United States lawmakers have written to Andrew, Britain’s disgraced former prince, requesting that he sit for a formal interview about his friendship with convicted sex offender Jeffrey Epstein, a day after King Charles III formally stripped his younger brother of his royal titles.
Separately, a secluded desert ranch where Epstein once entertained guests is coming under renewed scrutiny in the US state of New Mexico, with two state legislators proposing a “truth commission” to uncover the full extent of the financier’s crimes there.
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On Thursday, 16 Democratic Party members of Congress signed a letter addressed to “Mr Mountbatten Windsor”, as Andrew is now known, to participate in a “transcribed interview” with the US House of Representatives oversight committee’s investigation into Epstein.
“The committee is seeking to uncover the identities of Mr Epstein’s co-conspirators and enablers and to understand the full extent of his criminal operations,” the letter read.
“Well-documented allegations against you, along with your longstanding friendship with Mr Epstein, indicate that you may possess knowledge of his activities relevant to our investigation,” it added.
The letter asked Andrew to respond by November 20.
The US Congress has no power to compel testimony from foreigners, making it unlikely Andrew will give evidence.
The letter will be another unwelcome development for the disgraced former prince after a turbulent few weeks.
On October 30, Buckingham Palace said King Charles had “initiated a formal process” to revoke Andrew’s royal status after weeks of pressure to act over his relationship with Epstein – who took his own life in prison in 2019 while facing sex trafficking charges.
The rare move to strip a British prince or princess of their title – last taken in 1919 after Prince Ernest Augustus sided with Germany during World War I – also meant that Andrew was evicted from his lavish Royal Lodge mansion in Windsor and moved into “private accommodation”.
King Charles formally made the changes with an announcement published on Wednesday in The Gazette – the United Kingdom’s official public record – saying Andrew “shall no longer be entitled to hold and enjoy the style, title or attribute of ‘Royal Highness’ and the titular dignity of ‘Prince’”.
Andrew surrendered his use of the title Duke of York earlier in October following new abuse allegations from his accuser, Virginia Roberts Giuffre, in her posthumous memoir, which hit shelves last month.
The Democrat lawmakers referenced Giuffre’s memoir in their letter, specifically claims that she feared “retaliation if she made allegations against” Andrew, and that he had asked his personal protection officer to “dig up dirt” on his accuser for a smear campaign in 2011.
“This fear of retaliation has been a persistent obstacle to many of those who were victimised in their fight for justice,” the letter said. “In addition to Mr. Epstein’s crimes, we are investigating any such efforts to silence, intimidate, or threaten victims.”
Giuffre, who alleges that Epstein trafficked her to have sex with Andrew on three occasions, twice when she was just 17, took her own life in Australia in April.
In 2022, Andrew paid Giuffre a multimillion-pound settlement to resolve a civil lawsuit she had levelled against him. Andrew denied the allegations, and he has not been charged with any crime.
Jeffrey Epstein’s Zorro Ranch as seen on July 8, 2019 [KRQE via AP Photo]
On Thursday, Democratic lawmakers also turned the spotlight on Zorro Ranch, proposing to the House of Representatives’ Courts, Corrections and Justice Interim Committee that a commission be created to investigate alleged crimes against young girls at the New Mexico property, which Epstein purchased in 1993.
State Representative Andrea Romero said several survivors of Epstein’s abuse have signalled that sex trafficking activity extended to the secluded desert ranch with a hilltop mansion and private runway in Stanley, about 56 kilometres (35 miles) south of the state capital, Santa Fe.
“This commission will specifically seek the truth about what officials knew, how crimes were unreported or reported, and how the state can ensure that this essentially never happens again,” Romero told a panel of legislators.
“There’s no complete record of what occurred,” she said.
Representative Marianna Anaya, presenting to the committee alongside Romero, said state authorities missed several opportunities over decades to stop Epstein.
“Even after all these years, you know, there are still questions of New Mexico’s role as a state, our roles in terms of oversight and accountability for the survivors who are harmed,” she said.
New Mexico laws allowed Epstein to avoid registering locally as a sex offender long after he was required to register in Florida, where he was convicted of soliciting a minor for prostitution in 2008.
Republican Representative Andrea Reeb said she believed New Mexicans “have a right to know what happened at this ranch” and she didn’t feel the commission was going to be a “big political thing”.
To move forward, approval will be needed from the state House when the legislature convenes in January.
Move comes after Betssy Chavez, who is on trial on coup charges, fled to the Mexican Embassy in Peru.
Published On 4 Nov 20254 Nov 2025
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Peru has severed diplomatic relations with Mexico after accusing it of granting asylum to a former Peruvian prime minister who is on trial over an alleged coup attempt in 2022.
The announcement on Monday came hours after former Prime Minister Betssy Chavez – who served under former President Pedro Castillo – fled to the Mexican Embassy in Peru.
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“Today we learned with surprise and deep regret that Betssy Chavez, the alleged co-author of the coup attempt by former President Pedro Castillo, is being granted asylum at the Mexican Embassy residence in Peru,” Minister of Foreign Affairs Hugo de Zela told a news conference.
“Given this unfriendly act, and considering the repeated instances in which the current and former presidents of that country have interfered in Peru’s internal affairs, the Peruvian government has decided to sever diplomatic relations with Mexico today,” he added.
There was no immediate comment from Mexico.
Chavez’s lawyer, Raul Noblecilla, told local radio station RPP that he had not heard from his client in several days and was unaware of whether she had requested asylum.
Chavez, who served in Castillo’s cabinet as Minister of Culture, was appointed as prime minister in November 2022 amid a months-long standoff between the president and the Congress.
Castillo – a former rural schoolteacher and trade unionist, dubbed Peru’s “first poor president” – was impeached by lawmakers the following month when he attempted to dissolve the Congress.
Relations between Lima and Mexico deteriorated sharply afterwards.
Following his impeachment, Castillo was on his way to the Mexican embassy in Lima to request asylum when he was arrested and charged with rebellion and abuse of authority.
Chavez was charged alongside him.
In December 2022, Peru expelled Mexico’s ambassador after Mexico granted asylum to Castillo’s wife and children.
Castillo’s successor, then-President Dina Boluarte, also temporarily recalled Peru’s ambassador to Mexico City in February 2023, accusing then-left-wing president Andres Manuel Lopez Obrador of meddling in her country’s affairs for expressing support for Castillo.
The former president and Chavez went on trial in March of this year.
While Castillo has been in preventive custody since his impeachment, Chavez was released on bail in September.
Prosecutors had sought a 25-year term for Chavez for allegedly participating in Castillo’s plan to dissolve Congress.
THE once chart-topping boyband is said to have cut all final ties following a long-running secret divide, years of silence and bitter behind-the-scenes fallouts.
The Wanted shocked fans after they split in January 2014 to ‘pursue personal endeavours’Credit: GettyThey briefly reunited in 2021 for a charity concert in Tom’s honour, but old wounds have reopenedCredit: GettyNow, only some of them are on speaking terms, and one band member reveals why they will never sing together againCredit: Getty Images – Getty
The platinum-selling group were behind hit songs such as “Glad You Came”, “All Time Low” and “Chasing the Sun” before they disbanded.
They briefly reunited in 2021 for a charity concert in Tom’s honour, but old wounds have reopened – and some members are said to no longer be on speaking terms.
Insiders claimed friendships “never fully healed” after the band’s initial breakup, with egos, solo projects and clashing personalities driving a deeper wedge between the lads.
The break up
The Wanted announced they were to split in January 2014 to “pursue personal endeavours” after completing their upcoming ‘Word of Mouth Tour’.
In a statement posted on their website, the band said: “The Wanted are pleased to announce the release of their new video and single ‘Glow In The Dark’ taken from their November release ‘Word of Mouth’.
“They are very excited to perform ‘Glow In The Dark’ along with their smash singles ‘I Found You’, ‘Chasing The Sun’, and ‘Glad You Came’, amongst others for their fans on their upcoming ‘Word of Mouth Tour’.
“This tour will be their last for a while as Tom, Max, Jay, Siva and Nathan have collectively decided to take time to pursue personal endeavours following the tour’s conclusion.
“The band wants to stress to their fans that they will continue on as The Wanted and look forward to many successful projects together in the future.
“They thank their fans for their continued love and support and look forward to seeing them on tour.”
‘Very difficult conversations’
Although their official statement claimed they’d “continue on as The Wanted,” Max later revealed that simmering tensions and clashing ambitions had secretly driven the group apart.
Max admitted: “Over the past year, there has been a lot of tension. Our personal lives drove us apart – things started to happen and we were drifting. We used to be such a brotherly pact, but it started to feel like it wasn’t The Wanted anymore.”
