Cuba another victim of US imperialism

As blackouts stretch through the night and food prices rocket by the week, Cubans are once again being tested to the limits of endurance. The streets of Havana—still lined with vintage cars and colonial façades—have rarely looked more fragile. Power outages now last up to twelve hours, fuel lines snake around blocks, and the peso continues to plummet. For many, survival has become the nation’s only industry.

The US government’s latest squeeze—threatening tariffs on countries supplying Cuba with oil—tightens an economic chokehold that stretches back decades. The collapse of Venezuela’s oil support and Mexico’s recent withdrawal have left the island gasping. Washington’s strategy may aim to force change, but the immediate result is predictable: ordinary Cubans bearing the cost of geopolitical rivalry.

Yet this is not a story of sudden collapse; it is one of cumulative exhaustion. Cuba’s aging power grid has long teetered on failure, and its post-revolution economy—built on rationing and resilience—has been stretched to breaking point. Housewives like Yaite Verdecia say, “There’s no salary that can cope with this.” Taxi drivers who once saw electric vehicles as their future can no longer find power to charge them. Lines for food and fuel have become an inescapable part of daily life.

Despite everything, the streets remain largely silent. A mix of repression, fear, and fatigue has subdued public protest since the brief outburst of 2021. Millions have left the island since the pandemic, draining its energy and voice. Those who remain, like 71-year-old Mirta Trujillo, cling to faith rather than politics: “I’m not against my country... but I don’t want to die of hunger.”

Cuba’s crisis today is not only about oil, inflation, or blackouts—it is about hope running on empty. While US sanctions may claim to pressure the regime, these are instead breaking the backs of its people. After six decades of survival against the odds, Cuba’s lights may dim again, but its will to endure—worn thin and weary—still flickers in the dark.

PSX witnesses extreme volatility but benchmark index declines 2.6%WoW

Pakistan Stock Exchange (PSX) trended downward for most of the week before rebounding by 1,836 points, with the benchmark index shedding 4,992 points or 2.6%WoW to close at 184,174 points. The decline was triggered by State Bank of Pakistan (SBP) keeping policy rate unchanged at 10.5%, against market expectations. It was followed by heightened geopolitical tensions between US and Iran, and lower than expected results from FFC for the final quarter. However, sentiment was upturned as geopolitical tensions began to ease. Banking sector recorded second highest annual growth in deposits, ending the year at PKR37.4 trillion. Moreover, SBP reduced average Cash Reserve Requirement for banks from 6% to 5%, aimed at stipulating private sector credit growth.

Market participation strengthened marginally during the week by 3%WoW, with average daily trading volume to 1.40 billion shares, from 1.36 billion shares a week ago. Foreign exchange reserves held by (SBP) increased by US$13 million to US$16.1 billion as of Jan 23, 2026. PKR appreciated by 0.03%WoW against the greenback during the week to close the week at 279.77 PKR/ a US$.

Other major news flow during the week included: 1) GoP has set 5.1% GDP growth target for federal budget, 2) Brent crude nears six-month high on Iran attack concerns, 3) SBP revises GDP growth upward up to 4.75% for FY26, 4) IMF chief praises Pakistan’s reform push, and 5) Circular debt flow declines to PKR75 billion in 1HFY26.

Property, Jute, Vanaspati & Allied Industries, and Automobile Assembler were amongst the top performing sectors, while Fertilizer, Chemical, Insurance, Paper & Board, and Textile Spinning were amongst the laggards.

Major buying was recorded by Individuals and Foreigners with a net buy of US$25.7 million and US$17.8 million. Mutual Funds and Banks were the major sellers with net sell of US$22.7 million and US$11.8 million respectively.

Top performing scrips of the week were: JVDC, 2) SAZEW, KEL, MTL, and PPL, while top laggards included: GADT, HCAR, FFC, AICL, and LCI.

AKD securities foresees the positive momentum at PSX to continue on improving macros and continuous focus on reforms amid political stability.

The brokerage house anticipates the benchmark Index to reach 263,800 by end December 2026.

