GTCO reports N603.03bn H1 pre-tax profit, pays N1 interim dividend

Guaranty Trust Holding Company Plc (GTCO) has released its audited consolidated and separate financial statements for the period ended June 30, 2026.

The result released to the Nigerian Exchange Limited (NGX) and London Stock Exchange (LSE) shows the Group posted a profit before tax (PBT) of N603.03 billion, driven by strong performance recorded on the interest and trading income lines, which grew year-on-year (y-o-y) by 7.5 percent and 24.7 percent, respectively.

The strong earnings recorded was moderated by a N46.2 billion fair value loss recognised in H1-2026, limiting y-o-y growth in PBT to 0.4 percent.

The Group grew across its asset lines, reinforcing a balance sheet that is well structured, liquid and diversified. This growth was recorded in each jurisdiction where we operate a banking franchise, and across our Payments, Pension and Funds Management businesses.’

Group’s total assets and shareholders’ funds closed at N18.6trillion and N3.3trillion, respectively. Capital Adequacy Ratio (CAR) remained very strong, closing at 34.9 percent (Bank 29.2 percent ), and asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5 percent and 4.6 percent at both Bank and Group Level in H1-2026 (Bank -3.4 percent, Group 5 percent in FY-2025). Cost of Risk (COR) improved to 0.6 percent from 2.2 percent during the same period.

The Group’s Loan book (net) grew marginally by 0.5 percent from N3.13trillion as of December 2025 to N3.15trillion in June 2026, converse for improved performance on Deposit liabilities which grew by 10.3 percent from N12.87trillion to N14.19trillion during the same period.

Commenting on the results, Segun Agbaje, group chief executive officer of Guaranty Trust Holding Company Plc (GTCO Plc) said; ‘Our half year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone.

‘Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level. The priority now is to execute with discipline and grow responsibly. Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group,’ he said.

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios – that is, Pre-Tax Return on Equity (ROAE) of 35.9 percent, Pre-Tax Return on Assets (ROAA) of 6.6 percent, Capital Adequacy Ratio (CAR) of 34.9 percent (Bank: 29.2 percent) and Cost to Income ratio of 31.5 percent.

The deceptive push for separate Terminal Handling Charges

The recent push by few intermediaries possibly backed by a handful of powerful oligopolistic firms who control the shipping and logistics industry in Sri Lanka to reinstate separate Terminal Handling Charges (THC) in Sri Lanka is an anti-competitive manoeuvre that threatens the hard-earned transparency of the country’s maritime logistics industry established for years by consecutive Governments. Industry bodies that represent exporters, importers and consumers have rightfully condemned lobbying efforts aimed at reintroducing these deceptive, unbundled costs to make profits. The current legal framework-which does not ban any charge but only provides provisions not to separate collection of any other charges than a full freight from a contracting party. This must be fiercely upheld to safeguard Sri Lankan exporters, importers, and consumers from predatory, cartel-like pricing models which can affect external customers of Sri Lanka.

Few days back

It was just two weeks back we reported the Federal Maritime Commission Chairperson Laura Debella highlighting the importance of these actions that not only affects the Sri Lankan economy but at the end of the day from the origin to the U.S. importers and consumers who source from Sri Lanka or export to Sri Lanka where anti-competitive and monopolistic behaviour can harm fair trade practices. She called for strong enforcement against -monopolistic structures.

A legacy of transparency and fair play

Before the historic regulatory shift in 2014, local shipping agents’/ service providers heavily distorted trade costs by slapping local traders with a web of nearly 40 arbitrary surcharges at their will. Recognising this as an unfair financial extraction, the Sri Lankan Government implemented a landmark legislative reform banning container line agents and service providers from unbundling freight and levying separate charges including a so-called THC locally. Under current law, terminal handling costs must be wrapped into all-inclusive freight rates contractually agreed upon by the primary contracting parties.

