Web Desk

ISLAMABAD: American military forces have intercepted and boarded the <span style="font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;" id="isPasted">Panamanian-flagged<span style="color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-size: 20px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;" id="isPasted">&nbsp;oil tanker Veronica III in the Indian Ocean, according to a statement posted on X by the Department of War on Sunday. The department said US forces tracked the vessel across international waters before carrying out what officials described as a lawful maritime boarding operation within the Indo-Pacific Command&rsquo;s area of responsibility. Video released alongside the statement shows armed personnel approaching the tanker at sea and climbing aboard. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2022997870061011067&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=917738aeac499d224108cc4f065a7ee29452fcc3&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 696px; display: block; flex-grow: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</iframe></div></div> Officials described the action as a &ldquo;right-of-visit, maritime interdiction and boarding&rdquo; conducted without incident.&nbsp;According to the statement, the pursuit began in the Caribbean and continued across thousands of miles before the ship was stopped in the Indian Ocean. &ldquo;The vessel tried to defy President Trump&rsquo;s quarantine &mdash; hoping to slip away,&rdquo; the department said. &ldquo;We tracked it from the Caribbean to the Indian Ocean, closed the distance, and shut it down.&rdquo; The Pentagon intercepted the Aquila II in similar fashion about a week ago. In December, Trump ordered a &quot;blockade&quot; of sanctioned oil vessels heading to and from Venezuela. At least nine ships have been seized thus far. But those ships seized in recent months make up only a tiny fraction of the total number of sanctioned &quot;shadow fleet&quot; vessels operating worldwide to evade sanctions, which a senior US Coast Guard officer said number up to 800. The Veronica III left Venezuela on January 3 -- the same day that US special forces captured Venezuelan leader Nicolas Maduro in a raid -- carrying around 1.9 million barrels of oil, <a data-fr-linked="true" href="//TankersTrackers.com" style="color: rgb(0, 0, 0);">TankersTrackers.com</a> said. The ship is listed under US sanctions relating to Iran, according to the website of the US Treasury&#39;s Office of Foreign Asset Control. Officials did not immediately confirm whether the tanker was seized or redirected following the boarding. Still, they described the move as part of a broader campaign to disrupt illicit oil trade networks. &quot;By land, air, or sea, we will find you and deliver justice,&quot; officials warned, signaling continued operations against what they termed &quot;illicit actors and their proxies&quot; in the maritime domain.

Americas

US forces boarded the Panama-flagged tanker Veronica III in the Indian Ocean after tracking it from the Caribbean, accusing it of violating sanctions on Venezuelan and Iranian oil, the Department of War said in a statement on X.