Investors’ sentiments are expected to improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

Our top picks of the brokerage house include: OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.

 

Which is stronger lobby in the United States? munition makers or oil producers

In Washington, power rarely announces itself openly. It works through campaign donations, revolving doors, think tanks, and carefully shaped narratives. Among the most influential forces shaping US foreign and economic policy, two lobbies stand out: 1) defence-industrial complex and 2) fossil fuel industry. Both command enormous resources. Both influence war, peace, and prosperity. Yet when measured in reach, consistency, and policy outcomes, America’s arms manufacturers increasingly overshadow even Big Oil.

The oil lobby was once unrivalled. For decades, US foreign policy in the Middle East revolved around energy security. Oil giants funded campaigns, shaped environmental regulations, and enjoyed privileged access to policymakers. While they remain powerful—especially in blocking aggressive climate legislation—their dominance has gradually eroded. The rise of renewable energy, ESG pressures, and growing public awareness of climate change have constrained their room for manoeuvre. Oil companies now often find themselves playing defence.

The munition lobby, by contrast, is in expansion mode.

America’s major arms manufacturers—Lockheed Martin, Raytheon, Northrop Grumman, Boeing Defence, and General Dynamics—operate at the intersection of geopolitics and profit. Their influence is amplified by a permanent state of conflict or perceived threat. From Ukraine to Gaza, from Taiwan to the Persian Gulf, every escalation translates into fresh contracts, replenishment orders, and higher stock prices.

Unlike oil producers, defence firms benefit directly from instability. War is not a side effect of their business; it is their business model.

Their leverage rests on three pillars: 1) Defence contractors consistently rank among the largest donors to congressional campaigns, particularly to members of key committees overseeing defence spending. 2) Retired generals become board members, former Pentagon officials turn lobbyists, and corporate executives cycle into government roles. 3) Arms factories are spread across dozens of states, allowing lawmakers to justify military budgets as job protection rather than militarism.

This creates a self-reinforcing ecosystem. Threats are magnified. Military budgets grow almost automatically. Diplomatic options are sidelined, while weapon shipments become default policy tools.

Oil companies still shape energy policy, but they no longer dictate America’s strategic posture, defence firms do. Today, it is the arms industry that frames adversaries, defines security priorities, and normalizes trillion-dollar defence budgets with minimal scrutiny.

The implications are profound. A system driven by munition profits naturally gravitates toward confrontation. Peace becomes economically inconvenient.

If the oil lobby once pulled America into wars to secure energy routes, the munition lobby now sustains conflicts to secure revenue streams. That is a far more dangerous evolution—because it embeds war into the structure of governance itself.

The uncomfortable conclusion is this: in today’s United States, bullets carry more political weight than barrels.

Election or Selection in the United States?

The United States projects itself as the world’s leading democracy, promoting its political model while judging others against it. Yet a closer look at how power operates in Washington raises an uncomfortable question: does America still practice genuine elections, or has it quietly shifted toward managed selection?

Americans vote, campaigns are televised, and results are certified. But democracy is not merely about procedure—it is about meaningful choice. And that choice is shaped long before Election Day.

Today, candidates pass through an ecosystem dominated by money, lobbying, and media influence. Corporate donors, defence contractors, energy giants, and financial institutions determine who receives funding, visibility, and institutional backing. Those who challenge entrenched interests rarely survive primaries, while outsiders are systematically marginalized. By the time voters reach polling booths, the menu has already been curated.

This is where selection replaces election.

Campaigns now cost billions. Such sums cannot be raised without compromising political independence. Elected officials emerge indebted to donors rather than constituents. The revolving door between Congress, corporate boardrooms, and federal agencies further blurs the line between public service and private profit. Policy continuity across administrations—regardless of party—reveals where real power lies.

Foreign policy offers the clearest evidence. Presidents change, but wars persist. Military budgets expand almost automatically. Arms shipments grow. Sanctions multiply. Whether Democrat or Republican, Washington remains committed to confrontation-first strategies. This consistency reflects the priorities of powerful lobbies, particularly the defence industry, which profits directly from instability.

