He wants a Pakistan where art is not dismissed as an indulgence, but respected as a profession. Where, as he put it, &ldquo;holding a brush is as dignified as holding a stethoscope.&rdquo; &#39;I still work hard&#39;Back in the workshop, the smell of paint thinner mingles with chai. Siyar picks up a brush and adds one last flourish to an old truck bumper. A nostalgic connection to his past life on the open road. His fellow painters watch quietly; they know his story better than anyone. He rarely mentions his achievements unless asked. Awards, expo invitations, government commissions, they are footnotes in his mind, not trophies. What he seeks is simpler: dignity for his craft. &ldquo;I don&rsquo;t let it get me down,&rdquo; he said, adjusting his painted crutches as he prepares to stand. &ldquo;I struggle even on these broken legs. I still work hard.&rdquo; As he walks away, sunlight catches the neon blossoms on his crutches, illuminating them in sharp colour against the concrete around him. In that moment, they are more than support. They are a metaphor for his life. Siyar Khan has taken something associated with pain and limitation and turned it into art, proving that you don&rsquo;t need strong legs to stand tall; you only need vision, resilience, and color.

Culture

Siyar Khan has taken something associated with pain and limitation and turned it into art, proving that you don’t need strong legs to stand tall; you only need vision, resilience, and color.

From trucks to teapots: How a Peshawar artist refused to fall

Web Desk

ISLAMABAD: Pakistan&rsquo;s Foreign Office on Friday expressed &ldquo;deepest condolences and strong solidarity&rdquo; after an Afghanistan-based attack killed three Chinese workers in Tajikistan, pledging to work with &ldquo;China, Tajikistan, and other regional partners&rdquo; to uphold regional stability. Earlier this week, Tajikistan&rsquo;s Foreign Ministry condemned the armed drone attack that killed the Chinese workers in the country&rsquo;s southern Khatlon region, calling on Afghan authorities to take &ldquo;disruptive actions by criminal groups located in the territory of Afghanistan.&rdquo; In a statement issued on X, the foreign office &quot;unequivocally&quot; condemned the &quot;cowardly attack,&quot; &nbsp;stating that the use of &quot;armed drones in the incident&quot; underlined the &quot;gravity of threat emanating from Afghanistan and the brazenness of those behind it.&quot;&nbsp; &quot;As a neighbor that has repeatedly suffered terrorist attacks orchestrated from Afghan soil, the people of Pakistan fully understand and share the grief and anguish of our Chinese friends and Tajik partners,&quot; FO said, adding that the country has consistently stressed that Afghan territory must not be used for terrorism against its neighbors or any other country. On the repeated use of Afghan soil by &quot;terrorist elements and their continued presence under the patronage of Afghan Taliban regime,&quot; the foreign office said that it was a matter of &quot;serious concern for the entire region and the wider international community.&quot; &quot;Concrete and verifiable action against the perpetrators, abettors, facilitators, and financiers of terrorist groups operating from Afghan soil is the only way to address this growing menace,&quot; the statement said.

Foreign Affairs

Foreign office "unequivocally" condemns "cowardly attack," says use of "armed drones in the incident" underlined the "gravity of threat emanating from Afghanistan and the brazenness of those behind it." 