He went on to confess that he and bandmate Nathan were the ones who pushed for the split – despite protests from the others.
“We had a very difficult conversation,” Max said. “Our manager Scooter Braun asked us who would want to take a step out after and try to do their own thing. Me and Nathan both said we have other ambitions.”
Both singers went on to be represented by Braun – with Nathan briefly finding solo success (and headlines) thanks to a short-lived PR romance with Ariana Grande, while Max landed a role on Glee.
But behind the scenes, the duo’s diverging paths reportedly caused even more tension within the group.
Siva hits out at Max
Siva hit back at bandmate Max after The Wanted split, slamming his comments about “personal relationships causing issues” as “untrue and very unfair.”
Speaking out in an interview, Siva instead blamed their E! reality show The Wanted Life for sparking tension within the group.
He said: “I think from doing the TV show we all kind of knew where we stood and from that I felt like there was some sense of… I felt like it was every man for himself looking back on when the show aired.
“I’ve never been that way and I’d never actually seen it before until I looked back at the show. I think that is where we lost the team element and from there it kind of just went.”
The boys gave fans an insight into their golden years in the E! reality show The Wanted LifeCredit: YouTubeThe Wanted Life saw the boyband living it up on tourCredit: YouTubeNathan has openly talked about falling out with co-stars Siva and Max in the pastCredit: YouTube
Despite the rift, Siva said he wanted to find common ground with Max, adding: “Aside from the drama with Max, I’m going to talk to him to find a way forward and be adults about it.
“All of us boys are like brothers, it’s all I’ve ever known and we’re going on tour together.
“I think we’re just going to be professional with each other and give the fans a good show – because it’s all about the fans at the end of the day.”
Nathan cutting ties
In 2016, Nathan admitted he wasn’t talking to Siva or Max anymore.
Nathan told Yahoo: “I still class Jay [McGuiness] as a really good friend. He’s a really nice person. And Tom [Parker], I’m not so sure about where the others are at but I’m sure they are very busy and very happy.”
However, Nathan admitted that if everyone was on board with a reunion, he would be happy to have a “conversation” about it.
He said: “Obviously, I am very focused on my solo career at the moment, so I haven’t thought about the band ever getting back together, but you never know what is going to happen in the future.
“If there was an opportunity and everyone wanted to, it’s a conversation, but if everyone is still happy doing their own thing, then I think everyone will just be happy to continue as they are.”
Meanwhile, Siva was living in Los Angeles, attempting to crack Hollywood.
His illness brought the group back together, reuniting them publicly in October that year.
Reflecting on the reunion, Max said: “I think I speak on behalf of everyone, in the time away from it, it gave me time to reflect and appreciate what we’d achieved and how good our music actually was.
“Because at the time we were doing it, it was so packed in that we didn’t get to really appreciate how much we enjoyed each other’s company or how good our music was because… like, every day, it was all a bit mad.”
Jay added: “Even when we were under so much pressure and we’d be squabbling and whatever was going on, we always had fun, we were always very down to earth. But really,” he continued on a more serious note, “time helps a lot. And all of our perspective has changed.
“We are grateful, we’re the boy band that walk into the room and are, like, ‘I’m just happy to be here.’ Back in the day, Max has said this a few times, we wanted a number-one after number-one because we’d had that, and we felt terrible when we didn’t get that. And when five young men have that sort of ambition, it can get really tense.”
Jay said he believes the group reunion proved they could finally let bygones be bygones and simply enjoy being together again.
“There was a moment where I thought I was going to break down and have a meltdown,” Tom admitted.
“But the boys just comforted me… It was just an emotional night all around, even for the whole day and stuff. And just walking into the venue – we had never played the Royal Albert Hall before, when we played all around the world.”
He added: “There’s just something beautifully special about it.”
The Wanted’s greatest hits include ‘Chasing the Sun’ and ‘Walks Like Rihanna’Credit: Alamy
Max and Siva tour
The Wanted fans were left baffled in May 2024 after Max announced he was heading on tour with just one of his bandmates.
The Strictly Come Dancing star revealed he would be touring alongside Siva – but without Jay or Nathan.
Before the tour, Max told fans: “Myself and Siva can’t wait for this! Our first time in India… dream come true!”
Fans were quick to question the absence of Jay and Nathan – sparking fears the original line-up had officially fallen apart.
It later emerged that Jay would be performing in 2:22 A Ghost Story in Dublin, while Nathan is thought to be focusing on new music.
The shows marked the first time members of the group have performed since the tragic death of bandmate Tom.
The divide
The band have openly admitted there was a clear divide during their heyday – with Max and Tom on one side, and the others forming their own group.
Max and Siva even confessed they never imagined they’d end up touring as a duo when The Wanted went on hiatus in 2014, admitting they “weren’t the closest” and barely spent time together off stage.
Max said: “I’m not going to lie, if you’d said to us 10 years ago that it’d be me and Siva doing this together we’d be like no, never.
Siva agreed: “Max was with Tom, I was with Nathan and Jay.”
Max continued: “Apart from working, we didn’t spend any time together, so I feel like I’ve got to know Siva more in the last year than in the whole 10 before it.
Reflecting on Jay and Nathan’s decision not to rejoin the group, Max added: “We had lots of conversations with the other boys and each other.
“The other boys are so happy doing what they’re doing and they’re really focused on their lives and their careers.
Siva added: “We missed being in the band… we really wanted to get back on stage.”
Future reunion?
Earlier this year, Nathan told The Sun they would never get back together – as the band “will only ever be a five-piece.”
Nathan, Tom, Max, Siva and Jay reunited for a greatest hits album and one-off show in 2021, which was followed by a tour in early 2022, ending just two weeks before Tom’s passing.
Speaking about the emotional concerts, Nathan said: “Obviously, you’d give anything for it not to have happened.
“But, equally, I’m so grateful that we were able to have that time, given that it did happen.
“It was just such a special time and the reception that he got every night, he really felt it. And it meant so much to him that he could do that.
“He was desperate to do that tour. There were tough moments, but we were having some of our fondest memories with Tom over that time.
While Max and Siva toured as The Wanted 2.0 – a four-piece reunion with Nathan and Jay seems out of the question.
Nathan said: “I’m really happy for them. They get a lot of enjoyment in performing the music and they see it as a tribute to Tom.
“Whereas Jay and I’s approach to it is that there’s a lot of emotion attached to that still. And I think we would find that really difficult.
“It’s just two different approaches and neither one is wrong. I think it’s really difficult imagining The Wanted as a four-piece because The Wanted has been and will only ever be a five-piece.
“It’s difficult imagining not performing with Tom.”
The Wanted’s Nathan Sykes wed Charlotte Burke this month – but Max and Siva weren’t present at the celebrationCredit: Instagram
Nathan’s wedding
Nathantied the knot with his girlfriend of six yearsCharlotte Burke in October 2025.
Nathan opted for an intimate celebration, inviting just 61 of their closest friends and family, among them was his bandmate Jay.
But Max and Siva were noticeably absent from Nathan’s wedding.
Speaking toOK!Nathan said: “We haven’t touched base recently, so I’m not sure they would have known the wedding date.
“With them being out in America at the time, we’ve not had the chance to [catch up], but I’m sure we will soon.”
He added: “We had a room full of people we’re comfortable with, so it was a really safe space and allowed us to relax.”
However, it now seems that Max and Nathan might not be talking at all.
Unfollow
Fans on Reddit noticed that the pair unfollowed each other on Instagram, cutting off social media communication.
One said: “Couldn’t help but notice Max and Nathan unfollowed each other? I wonder if there’s any beef between them lol.”
Another added: “I’ve always suspected Max and Nathan had a falling out before they broke up the first time.”
A third penned: “It’s a real shame because teenage me loved Nathan and Max’s interactions.
“I remember when Nathan used to comment on Max’s ig posts around 2 years ago.
“They haven’t followed each other in a very long time.”
Max and Nathan went head-to-head as they were both managed by Scooter BraunCredit: AlamyThe bandmates reunited for a greatest hits album and one-off show in 2021, which was followed by a tour in early 2022, ending just two weeks before Tom’s passingCredit: GettyIn 2024, Max and Siva went on tour without their bandmatesCredit: Getty – Contributor
Relations nosedived in 2018 after Canada arrested a senior Huawei executive and have remained rocky ever since.
The leaders of China and Canada have taken a step towards mending the long-fractured ties between their countries with a meeting in South Korea during the Asia-Pacific Economic Summit.
Chinese President Xi Jinping and Canadian Prime Minister Mark Carney met on Friday and called for improving ties in a pragmatic and constructive manner, according to both sides.