This progressive policy did not abolish port fees; rather, it mandated that they be paid transparently by the shipping lines directly to the Sri Lanka Ports Authority (SLPA or its terminals) under existing market contracts.

Dismantling the reinstatement myth

Intermediary groups often mask their lobbying behind the claim that banning local THC collection harms the competitiveness of the Port of Colombo. This is a gross misrepresentation.

Double-Dipping charges: No terminal services are being rendered for free. Shipping lines already collect all-inclusive rates that cover terminal operations. Forcing local exporters to pay a separate THC would amount to double-dipping by maritime intermediaries.

Invented line items: The term ‘Terminal Handling Charge’ does not even exist within the official SLPA tariff and a port where liner terms clearly describe who pays what to the port services. It is a phrase coined by certain logistics groups to avoid the word stevedoring to create a local pipeline for collecting unregulated fees from non-contracting parties.

Undermining export competitiveness and harming the cost of living: Reintroducing unbundled charges would artificially inflate the cost structure of key industries, such as the exporters, intermediary product manufacturers, consumer products, food items, construction industry to all imported items at a time when macroeconomic stability is vital.

Protecting a competitive economy

Reverting to the pre-2014 chaos would be an economic step backward. The local business community and regulatory bodies must stand united against these ‘backdoor fees’. Ensuring that all costs remain bundled into all-inclusive freight rates is the only way to lock in fairness, preserve absolute market competition and transparency, and defend Sri Lanka’s efforts and to build a reputation as a top-tier maritime hub.

Lapu-Lapu City officials seek clearer commitments from DUs on power supply

Lapu-Lapu City officials are seeking clearer commitments from power agencies on when the electricity supply situation will improve, while the Cebu Provincial Government is set to resume a four-day workweek beginning September 28 as part of its energy conservation efforts.

During the Lapu-Lapu City Sangguniang Panlungsod’s session last week, representatives of the National Grid Corp. of the Philippines (NGCP), Energy Regulatory Commission (ERC) and Mactan Electric Co. (Meco) were asked to explain the continuing supply shortage, rotational brownouts and rising electricity bills affecting consumers.

Vice Mayor Celedonio Sitoy, who presided over the Question Hour, said NGCP could not provide a definite timeline for the end of rotational brownouts, citing insufficient generation capacity and several power plants that remain unavailable.

‘NGCP discussed the problem, and we really have a shortage in power supply. They suggested adding more power plants. They said some power plants have broken down and can no longer be repaired,’ Sitoy told reporters in Cebuano.

The Visayas grid was again placed under yellow alert on Sunday due to scant contingency reserves.

Sitoy said he did not expect the supply problem to be resolved within the next two months, citing the need for additional generation capacity.

‘The problem is really the lack of generation power. We need a larger generation capacity,’ he said.

Power costs

ASIDE from interruptions, the Lapu-Lapu City Council raised concerns over electricity bills and the various charges passed on to consumers.

Meco explained that as a distribution utility, it has limited control over generation and transmission costs that form part of consumers’ bills.

These include generation charges paid to power suppliers, transmission wheeling charges collected by NGCP and ancillary service charges used to maintain backup reserves for grid stability.

The council has adopted several measures in response to consumer complaints.

Resolution 17-2233-2026, approved on July 15, asked the Department of Energy and ERC to conduct a review and audit of generation, transmission and other mandatory charges collected from Meco consumers. It also sought an examination of MECO’s power supply agreements, meter reading, bill computation and billing procedures.

On Sept. 7, the council approved Resolution 17-2518-2026, urging Meco to provide timely, feeder-specific brownout schedules identifying affected barangays and areas, the expected duration of interruptions and projected restoration times.

A third measure, Resolution 17-2524-2026, approved on Sept. 16, formally invited NGCP, ERC and Meco representatives to the Question Hour. The session was attended by officials from the three agencies, including NGCP Assistant Vice President Neil Modina, ERC Attorney III Mary Elizah D. Castillo and Meco Chief Financial Officer Julito O. Gultiano Jr.