Pakistan stands with Tajikistan, China after Afghan attack kills Chinese workers

ISLAMABAD: Pakistan on Wednesday condemned the terrorist shooting near the White House that critically wounded two US National Guard members, with Interior Minister Mohsin Naqvi expressing &ldquo;deep shock&rdquo; and reaffirming Islamabad&rsquo;s solidarity with Washington. In a statement on social media platform X, Naqvi said he was &ldquo;deeply shocked by the terrorist shooting near the White House that wounded two US National Guard members.&rdquo; He added, &ldquo;I am praying for them and all those affected,&rdquo; while noting that Pakistan stands &ldquo;in solidarity with the United States against terrorism.&rdquo; The message was also conveyed to US Secretary of Homeland Security Kristi Noem and US Charg&eacute; d&rsquo;Affaires Natalie A. Baker, according to the minister. Earlier in Washington, President Donald Trump said the suspect in custody was &ldquo;an Afghan man who fled the Taliban,&rdquo; calling the attack &ldquo;an act of terror.&rdquo; Briefing reporters, Trump said the individual was &ldquo;a foreigner who entered our country from Afghanistan, a hellhole on Earth,&rdquo; adding that he was flown in &ldquo;by the Biden administration in September 2021, on those infamous flights that everybody was talking about.&rdquo; Calling the shooting &ldquo;an act of evil, an act of hatred and an act of terror,&rdquo; Trump said the attack was &ldquo;a crime against our entire nation.&rdquo; Before the media briefing, the president posted an update on Truth Social, writing: &ldquo;The animal that shot the two National Guardsmen&hellip; will pay a very steep price.&rdquo; Following the incident, US Defense Secretary Pete Hegseth announced the deployment of 500 additional troops to Washington, bringing the total number of personnel in the capital to 2,500. The two National Guard members remain critically wounded in separate hospitals as investigations continue.

Americas

Interior Ministry Mohsin Naqvi says “deeply shocked by the terrorist shooting near the White House that wounded two US National Guard members.”

Pakistan condemns White House shooting, expresses solidarity with United States

ISLAMABAD: Pakistan High Commission in London said Thursday that an Indian delegation abruptly withdrew from a scheduled Oxford Union debate, leaving Pakistan to claim an uncontested walkover in what was billed as a rare public exchange on South Asian security policy.&nbsp;The debate, set for November 27 in the Union&rsquo;s historic chamber, was to follow a parliamentary format on the motion: &ldquo;This House Believes That India&rsquo;s Policy Towards Pakistan Is a Populist Strategy Sold as Security Policy.&rdquo;&nbsp;According to the High Commission&rsquo;s statement, &ldquo;both sides had confirmed participation months earlier,&rdquo; with formal invitations issued in June.&nbsp;Pakistan&rsquo;s three-member delegation, Gen. (Ret.) Zubair Mahmood Hayat, former foreign minister Hina Rabbani Khar, and High Commissioner to the UK Dr. Mohammad Faisal, had already arrived in London and was preparing to travel to Oxford for the event.&nbsp;The High Commission said India had likewise confirmed a high-profile trio: former army chief Gen. M. M. Naravane, former law minister and academic Dr. Subramanian Swamy, and former Rajasthan deputy chief minister Sachin Pilot.&nbsp;But on Thursday morning, organizers were informed that &ldquo;all three Indian speakers had withdrawn without offering any substantive explanation.&rdquo;&nbsp;The statement said Oxford Union officials were &ldquo;embarrassed&rdquo; by the sudden exit, noting it deprived students of a &ldquo;rare, structured exchange on a major South Asian security issue.&rdquo;&nbsp;Calling the decision &ldquo;particularly noteworthy,&rdquo; the High Commission emphasized that Indian students account for a far larger share of Union membership than Pakistani students. Even in what it described as a &ldquo;friendly environment,&rdquo; the statement said, India &ldquo;declined to defend its position before a vote.&rdquo;&nbsp;According to the High Commission, the withdrawals reflected &ldquo;a lack of confidence&rdquo; in publicly defending India&rsquo;s policy toward Pakistan. It argued that while Indian officials often make forceful claims through partisan media, their representatives &ldquo;avoided testing those claims in an open, rules-based setting.&rdquo;&nbsp;Pakistan, the statement added, &ldquo;remained prepared to argue with facts, international law, and regional stability considerations.&rdquo; It thanked the Oxford Union for its efforts and said it remained ready for &ldquo;any future forum promoting serious and respectful dialogue on South Asian peace and security.&rdquo;&nbsp;It said Pakistan had expected &ldquo;a civilized, reasoned discussion,&rdquo; but India&rsquo;s last-minute pullout &ldquo;made that impossible.&rdquo;

Politics

Pakistan said India abruptly withdrew its entire delegation from a scheduled Oxford Union debate on South Asian security, leaving Pakistan with an uncontested walkover and prompting questions over India’s willingness to publicly defend its Pakistan policy.