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“The leaders agreed that their meeting marked a turning point in the bilateral relationship,” a Canadian statement said.
Xi was quoted as saying that relations are showing signs of recovery, thanks to the joint efforts of both sides.
“We are willing to work together with Canada to take this meeting as an opportunity to promote the return of bilateral relations to a healthy, stable and sustainable track as soon as possible,” Xi said, according to an official report distributed by China’s state media.
Carney, who became prime minister in March, accepted an invitation from Xi to visit China, the Canadian statement said, without specifying any date.
Carney also later told reporters he was “very pleased” with the outcome.
“We now have a turning point in the relationship, a turning point that creates opportunities for Canadian families, for Canadian businesses and Canadian workers, and also creates a path to address current issues,” he said.
“The meeting signals a change in tone and an openness to relations at the highest levels, but this is not a return to strategic partnership,” said Vina Nadjibulla, vice president of the Asia Pacific Foundation of Canada. “Canada needs to proceed with caution because there’s nothing to suggest the Chinese Communist Party’s actions have changed since the prime minister named China as a foreign security threat.”
She said Carney should keep talking with Chinese leaders but stay mindful of China’s threats to Canada’s security interests, including its efforts to play a greater role in Arctic affairs.
Shaky relations
Relations took a nosedive in late 2018 after Canadian authorities arrested a senior executive of Chinese tech giant Huawei as part of its extradition agreement with the United States. China then arrested two Canadian citizens and charged them with espionage.
Ties did not improve much even after the 2021 release of the two Canadians, Michael Kovrig and Michael Spavor, and the Chinese executive, Meng Wanzhou, who is the daughter of Huawei’s founder.
More recently, relations have been shaken by Canada’s decision to levy a 100 percent tariff on electric vehicles (EVs) from China in 2024 and a 25 percent tariff on steel and aluminium. China retaliated with its own steep tariffs on canola, seafood and pork, and has offered to remove some of those import taxes if Canada drops the EV tariff.
Canada made the move last in tandem with the US.
The Canadian statement said that both leaders directed their officials to move quickly to resolve trade issues and irritants and discussed solutions for specific products such as EVs, canola and seafood.
Xi called for expanding “pragmatic” cooperation in areas such as the economy, trade and energy. Both Canada and China have been hit by tariffs imposed by US President Donald Trump.
The attempt at rapprochement comes as Carney looks to diversify Canada’s trade away from the US and as Trump says he plans to raise tariffs on imports of Canadian goods by an extra 10 percent. Canada’s free trade agreement with the US is up for review.
Earlier on Friday, Carney told a business event that the world of rules-based liberalised trade and investment had passed, adding that Canada aimed to double its non-US exports over the next decade.
Nadjibulla said China should not be viewed as the solution to Canada’s issues with the US, however.
“We should not diversify away from the US and go deeper into China,” she said. “Canada’s overdependence on both the US and China has been shown to be a vulnerability we cannot afford.”
President Lee Jae Myung (R) and Philippine President Ferdinand Marcos Jr. shake hands as they meet for summit talks in the southeastern city of Gyeongju on October 31, 2025. Photo by Yonhap News
GYEONGJU, South Korea, Oct. 31 (Yonhap) — President Lee Jae Myung and Philippine President Ferdinand Marcos Jr. discussed ways to strengthen bilateral cooperation during summit talks Friday.
The two sides met on the margins of the Asia-Pacific Economic Cooperation (APEC) summit, with Lee expressing hopes for a higher level of cooperative bilateral ties through Marcos’ visit to South Korea.
“For a long time, South Korea and the Philippines have supported and cooperated with one another as friendly nations,” Lee said, noting Manila’s deployment of troops in support of South Korea during the 1950-53 Korean War.
Marcos said the two countries have reached multiple milestones in ties, citing the signing of a bilateral free trade deal, and cooperation in the defense and security sectors.
Lee also thanked Marcos for the creation of a “Korean help desk” within the Philippine police to deal with cases involving South Korean nationals, according to presidential spokesperson Kim Nam-jun.
The two sides agreed to strengthen cooperation in areas such as defense, shipbuilding and infrastructure, as well as for regional coordination to stamp out transnational crime, including scam centers, he said.
Lee also said he would make efforts for “peaceful co-existence” on the Korean Peninsula, while Marcos pledged his country will cooperate in such efforts as the upcoming chair of the Association of Southeast Asian Nations next year, Kim added.
Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.
Democrats 66 party leader Rob Jetten reacts to the first results in the Dutch general election, in Leiden, The Netherlands, on Wednesday, October 29, 2025. Photo by Robin Utrecht/EPA
Oct. 30 (UPI) — The centrist liberal Democrats 66 surged in Wednesday’s Dutch elections, finishing in a virtual tie with the far-right Party for Freedom for most seats in parliament, according to reports.
The PVV and D66 were poised to win 26 seats in the 150-seat House of Representatives, The NL Times and Dutch News reported.
D66 had received several thousand votes more than PVV, though vote counting was ongoing. About 98% of the votes had been counted. Turnout was 78.4%.
The vote is being viewed as a refutation of the PVV and its leader, Geert Wilders, as they lost 11 seats. The party had 37 seats from the 2023 general election.
D66 picked up 17, from the nine seats it held following the last election.
With no party winning a majority, a coalition government will need to be formed, the leader of which is currently uncertain, though D66’s leader, Rob Jetten, appears a likely candidate.
If Jetten is named prime minister, he would not only he the country’s youngest prime minister in modern history at 38 years of age but the first to be openly gay.
“I want to get to work for all Dutch people, because this is the land of us all!”
Wilders took to social media to declare: “The voter has spoken.”
“We had hoped for a different outcome but we kept our backs straight,” he said.
“We are more determined to fight than ever and still the second and perhaps even largest party of the Netherlands.”
The D66 ran on a platform of “freedom for everyone, but nobody left behind” that emphasized housing and education, climate and energy issues and healthcare with an emphasis on strengthening democracy.
“We are social liberals,” an English-language party report states. “This means that for us, freedom is only real when everyone has the opportunity to truly be free.”
On the other side of the political aisle, the anti-Islam PVV took a hardline stance on most issues, including immigration, such as tightening asylum rules and strengthening border policies.
“Islam, without exception, is the greatest existential threat to our freedom,” the PVV said in a report on its policies. “Worldwide, Islam is the breeding ground for extremism, oppression and terror.”
The party is ultranationalist and stands against funding asylum, developing nations, Ukraine‘s defense, the European Union and the fight against climate change.
“A shopping cart full of groceries at a normal price, being able to turn on the heater without fainting at the energy bill, a roof over your head, affordable healthcare where visiting a doctor or dentist isn’t punished financially, a decent old-age pension — that is the Netherlands of the PVV,” it said.
The right-leaning People’s Party for Freedom and Democracy was poised to pick up the third-most seats in the election with 22 seats followed by the Christian Democratic Appeal party with 18.
North Korea’s Foreign Minister Choe Son Hui praised the ‘spiritual closeness’ between the two states.
Published On 27 Oct 202527 Oct 2025
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Russia’s President Vladimir Putin has met North Korea’s Foreign Minister Choe Son Hui in the latest high-level engagement between the two countries, which have strengthened ties during the Ukraine war.
Footage released by Russian state news agencies showed Putin greeting Choe in the Kremlin on Monday. Russia’s top diplomat Sergey Lavrov also appeared at the meeting.
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Putin said the countries’ “relations and development prospects” are progressing “according to plan”, and extended regards to North Korean leader Kim Jong Un, according to Russia’s Sputnik news agency. Choe, in turn, passed on “warm wishes” from Kim, having earlier praised the “spiritual closeness” of the two nations’ relationship in talks with Lavrov.
Russia and North Korea, both under extensive Western sanctions, have significantly bolstered ties in recent years, including signing a 2024 defence pact committing each country to provide military support to the other in the event of “aggression”.
Since then, North Korea has sent around 10,000 troops to join Russia’s war against Ukraine, at least 600 of whom have died in combat, according to estimates from Seoul and Kyiv.
Several days ago, Kim held a ceremony marking the opening of a museum in Pyongyang to honour the North Korean troops killed in the conflict. He said their deployment “marked the beginning of a new history of militant solidarity” with Russia, with which there is an “invincible” alliance.
Putin last met Kim in person on September 3 in Beijing, where the leaders held official talks after attending a military parade hosted by China’s President Xi Jinping. At the time, Putin praised North Korean soldiers for fighting “courageously and heroically” in the Ukraine war.
“I would like to note that we will never forget the sacrifices that your armed forces and the families of your servicemen have suffered,” Putin said.