Domestic policy tells a similar story. Despite strong public support for healthcare reform, student debt relief, and financial regulation, progress remains limited. Meanwhile, defence spending and corporate advantages pass with remarkable ease. Popular will is routinely overridden by institutional inertia and corporate pressure.

Media consolidation deepens the problem. A handful of corporations shape national discourse, narrowing debate and manufacturing consent. Candidates who question militarism or corporate dominance receive limited coverage, while establishment figures dominate airtime.

To be clear, the United States is not a dictatorship. Elections occur, courts function, and civil liberties exist. But democracy has become conditional—operating within boundaries set by moneyed interests. Citizens vote, yet rarely determine strategic direction. That privilege belongs to donors, lobbyists, and unelected power centers.

The result is a managed democracy - ballots provide legitimacy, while selection ensures continuity. Until money is removed from politics and lobbying is meaningfully restrained, “government of the people” will remain more slogan than reality.

Muslim World at a Crossroads: OIC Must Act Before Iran Becomes the Next Battlefield

President Donald Trump’s increasingly belligerent rhetoric toward Iran should ring alarm bells across the Muslim world. Since Washington tightened its grip on Venezuela—effectively neutralizing its oil exports and political sovereignty—the White House’s tone on Tehran has grown markedly harsher. Today, threats of regime change, military strikes, and even targeted assassinations of Iran’s top clergy are being voiced with unsettling openness.

This trajectory is neither accidental nor unprecedented.

Recent Israeli and US operations against Iran succeeded largely because of access to regional airspace and ground facilities provided by neighboring Muslim countries. That cooperation—whether voluntary or extracted under pressure—proved decisive. There is little reason to believe the next phase, should it materialize, would be any different. On the contrary, Washington is almost certainly weighing which regional capitals might again be persuaded, coerced, or compelled to facilitate action against Tehran.

Herein lies the collective failure of Muslim leadership.

Individually, many states lack the political or economic resilience to withstand sustained US pressure. Collectively they possess enormous diplomatic weight, energy leverage, and strategic relevance. Yet this collective strength remains largely untapped, diluted by divisions and bilateral calculations.

This is precisely why the Organization of Islamic Cooperation (OIC) must immediately convene an emergency summit.

Such a meeting should not be symbolic. It must produce a clear, unified resolution rejecting any military action against Iran and warning against the use of Muslim territories, airspace, or infrastructure for attacks on a fellow Muslim nation. Silence or ambiguity will be interpreted as consent.

Muslim rulers must also confront a sobering reality: Iran is not the endgame. Washington’s broader strategy has long revolved around reshaping political landscapes in energy-rich Muslim countries, often replacing sovereign governments with compliant “puppet” regimes. Iraq, Libya, and Afghanistan offer painful reminders of how external intervention leaves behind fractured societies and enduring instability.

The argument here is not about endorsing Iran’s policies. It is about safeguarding regional sovereignty and preventing yet another war that would devastate Muslim populations while serving external geopolitical interests.

History will judge today’s leaders by whether they chose unity over expediency.

If the Muslim world fails to draw a firm collective line now, it risks becoming a revolving battlefield—one country at a time. An emergency OIC meeting is not merely desirable; it is an urgent strategic necessity.

China-India rapprochement not a good omen for United States

President Xi Jinping’s description of China and India as “good neighbours, friends and partners” may sound ceremonial, but the timing and context carry far greater geopolitical weight. His Republic Day message to Indian President Droupadi Murmu signals more than diplomatic courtesy. It reflects a calculated recalibration in Asia—one that should deeply concern Washington.

After years of tension following the deadly 2020 Himalayan clash, Beijing and New Delhi are quietly rebuilding bridges. The resumption of direct flights in 2025, expanding trade ties, and a series of high-level visits suggest both sides are determined to move beyond confrontation. Xi’s evocative metaphor of the “dragon and the elephant dancing together” underscores a strategic reality: Asia’s two largest powers are rediscovering the value of coexistence.

For the United States, this rapprochement is not a welcome development.

