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Pakistan repays $500m Eurobond on time, meets all obligations | The Express Tribune

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Pakistan repays 0m Eurobond on time, meets all obligations | The Express Tribune


Pakistan has successfully repaid its $500 million International Bond (Eurobond) that matured on September 30, 2025, in line with all its obligations.

Advisor to the Finance Minister Khurram Schehzad announced on X on Wednesday that the Eurobond, issued in 2015 to global investors with a 10-year tenor, was settled on time.

“This repayment reflects Pakistan’s ability and determination to honor its international obligations on schedule,” Schehzad said. “What makes it even more significant is that it comes at a time of improving fundamentals and investor sentiment.”

The announcement comes against the backdrop of recent gains in Pakistan’s economic indicators. External buffers and liquidity have strengthened, sovereign ratings have been upgraded, and investor confidence has picked up — with Pakistan’s bonds trading at a premium in recent months.

Read: Rating upgrade sparks Eurobond rally

Debt sustainability metrics have also improved. Pakistan’s debt-to-GDP ratio has declined from 77 per cent in FY20 to 70 per cent in FY25. The share of external debt in total public debt has fallen from 38pc to 32pc, reducing foreign exchange vulnerabilities. Debt growth has also moderated sharply in FY25 compared to earlier years.

Looking ahead, Pakistan is better positioned to re-enter international markets. “Easing global borrowing costs, coupled with stronger fundamentals, give Pakistan room to access capital on more competitive terms and build a more sustainable debt profile,” Schehzad added.

Pakistan’s international bonds have been on an upward trajectory in recent months, aided by improving macroeconomic fundamentals. Following Standard & Poor’s upgrade of Pakistan’s sovereign credit rating to ‘B-‘ with a stable outlook in July 2025, bonds across the yield curve witnessed strong gains, with longer-tenor instruments rallying sharply. The 30-year bond maturing in 2051 rose over 10% month-to-date, while shorter maturities, including the 2025 and 2026 bonds, also edged higher.

Investor confidence has remained resilient even during periods of geopolitical tension. In May 2025, Pakistan’s Eurobond and Sukuk prices posted notable gains despite Indo-Pak escalation, as yields declined by up to 61 basis points across tenors. Analysts attributed this to IMF programme progress, improved foreign reserves, and controlled inflation, which reduced default risk and attracted global investors.

Read More: Global bonds rally despite Indo-Pak escalation

The momentum in global debt markets has been building since 2023. Pakistan’s international bonds more than doubled in value after securing a $3 billion IMF bailout in June 2023, with investors expressing renewed confidence in reforms and the government’s ability to service its debt. Analysts noted that the sharp rally in Eurobonds and Sukuks was driven by fiscal consolidation, current account improvements, and exchange rate stability.





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Major UK supermarket to stop selling mackerel in coming weeks

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Major UK supermarket to stop selling mackerel in coming weeks


Waitrose is set to remove mackerel from its shelves amid escalating concerns over unsustainable fishing practices.

The retailer said that it is the first major UK supermarket to suspend sourcing of the popular fish.

It said that fresh, chilled, and frozen mackerel, primarily sourced from Scottish waters, will be unavailable to shoppers by 29 April. Tinned varieties will follow once the current stock is depleted.

Conservationists are welcoming the move and urging other supermarkets to follow suit.

The measure comes as governments have repeatedly failed to implement catch limits recommended by scientists, jeopardising the long-term viability of mackerel stocks.

The International Council for Exploration of the Sea (ICES) has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels.

With the stock consistently fished above sustainable thresholds, this translates to a 77 per cent cut on the 755,143 tonnes scientists estimated would be caught in 2025.

Mackerel’s sustainability rating has worsened in the face of overfishing (Alamy/PA)

Overfishing has resulted in depleting mackerel stocks in the north-east Atlantic, with Ices saying the species, and the wider fishing industry, could face long-term risks unless countries stick to recommended catch limits.

Waitrose said the decision in December by four of the coastal states which fish mackerel to cut catches by 48 per cent was a step forward, but did not meet Ices advice.

North-east Atlantic mackerel will no longer meet the supermarket’s responsible sourcing requirements in line with the Sustainable Seafood Coalition codes of conduct, the retailer said.

Jake Pickering, head of agriculture, aquaculture and fisheries at Waitrose, said: “By suspending sourcing of mackerel at Waitrose we are reinforcing our ethical and sustainable business commitments, acting to tackle overfishing and protect the long-term health of our oceans and this crucial fish.