The deepening Russia-North Korea relationship has drawn concern from the United States, which says there is evidence that Russia is increasing technology support for North Korea, including in space and satellite programmes. After Putin and Kim’s September meeting, US President Donald Trump claimed they were conspiring against the US – a statement dismissed by the Kremlin.
FEUD rumours have reignited inside a huge UK boyband after fans spotted a major clue on their social media.
The group had massive hits between 2009 before it was disbanded in 2014, with plans to bring the boys back together.
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Fans are sharing theories about The WantedCredit: GettyMembers Max and Nathan have unfollowed each otherCredit: GettyThey formed The Wanted 2.0 after Tom’s tragic deathCredit: Getty
But now it seems The Wanted aren’t reuniting, and stars Max George and Nathan Sykes might not be talking at all.
Fans on Reddit noticed that the pair have unfollowed each other on Instagram, cutting off social media communication.
One wrote, “Not to sound parasocial or anything, but for some context, I have been a fan of The Wanted since 2012.
“I have been following all 5 of them on Instagram from 2014 before their breakup.
“I remember vividly most of them unfollowing each other and specifically Max unfollowing all of them and then ofc all of them followed each other back after Tom announced his diagnosis.
“I couldn’t help but just check for fun to see if the boys are all following each other, and couldn’t help but notice Max and Nathan unfollowed each other?
“I wonder if there’s any beef between them lol.”
The band was first formed in 2009 by Max, Nathan, Jay McGuiness, Siva Kaneswaran and the late Tom Parker.
Max and Siva made The Wanted 2.0 following the death of Tom after his shock death back in 2022.
Another fan replied to the Reddit thread, saying, “I’ve always suspected Max and Nathan had a falling out before they broke up the first time.”
A third said, “It’s a real shame because teenage me loved Nathan and Max’s interactions.
“I remember when Nathan used to comment on Max’s ig posts around 2 years ago.
“They haven’t followed each other in a very long time.
“I think there’s some beef there but I don’t know what.”
The show, at the M Resort Spa Casino’s events space, M Pavilion, marked the duo’s first show in the US since reforming as The Wanted 2.0.
Nathan Sykes and Jay McGuinness did not appear on stage for the Vegas gig.
Comments have spread on The Wanted’s RedditCredit: GettyMax has been keeping busy lately in the U.S.Credit: GettyNathan just tied the knot with girlfriend Charlotte BurkeCredit: Getty
Pakistan’s diplomatic playbook for 2025 is shifting noticeably toward trade, sustainability, and the projection of soft power. Gone are the days when foreign policy revolved solely around security concerns or aid dependency. The country’s recent economic and diplomatic maneuvers suggest a clear intent to rebrand itself as a credible, reform-driven partner focused on growth, responsibility, and engagement. From seafood export approvals by the US to partnerships with France and major development financing commitments, Pakistan’s narrative is evolving, and for once, it’s a story of initiative rather than reaction.
The US government’s decision to extend Pakistan’s seafood export approval until 2029 is a quiet but significant achievement. The deal, worth roughly $600 million annually, underscores two critical things: the growing confidence in Pakistan’s sustainability standards and the country’s ability to meet global compliance norms. For years, Pakistani exporters have faced barriers due to outdated infrastructure and quality control issues. Now, improved regulations and environmental monitoring seem to be paying off. This approval not only secures a steady stream of revenue but also signals that Pakistani industries are capable of aligning with Western ecological and safety benchmarks, something that can serve as a model for other export sectors.
In a similar spirit, the Punjab government’s recent memorandums of understanding (MoUs) with France mark another leap toward deepening provincial and international trade ties. France’s interest in Pakistan’s Special Economic Zones (SEZs) reveals confidence in the country’s industrial potential. For Punjab, the partnership could attract sustainable technologies, investment in renewable energy, and expertise in urban development. It also decentralizes diplomacy, shifting some of the engagement from federal corridors to proactive provincial actors, an approach that could make economic cooperation nimbler and more region-specific.
At the macro level, multilateral institutions are showing renewed faith in Pakistan’s economic reforms. The World Bank and International Finance Corporation (IFC) have jointly pledged a staggering $40 billion for development and private sector growth. This isn’t charity; it’s a bet on Pakistan’s capacity to absorb and utilize global capital effectively. The World Bank’s concessional loans, particularly targeting education and climate resilience, fit neatly into Pakistan’s national development goals. Meanwhile, the IFC’s $20 billion allocation to the private sector and small- and medium-sized enterprises (SMEs) speaks to an evolving understanding that long-term economic health depends on entrepreneurial vitality rather than government-led expansion alone.
Domestically, the banking sector is mirroring this new wave of confidence. The Bank of Punjab, for instance, has reported record profits, reflecting a resilient financial system despite broader global headwinds. A profitable and stable banking environment is a prerequisite for sustained trade diplomacy; it assures foreign investors that local institutions are capable of managing large inflows and transactions transparently. When financial institutions thrive alongside industrial and export sectors, it sends a reassuring message to international partners that Pakistan’s growth is not a temporary surge but a maturing cycle.
But economic diplomacy alone doesn’t build soft power. What sets Pakistan’s recent approach apart is the coupling of trade initiatives with cultural and environmental diplomacy. The government’s efforts to promote interfaith harmony, expand cultural exchanges, and invest in green infrastructure reflect a broader understanding of influence in the modern era. Soft power, after all, isn’t about dominance; it’s about attraction. Pakistan’s reforestation programs, ecotourism initiatives, and partnerships in climate resilience not only improve its environmental record but also enhance its moral credibility on the global stage. These projects project a vision of Pakistan as a responsible global citizen, one that contributes to shared planetary goals rather than merely negotiating for its own interests.
Tourism, too, plays a key role in this narrative. The revival of heritage sites, promotion of religious tourism for Sikh and Buddhist pilgrims, and international film collaborations are creating a gentler, more relatable image of Pakistan abroad. These cultural bridges complement trade diplomacy by humanizing the country in the eyes of investors and tourists alike. They help replace outdated stereotypes with more nuanced perceptions of a nation that’s young, creative, and striving for balance between tradition and modernity.
This pivot toward soft power and trade diplomacy is not accidental; it’s strategic. Pakistan seems to recognize that credibility in global markets depends not just on economic incentives but on the consistency of reform and image. The focus on sustainability and governance reforms aims to reduce dependency on loans and shift toward mutually beneficial trade partnerships. In doing so, Pakistan positions itself not as a passive recipient of aid but as a contributor to global growth.
Critically, these moves also reflect a certain self-awareness. The emphasis on sustainability, whether in fisheries, industry, or climate policy, acknowledges that the old model of extractive growth is no longer viable. Similarly, engaging institutions like the World Bank and IFC shows that Pakistan understands the importance of credibility and transparency in attracting international capital. Trade diplomacy, when backed by responsible domestic governance and inclusive growth, becomes more than an economic tactic; it turns into a long-term strategy for stability and respect.
That said, this strategy will need to be carefully managed. The challenge isn’t just to secure deals but to ensure they deliver equitable benefits. For instance, trade approvals and foreign investments must be accompanied by support for small exporters, labor reforms, and environmental safeguards. Otherwise, the benefits will stay concentrated among elites, undermining the very soft power Pakistan seeks to build. Likewise, diplomatic capital must not be squandered on short-term optics or domestic political point-scoring. Consistency, patience, and institutional continuity will determine whether this new vision can endure.
In many ways, Pakistan’s 2025 diplomacy embodies a pragmatic realism. It doesn’t reject global partnerships or rely excessively on one bloc. Instead, it seeks balance between East and West, between economic pragmatism and moral purpose. By intertwining trade with culture, sustainability, and finance, the country is sketching the contours of a diplomacy that’s as much about persuasion as negotiation. And in a fragmented world increasingly defined by narratives rather than alliances, that’s a powerful pivot.
Recommendations
· Establish specialized trade diplomacy desks in embassies to promote sectoral exports, green investment, and SME partnerships.
· Strengthen provincial economic offices abroad to attract investors in key sectors like textiles, agri-tech, and renewable energy.
· Implement domestic policies for export diversification and improve digital trade facilitation to empower smaller producers.
· Expand cultural diplomacy programs, including art, film, sports, and education exchanges, to enhance people-to-people connections and global goodwill.
· Ensure policy consistency and transparency across all levels of government to solidify Pakistan’s reputation as a credible, reform-driven partner in global trade and diplomacy.
1 of 2 | Prince Andrew attends a commemorative ceremony of the 75th anniversary of the liberation of Bruges, in Brugge, Belgium, on Sept. 7, 2019. On Friday, the prince gave up his royal titles. File Photo by Julien Warnand/EPA
Oct. 17 (UPI) —Prince Andrew, facing scrutiny of his ties to sex offender Jeffrey Epstein, on Friday said he will relinquish his royal titles, including Duke of York, and end his membership of the Order of Garter.