US forces board tanker in Indian Ocean after Venezuela blockade evasion

MUMBAI: India is scrambling to defend a new trade deal with the United States that critics have branded as a surrender to Washington, as countries navigate the fallout from President Donald Trump&#39;s sweeping tariffs. The deal announced this month has rattled India&#39;s powerful&nbsp;<a href="https://www.pakistantv.com/article/indian-farmers-slam-us-trade-deal-demand-commerce-ministers-resignation" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">farmers</a>&#39; unions, who argue that cheap US imports would throttle local producers in a country where agriculture employs more than 700 million people. Details of the deal remain sparse, limited to a joint statement and a White House factsheet, but New Delhi says an interim pact should be finalized by the end of March. Analysts warn that other elements of the agreement could also prove volatile. &quot;In the Trumpian era, there is nothing called certainty,&quot; trade expert Abhijit Das told AFP. Even if the deal is signed in a few weeks, it would only hold until Trump &quot;decides to impose more tariffs for any perceived inconsistency,&quot; he said. The most contentious pledge is India&#39;s stated intention to buy $500 billion worth of US goods over five years. India&#39;s annual imports from the US last fiscal year were around $45 billion. Doubling annual purchases to $100 billion &quot;is unrealistic&quot;, said Ajay Srivastava of the Global Trade Research Initiative, a New Delhi-based think tank. Intention not commitmentAircraft purchases were a major component of this commitment, but even a major expansion of Boeing aircraft orders -- decisions made by private airlines -- would fall far short, he said. &quot;Even if India were to add another 200 Boeing aircraft over the next five years, at an estimated cost of $300 million per aircraft, the total value would be about $60 billion.&quot; Some economists argue that the language around purchases is non‑binding, hence it protects New Delhi if it fails to meet the goal. &quot;Framing the target as an intention, rather than a commitment, reduces the risk of the deal later breaking down,&quot; Shivaan Tandon of Capital Economics said in a note on Friday. Trump&#39;s unpredictability also continues to loom large. He recently threatened higher tariffs on South Korea over perceived delays by Seoul in implementing a trade agreement announced last July. Another flashpoint is Washington&#39;s rollback of a 25 percent duty after what it described as India&#39;s &quot;commitment&quot; to stop buying Russian oil. This promise finds no mention in the joint statement and has neither been confirmed nor denied by the Indian government. India says its energy policy is driven by national interests and that the country depends on multiple sources for crude oil imports. &#39;Oil plank&#39;New Delhi&#39;s Russian oil imports have dropped from a mid‑2025 peak of more than two million barrels a day to about 1.1 million in January. Local reports say state-owned refiners have already started purchasing Venezuelan oil for delivery in April. But it remains unclear if Russian purchases will fall to zero. The outlook hinges heavily on Mumbai-headquartered Nayara Energy, partly owned by Russia&#39;s Rosneft, which Bloomberg reported plans to keep buying around 400,000 barrels a day. This will likely remain a bone of contention, given the Trump administration&#39;s stance that it intends to monitor India&#39;s imports. &quot;New Delhi continues to avoid publicly confirming a full halt and frames energy sourcing as driven by price and availability, which underlines ongoing ambiguity over the oil plank,&quot; Darren Tay of BMI, a unit of Fitch Solutions, told AFP. &quot;There is tentative evidence that Indian refiners are reducing spot purchases of Russian crude, implying partial adjustment rather than a formal pledge,&quot; Tay said. The deal remains &quot;too fragile and politically contested&quot; to justify a growth forecast change for India, he added.

India's Prime Minister Narendra Modi speaks during a meeting with Malaysia's Prime Minister Anwar Ibrahim (not pictured) in Putrajaya on February 8, 2026. (File photo by Hasnoor Hussain / AFP)

India

The deal with Washington has sparked backlash, with experts doubting India can meet ambitious US purchase targets and warning that tariff threats and uncertainty over Russian oil imports could destabilize the fragile pact.

India forced to defend US trade deal as doubts mount

ISLAMABAD: President Asif Ali Zardari will undertake an official visit to the United Arab Emirates from Jan. 26&ndash;29, Pakistan&rsquo;s Foreign Office said on Monday, as the two countries seek to deepen cooperation across trade, security, and investment. Zardari will be accompanied by a high-level delegation and is scheduled to hold talks with the UAE leadership to review the full spectrum of bilateral ties, with a focus on economic partnership, defence and security cooperation, and people-to-people links, the statement said. Developments of mutual interest&nbsp; The discussions will also cover regional and international developments of mutual interest, the Foreign Office added.<figure class="fr-media"><img src="https://paktv-assets-7d41fab8.s3.eu-west-2.amazonaws.com/uploads/d3c2d0bc-1e3e-4221-bbe2-d6858e239c68-Screen Shot 2026-01-26 at 2.19.13 PM.png" alt="President of the UAE Sheikh Mohamed bin Zayed Al Nahyan and Pakistan's Foreign Minister Ishaq Dar on the sidelines of COP29. (File Photo: X/@MIshaqDar50)" class="fr-fil fr-dib"><figcaption class="caption-cover-image text-sm text-gray-600 italic">President of the UAE Sheikh Mohamed bin Zayed Al Nahyan and Pakistan&#39;s Foreign Minister Ishaq Dar on the sidelines of COP29. (File Photo: X/@MIshaqDar50)</figcaption></figure> Just days before the President&#39;s visit, Foreign Minister Ishaq Dar held <a href="https://www.pakistantv.com/article/pakistan-uae-discuss-investments-ptcl" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">talks</a> in Abu Dhabi with Emirati officials, including discussions on Etisalat&#39;s ongoing investment in Pakistan and plans to expand through its stake in Pakistan Telecommunication Company Limited. &quot;The visit of the President reaffirms commitment to transforming the strong friendship between Pakistan and the UAE into a mutually rewarding partnership,&quot; the Foreign Office spokesperson said in the curtain raiser. The trip follows a recent visit by UAE President Sheikh Mohamed bin Zayed Al Nahyan to Pakistan, underscoring what the statement describes as the &quot;deep brotherly ties&quot; between the two nations. &quot;The visit reaffirms commitment to transforming the strong friendship between Pakistan and the UAE into a mutually rewarding partnership,&quot; the Foreign Office spokesperson said in the statement.