Washington has invested heavily in positioning India as a counterweight to China through frameworks such as the Quad and broader Indo-Pacific strategy. A warming China–India relationship weakens this pillar. If New Delhi chooses pragmatism over alignment, America’s carefully constructed containment architecture in Asia begins to fray.

More importantly, the implications extend far beyond South Asia.

A coordinated or even cooperative China–India posture diminishes US leverage across the wider Global South. Both countries are major energy consumers, influential voices in BRICS, and key stakeholders in Middle Eastern stability. As their economic and diplomatic coordination deepens, Washington risks losing its ability to shape outcomes from Tehran to Riyadh.

Weakening US hegemony in South Asia will also loosen America’s grip on the Middle East.

This is not theoretical. China already brokers regional diplomacy, from Saudi–Iran reconciliation to infrastructure investments under the Belt and Road Initiative. India maintains historic ties with Gulf states while steadily expanding its economic footprint. Together, they offer regional actors alternatives to Western security and financial systems—precisely at a time when US foreign policy under President Donald Trump appears increasingly transactional and unpredictable.

To be sure, structural mistrust remains between Beijing and New Delhi. Their 3,800-kilometre disputed border is still heavily militarized, and strategic competition has not vanished. Yet both sides now seem willing to manage disputes rather than weaponize them.

That pragmatism carries consequences.

A stable China–India equation accelerates the shift toward a multipolar order, reducing Washington’s ability to divide and influence Asian powers. For the United States, the message is clear: when the dragon and the elephant learn to dance, America no longer leads the orchestra.

The emerging alignment may be fragile—but even a cautious rapprochement marks another step away from US-centric global dominance.

PSX benchmark index closed at an all-time high of 189,167

Pakistan Stock Exchange continued upward movement during the week, with benchmark index gaining 4,068 points or 2.2% WoW to close at an all-time high of 189,167 on Friday, January 24, 2026. Market participation also improved by 8.7%WoW, with average daily trading volume rising to 1.3 billion shares, as compared to 1.2 billion shares in the prior week.

Momentum was supported by easing geopolitical tensions and a decline in T-Bill yields to single-digit levels for the first time in four years.

Moreover, positive economic partnerships with China, US, Britain and Saudi Arabia are expected to further boost Pakistan’s economy.

On the macroeconomic front, current account deficit was recorded at US$244 million for December 2025, while FDI outflows were recorded at US$135 million.

Power generation rose 8.8%YoY at December end, while IT sector recorded highest ever monthly exports of US$437 million, up 26%YoY.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased by US$16 million to US$16.1 billion as of January 16, 3026, as a result PKR appreciated against the greenback during the week, closing the week at 279.86 PKR/ US$.

Other major news flow during the week included: 1) Pakistan, China sign US$4.5 billion farm deals, boosting jobs and food supply, 2) Pakistan signs Trump-led Board of Peace charter, 3) GoP working on proposals to reduce industrial power tariff, 4) Pakistan-Philippines can boost pharma trade to US$1 billion, and 5) Foreign firms repatriate US$1.6 billion during 1HFY26.

Refinery, Fertilizer, Leather & Tanneries, Insurance, Property were amongst the top performing sectors, while Transport, Jute, Woollen, Technology & Communication, and Engineering were amongst the laggards.

Major buying was recorded by Mutual Funds and Individuals with a net buy of US$22.1 million and US$11.5 million, respectively. Foreigners and Companies were major sellers with net sell of US$21.1 million and US$10.4 million.

Top performing scrips of the week were: AICL, ATRL, FATIMA, SAZEW, and ENGROH, while laggards included: PIOC, KTML, TGL, SYS, and PAEL.

AKD Securities foresees the positive momentum at PSX to continue due to further monetary easing driven by improving external account position and continuous focus on reforms amid political stability.

The brokerage house anticipates the benchmark index to rise to 263,800 by end December 2026.

Investors’ sentiments are expected to improve on the likelihood of foreign portfolio and direct investment flows, driven by improved relations with the United States and Saudi Arabia.

Top picks of the brokerage house are:  OGDC, PPL, UBL, MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.