India abandons Oxford debate, handing Pakistan clear walkover before vote

PARIS: Four European nations Thursday urged Israel to stop what they called increasing &quot;settler violence against Palestinian civilians&quot; in the occupied West Bank.&nbsp;&quot;We -- France, Germany, Italy, the United Kingdom -- strongly condemn the massive increase of settler violence against Palestinian civilians and call for stability in the West Bank,&quot; they said.&nbsp;&quot;These attacks must stop,&quot; they added, saying they risked undermining plans to end the Gaza war and prospects for long-term peace.&nbsp;Israel has occupied the West Bank since 1967.&nbsp;Violence in the West Bank has soared since Palestinian militant group Hamas&#39;s October 2023 attack on Israel triggered the Gaza war.&nbsp;It has not ceased despite the fragile truce between Israel and Hamas coming into effect last month.&nbsp;Israeli troops or settlers have killed more than 1,000 Palestinians in the West Bank -- many of them militants, but also scores of civilians -- since the start of the Gaza war, according to an AFP tally based on Palestinian health ministry figures.&nbsp;At least 44 Israelis, including both soldiers and civilians, have been killed in Palestinian attacks or Israeli military operations, according to official Israeli figures.&nbsp;Israel&#39;s military on Wednesday launched a new operation against Palestinian armed groups in the occupied West Bank. A local governor told AFP that Israeli forces had raided several towns.

Middle East

Europe

France, Germany, Italy and the UK urged Israel to halt rising settler violence in the West Bank, warning it endangers Gaza ceasefire efforts. West Bank casualties have surged as Israeli forces launch new operations across several towns.

Four European nations urge Israel to end West Bank 'settler violence'

Pakistan TV

ISLAMABAD: Russia stands ready to &ldquo;lend a helping hand whenever needed,&rdquo; said the Russian Energy Minister Sergei Tsivilev, adding that he arrived in Islamabad on the direct instructions of Russian President Vladimir Putin, who believes that bilateral ties continued to grow stronger each year. In an exclusive interview with Pakistan TV on Thursday, during his visit to Islamabad, Tsivilev called the 10th meeting of the Pakistan-Russia Intergovernmental Commission (IGC) a &ldquo;turning point&rdquo; in bilateral ties.&nbsp; He reaffirmed Moscow&rsquo;s commitment to expanding long-term cooperation with Pakistan across energy, pharmaceuticals, education, tourism, and space technology. &ldquo;I have arrived in Islamabad on the direct instructions of Russian President Vladimir Putin, who conveyed respect to the Pakistani nation and believes that bilateral ties continue to grow stronger with each passing year,&rdquo; the Russian minister said, adding that President Putin wishes every success to the IGC and hopes for the launch of maximum joint projects for the development of both nations. Russia, Pakistan to develop joint space programTsivilev highlighted a series of initiatives aimed at deepening collaboration, one of which is the joint space program. He said, &ldquo;Russia and Pakistan are developing a joint program in the outer space, and it&#39;s very important that young people see these cosmonauts.&rdquo;He said perhaps, it will inspire the youth to pursue their dream of joining this research and with enough determination, it is attainable for anyone, &ldquo;including women.&rdquo; &ldquo;Russia will always stand by Pakistan&rdquo;The minister said Russia values its friendship with Pakistan and remains ready to assist whenever needed.&nbsp;&ldquo;We are always prepared to lend a helping hand to the friendly nation of Pakistan,&rdquo; he said&nbsp;Insulin production in Pakistan priority for &lsquo;pharmaceutical security&rsquo;One of the most concrete proposals discussed was localized insulin production in Pakistan. Tsivilyov said Moscow wants Pakistan to achieve &ldquo;pharmaceutical security&rdquo; by manufacturing essential medicines domestically rather than relying on imports.&nbsp;He confirmed that the final pricing model, aligned with the cost of American-made insulin currently imported by Pakistan, will be discussed during the IGC meeting. He added that Russia is open to jointly producing additional medicines and vaccines, including veterinary vaccines crucial for livestock protection.&nbsp;Energy Justice: A shared vision for developmentThe minister reiterated Russia&rsquo;s global call for &ldquo;energy justice,&rdquo; pointing to the urgent need for equal access to reliable electricity in developing regions.&nbsp;&ldquo;Energy today defines competitiveness, transport systems, AI infrastructure, even finance through cryptocurrencies,&rdquo; he said, adding that Russia has raised the issue at BRICS and SCO forums.&nbsp;Tsivilev said Pakistan-Russia cooperation in the energy sector will expand as new technologies and investments are explored.&nbsp;Engineering Education: Russia proposes joint schools and trainingA major long-term initiative Tsivilev announced is the potential rollout of Russia&rsquo;s Engineering Schools Program in Pakistan.The model begins at the secondary-school level with specialized physics, chemistry, and mathematics tracks, followed by university training and industrial internships.&nbsp;He said Russia aims to train 300,000 engineers by 2030 and is ready to include Pakistani students in a similar pipeline.&nbsp;&ldquo;It&rsquo;s time to invest in children. In five to seven years, the payback will be far greater than any money spent today,&rdquo; he said.&nbsp;Tourism and direct flights on the agendaTourism emerged as another expanding avenue, with both sides seeing strong interest from travelers. Tsivilyov said Pakistan and Russia must &ldquo;remove existing restrictions&rdquo; and simplify travel, adding that increased tourism flows could justify regular direct flights between the two countries. This issue remained a key focus of working-group meetings ahead of the IGC sessions, he confirmed.