President Zardari meets UAE ambassador, reaffirms strong bilateral ties (file photo: APP)

Foreign Affairs

The visit, scheduled for Jan. 26–29,  will include meetings with the UAE leadership to review bilateral ties and discuss issues of mutual regional and international interest.

Pakistan president to visit UAE for talks on trade, security and regional issues

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif met with the newly appointed Ambassador of the United Arab Emirates Salem Mohammed Salem Al Bawab Al Zaabi, at the prime minister&rsquo;s office on Tuesday, according to an official statement. Prime Minister Sharif welcomed the ambassador and expressed his appreciation for the brotherly relations between both the countries during the meeting. Sharif also said that he looked forward to the upcoming visit of the President of the UAE. &ldquo;The Prime Minister said that he looked forward to the upcoming visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi to Pakistan,&rdquo; the statement said. The PM showed his satisfaction on the volume of bilateral trade between both the countries. He also highlighted the need for both sides to further collaborate in areas such as energy, minerals, IT, railways, and aviation. Sharif also acknowledged the UAE&#39;s consistent support for Pakistan in times of need, including humanitarian assistance and developmental projects. Al Zaabi thanked the PM for receiving him and conveyed his president&rsquo;s best wishes. He reaffirmed the UAE&#39;s interest to further its partnership with Pakistan across all spheres; he also assured to explore new avenues for cooperation, benefitting both nations.

Prime Minister Shehbaz Sharif met UAE Ambassador Salem Al Zaabi, reaffirming strong bilateral ties, welcoming President Sheikh Mohamed bin Zayed’s visit, praising UAE support, and urging expanded cooperation in trade, energy, IT, railways, and aviation.

Pakistan PM, UAE envoy discuss expanding bilateral ties

LONDON: The UK government on Wednesday said it was focused on resuming talks promptly after the United States suspended implementation of a tech cooperation deal with Britain. The deal was signed during US President Donald Trump&#39;s pomp-filled state visit to the UK in September. But on Tuesday Michael Kratsios, head of the White House Office of Science and Technology Policy, said on X that the UK must make &quot;substantial progress&quot; on trade talks for the deal to resume. The US and UK have been trying to implement the &quot;Economic Prosperity Deal,&quot; agreed in May and one of the first international agreements signed after Trump threatened the world with punishing tariffs on goods entering the United States. The US-UK Technology Prosperity Deal agreed in September 2025 was a non-binding agreement to sit alongside the broader Economic Prosperity Deal. It was designed to align the two countries on tech innovation while spurring mostly private-sector investment. Following the White House announcement, a UK government spokesperson said: &quot;We look forward to resuming work on this partnership as quickly as possible... and working together to help shape the emerging technologies of the future.&quot; Business and Trade Secretary Peter Kyle held trade talks with US counterparts in Washington DC last week to progress the Economic Prosperity Deal, the spokesperson said. &quot;They celebrated the success of the recent pharma deal and both sides agreed to continue further negotiations next year.&quot; According to the Financial Times, US officials have become increasingly frustrated with Britain&#39;s lack of willingness to address non-tariff barriers, including rules and regulations governing food and industrial goods.

Britain's Prime Minister Keir Starmer (R) and US President Donald Trump (L) show off their signed technology prosperity deal at a Business event at Chequers, in Aylesbury, central England, on September 18, 2025 (AFP/File)

United Kingdom

UK seeks to revive tech cooperation after the United States suspended a non-binding deal, tying its return to trade progress, as talks continue amid US frustration over UK non-tariff barriers.

UK seeks to revive tech cooperation after the United States suspended a non-binding deal, tying its return to trade progress, as talks continue amid US frustration over UK non-tariff barriers.


