Indian Search for an Afghanistan Corridor—Bypassing Pakistan

For decades, India’s access to Afghanistan has been shaped—more accurately, restricted—by geography and politics. A quick look at the regional map explains the dilemma, India shares no border with Afghanistan, and the only direct land pathway runs through Pakistan. But with Islamabad refusing transit to Indian goods, New Delhi has to explore alternative corridors. Over time, these alternatives have evolved from theoretical proposals into functioning routes that reduce Pakistan’s leverage and expand India’s strategic reach. To read details click https://shkazmipk.com/india-afghanistan-trade/

Trump-Mamdani Meeting: An Unexpected but Constructive Moment

In an unusually cordial Oval Office meeting, President Donald Trump and New York City Mayor-elect Zohran Mamdani set aside months of mutual criticism to explore areas of cooperation. The encounter between two ideologically opposite figures was striking not only for its substance but for its tone. Gone were the harsh labels and charged rhetoric. Instead, both men emphasized affordability, shared responsibility, and their mutual interest in seeing New York City thrive.

Trump, who had previously characterized Mamdani in stark ideological terms, repeatedly stepped in to shield the mayor-elect from adversarial questions. The president even joked about photo angles and urged reporters to acknowledge areas of agreement. Mamdani, for his part, maintained his positions while stressing that ideological differences should not impede work on the city’s urgent economic challenges.

For the 34-year-old mayor-elect, the meeting was politically advantageous. He demonstrated a willingness to engage constructively with the president without compromising on principle. Trump’s warm remarks — including saying he would feel comfortable living in New York under Mamdani — undercut months of attempts by critics to paint the mayor-elect as a radical threat. The optics alone blunted a central Republican attack line heading into the midterms.

Trump also gained from the interaction. By surprising observers with an affable, conciliatory tone, he created a media moment that highlighted his ability to find common ground across ideological lines. His focus on affordability resonated with voters who have long cited economic pressures as their top concern, and he capitalized on the contrast between expectations of conflict and the reality of cooperation.

The sharpest blow fell on GOP strategists and media voices who had sought to build a sustained anti-Mamdani narrative. Trump’s own comments deflated that effort in minutes, raising questions about the future viability of that messaging. Meanwhile, Mamdani’s media critics found their lines of attack weakened as Trump dismissed hostile framing during the press exchange.

Beyond the political theater, the meeting holds meaningful implications for New York. Trump’s earlier signals about potentially withholding federal funds now seem remote, and the prospects for coordination on affordability have improved. If both leaders maintain this pragmatic tone, New York City stands to benefit from a rare moment of cooperation at the highest levels.

In a polarized era, the encounter offered a refreshing reminder that dialogue — even between unlikely partners — can still yield positive outcomes for all involved.

PSX benchmark index closes the week almost flat

Pakistan Stock Exchange (PSX) remained volatile during the week ended on November 2025, driven by investor skepticism amid the ongoing deadlock between Pakistan and Afghanistan over peace talks. Sentiments were further dampened as the International Monetary Fund (IMF), in its Governance and Corruption Diagnostic (GCD) Assessment Report, disclosed the prevalence of massive corruption at all levels. The benchmark index inclined by 167 points during the week, up 0.1%WoW, to close at 162,103 points.

Market participation strengthened by 35.7%WoW with average daily traded volume rising to 1.3 billion shares, as compared to 0.9 billion shares in the prior week.

On the macroeconomic front, current account reported a deficit of US$112 million during October 2025, as compared to a surplus of US$296 million during the same period last year.

 IT exports for the month of October 2025 were reported at US$386 million, up 17%YoY, marking the highest-ever monthly level.

Foreign exchange reserves held by State Bank of Pakistan (SBP) held FX reserves increased by US$27 million to US$14.6 billion as of November 14, 2025.

AKD Securities foresees the momentum in the KSE-100 to continue given successful IMF Executive Board approval of the IMF’s second review, minimal flood impact and improved credit ratings by global agencies amid falling fixed income yields.

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

This outlook is supported by the lack of alternative investment avenues and the attractive valuation of local equities, with the KSE-100 index trading at a multiple of 7.6x offering a dividend yield of 6.8%.

The top picks of AKD Securities include MEBL, MCB, HBL, OGDC, PPL, PSO, FFC, ENGROH, LUCK, DGKC, FCCL, and INDU.