Russia’s energy minister called the Pakistan–Russia IGC a turning point, outlining deeper cooperation in energy, pharma, education, tourism, and space while reaffirming Putin’s message that Moscow stands ready to support Pakistan whenever needed.

President Putin believes Russia’s relationship with Pakistan strengthening every year: Russian minister

ISLAMABAD: Tajikistan&rsquo;s Foreign Ministry has condemned an armed drone attack launched from Afghanistan that killed three Chinese workers in the country&rsquo;s southern Khatlon region, calling on Afghan authorities to take &ldquo;effective measures&rdquo; to secure the shared border.&nbsp;In a statement issued on Thursday, the ministry said the assault occurred late Wednesday, when an unmanned aerial vehicle &ldquo;equipped with grenades and firearms&rdquo; struck the employees&rsquo; camp of LLC Shohin SM near the 1st Border Guard Post Istiqlol of the Yol Border Detachment.&nbsp;&ldquo;As a result of the attack, three employees of the LLC Shohin SM of Chinese citizenship were killed,&rdquo; the statement said. Tajikistan described the incident as an operation conducted &ldquo;from the territory of Afghanistan.&rdquo;&nbsp;The ministry noted that, despite Tajikistan&rsquo;s &ldquo;constant efforts&hellip; to maintain security and create an atmosphere of peace and stability&rdquo; along the frontier, &ldquo;disruptive actions by criminal groups located in the territory of Afghanistan still continue.&rdquo;&nbsp;Expressing &ldquo;deep concerns,&rdquo; the Tajik government said it &ldquo;strongly condemns these acts of terrorist groups&rdquo; and urged Afghanistan&rsquo;s de facto authorities &ldquo;to take effective measures to ensure stability and security on the state border between two neighboring countries.&rdquo;

Central Asia

Tajikistan condemned a deadly drone attack launched from Afghanistan that killed three Chinese workers in Khatlon, urging Kabul’s authorities to curb cross-border militant activity and ensure stronger security along the two countries’ shared frontier.