UK looks to restart cooperation after US suspends tech deal

ISLAMABAD: Iran&rsquo;s top security official, Dr. Ali Larijani, arrived in Islamabad on Monday on a historic and unprecedented visit, Iranian ambassador to Pakistan Reza Amiri Moghadam confirmed.&nbsp;Larijani, who serves as secretary of the Iranian Supreme National Security Council and advisor to Iran&rsquo;s Supreme Leader, is also a former chairman of parliament. His visit marks a significant moment in the evolving relationship between the two neighboring states.&nbsp;In a tweet in Urdu, the secretary said, &ldquo;The Iranian people will never forget that in the 12-day war imposed on Iran by America and the Zionist regime, the Pakistani nation stood alongside the Iranian nation.&rdquo; &nbsp;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 345px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=e30%3D&frame=false&hideCard=false&hideThread=false&id=1992869087882449281&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=cefb2ab88bd37cd941b7cb64462aeea56225c54e&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px">&nbsp;&nbsp;</iframe></div></div>During his stay, Larijani is expected to meet Pakistan&rsquo;s top leadership, including the prime minister and the chief of army staff. Talks will focus on security partnerships, improved border management, counter-terrorism cooperation, economic ties, and broader regional stability. Both Iran and Pakistan see themselves as central players in ensuring sustainable security across the region. A need for closer tiesAmbassador Reza pointed out, &ldquo;This historic milestone marks a pivotal moment at which the already solidified and time-tested relations between our two brotherly nations are set to enter another strategic phase&rdquo; in a tweet on X.&nbsp;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 659px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=e30%3D&frame=false&hideCard=false&hideThread=false&id=1992945025232392607&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=cefb2ab88bd37cd941b7cb64462aeea56225c54e&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px">&nbsp;&nbsp;</iframe></div></div>Pakistan&rsquo;s Ambassador to Iran, Mudassir Tipu, also confirmed the visit on X and said, &ldquo;The visit is part of extensive interactions between leaderships of the two countries to reinforce our ties.&rdquo; He added, &ldquo;The visit will play a crucial role in further solidifying Pakistan-Iran historical and deep-rooted ties.&rdquo; Future cooperationThe latest engagement offers an opportunity to align policies and build a unified front against common challenges. Tehran and Islamabad hope to expand bilateral trade from over $3 billion to $10 billion through coordinated planning.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-2" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 702px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=e30%3D&frame=false&hideCard=false&hideThread=false&id=1992889225365119019&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=cefb2ab88bd37cd941b7cb64462aeea56225c54e&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px"></iframe></div></div>Officials noted that Larijani&rsquo;s visit is part of a series of extensive interactions aimed at upgrading ties into a more durable strategic partnership.

Iran’s top security official Dr. Ali Larijani arrived in Islamabad for a historic visit focused on strengthening Pakistan–Iran ties, discussing security, economic cooperation, and regional stability, while both sides seek to elevate their partnership to a strategic level.


Iran’s top security official arrives in Pakistan

ISLAMABAD: &nbsp;The European Union (EU) and Pakistan pressed Afghanistan&rsquo;s de facto authorities to take &ldquo;constructive&rdquo; steps on regional security as cross-border tensions rose in October, according to a joint communiqu&eacute; issued this week by Pakistan&rsquo;s Foreign Office following the seventh EU&ndash;Pakistan Strategic Dialogue in Brussels.&nbsp;Co-chaired by Pakistan&rsquo;s Deputy Prime Minister and Foreign Minister Ishaq Dar and EU High Representative Kaja Kallas, the meeting reviewed progress under the 2019 Strategic Engagement Plan and reaffirmed what both sides called a &ldquo;shared commitment&rdquo; to regional peace, stability and the rules-based international order.&nbsp;Dar said Pakistan remained committed to &ldquo;resolving issues through dialogue between neighbors,&rdquo; while Kallas underscored the EU&rsquo;s emphasis on &ldquo;peaceful solutions, full respect for international law and close cooperation on security challenges.&rdquo;&nbsp;Both sides urged Afghanistan&rsquo;s de facto authorities to help &ldquo;root out terrorism from Afghan soil,&rdquo; warning that regional stability hinged on effective counterterrorism efforts.&nbsp;The communiqu&eacute; noted concern over Afghanistan&rsquo;s &ldquo;deteriorating socio-economic conditions&rdquo; and backed a &ldquo;credible political process&rdquo; aligned with the UN-led Doha framework and the Taliban&rsquo;s previous commitments to the international community.&nbsp;Acknowledging Pakistan&rsquo;s decades-long role in hosting millions of Afghans, the EU stressed that any returns must be &ldquo;safe, dignified and in line with international standards.&rdquo;&nbsp;Both sides also called on Kabul to ensure protection of human rights, &ldquo;especially for women, girls and vulnerable communities.&rdquo;&nbsp;The dialogue also covered trade, migration, climate, food and energy security, and education cooperation through Erasmus Mundus and Horizon Europe.&nbsp;Both reaffirmed strong political commitment to the Generalized Scheme of Preferences, described as a key pillar of EU&ndash;Pakistan relations, while the EU briefed Pakistan on the process toward adopting a new GSP framework.&nbsp;The delegations exchanged views on Ukraine, Jammu and Kashmir and the Middle East.&nbsp;They welcomed the agreement on the first phase of the Comprehensive Plan to end the Gaza conflict, urging all parties to respect the ceasefire, implement subsequent phases and allow unimpeded humanitarian access to Gaza.&nbsp;According to the Foreign Office, the EU and Pakistan agreed to hold the eighth round of the Strategic Dialogue in Islamabad.