 

Pakistan Governance Crisis: IMF Has Only Stated the Obvious

The IMF’s Governance and Corruption Diagnostic Assessment is not a revelation; it is a mirror Pakistan’s ruling elites have avoided for decades. What the report exposes — institutional decay, unchecked discretion, opaque decision-making, and a culture of privilege — is neither new nor surprising. What is alarming is that Pakistan still requires an external lender to tell it what its own citizens have been shouting for years: corruption is not an aberration but the organizing principle of governance in this country.

The IMF’s findings cut through the official narratives of “reform”, “revival”, and “investment climate improvement”. At the heart of Pakistan’s economic paralysis lies a state captured by networks of political, bureaucratic, and business interests that thrive on informality and opacity. The tax system remains deliberately complex to create rent-seeking opportunities. SOEs continue bleeding because political appointees treat them as fiefdoms. The judiciary — hobbled by colonial-era laws — cannot enforce contracts, discouraging both investment and fair competition. And the powerful remain insulated from accountability through special exemptions, selective transparency, and politically driven discretion.

The IMF’s pointed reference to the Special Investment Facilitation Council is especially damning. By questioning its opaque functioning and the immunity granted to its officials, the report exposes the contradiction at the heart of Pakistan’s economic strategy: demanding investor confidence while institutionalizing unaccountable power. If the government had confidence in its own governance architecture, it would not have delayed publication of the report for months.

The Fund’s proposed reform agenda — transparency, parliamentary oversight of financial discretion, mandatory e-procurement, restructuring of anti-corruption bodies, and removal of preferential treatment — is basic housekeeping for any functioning state. Yet in Pakistan, these measures appear radical only because they directly threaten entrenched interests.

The tragedy is that Pakistan does not suffer from a lack of diagnosis; it suffers from a lack of will. Every governance failure highlighted in the GCDA has been documented for years, yet every government has chosen to preserve privilege over reform. The IMF can nudge, advise, and pressure — but it cannot manufacture political courage.

Pakistan’s elites may believe they can continue business as usual. The economy says otherwise. Time for denial is over.

Different Narratives on MBS Visit to the US

Saudi Crown Prince Mohammed bin Salman’s visit to the United States should have been a major diplomatic moment. Washington is reportedly seeking up to one trillion dollars in Saudi investment and is pushing to secure large-scale defence deals—developments that would ordinarily draw substantial media attention. Yet the muted coverage reveals a deeper divergence in narratives, shaped by political interests, historical biases, and selective framing within the US media.

American media reporting on the visit was surprisingly limited, and when it did appear, it was often filtered through familiar lenses. One reason lies in the highly polarized nature of US media, where influential lobbies and advocacy groups help shape editorial priorities.

Coverage of Middle Eastern leaders—especially from the Muslim world—tends to be influenced by domestic political calculations and long-standing geopolitical alliances. The result is not necessarily overt hostility but selective emphasis. In the case of the Crown Prince, this has meant that past allegations continue to overshadow the strategic dynamics of the visit.

A second dimension is the recurring focus on old controversies. Even as diplomatic relations between Washington and Riyadh have evolved substantially, parts of the US press remain firmly tied to earlier narratives.

Over the past several years, both countries have recalibrated their relationship, recognizing shared interests in energy stability, defence cooperation, and regional security. The Biden administration’s strategic engagement with Riyadh—especially in the face of global competition and shifting economic centers—underscores this recalibration. Yet certain media outlets still prioritize revisiting past accusations rather than analyzing the present-day stakes.

A third narrative thread centers on the Abraham Accords. Much of the American media continues to portray Saudi Arabia as the “missing link” in the normalization framework, framing Riyadh as hesitant or resistant. However, such portrayals often overlook the Kingdom’s stated position - normalization cannot move meaningfully forward without addressing Palestinian rights and a credible path to peace. This is not a rejectionist stance but one rooted in longstanding regional consensus. Oversimplifying it into reluctance ignores the political and moral considerations shaping Saudi policy.

What the muted media response fails to capture is the broader significance of the visit. The U.S. push for extensive Saudi investment—at a time of domestic economic uncertainty—reflects both economic urgency and geopolitical necessity. Saudi Arabia’s global profile is expanding, backed by deep financial reserves, ambitious economic reforms, and growing ties with China, South Asia, and emerging markets. For the U.S., maintaining strong ties with the world’s largest energy exporter remains strategically vital. For Saudi Arabia, diversifying partnerships does not mean distancing itself from Washington; rather, it reflects a more assertive, multi-vector foreign policy.