Tajikistan condemns Afghanistan drone strike killing three Chinese workers

ISLAMABAD: As the United Nations observes 16 Days of Activism against Gender-Based Violence, we take a look at Pakistan&#39;s efforts to combat digital violence against women. The global campaign, running from November 25 through December 10, has increasingly focused on digital violence. It is a growing threat that disproportionately affects women and girls worldwide. Pakistan has responded with specific legislation, though implementation gaps remains. Legal framework Pakistan&#39;s primary tool for addressing online harassment is the Prevention of Electronic Crimes Act (PECA) of 2016, which criminalizes various forms of digital abuse. The law includes provisions against cyberstalking, unauthorized sharing of intimate images and cyber blackmail. Section 24A of PECA specifically addresses non-consensual distribution of private images, carrying penalties of up to five years imprisonment and fines reaching Rs1 million ($3,600). The Federal Investigation Agency&#39;s Cyber Crime Wing, established in 2007, handles complaints and investigations under PECA. The agency reported receiving 8,500 complaints from women facing online harassment in 2018 and 2019, though only 19.5% were investigated, according to testimony before a parliamentary committee. Pakistan&#39;s Punjab Protection of Women against Violence Act of 2016 specifically defines violence to include cybercrime, acknowledging it as a form of abuse. The FIA is required by law to submit biannual reports to parliament but has submitted only one report in four years, according to Human Rights Watch. Recent case In a recent application of the law, a Karachi court sentenced a man to six years in prison for sending explicit photos of a woman to her fianc&eacute;. The defendant, identified only as Anas, was arrested in September 2021 after the victim filed a complaint with the FIA. The court also imposed a fine of Rs90,000 ($318). According to court documents, the victim had been in a relationship with Anas for four years and had shared intimate photos with him. When her family arranged her marriage to another man, Anas sent the photos to her fianc&eacute;. Enforcement challenges Despite the legal framework, women&#39;s rights advocates and journalists have raised concerns about inconsistent enforcement. In 2020, a group of prominent female journalists issued a statement condemning what they described as a coordinated campaign of online harassment, including threats of violence. The FIA operates with approximately 500 staff members for a country of 34 million internet users. Until 2018, only two women staffed the cybercrime help desk, according to news reports. Human rights organizations have also criticized PECA&#39;s defamation provisions, warning they can be misused to silence women. 16 Days of Activism The 16 Days campaign, coordinated by the Center for Women&#39;s Global Leadership and supported by UN Women, addresses violence affecting nearly one in three women globally. This year&#39;s focus on digital violence reflects the growing recognition of online harassment as a serious threat. The UN Office of the High Commissioner for Human Rights stated that there was an urgent need for survivor-centered responses and stronger legal protections. The campaign uses orange as its symbolic color, representing a future free from violence.

Security

The global campaign from November 25 to December 10 highlights rising digital violence, with Pakistan addressing it through legislation, though gaps remain.

16 Days of Activism: How Pakistan tackles digital violence against women

ANKARA: Pope Leo XIV arrived in Turkiye on Thursday for a four-day visit where he will hold talks with President Recep Tayyip Erdogan and meet Christian leaders on the first overseas trip of his papacy.&nbsp;The trip, which includes a second leg to Lebanon, begins in the Turkish capital Ankara, where the first American pope landed shortly after midday.&nbsp;&quot;I have very much been looking forward to this trip because of what it means for Christians, but it is also a great message to the whole world,&quot; he told reporters travelling with him on his plane, describing it as a &quot;historic moment&quot;.&nbsp;After paying his respects at the mausoleum dedicated to Mustafa Kemal Ataturk, the founder of modern Turkiye, Leo will head into talks with Erdogan, who is seen as a key player for peace efforts in a region fraught with conflict.&nbsp;Then he will address authorities, civil society and the diplomatic corps before heading to Istanbul in the early evening.&nbsp;Leo&#39;s first steps abroad will be scrutinised by the world&#39;s media, with more than 80 journalists accompanying him on his papal plane.&nbsp;Since his election in May as the leader of the world&#39;s 1.4 billion Catholics, the pope has shown himself to be adept at handling the media, talking to reporters weekly.&nbsp;In a sign of his desire to reach a wide audience, Leo will deliver all his speeches during the trip in English, his native language, rather than the Italian he usually uses.&nbsp;His first address in Turkiye is expected to focus on dialogue with Islam in a country where Christians account for only 0.1 percent of the 86 million inhabitants -- most of them Sunni Muslims.&nbsp;On the doorstep of a conflict-ridden Middle East, the pope who upon his election called for &quot;unarmed and disarming&quot; peace, is expected to address the crises troubling the region.&nbsp;But between the colonnades of Ankara&#39;s monumental presidential palace, Leo will have to tread delicately if he plans to address the sensitive issue of human rights, the arrest of Erdogan&#39;s opponents, or the status of Turkey&#39;s Christians, who are struggling against inequality and exclusion.&nbsp;Promoting unityThe Holy See also acknowledges Turkiye&#39;s efforts in taking in more than 2.5 million mostly Syrian refugees, according to authorities.&nbsp;On the subject of refugees and migrants, Leo has followed in the footsteps of his predecessor Francis, most recently criticising the &quot;extremely disrespectful&quot; treatment of migrants by the government of US President Donald Trump.&nbsp;Friday&#39;s calendar will take on a more religious aspect with the celebration in Iznik of the 1,700th anniversary of the First Council of Nicaea, a gathering of bishops in the year 325 that resulted in a creed, or statement of faith, still central to Christianity.&nbsp;Invited by the Patriarch of Constantinople, Bartholomew I, leader of the world&#39;s Orthodox Christians, Leo will take part in a prayer on the shores of Lake Iznik that was initially to include former Pope Francis, who died in April.&nbsp;&quot;Bartholomew and I have already met several times, and I think this will be an exceptional opportunity to promote unity among all Christians,&quot; Leo told journalists late Tuesday.&nbsp;Catholics and Orthodox Christians have been divided since a schism in 1054.&nbsp;Catholics recognise the universal authority of the pope as the head of the Church, while Orthodox Christians are organised into local Churches with their own leaders.&nbsp;Leo&#39;s trip comes as the Orthodox world appears even more fragmented than ever, with the war in Ukraine accelerating the split between the Moscow and Constantinople patriarchates. The pope is the fifth pontiff to visit Turkiye, after Paul VI in 1967, John Paul II in 1979, Benedict XVI in 2006 and Francis in 2014.&nbsp;On Sunday, Leo will head to religiously diverse Lebanon, a nation that has been crushed by a devastating economic and political crisis since 2019 and which has been the target of repeated bombings by Israel in recent days, despite a ceasefire.&nbsp;