Two sides urge Afghanistan’s de facto authorities to curb terrorism, protect rights and support regional stability, the Foreign Office says after their Brussels strategic dialogue.

EU, Pakistan push Afghanistan to curb terrorism, safeguard human rights commitments

NEW DELHI: India said Monday it had signed a &quot;significant&quot; deal that will see the United States supply nearly 10 percent of the Asian giant&#39;s liquefied petroleum gas (LPG) imports as it seeks to diversify its energy sources. Relations between Washington and New Delhi plummeted in August after President Donald Trump raised tariffs on India to 50 percent, with US officials accusing the country of fueling Russia&#39;s war in Ukraine by buying its discounted oil. Trump has claimed that Indian Prime Minister Narendra Modi has agreed to cut its Russian oil imports as part of a prospective trade deal &mdash; something New Delhi has not confirmed. India and the United States remain in talks despite disagreements over a range of issues including agricultural trade and the Russian oil purchases. Minister for Petroleum and Natural Gas Hardeep Singh Puri said India had signed the one-year deal for 2.2 million tonnes per annum of LPG, sourced from the US Gulf Coast, providing &quot;close to 10 percent&quot; of India&#39;s annual imports of the fuel. Puri said it was &quot;the first structured contract of US LPG for the Indian market.&quot; &quot;In our endeavour to provide secure, affordable supplies of LPG to the people of India, we have been diversifying our LPG sourcing,&quot; Puri said in a statement, adding that &quot;one of the largest and the world&#39;s fastest growing LPG market opens up to the United States.&quot; In October, Indian state-backed refiner HPCL-Mittal Energy said it halted purchases of Russian crude after Washington imposed sanctions on Moscow&#39;s two largest oil companies. Reliance Industries, the privately owned main Indian buyer of Russian crude, has also said it is assessing the implications of the US restrictions, as well as those imposed by the European Union. India&#39;s economy, the fifth-largest in the world, grew at its fastest pace in five quarters in the three months ending June 30, helped by higher government spending and improved consumer sentiment. But US tariffs continue to overshadow the economy, with experts projecting that they could shave anywhere between 60 to 80 basis points off GDP growth this fiscal year if there is no relaxation soon.

FILE PHOTO - US President Donald Trump speaks during a swearing-in ceremony for the newly appointed Ambassador to India Sergio Gor in the Oval Office of the White on November 10, 2025 in Washington, DC. (Photo by Brendan SMIALOWSKI / AFP)

Asia

India said Monday it had signed a "significant" deal that will see the United States supply nearly 10 percent of the Asian giant's liquefied petroleum gas (LPG) imports as it seeks to diversify its energy sources.