“Our customers trust us to source responsibly, and we are closely monitoring the fishery.

“We look forward to bringing mackerel back to our shelves once it meets our high sourcing standards.”

As alternatives, Waitrose is launching a new range of fish products including hot smoked herring, hot smoked peppered herring and hot smoked sweetcure seabass, all of which are Marine Stewardship Council (MSC) certified.

The retailer said it would also introduce MSC-certified frozen sardines from May as a sustainable replacement for frozen mackerel, and plans to become the first retailer to sell 100 per cent MSC tinned sardines.

Waitrose said it would maintain its relationship with its mackerel suppliers and its new supply of herring, seabass, sardines and trout will be sourced through current supplier partnerships.

But there is currently no predetermined time-frame as to when Waitrose will start sourcing mackerel again.

The International Council for Exploration of the Sea has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels

The International Council for Exploration of the Sea has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels (Alamy/PA)

Marija Rompani, director of ethics and sustainability at the John Lewis Partnership, said: “We believe sustainable food production must balance climate action, nature protection and responsible fish sourcing is fundamental to protecting our oceans.

“We will continue to work closely with suppliers and industry partners to support the recovery and responsible management of fish stocks.”

Charles Clover, co-founder of conservation charity Blue Marine Foundation, said mackerel – one of the largest remaining commercial fish stocks in the north-east Atlantic – had declined 75 per cent in the last 10 years because fishing nations, including the UK, had overfished it.

“They have put too little effort into the task of reaching agreement on a sharing arrangement – and some countries have been awarding themselves more quota than is justified by science,” he said.

“This crisis has been ignored for too long.

“We hope that this action by Waitrose sends it to the top of the political agenda. We call on other retailers to follow Waitrose’s example.”



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If Your Salary Never Lasts Till Month-End, These 5 Mistakes Might Be Why

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If Your Salary Never Lasts Till Month-End, These 5 Mistakes Might Be Why




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Rolls-Royce profits soar after major UK and US defence orders

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Rolls-Royce profits soar after major UK and US defence orders


Rolls-Royce has announced a significant surge in its annual profit, climbing by £1 billion, alongside an upgraded financial outlook for the coming years.

The engineering powerhouse attributed this robust performance to substantial military aircraft orders and burgeoning demand for powering data centres.

The company reported an underlying operating profit of £3.5 billion for 2025, marking a 40 per cent increase from the £2.5 billion achieved in the previous year.

Underlying revenues also surpassed £20 billion over the period, representing approximately a tenth’s rise compared to 2024.

This impressive growth was fuelled by strong profit and sales across its civil aerospace, defence, and power divisions.

Rolls-Royce highlighted particularly strong demand for its defence products, securing major orders throughout 2025. The firm stated its various business units are well-positioned to capitalise on “key global trends” in the years ahead.

Rolls-Royce has revealed its annual profit surged by £1 billion and upgraded its outlook for the years ahead (Paul Ellis/PA)

This included contracts worth more than £1.5 billion with the UK’s Ministry of Defence and the US’s Department of War for EJ200 and AE 2100 engines to power military aircraft.

New orders for the Eurofighter aircraft engines from Italy, Germany and Spain, as well as export agreements from Turkey, will drive production into the 2030s, it said.

Furthermore, Rolls-Royce said it was benefiting from growing demand for power generation, driven by data centres with revenues up by more than a third.

Rolls-Royce said it was now expecting underlying operating profits to increase to between £4.9 billion and £5.2 billion by 2028 following the strengthened financial performance in 2025.

This is significantly higher than the £3.6 billion to £3.9 billion range that it had previously been targeting.

Chief executive Tufan Erginbilgic said growth would not have been possible “before our transformation”, with the business making £600 million worth of cost savings since 2022.

Rolls-Royce said it was now expecting underlying operating profits to increase to between £4.9 billion and £5.2 billion by 2028 following the strengthened financial performance in 2025

Rolls-Royce said it was now expecting underlying operating profits to increase to between £4.9 billion and £5.2 billion by 2028 following the strengthened financial performance in 2025 (REUTERS)

“With our new capabilities and mindset, we have navigated challenges from supply chain to tariffs, and delivered a strong performance in 2025, all while we built the foundations for significant growth for years to come,” he said.

“Based on our 2026 guidance, we expect to deliver underlying operating profit within the prior mid-term guidance range two years earlier than planned.

“Beyond the mid-term we continue to see significant growth from existing businesses as well as from new business opportunities.”



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