Sitoy said the ERC had yet to present a concrete action plan addressing the concerns raised by the council. He said he would coordinate with Lapu-Lapu City

Mayor Ma. Cynthia King-Chan on possible measures to assist consumers affected by the power disruptions and higher electricity costs.

At the national level, Lapu-Lapu City Rep. Junard Chan is among the principal authors of House Resolution 1430, filed Sept. 7, seeking a congressional inquiry into ancillary service charges, the availability and actual delivery of backup reserves, and the status of generation, energy storage and transmission projects in the Visayas.

Four-day workweek

THE Cebu Provincial Government will again implement a four-day workweek beginning Monday, Sept. 28, as part of efforts to reduce electricity consumption.

Under a Sept. 23 memorandum issued by Gov. Pamela S. Baricuatro, provincial government offices and departments are encouraged to adopt a Monday-to-Thursday schedule, with working hours from 8:00 a.m. to noon and 1:00 p.m. to 7:00 p.m.

The arrangement will remain in effect until further notice.

The measure was issued pursuant to Executive Order 16, series of 2026, which cited the need to reduce energy consumption. The provincial government had previously adopted a four-day workweek in March amid rising fuel prices.

The latest move comes as Central Visayas continues to experience electricity supply constraints, while petroleum prices are also rising.

The provincial government said the compressed workweek is intended to manage energy consumption while allowing essential government operations and frontline services to continue.

Several offices, however, will retain their regular operating schedules.

These are the Provincial Disaster Risk Reduction and Management Office, Cebu Provincial Health Office, Provincial Social Welfare and Development Office, Cebu Provincial Detention and Rehabilitation Center, and Cebu North and South Bus Terminal.

The Provincial General Services Office, Provincial General Office and Provincial Treasurer’s Office have also been encouraged to assign personnel who will maintain regular Monday-to-Friday office hours.

Beyond drones: what really changed the 2020 Azerbaijan-Armenia War

27 September should be marked not only in Azerbaijan, but across the South Caucasus, as a day associated with the beginning of a new phase in the region’s search for stability and peace. Wars arise from a variety of ethnic, historical and geographical factors, but their consequences for human lives and economic development can be profoundly disastrous. Perhaps Armenia may, in time, or may not, view the eventual outcome of the conflict as an opportunity to reassess the consequences of its past policies. Nevertheless, the situation today remains more complex. The new economic opportunities emerging in the region, together with the South Caucasus’s growing importance as a major transport and transit hub, have generated differing reactions among regional and international actors. Some of these reactions reflect continuing political disagreements and competing interpretations of the region’s future.

As is well known, the conflict had its roots in the dispute over Karabakh, including several regions that surround its territory. Azerbaijani territories remained under Armenian control for nearly 30 years before the 2020 war. In the context of renewed hostilities, Azerbaijan launched military operations, citing its right to self-defence and the implementation of relevant United Nations Security Council resolutions. Following the 44-day war, a trilateral statement was signed on 10 November 2020, bringing the active phase of the conflict to an end and establishing arrangements for the withdrawal of Armenian forces from the remaining occupied territories.

Consequently, while Azerbaijan commemorated the outcome of the war, Armenia marked 27 September as a day of national mourning. This is understandable given the significant loss of life suffered by Armenia during the conflict. At the same time, continued focus on the past can make it more difficult to address the new economic and political circumstances emerging in the region. Public debate and media coverage in Armenia on 27 September also included criticism of Trkiye, Israel and Azerbaijan, alongside competing narratives about the causes and outcome of the war. Social media featured discussions about Trkiye-Azerbaijan relations, as well as claims regarding the role of Israeli-made weapons and other military equipment in Azerbaijan’s military campaign. These debates reflect the continuing differences in how the conflict is interpreted on both sides.

This raises a broader question: how did Armenia assess its own economic and military capabilities during the years preceding the 2020 war?