Andrew, who made the announcement after meeting with his brother, King Charles III, will only retain the title of prince, which is required because he was born the son of a queen, Elizabeth II.
Andrew, 65, remains eighth in line to the throne. His other siblings are Princess Anne and Prince Edward.
The last time a duke title was taken away was more than 100 years ago, historian Anthony Seldon told BBC News TV. In 1919, Prince Charles Edward, who was one of Queen Victoria‘s grandsons, lost the title of Duke of Albany for fighting on the German side during World War I.
“In discussion with The King, and my immediate and wider family, we have concluded the continued accusations about me distract from the work of His Majesty and the Royal Family,” Prince Andrew said in a statement released by Buckingham Palace. “I have decided, as I always have, to put my duty to my family and country first. I stand by my decision five years ago to stand back from public life.”
In 2019, he was stripped of his military titles and positions on several charities.
Andrew has denied accusations against him by Virginia Giuffre in a 2015 lawsuit, and has never been arrested in connection with the abuse allegations. They reached an undisclosed out-of-court settlement in 2022.
“With His Majesty’s agreement, we feel I must now go a step further. I will therefore no longer use my title or the honours which have been conferred upon me,” Andrew said on Friday. “As I have said previously, I vigorously deny the accusations against me.”
Other members of the royal family were consulted during the discussions, including William, the Prince of Wales, and son of Charles, CNN reported.
“Things are simply not going away,” Robert Hardman, who has written a biography of KingCharles, told the BBC.
“Nothing really has changed constitutionally. What has changed is that he’s not going to use these titles.”
Andrew’s former wife, Sarah, the Duchess of York, will be known as “Sarah Ferguson.”
Their daughters, Princess Beatrice and Princess Eugenie, will not be affected by the decision.
Andrew will no longer attend any royal family’s Christmas events, a source told CNN, but will continue to reside at the Royal Lodge in Windsor in a private tenancy agreement.
Giuffre, who died on April 25 by suicide at 41, alleged Epstein trafficked her and forced her to have sex with friends in 2001, including Andrew. She said Andrew was aware she was underage at 17.
Giuffre also said Andrew sexually abused her on Epstein’s private island in the U.S. Virgin Islands, his mansion in Manhattan and at his former girlfriend Ghislaine Maxwell’s home in London.
The Guardian this week published extracts from the memoir of Giuffre. She claimed the prince “believed that having sex with me was his birthright.”
Andrew also faced scrutiny of his links to an alleged Chinese spy, Yang Tengbo.
A tribunal hearing in December upheld an earlier decision to bar Yang from the British. It was revealed Yang was authorized to act on Andrew’s behalf during business meetings with potential Chinese investors in Britain.
The United States Treasury has sanctioned two Haitians, one a former police officer and the other an alleged gang leader, for their affiliation with the Viv Ansanm criminal alliance.
On Friday, a Treasury news release accused Dimitri Herard and Kempes Sanon of colluding with Viv Ansanm, thereby contributing to the violence wracking Haiti.
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The sanctions block either person from accessing assets or property in the US. They also prohibit US-based entities from engaging in transactions with the two men.
“Today’s action underscores the critical role of gang leaders and facilitators like Herard and Sanon, whose support enables Viv Ansanm’s campaign of violence, extortion, and terrorism in Haiti,” Bradley T Smith, the director of the US Office of Foreign Assets Control, said in a statement.
Since taking office for a second term, US President Donald Trump has sought to take a hardline stance against criminal organisations across Latin America, blaming the groups for unregulated immigration and drug-trafficking on US soil.
Trump has termed their actions a criminal “invasion”, using nativist rhetoric to justify military action in international waters.
Viv Ansanm has been part of Trump’s crackdown. On his first day in office, on January 20, Trump issued an executive order setting the stage for his administration to label Latin American criminal groups as “foreign terrorist organisations”.
That process began several weeks later. In May, Viv Ansanm and another Haitian criminal organisation, Gran Grif, were added to the growing list of criminal networks to receive the “foreign terrorist” designation.
Since the assassination of Haitian President Jovenel Moise in 2021, a power vacuum has formed in Haiti. The last national elections were held in 2016, and its last democratically elected officials reached the end of their terms in 2023.
That has created a crisis of public confidence that criminal networks, including gangs, have exploited to expand their power. Viv Ansanm is one of the most powerful groups, as a coalition of gangs largely based in the capital, Port-au-Prince.
In July, Ghada Waly, the executive director of the United Nations Office on Drugs and Crime, warned that the gangs now have “near-total control of the capital”, with 90 percent of its territory under their control.
Nearly 1.4 million people have been displaced in the country as a result of the gang violence, a 36 percent increase over 2024. Last year, more than 5,600 people were killed, and a further 2,212 injured.
In Friday’s sanctions, the US Treasury accused Herard, the former police officer, of having “colluded with the Viv Ansanm alliance”, including through training and the provision of guns.
It also noted that Herard had been imprisoned by Haitian authorities for involvement in the Moise assassination. He later escaped in 2024.
Sanon, meanwhile, is identified as the leader of the Bel Air gang, part of the Viv Ansanm alliance. The Treasury said he “played a significant role” in building Viv Ansanm’s power, and it added that he has been implicated in killings, extortion and kidnappings.
The UN Security Council echoed the US’s sanctions against Sanon and Herard, designating both men on Friday. It also agreed to extend its arms embargo on Haiti, which began in 2022.
In September, the UNSC also approved the creation of a “gang suppression force”, with a 12-month mandate to work with Haitian police and military. That force is expected to replace a Kenyan-led mission to reinforce Haiti’s security forces, and it is slated to include 5,550 people.
But on Friday, the Trump administration said that the UN had not gone far enough in its efforts to combat Haiti’s gangs. It called for more designations against individual suspects.
“While we applaud the Council for designating these individuals, the list is not complete. There are more enablers of Haiti’s insecurity evading accountability,” an open letter from US Ambassador Jennifer Locetta read.
“Haiti deserves better. Colleagues, we will continue pressing for more designations through the Security Council and its subsidiary bodies to ensure the sanctions lists are fit for purpose.”
A prominent lawmaker in the United States has announced he will return donations from the American Israel Public Affairs Committee (AIPAC), highlighting the powerful pro-Israel lobby group’s waning appeal among Democrats.
Congressman Seth Moulton distanced himself from AIPAC on Thursday, citing the group’s support for Israeli Prime Minister Benjamin Netanyahu.
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Moulton is slated to challenge progressive Senator Ed Markey in next year’s Democratic primaries, ahead of the midterm elections.
The move by Moulton, a centrist and strong supporter of Israel, shows that backing from AIPAC is increasingly becoming a political liability for Democrats after the horrors Israel has unleashed on Gaza.
“In recent years, AIPAC has aligned itself too closely with Prime Minister [Benjamin] Netanyahu’s government,” Moulton said in a statement.
“I’m a friend of Israel, but not of its current government, and AIPAC’s mission today is to back that government. I don’t support that direction. That’s why I’ve decided to return the donations I’ve received, and I will not be accepting their support.”
For decades, Israel has leveraged its political connections and network of wealthy donors to push for unconditional support for its policies.
In 2022, AIPAC organised a political action committee (PAC) to exert sway in US elections, mostly using its financial might to help defeat progressive candidates critical of Israel in Democratic primaries.
Last year, the group helped oust two vocal critics of Israel in Congress – Jamaal Bowman and Cori Bush – by backing their primary challengers with tens of millions of dollars.
I am returning AIPAC donations and refusing to accept any donations or support from them.
But Israel’s war on Gaza has led to an outpouring of criticisms, with leading rights groups and United Nations investigators calling it a genocide.
In light of that outcry, AIPAC’s role in US politics has come under greater scrutiny, particularly in Democratic circles where support for Israel has slipped to historic lows.
Moreover, AIPAC has endorsed far-right candidates like Congressman Randy Fine – who celebrated the killing of a US citizen by Israel and openly called for starving Palestinians in Gaza – which further alienated some Democrats.
AIPAC’s critics often liken it to the National Rifle Association (NRA), the once-bipartisan gun rights lobby that Democrats now reject nearly universally.
Usamah Andrabi, a spokesperson for the progressive group Justice Democrats, said AIPAC and its affiliates “are transforming from a lobby that establishment Democrats could rely on to buy a seat in Washington into a kiss of death for candidates who have their support”.
“Our movement’s work to demand the Democratic Party reject AIPAC as a toxic pariah is not only working but ensuring that the pro-genocide Israel lobby’s influence in Washington is waning,” Andrabi told Al Jazeera.