Pope Leo XIV begins his first papal trip in Turkiye, holding talks with President Erdogan and Christian leaders, addressing regional conflicts, interfaith dialogue, refugees, and church unity before continuing to Lebanon amid ongoing political and humanitarian crises.

Pope lands in Turkiye to meet Erdogan on first overseas trip

ISLAMABAD: Pakistan&rsquo;s Ministry of Maritime Affairs has unveiled a long-term program to expand the country&rsquo;s Blue Economy and position Pakistan as a regional maritime hub by 2047, according to Radio Pakistan.&nbsp;The ministry said the new Maritime @100 initiative lays out a roadmap for &ldquo;development projects worth a hundred billion dollars&rdquo; aimed at strengthening the shipping and fisheries sectors. According to Radio Pakistan, officials said the plan is designed to expand maritime capacity, increase exports and create &ldquo;new economic opportunities.&rdquo;&nbsp;Under the shipping-sector component, the Pakistan National Shipping Corporation will add 15 ships to its fleet over the next three years. The ministry said the expanded fleet &ldquo;will result in [a] surge of exports and foreign reserves,&rdquo; Radio Pakistan reported.&nbsp;Officials also announced a series of industrial upgrades, including the establishment of Sea to Steel, Pakistan&rsquo;s first green ship-repair and recycling yard, at Port Qasim. A separate $43 million modernization program is planned for the Gadani Ship Breaking Yard to improve safety and operational standards.&nbsp;In the fisheries sector, the National Fisheries Policy 2025&ndash;35 calls for expanded deep-sea fishing, upgraded facilities and increased seafood exports. The ministry said the broader development program &ldquo;will create substantial investment and employment opportunities in the maritime industry,&rdquo; according to Radio Pakistan.&nbsp;The Ministry of Maritime Affairs said the combined measures underscore Pakistan&rsquo;s long-term strategy to strengthen its maritime footprint and grow sustainable economic activity across the country&rsquo;s coastal and marine sectors.

File Photo - Screengrab of Port Qasim on Nov 5, 2025 (X / Ministry of Maritime Affairs)

Economy

The Pakistani Ministry of Maritime Affairs has developed a comprehensive program to strengthen the country’s Blue Economy with support from the Special Investment Facilitation Council, outlining a long-term plan to make Pakistan a regional maritime hub by 2047.

Articles by Jamie McGeever