Ultimately, the contrasting narratives surrounding the Crown Prince’s visit say more about American media dynamics than about the visit itself. The gap between U.S. foreign-policy priorities and media portrayals highlights a persistent misalignment: domestic political framing often eclipses strategic realities. In this instance, the real story lies not in how the visit was covered—but in how much was left uncovered.

 

Two state solution requires a clear and serious path, says MBS

Saudi Crown Prince and Prime Minister Mohammed bin Salman on Tuesday reiterated the importance of establishing a clear and credible path toward a two-state solution, stressing the need for a defined plan to resolve the Palestinian issue.

Speaking at a joint press conference with US President Donald Trump at the White House, the Crown Prince said Saudi Arabia seeks peace for Palestinians, Israelis, and the wider region, noting that there is a lot of work underway with the United States.

He praised President Trump’s efforts to advance peace and underscored the vitality of the Saudi-US relationship, saying Riyadh will continue to work closely with Washington.

He added that while some had attempted to undermine ties between the two countries, Saudi Arabia remains committed to strengthening the relationship.

The Crown Prince described the partnership as deep and enduring saying. “We have worked together for many decades, and today marks a historic day for the future of our relationship.”

He also emphasized the importance of investing with the United States, calling it an important nation with a strong economy.

On economic cooperation, the Crown Prince announced that Saudi investments in the United States will rise to nearly US$1 trillion, saying the agreements signed on Tuesday represent the largest investment expansion in the history of the bilateral relationship.

He noted the strong demand to support and empower key sectors, adding that the Kingdom’s investments span multiple areas that connect Saudi Arabia with the United States.

Addressing regional issues, the Crown Prince said it would be positive for the region to reach a peace agreement with Iran.

He also highlighted the Kingdom’s long-term vision in adopting advanced technologies such as artificial intelligence.

For his part, President Trump welcomed the Crown Prince, describing him as a close friend and “an impressive man on every level” who enjoys great respect at the White House.

Trump also praised Custodian of the Two Holy Mosques King Salman, saying he had told the monarch that your son is truly exceptional.

Trump thanked Saudi Arabia for investing US$600 billion in the United States and expressed hope that the figure would reach US$1 trillion.

He said cooperation with the Kingdom would create new job opportunities and described the Saudi-US alliance as great and strategic.

Trump also announced that the United States will sell F-35 fighter jets to Saudi Arabia, calling the Kingdom a strong and important ally.

He added that the Crown Prince had played a significant role in strengthening ties with Syria and said he sees potential for a civilian nuclear agreement with Saudi Arabia.

“The relationship with Saudi Arabia is at its best,” Trump said, adding, “I love the Kingdom, and they love America. Saudi Arabia is a partner that believes in America’s success.”

 

No firm is immune if AI bubble bursts

According to Reuters, Alphabet Chief Executive Sundar Pichai said no company would be unscathed if the artificial intelligence boom collapses, as soaring valuations and heavy investment in the sector fuel concerns of a bubble.

Pichai said in an interview with the BBC published on Tuesday that the current wave of AI investment was an "extraordinary moment" but acknowledged "elements of irrationality" in the market, echoing warnings of "irrational exuberance" during the dotcom era.

There has also been much debate among analysts about whether AI valuations are sustainable.

Asked about how Google would cope with a potential bursting of a bubble, Pichai said he thought it could weather the storm but added, "I think no company is going to be immune, including us."

Alphabet shares have surged about 46% this year, as investors bet on its ability to compete with ChatGPT-maker OpenAI.

In the United States, concerns about lofty AI valuations have begun to weigh on broader markets, while British policymakers have also flagged bubble risks.

In September, Alphabet pledged 5 billion pounds over two years for UK AI infrastructure and research, including a new data centre and investment in DeepMind, its London-based AI lab.

Pichai also told the BBC in the interview conducted at Google's California headquarters that Google would begin training models in Britain, a move Prime Minister Keir Starmer hopes will bolster the country's ambition to be the world's third AI "superpower" after the United States and China.

Pichai also warned of the "immense" energy needs of AI and said Alphabet's net-zero targets would be delayed as it scales up computing power.