Even on the right of the ideological spectrum, some figures in President Donald Trump’s “America First” movement have been critical of AIPAC’s outsized influence.
In August, the lobby group accused right-wing Congresswoman Marjorie Taylor Greene of betraying “American values” over her criticism of Israel.
Greene shot back, saying that AIPAC serves the interests of a foreign government. “I’m as AMERICAN as they come! I can’t be bought and I’m not backing down,” she wrote in a social media post.
AIPAC is expected to target some key races in next year’s midterm elections, including the Democratic Senate primary in Michigan, where progressive candidate Abdul El-Sayed is facing off against staunch Israel supporter Haley Stevens.
In 2022, the lobby group helped Stevens defeat then-Congressman Andy Levin, who hails from a prominent Michigan Jewish family, in a House primary.
While it is one of the better-known lobby groups in the US, AIPAC is among dozens of pro-Israel advocacy organisations across the country, including some that also raise funds for candidates, such as NORPAC.
Throughout the assault on Gaza, AIPAC echoed the falsehood that there is no Israeli-imposed famine in the territory and defended the Israeli military’s genocidal conduct while calling for more US aid to the country.
AIPAC argues that it is a thoroughly American organisation with 100 percent of its funding coming from inside the US. It denies taking direction from Israel.
But the lobby group is almost always in full alignment with the Israeli government.
AIPAC members also often meet with Israeli leaders. The group also organises free trips for US lawmakers to travel to Israel and meet with Israeli officials.
‘It’s interesting’
The pro-Israel group’s unflinching support for Netanyahu’s government puts it at odds with the overwhelming majority of Democrats.
A poll this month from the Pew Research Center showed only 18 percent of Democratic respondents have favourable views of the Israeli government.
Still, Democratic Party leaders have continued to associate with AIPAC and accept its endorsement. In August, House Democratic Caucus Chair Pete Aguilar joined lawmakers on an AIPAC-sponsored trip to Israel.
That same month, AIPAC-endorsed House Minority Whip Katherine Clark earned the group’s praise after walking back comments where she decried the “starvation and genocide and destruction of Gaza”.
California Governor Gavin Newsom – who is widely seen as a potential presidential candidate in 2028 – also skirted a question about AIPAC in an interview this week.
Asked about the organisation on the Higher Learning podcast, Newsom said AIPAC is not relevant to his day-to-day life.
“I haven’t thought about AIPAC, and it’s interesting. You’re like the first to bring up AIPAC in years, which is interesting,” he said.
In response to Moulton’s comments on Thursday, AIPAC issued a defiant statement, accusing the Democrat of “abandoning his friends to grab a headline”.
“His statement comes after years of him repeatedly asking for our endorsement and is a clear message to AIPAC members in Massachusetts, and millions of pro-Israel Democrats nationwide, that he rejects their support and will not stand with them,” the group said in a social media post.
Jose Raul Mulino says the visa-removal policy is ‘not coherent’ with the ‘good relationship’ he hopes to have with the US.
Published On 16 Oct 202516 Oct 2025
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Panama President Jose Raul Mulino said that someone at the United States Embassy has been threatening to cancel the visas of Panamanian officials.
His statements come as the administration of US President Donald Trump pressures Panama to limit its ties to China.
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Responding to a reporter’s question at his weekly news conference, Mulino said — without offering evidence — that an official at the US Embassy is “threatening to take visas”, adding that such actions are “not coherent with the good relationship I aspire to maintain with the United States”. He did not name the official.
The US Embassy in Panama did not immediately respond to a request for comment. The Trump administration has previously declined to comment on individual visa decisions.
But in September, the US Department of State said in a statement that the country was committed to countering China’s influence in Central America. It added that it would restrict visas for people who maintained relationships with China’s Communist Party or undermined democracy in the region on behalf of China.
Earlier this week, the Trump administration revoked the visas of six foreigners deemed by US officials to have made derisive comments or made light of the assassination of conservative activist Charlie Kirk last month.
Similar cases have surfaced recently in the region. In April, former Costa Rica President and Nobel Peace Prize winner Oscar Arias said the US had cancelled his visa. In July, Vanessa Castro, vice president of Costa Rica’s Congress, said that the US Embassy told her her visa had been revoked, citing alleged contacts with the Chinese Communist Party.
Panama has become especially sensitive to the US-China tensions because of the strategically important Panama Canal.
Secretary of State Marco Rubio visited Panama in February on his first foreign trip as the top US diplomat and called for Panama to immediately reduce China’s influence over the canal.
Panama has strongly denied Chinese influence over canal operations but has gone along with US pressure to push the Hong Kong-based company that operated ports on both ends of the canal to sell its concession to a consortium.
Mulino has said that Panama will maintain the canal’s neutrality.
“They’re free to give and take a visa to anyone they want, but not threatening that, ‘If you don’t do something, I’ll take the visa,’” Mulino said Thursday.
He noted that the underlying issue — the conflict between the US and China — “doesn’t involve Panama”.
WASHINGTON — The State Department said Wednesday that it has fired a U.S. diplomat over a romantic relationship he admitted having with a Chinese woman alleged to have ties to the Chinese Communist Party.
The dismissal is believed to be the first of its kind for violating a ban on such relationships that was introduced late last year under the Biden administration.
The Associated Press reported earlier this year that in the waning days of President Biden’s presidency, the State Department imposed a ban on all American government personnel in China, as well as family members and contractors with security clearances, from any romantic or sexual relationships with Chinese citizens.
Tommy Pigott, a State Department spokesman, said in a statement that the diplomat in question was dismissed from the foreign service after President Trump and Secretary of State Marco Rubio reviewed the case and determined that he had “admitted concealing a romantic relationship with a Chinese national with known ties to the Chinese Communist Party.”
“Under Secretary Rubio’s leadership, we will maintain a zero-tolerance policy for any employee who is caught undermining our country’s national security,” Pigott said.
The statement did not identify the diplomat, but he and his girlfriend had been featured in a surreptitiously filmed video posted online by conservative firebrand James O’Keefe.
In Beijing, a Chinese government spokesperson declined to comment on what he said is a domestic U.S. issue. “But I would like to stress that we oppose drawing lines based on ideological difference and maliciously smearing China,” the Foreign Ministry’s Guo Jiakun said at a daily briefing.
Lee writes for the Associated Press. AP writer Ken Moritsugu in Beijing contributed to this report.
Banks are joining private equity funds in issuing private credit to corporate borrowers—despite regulators’ concerns about unseen risks.
As private equity becomes an increasingly dominant force in backing corporate transactions, banks are taking an “If you can’t beat ’em, join’em” approach to the business of debt-capital financing.
Standing to benefit are corporate borrowers that otherwise cannot get traditional bank financing. But the intertwining of largely unregulated private credit and regulated bank lending—with the attendant risk of government bailouts of providers of both if their loans go bad—raises questions about threats to the financial system.
What once would have been considered an unlikely partnership is nevertheless liable to deepen, since the forces behind it have been building for some time.
The global industry of private credit, supplied mainly through closed-end credit funds sponsored by the same PE firms that back equity vehicles, has grown dramatically since the 2008 financial crisis. It boasts $2.8 trillion in assets under management (AUM) at last count, up from $200 billion in the early 2000s, according to the Bank for International Settlements (BIS). Correspondingly, bank lending fell from 44% of all US corporate borrowing in 2020 to 35% in 2023, an analysis by global consultancy Deloitte of Federal Reserve data found.
“Some private credit funds may have a degree of liquidity mismatch between their investments and the redemption terms of their investors.”
Lee Foulger, Bank of England
Use of private credit is expanding dramatically elsewhere as well. The BIS estimates that total outstanding private credit loan volumes have increased globally from around $100 billion in 2010 to over $1.2 trillion today, with more than 87% of the total originating in the US. Europe, excluding the UK, has accounted for about 6% of the total in recent years, and the UK about 3% to 4%, with Canada making up most of the rest. Assets in credit funds under management in Asia-Pacific total about $92.9 billion, up from $15.4 billion in 2014, according to research firm Preqin.
The appeal of private credit to corporate borrowers is clear: Many middle-market businesses, often backed by private equity sponsors, prefer private credit for its speed, flexibility, confidentiality, and reduced disclosure obligations compared to public bond markets available through broadly syndicated loans (BSLs). Those advantages are starting to attract larger, more creditworthy companies as well.
Banks, meanwhile, increasingly are lending to private credit funds for purposes of financing corporate borrowers, often those in the sponsors’ equity portfolios. Such lending often takes the form of so-called direct lending: commercial loans used by corporates for working capital or growth financing, that the industry contends traditional banks would not underwrite.