To shed further light on the issue, let us go back six years and examine the capabilities of the Azerbaijani armed forces at that time.

First of all, it is no secret that while Azerbaijan has significantly strengthened its domestic defense industry, it also procures military hardware from abroad. But let us look at reality: Israel possesses one of the most powerful and sophisticated defense industries in the world, supplying weapons not just to Azerbaijan, but to global superpowers like the United States, China, and India. How logical is it to claim that buying weapons from a country makes that country the winner of the war?

Consider this: in the early 2000s, the United States rapidly occupied Afghanistan and Iraq in a matter of weeks. By Armenian logic, those victories did not belong to the United States, but rather to the defense contractors and technology providers who equipped the American military. Similar arguments could be made regarding Turkiye. In fact, Azerbaijan procures military hardware from over a dozen countries, ranging from South Africa to Brazil. By this logic, did everyone except us win the war?

There is a wonderful Azerbaijani proverb: a defeated wrestler never gets tired of the arena. Azerbaijan won the 44-day war because it was righteous, fighting on the side of truth. Armenia had absolutely no just ground for initiating that war.

Furthermore, the probability of Armenia winning any military confrontation against Azerbaijan was virtually zero from the outset. The primary reason Armenia prevailed in the early 1990s was the devastating impact of the Soviet Union’s collapse on Azerbaijan’s economy, coupled with severe internal political turmoil in Baku. Had those unique geopolitical circumstances not existed, an Armenian victory would have been entirely out of the question.

Demographically, Armenia’s population is two to three times smaller than Azerbaijan’s. Moreover, Armenia is bordered on all sides by regions heavily populated by Azerbaijanis or allied nations-whether it is the Igdir-Kars line in Turkiye, parts of the Iranian border, or regions in Georgia with compact Azerbaijani populations.

In terms of military budget and technical equipment, Armenia has lagged far behind Azerbaijan for years. Between 2010 and 2020, Azerbaijan’s defense budget alone frequently exceeded Armenia’s entire state budget. During that period, Azerbaijan was the only space-faring power in the region, possessing the capability to monitor all Armenian military movements from space.

Tank Fleet: Azerbaijan’s armored strength heavily surpassed Armenia’s, with a significant portion of its fleet consisting of third-generation or modern upgraded platforms. For comparison, neither Iran, Turkiye, nor Russia possessed tank fleets matching this level of modernization across the board at that time.

Artillery and Long-Range Systems: Azerbaijani artillery was capable of striking targets beyond 55 km (subsequently extended to 60-70 km with “NORA” and other self-propelled howitzers). Alongside fully automated, highly mobile systems like “DANA” operated by just a two-person crew, Azerbaijan possessed long-range rocket systems like “Polonez” and “LORA” with ranges of 300 to 430 km. To put this in perspective, Ukraine spent years trying to acquire analogous systems, gaining the upper hand on certain fronts only after securing weapons like ATACMS and Storm Shadow.

For comparison, while Ukraine hunted Russian armor using 1-5 km range NLAW and Javelins, Azerbaijan’s arsenal featured South Korean-analogous systems, 25 km range Israeli Spike NLOS missiles, domestically produced ETR-M missiles capable of hitting targets at 60 km, and glide bombs deployed from aircraft, helos, and drones extending ranges up to 80 km.

Aviation and Helicopter Fleets: Azerbaijan’s combat aviation-comprising MiG-29, Su-25, Su-24, and other aircraft-was further reinforced by the acquisition of JF-17 Block 3 jets. Armenia possessed neither the variety nor the quantity to compete. Meanwhile, medium and heavy multi-role combat helicopters like the Mi-8, Mi-17, Mi-24, and Mi-35M provided a level of vertical envelopment power absent even in the arsenals of neighboring Iran and Turkiye.

This list could go on. All available statistical and analytical data prove that in terms of military arsenal, logistical base, and strategic preparedness, Azerbaijan outmatched Armenia manifold. Under such conditions, Armenia’s defeat was inevitable.