India strikes US gas deal under Trump pressure

Reuters

Euro zone government bond yields fell to multi-month lows on Friday as US-China trade tensions and signs of credit stress in the US banking system weighed on risk sentiment, driving investors into safe-haven assets. China on Thursday accused the US of stoking panic over its rare earth controls and rejected a White House call to roll back the curbs. US bank stocks, including Zions Bancorporation, Jefferies and Western Alliance, fell sharply on Thursday as investors grew uneasy about risk in the sector, which has been shaken by exposure to two auto bankruptcies. Germany&rsquo;s 10-year Bund yields, the euro zone&rsquo;s benchmark, were down 4 basis points to 2.53%, after hitting 2.524%, their lowest since June 25. &ldquo;Risk sentiment remains fragile, with US regional banks leading the move lower,&rdquo; said Mohit Kumar, an economist at Jefferies. &ldquo;Investors are long in risk assets, and there are enough reasons to be concerned short term &mdash; valuations, AI bubble, politics. This makes investors sensitive to any negative headlines,&rdquo; he added. Money markets raised bets on European Central Bank rate cuts. They priced in about an 80% chance of a 25-basis-point cut by July EURESTECBM7X8=ICAP, up from around 65% the day before. The key rate is seen at 1.78% in December 2026 EURESTECBM10X11=ICAP from the current 2%. Germany&rsquo;s two-year yields DE2YT=RR, more sensitive to ECB rate expectations, dropped 5 bps to 1.87%, after hitting 1.869%, their lowest since July 24. The yield gap between safe-haven Bunds and 10-year French government bonds DE10FR10=RR &mdash; a market gauge of the risk premium investors demand to hold French debt &mdash; widened 4 bps to 78.50. It hit 87.96 bps earlier this month, the highest since Jan. 13, on concerns about the French fiscal outlook, but fell below 75 bps after French Prime Minister Sebastien Lecornu survived two no-confidence votes in parliament on Thursday.

Futures-options traders work on the floor at the American Stock Exchange (AMEX) at the New York Stock Exchange (NYSE) in New York City, U.S., October 2, 2025. REUTERS/Brendan McDermid

Banking

Euro zone government bond yields fell to multi-month lows on Friday as US-China trade tensions and signs of credit stress in the US banking system weighed on risk sentiment, driving investors into safe-haven assets.

Euro zone bond yields hit multi-month lows amid US, China trade tensions

ISLAMABAD: Pakistan and Vietnam&nbsp;on Tuesday&nbsp;agreed to start negotiations leading to a Preferential Trade Agreement (PTA), aiming to boost bilateral trade, investment, and economic cooperation between the two countries by the end of this year. The signing of the agreement to begin talks took place during the Pakistan-Vietnam Business Forum held in Islamabad. The session was co-chaired by Pakistan&rsquo;s Federal Minister for Commerce Jam Kamal Khan and Vietnam Minister of Industry and Trade Nguyễn Hồng Di&ecirc;n, according to a statement by Khan on his social media handle X. Jam Kamal Khan described the Vietnamese minister&#39;s visit as a sign of the two nations&rsquo; evolving economic partnership rooted in longstanding friendship and mutual respect.&nbsp; Minister highlighted that while progress was achieved in the bilateral trade between the two countries, it remained &ldquo;below its potential.&rdquo;&nbsp; He identified key sectors with potential for collaboration, including textiles, leather, pharmaceuticals, agriculture, food processing, fisheries, construction materials, and information technology. The signing of the joint statement on launching negotiations was hailed as historic, setting a structured timeline to conclude the agreement by year-end. The PTA will provide a comprehensive guideline to bolster market access, diversify trade baskets, and remove tariff and non-tariff barriers, the statement read.&nbsp; &ldquo;It is expected to foster a balanced and mutually beneficial trading partnership, boosting competitiveness and export potential for both countries&rdquo;, it said. The minister also encouraged the private sectors of both countries to see each other as long-term collaborators rather than short-term trading partners. According to the statement, he also invited Vietnamese investors to explore opportunities in Pakistan&rsquo;s Special Economic Zones (SEZs) for joint ventures, manufacturing partnerships, re-exporting, and people-to-people partnerships.&nbsp; Kamal highlighted the potential for cultural and religious tourism in Pakistan&rsquo;s Gandhara and Taxila civilizations, which are some of the world&#39;s sacred Buddhist heritage sites.&nbsp; Both sides are committed to enhancing connectivity through direct flights and visa facilitation to promote trade and tourism. The commerce minister concluded by stating that the signing represents the beginning of a new chapter in our bilateral relations &ndash; one defined by trust, mutual benefit, and shared prosperity. The Business Forum included several Pakistani federal ministers and senior officials alongside diplomats and business leaders from both countries.

Economy

The PTA launch at the Pakistan-Vietnam Business Forum in Islamabad signals deeper economic partnership, focusing on textiles, agriculture, technology, and connectivity, with commitments to balanced trade, investment, tourism, and cultural collaboration

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