Bank lending to the private credit industry was estimated by the Federal Reserve in May 2023 at $200 billion, and the Fed acknowledged its estimate may have understated the actual amount. Fitch Ratings found that nine of the 10 banks with the largest loan balances to non-bank financial intermediaries of all kinds had $158 billion in loans to private credit funds or related vehicles at the end of last year. And the amount of outstanding loans extended by banks to private credit funds grew by 23% in the quarter ended June 30, compared with the previous quarter, versus only 1.4% for bank lending overall, Fitch reports.
The increasing importance of bank lending to private credit is well illustrated by Blackstone Private Credit Fund, one of the largest private credit funds in the world with over $50 billion in assets. Fully 98% of the $23.5 billion in secured credit commitment facilities arranged by its subsidiaries as of December 2022 were provided by 13 banks, the remaining amount from an insurance company. The outstanding amounts drawn on these facilities totaled some $14 billion, accounting for about 50% of the fund’s total debt liabilities.
A Deepening Collaboration
Of course, banks have long been involved in financing PE buyouts, such as Sycamore Partners buyout of Walgreens Boots Alliance. Two other PE firms, HPS Investment Partners and Ares Management, together provided $4.5 billion in direct lending for the deal while banks including Citigroup, Goldman Sachs, and JPMorgan Chase put together financing proposals to work jointly with private credit, providing some access to the BSL market. Overall, the deal Sycamore completed in August is valued at $23.7 billion, with over $10 billion in committed financing coming from private credit funds and banks.
Increasingly, cooperation between banks and PE firms is taking the shape of direct lending to borrowers. PNC Financial and TCW Group, for instance, have partnered to create a lending platform for middle-market companies. And Citizens Financial Group has built out a unit focused on lending to PE funds.
Competition from banks is also growing. Standard Chartered and Goldman are readying their own units devoted to extending private credit while Morgan Stanley is launching funds to exploit private credit opportunities. The loans may not stay on banks’ balance sheets for long, as risk is transferred once investors’ capital is deployed. But just as the securitization market froze up in the inflationary post-Covid environment, so too may risk transfer when liquidity abruptly disappears.
Indeed, regulators are concerned that banks’ involvement in private credit, whether through cooperation or competition with PE, poses hidden risks to the financial system. Researchers from the Bank of England (BoE), the BIS, the European Central Bank (ECB), and the Federal Reserve, among others, have issued reports recently warning of the systemic financial risk these relationships may pose. Without greater visibility, the BoE, for one, has instructed banks to bolster their risk management in this arena.
“Some private credit funds may have a degree of liquidity mismatch between their investments and the redemption terms of their investors,” Lee Foulger, director of Financial Stability, Strategy, and Risk at the BoE, warned in a January 2024 speech to a middle-market finance conference sponsored by Deal Catalyst and the Association for Financial Markets in Europe.
Who’s More Creditworthy?
The industry counters such concerns by pointing out that credit funds are less likely to have loan defaults than in the BSL market as sponsors typically monitor borrowers’ performance more closely, use less leverage, adopt more conservative loan-to-value structures, and offer more flexible terms than banks, while locking up investors for long periods. In a recent report, “Understanding Private Credit,” Ares Management contends that its borrowers are more creditworthy than those in the public markets and are supported by more equity and that while the private credit market is still small in comparison, it is on its way to becoming even less leveraged while any funding mismatch will diminish as it grows.
Yet concerns remain, especially given the prospect of a challenging economic environment ahead.
Fitch, for instance, notes that the industry has yet to weather higher interest rates. As the ratings firm put it in a June report, “Sponsors and lenders had largely assumed a low base rate environment, as signaled by the Fed amid expectations of transitory inflation, when determining the optimal sizes of capital structures against revenue, EBITDA, and free cash-flow projections.”
As for liquidity risk, Fitch analyst Julie Solar notes that a growing number of credit funds are open-ended and subject to runs under difficult circumstances. Although she concedes that the number of such funds is still small, at least in the US, and many feature limits on redemptions, she adds that the issue bears watching. If many more open-end funds are created and rates rise significantly, she warns, “that is when you can start to have liquidity issues.”
In the eurozone, 42% of funds are open-ended, according to the ECB, although most of their investors are institutional and tend to have longer time horizons than retail investors.
Solar also raises concern about what she called “leverage upon leverage,” noting that business development companies—publicly traded vehicles that account for about half of private credit—as well as PE firms themselves are often significantly indebted to banks. Indeed, bank lending for buyouts may be an even greater risk, simply because it is so much larger than direct lending.
Banks’ involvement in credit funds is an added concern for regulators. A May 2024 financial stability report from the ECB pointed out, “Private markets still need to prove their resilience in an environment of higher interest rates as they have grown to a significant size only in the past decade.”
The industry counters that interest rates on many if not most of its loans float, eliminating the need for refinancing in a rising rate environment. But that’s likely to do nothing for the borrowers themselves.
“The floating-rate debt structure of private credit agreements makes them vulnerable to challenges around debt servicing and refinancing in a higher rate environment,” the BoE’s Foulger noted at the January 2024 conference.
A Federal Reserve Bank of Boston report in May acknowledged that banks’ losses could be mitigated in response to adverse conditions as most private credit debt is secured and among the funds’ most senior liabilities. Yet, the authors cautioned that “substantial losses could also occur in a less adverse scenario if the default correlation among the loans in [private credit] portfolios turned out to be higher than anticipated—that is, if a larger-than-expected number of [private credit] borrowers defaulted at the same time. Such tail risk may be underappreciated.”
Conservatives like billionaire Elon Musk had criticised the Southern Poverty Law Center for its criticism of Charlie Kirk’s Turning Point USA.
Published On 3 Oct 20253 Oct 2025
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The Federal Bureau of Investigation (FBI) in the United States has announced that the bureau will end its partnership with the Southern Poverty Law Center (SPLC), as it seeks to distance itself from organisations it accuses of political bias.
On Friday, FBI Director Kash Patel posted on social media that “all ties with the SPLC have officially been terminated”.
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“The Southern Poverty Law Center long ago abandoned civil rights work and turned into a partisan smear machine,” Patel wrote.
He reserved criticism for the centre’s interactive “hate map”, which identifies groups associated with hate and antigovernment activity and maps their bases of operation.
“Their so-called ‘hate map’ has been used to defame mainstream Americans and even inspired violence. That disgraceful record makes them unfit for any FBI partnership,” Patel said.
Patel’s announcement marks the second time this week the FBI has severed ties with a group that seeks to track threats to civil rights.
On Thursday, the FBI also cut ties with the Anti-Defamation League (ADL), accusing the Jewish advocacy group and anti-Semitism watchdog of spying on conservatives.
The announcements amount to a dramatic rethinking of longstanding FBI partnerships with prominent civil rights groups, at a time when Patel is moving rapidly to reshape the nation’s premier federal law enforcement agency.
Over the years, both organisations have provided research on hate crime and domestic extremism; law enforcement training; and other services. But they have also been criticised by some conservatives for what they claim is an unfair maligning of their viewpoints.
That criticism escalated after the assassination of conservative activist Charlie Kirk. Outrage after Kirk’s shooting brought renewed attention to the SPLC’s characterisation of the group Kirk founded, Turning Point USA.
For instance, the SPLC included a section on Turning Point in a report titled “The Year in Hate and Extremism 2024” that described the group as a “case study in the hard right”.
Prominent figures including Elon Musk lambasted the SPLC this week about its descriptions of Kirk and the organisation.
“Incitement to violence by evil propaganda organisations like SPLC is unacceptable,” Musk wrote. He added, “This is getting innocent people killed,” without elaborating further.
A spokesperson for the SPLC, a legal and advocacy group founded in 1971, did not directly address Patel’s comments in a statement Friday.
But the spokesperson said the organisation has shared data with the public for decades and remains “committed to exposing hate and extremism as we work to equip communities with knowledge and defend the rights and safety of marginalised people”.
Criticism from the far-right of the SPLC stretches back well before Patel’s announcement.
Republican lawmakers have long accused the SPLC of unfairly targeting conservatives. In October 2023, Senators James Lankford and Chuck Grassley urged the FBI to cut ties with the group, calling it biased and unreliable for labelling faith-based and conservative organisations as “hate groups”.
They argued that the SPLC was not a neutral civil-rights watchdog, but a partisan actor whose data must be banned from official use.
FBI Director Kash Patel announces break with anti-Semitism watchdog amid outrage over description of Charlie Kirk.
The top law enforcement agency in the United States has cut ties with the Anti-Defamation League (ADL), accusing the Jewish advocacy organisation and anti-Semitism watchdog of spying on conservatives.