Today, Azerbaijan is compared in military strength not just with Armenia, but with leading regional powers. Armenia was never in the same weight class, and it is precisely this inescapable reality-the alignment of history, justice, and absolute strength-that sealed the outcome.

Kallas: Europe must rearm faster to hit 2030 target

European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas stressed during a press conference on Monday that in order to reach its 2030 target, Europe must be quicker and more effective in rearming itself.

“Europe needs decisive change in the scale and pace of defense investment, capability development, innovation and industrial capacity,” she noted.

Meanwhile, talking about Ukraine, she shared that the member states agreed on a pound 6.6 billion European peace facility fund. Kallas mentioned that while missile agreements are in place, the production of the weapon takes time. She called on the EU member states to supply Ukraine with missiles from their own stockpiles “in exchange for later replacements, financed by Ukraine support loans.”

More than 67,000 Nigerians benefitted from consumer credit scheme in one year – Tinubu

President Bola Tinubu on Monday, said the National Credit Guarantee Company (NCGC) has within one year issued a total of N21.59 billion in guarantees, to 67,512 borrowers across 25 states.

The president, writing on his official X handle, formerly Twitter @PBAT, also revealed that ‘participating lenders have also advanced about N46.95 billion, in loans, on the strength of those guarantees’.

The credit-based company was establish in May, 2025, with a capital base of N100 billion, as a loan guarantee company, to help small businesses overcome the barriers that keep them from finance.

Tinubu noted that this guarantees mean that for ‘every N1 in guarantees, it has helped unlock about N2.17 in credit.’

He said ‘so far, 67,512 borrowers across 25 states and the FCT have received credit backed by NCGC, while 11,374 if the beneficiaries are women.

A further breakdown of this shows that 33.5 percent or 22,000 Nigerians entered the records as ‘ first-time formal borrowers’

‘For more than 22,000 Nigerians, this is their first entry into the formal credit system.’ he said.

The President through the scheme, a ‘worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow.

‘We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit. Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.

‘The National Credit Guarantee Company @ncgc takes on one of the hardest barriers to business credit’.

Before the emergence of CREDICORP, many viable businesses met the same obstacle of being unable to secure credit at the banks

‘Lenders see too much risk in a sound business when the owner has little collateral or no credit history.

‘We established NCGC to help change that. It carries part of the lending risk with participating financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away.’

To ensure the success of the scheme, the NCGC is working through 19 financial institutions, 13 commercial banks, three microfinance banks and three development finance institutions.

The president recalled that during his campaign for the Presidency in 2023, he had ‘promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.

Tinubu while noting that many Nigerians now have a credit record they can build, added that ‘each successful repayment strengthens that record and can make the next loan easier to secure.

‘Credit matters because of what people can do with it. A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job.

‘NCGC estimates that the businesses it has supported account for 661,291 direct and indirect jobs.

‘This is how we move from reforms to opportunities. Our reforms laid the foundation. Credit gives Nigerians the means to build on it. Tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow.’

He assured that his administration will keep widening the ‘road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.

‘Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First’ he said.

Sri Lanka revises Rugby Sevens squad for Asian Games in Japan

Sri Lanka Rugby has made a revision to its men’s Rugby Sevens squad for the 20th Asian Games in Aichi-Nagoya, Japan.

The Rugby Sevens competition will be worked off from October 1 to 3 at the Paloma Mizuho Stadium in Japan, and the team departed for Japan last night (27 Sept).

Centre Akash Madusanka was given additional time to prove his fitness after sustaining an injury; he subsequently passed the fitness test and made it to the touring 13.

The revised squad blends experienced campaigners with several exciting young players as Sri Lanka aims to make an impact in the continental competition after qualifying for the Games earlier this year.

The Sri Lankan outfit is led by the experienced Srinath Sooriyabandara, with Janidu Dilshan and Gemunu Chetiya making it into the 13-player squad.

Sri Lanka has been drawn in Group C alongside the United Arab Emirates, Singapore and the Philippines, with hopes of progressing to the knockout stage of the Asian Games Rugby Sevens tournament and bringing home a medal. Sri Lanka Rugby has put in a lot of effort, taken a keen interest and incurred expenses on this sevens outfit to achieve this goal.

The Squad: Diluksha Dange, Akash Madusanka, Chathura Soysa, Gayan Perera, Srinath Sooriyabandara (Captain), Dinal Ekanayake, Jayathu Rajarathna, Janindu Dilshan, Shahid Zumri, Kavidu Perera, Pasindu Bandara, Devinda Rathnayake, and Gamunu Chethiya. Head Coach Fazil Marija.

Group – A: Hong Kong, China, Malaysia and Uzbekistan.

Group – B: Japan, Thailand, South Korea and Kazakhstan.

Group – C: Sri Lanka, UAE, Singapore and Philippines.

Matches (SL time)

1 Oct.: SL vs. Philippines at 7.35 am; SL vs. Singapore at 1.50 pm

2 Oct.: SL vs. UAE at 7.35 am

Baku’s two tenths

At a circuit built to punish the smallest miscalculation, the tenth Azerbaijan Grand Prix delivered one of the tightest finishes in its history – and handed George Russell the release he had been chasing since June

By the time the chequered flag fell, six cars would not see it. That fact hung over the Baku City Circuit before a wheel had turned, a quiet warning under a hardening evening light along walls the sport has now raced beside for a decade.

Wind came off the Caspian in short, testing gusts, rattling the flags above the castle stone and reminding the tens of thousands packed into this corridor of medieval architecture and Soviet-era boulevard that the track does not forgive distraction. Ten years into its residency on the calendar, Baku still carries a reputation it has never bothered to shed: a street course that looks manageable on a sighting lap and turns vicious the moment fuel loads and tire wear enter the equation.

Azerbaijan built its modern identity on a 19th-century oil boom that made Baku one of the world’s first great petroleum capitals, and long before that it sat astride the Silk Road, the corridor where Europe and Asia traded goods and architecture for centuries – a history still standing in Icherisheher, Baku’s walled Old City, where the 12th-century Maiden Tower and the Shirvanshahs’ Palace form a UNESCO World Heritage site. The circuit doesn’t skirt that history; it threads modern grandstands past medieval fortifications before opening onto the glass-and-steel Flame Towers, cars topping 200 miles per hour a few meters from walls older than the nation itself.

Baku has always operated on a different physics than the rest of the calendar. The escape roads are generous, almost inviting, which is precisely the trap. During practice, drivers had ducked into them all weekend with no real cost. Kimi Antonelli found the one exception to that leniency the previous day, planting his car into the barrier near Turn 8, the Castle Section – at 7.6 meters across, the narrowest corner left on the Formula One calendar, a stretch so tight that cars routinely graze the centuries-old stone on one side while brushing the wall on the other, with almost no room to correct a mistake before one of them does it for him. The message going into Sunday was blunt: with full fuel tanks and a race to lose rather than a lap to bank, the margin for that same error would not exist. Antonelli would start from the middle of the pack carrying that knowledge like a bruise, a championship leader suddenly forced to play catch-up on the one weekend where patience and recklessness look almost identical from the cockpit.

For Isack Hadjar, the weekend carried a different weight entirely. Three races removed from the grid after an injury layoff, he arrived in Baku having barely climbed out of the simulator – his team’s words, not embellishment – to find a car that had evolved without him. He had spent his idle Sundays watching Liam Lawson do competent, unspectacular work in his seat, and there is a particular kind of pressure that builds in a driver who knows exactly how replaceable he looked from the outside. His practice pace was cautious enough to alarm his own team. Qualifying told a different story. He banked every lap, extracted what the car offered, and rolled off the grid in a position that suggested the caution had been calculation, not rust.