FBI Director Kash Patel made the announcement on Wednesday after prominent conservative influencers, including Elon Musk, pounced on the ADL’s inclusion of the murdered right-wing activist Charlie Kirk in its “Glossary of Extremism and Hate”.
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In a brief statement, Patel singled out the ADL’s associations with former FBI Director James Comey, a strident critic of President Donald Trump who was indicted last week on charges of obstruction and lying to the US Congress.
Patel said Comey had written “love letters” to the ADL and embedded agents within the group, which he accused of running “disgraceful ops spying on Americans”.
“This FBI won’t partner with political fronts masquerading as watchdogs,” Patel said in a social media post.
Patel did not elaborate on, or provide evidence for, his claims.
In a 2014 speech to the ADL’s National Leadership Summit, Comey said the FBI had made the advocacy group’s Law Enforcement and Society training mandatory for personnel and partnered with it to draft a “Hate Crimes Training Manual”.
Comey called the ADL’s experience in investigating hate crimes “essential” and its training “eye-opening and insightful”.
“If this sounds a bit like a love letter to the ADL, it is, and rightly so,” he said.
While Patel did not mention Kirk in his statement, his announcement came just a day after the ADL removed more than 1,000 entries about alleged extremism from its website amid right-wing outrage over references to the late activist.
The ADL said it made the decision as many of the terms were outdated and a number of entries had been “intentionally misrepresented and misused”.
In a since-deleted entry on Kirk and his youth organisation Turning Point USA (TPUSA), the ADL said Kirk promoted “Christian nationalism” and “numerous conspiracy theories about election fraud and Covid-19 and has demonised the transgender community”.
The entry also said TPUSA attracted racists, that its representatives had made “bigoted remarks” about minority groups and the LGBTQ community, and that white nationalists had attended its events, “even though the group says it rejects white supremacist ideology”.
Kirk himself strongly criticised the ADL while he was alive, once describing it as a “hate group that dons a religious mask to justify stoking hatred of the left’s enemies”.
In a statement responding to Patel’s remarks on Wednesday, the ADL said it had “deep respect” for the FBI and all law enforcement officers who work to protect Americans regardless of their ancestry, religion, ethnicity, faith and political affiliation.
“In light of an unprecedented surge of antisemitism, we remain more committed than ever to our core purpose to protect the Jewish people,” it said.
Sept. 28 (UPI) — Voters in Moldova headed to the polls Sunday in a key parliamentary election that could tip the Balkan nation closer to European Union accession or give Russia a major political foothold in Europe, as police responded to reports of bomb threats over the election.
In the election Sunday, all 101 seats in the country’s parliament are up for grabs. Though the ruling Action and Solidarity party is expected to remain the largest party, it could lose its outright majority that could make it more difficult for Maia Sandu, the country’s pro-Western president, to push through legislation for changes required for EU accession.
“Dear Moldovans, go vote! Moldova, our beloved home, is in danger and needs the help of each and every one of you. You can save it today with your vote. Tomorrow may be too late,” Sandu said in a statement while casting her ballot in Chișinău. “We are a small but strong country. Let us move forward in peace toward a better future.”
Moldova’s Central Electoral Commission, which handles the election, said in a statement Sunday that more than 1.5 million voters cast ballots in the election, making the participation rate more than 52% of registered voters. Polls closed at 9 p.m. local time as Moldovans anxiously await the results of the election in coming days.
Ahead of the election, Sandu warned on social media Friday that the election could determine whether “Russia drags us back into a grey zone, making us a regional risk” and said the election should be determined “by Moldovans, not Moscow.”
Moldova, a small nation that gained its independence from the Soviet Union in 1991, lies between Ukraine and Romania. This year’s election has been fraught with allegations of illegal financing of pro-Russian parties, covert propaganda campaigns and attempted destabilization plots.
“The commission calls on all those involved in the electoral process, especially electoral contestants, to wait for the completion of the voting process, counting and announcement of the final results. In case of suspicions of possible irregularities, we recommend that they use the legal mechanisms of challenge,” the Central Electoral Commission said Sunday.
On Friday, the commission abruptly struck candidates from two parties, Heart of Moldova and Moldova Mare, also known as Greater Moldova, from the ballot. It cited illegal financing, vote-buying, undeclared foreign funds and violations of the gender quota in candidate lists. Heart of Moldova’s exclusion followed a court ruling restricting its activities for a year.
The commission announced Sunday that the Supreme Court of Justice upheld the Friday decision to cancel the registration of the Greater Moldova party, invalidating it as an option on ballots after an emergency appeal by the populist and pro-Russian party.
It also revealed that earlier in the day, the commission was notified by the General Police Inspectorate that it would urgently relocate polling stations on the left bank of the Nistru River to backup locations “in order to ensure the safety of all citizens in that area.”
The left bank of the Nistru River refers to Transnistria, a pro-Russian breakaway region that is separated from government-controlled Moldova by a demilitarized security buffer.
National police from the technical-explosive unit responded after receiving automated phone calls reporting bomb threats at several locations in the security zone, authorities said in a statement Sunday. They said specialized services acted according to protocols to ensure citizens’ safety.
Police also encouraged citizens to go out and vote, rely only on official sources of information, and be cautious of narratives deliberately promoted by actors seeking to undermine the electoral process.
In another statement, the National Police of Moldova announced that it has information about certain groups of people who intend, starting at midnight and throughout Monday, to organize disruptions and destabilization in the capital during a protest.
Authorities stressed that law enforcement will not allow violations of the law, public disorder, threats to citizens, or risks to national security. Police warned protest organizers that they are legally responsible for the conduct at the demonstrations.
Police later added that authorities had detained three people, including two brothers who had been under surveillance for nearly two months.
The men are alleged to be employees of security forces in the breakaway Transnistria region and acted as coordinators responsible for logistics, monitoring, and supplying groups involved in the plans to destabilize the election.
During the searches, law enforcement officials confiscated items such as pyrotechnics and flammable materials, which authorities reported were intended to incite panic and disrupt public order.
The Central Election Commission also acknowledged reports that some observers were denied access to certain polling stations, but clarified that only accredited observers are allowed access to polling sites for monitoring.
Ukraine’s Zelenskyy and Syria’s President Ahmed al-Sharaa discuss cooperation and mutual respect as Ukraine and Syria rebuild diplomatic relations.
Published On 25 Sep 202525 Sep 2025
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Ukraine and Syria have formally restored diplomatic relations as their leaders met on the sidelines of the United Nations General Assembly, Ukrainian President Volodymyr Zelenskyy said following his meeting with Syrian interim President Ahmed al-Sharaa.
Syria’s Foreign Minister Asaad al-Shaibani, along with an accompanying delegation, also attended the meeting on Wednesday in New York, the Syrian Foreign Ministry said in a brief statement.
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Ukraine broke off relations with Syria in 2022 after the government of the country’s former ruler, Bashar al-Assad, moved to recognise the “independence” of the Russian-backed breakaway republics of Donetsk and Luhansk in eastern Ukraine. Shortly after, Syria announced it would break ties with Kyiv.
Zelenskyy said Ukraine and Syria signed a communique on the restoration of their diplomatic relations.
“We welcome this important step and are ready to support the Syrian people on their path to stability,” the Ukrainian leader wrote on X.
“During our negotiations with the President of Syria Ahmed al-Sharaa, we also discussed in detail promising sectors for developing cooperation, security threats faced by both countries, and the importance of countering them,” Zelenskyy said.
Today, Ukraine and Syria signed a Joint Communiqué on the restoration of diplomatic relations. We welcome this important step and are ready to support the Syrian people on their path to stability.
During our negotiations with President of Syria Ahmed al-Sharaa, we also discussed… pic.twitter.com/HBXsoaRob8
— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) September 24, 2025
The Ukrainian leader said the two sides agreed to build “our relations on the basis of mutual respect and trust”.
Al-Sharaa arrived in New York on Sunday with a delegation of ministers to join the annual UN General Assembly, marking Syria’s first participation in the event at the presidential level in nearly 60 years.
Damascus had boycotted the gathering after the 1967 Arab-Israeli war, when Israel occupied the Golan Heights in southwest Syria.
President Nureddin al-Atassi was the last Syrian head of state to attend the UN summit, holding office from 1966 to 1970.
In January, al-Sharaa assumed power in Damascus after the opposition forces he led overthrew President al-Assad’s regime, bringing an end to the Assad family’s five-decade rule over Syria.
In his debut speech at the UNGA earlier on Wednesday, al-Sharaa called for the lifting of international sanctions on his war-torn nation.
Al-Sharaa highlighted the reform measures introduced in the months since he took power, including the creation of new institutions, plans for elections and efforts to attract foreign investment.