It showed on Sunday. Verstappen, by contrast, spent Saturday fighting something he never quite solved. He had topped final practice with pace that made rivals recheck their own sector times, but qualifying left him irritated about a car that refused to sit still under braking, and he would ultimately line up from a distant eighth. Baku demands a ride height low enough to court disaster and a suspension stiff enough to survive the bumps, and when Red Bull doesn’t thread that needle exactly, the car turns unpredictable. Verstappen described losing half a second down the straights, a complaint that pointed toward the engine rather than the chassis. Starting eighth and finishing second is its own quiet indictment of a Saturday gone wrong, and its own quiet testament to a Sunday recovery drive that nearly rewrote the result.

Williams arrived with the kind of upgrade package teams talk about for months and then quietly downplay the week it lands. James Vowles had promised something substantial to his stakeholders, and it delivered more than the paddock murmur suggested: fifty-one uninterrupted race laps became a data-gathering exercise for the winter, and Carlos Sainz brought the package home in the points. Alex Albon’s race ended early in one of the day’s several crashes, proof that Baku’s walls do not distinguish between a car on new parts and a car on old ones.

Russell had arrived at this weekend still carrying the sting of Monza, where his own teammate had scythed through the field late on and taken a result away from him – a memory he has called chastening. Once the lights went out, he converted pole into a lead he would spend the next two hours defending, not chasing points so much as chasing the feeling of winning again. Afterward, he credited Antonelli’s near-flawless run atop the standings but made clear his own focus had narrowed to himself alone – that if he kept producing performances like this one, whatever happened by season’s end, he could live with it, given how difficult the stretch behind him had been. Baku’s long front straight became the stage where that stretch ended.

Two safety car periods turned a comfortable lead into a live contest. Russell had built a cushion of several seconds inside the opening ten laps, but each intervention – including a chaotic multi-car scramble that eventually claimed Lando Norris’s race alongside both Alpines of Franco Colapinto and Pierre Gasly – reset the gap and dragged Verstappen back into striking range. The compressed restarts brought Verstappen close enough to smell the exhaust ahead of him, and through the final stint the gap narrowed lap by lap into something the pit wall could no longer measure comfortably.

They crossed the line separated by 0.196 seconds, one of the tightest finishes this address has produced in ten years of hosting it. Russell took his eighth career victory, his first since Austria earlier this season – a result that felt less like a statistic and more like oxygen returning to a driver who had spent recent weeks defending his position rather than expanding it. Verstappen crossed second, still hunting his first win of the season, visibly frustrated that half a second of straight-line pace and a lost qualifying lap had been the difference between chasing and winning. Isack Hadjar completed the podium in third, giving Red Bull a result the team had gone a considerable stretch without tasting: both cars, side by side, on the top step’s flanks. Speaking afterward, Hadjar described the six weeks away as long ones, and said he had deliberately taken his comeback step by step rather than forcing it – an approach that had delivered, in his words, his first genuine podium built on pure pace rather than circumstance.

Charles Leclerc brought Ferrari home fourth, a tidier result than the team’s shaky long-run pace in practice had suggested was coming, with Lewis Hamilton following in sixth. Antonelli’s recovery drive supplied the afternoon’s quieter drama: sixteenth to fifth, eleven positions reclaimed through patience rather than desperation, enough to preserve his championship lead even as it shrank to sixty-six points. Baku served notice that the remaining street circuits will not hand him anything for free, and Sepang’s very different demands arrive next.

Further down the order, the race turned unforgiving in exactly the way Baku always does. Racing Bulls team-mates Arvid Lindblad and Liam Lawson tangled with each other in an incident significant enough to draw its own post-race scrutiny, with Lindblad recovering to snatch a points finish from Esteban Ocon right at the line, the two separated by three-hundredths of a second. Haas took full advantage of the disorder around them, Ocon and Ollie Bearman both scoring to pull clear of an Audi team that had arrived in Baku with its own package of updates and left with comparatively little to show for it.

Three-hundredths of a second in the midfield. Two-tenths at the front. 7.6 meters of asphalt at Turn 8, where the walls of a medieval fortress leave no room for a car to be anywhere but exactly where it needs to be. Ten years into hosting this race, Baku’s ribbon of stone and concrete has built a private reputation for reducing entire afternoons of strategy, tire management, and mechanical anxiety down to numbers too small to argue with. This year, that ruthlessness worked in George Russell’s favor. He will take it. On this anniversary weekend, almost nobody else got to.

A mandate voters never gave

The barangay and Sangguniang Kabataan elections scheduled for November 2, 2026 have been moved to November 2028, after President Marcos signed Republic Act 12326 fixing the terms of barangay and SK officials at five years.

Those elected in October 2023 will therefore remain in office through the May 2028 national and local elections before they themselves have to face the voters again.

President Marcos said the longer terms should provide stability and give barangay and SK officials sufficient time to complete their programs. There are reasonable arguments for giving local officials more time to govern instead of repeatedly putting them through elections.

Still, you have to wonder about the politics of extending the terms of tens of thousands of grassroots officials through a presidential election.

We are not the only ones wondering. Center for People Empowerment in Governance (CenPEG) chairman Roland Simbulan says the administration could benefit politically from keeping incumbent barangay officials in place through the 2028 national elections. The National Citizens’ Movement for Free Elections (Namfrel) has also opposed the postponement.

Barangay elections are officially nonpartisan, but Philippine politics does not suddenly become nonpolitical when you reach the barangay hall. The barangay captain knows the families, who needs medicine, a job, ayuda, a clearance or assistance from City Hall. He knows who belongs to which organization, who can bring people to a meeting and, inevitably, who votes where.

That intimacy is both the strength and weakness of barangay government.

There is another oddity in all this. For all the money and authority entrusted to barangay officials, the legal qualifications for the job are remarkably modest: citizenship, residency, voter registration, minimum age and the ability to read and write Filipino or a local language or dialect. No degree, civil-service eligibility or demonstrated knowledge of budgeting, procurement or public administration is required.

Marunong bumasa at sumulat.

To be fair, we don’t require a college degree from mayors, congressmen or senators either. You don’t even need one to become President of the Philippines. Perhaps that explains a few things.

But the barangay is where government becomes intensely personal. These officials handle public money, approve expenditures, participate in procurement and exercise authority over people who are literally their neighbors.

We used to think of corruption as something that happened in high places, involving presidents and their cronies, Cabinet secretaries, generals, congressmen, governors, mayors and big contractors. Somewhere along the way, it worked its way farther down the political and bureaucratic ladder until even the smallest unit of government was no longer immune.

There is no shortage of examples. The Office of the Ombudsman has prosecuted barangay officials for kickbacks, rigged procurement, misuse of public funds and ghost employees. A Manila barangay chairman was convicted after demanding and receiving money from a supplier handling barangay projects. Officials of another Manila barangay were convicted over procurement of a projector and sound system in which the purchase order identifying the supplier had already been approved before the scheduled bidding. Another chairman was convicted of malversation involving wages paid in the name of a dead street sweeper.

The Sangguniang Kabataan has not been spared. Two Makati SK chairpersons were suspended this year over separate alleged irregularities. One was suspended for six months after allegedly demanding a 20-percent kickback from a supplier for a Halloween project. The other was suspended for three months in a case involving allegedly falsified signatures on documents, including that of an SK kagawad who was in Canada. The DILG said criminal complaints would be pursued.

The SK was supposed to introduce young Filipinos to leadership, public service and democratic participation. Unfortunately, young people can also learn from the political environment into which we put them.

Covid showed us something more troubling: what could happen when considerable authority was suddenly pushed all the way down to the barangay. During the lockdowns, barangay officials became neighborhood policemen, border guards and welfare officers almost overnight. They manned checkpoints, enforced curfews and quarantine restrictions, monitored movement and helped administer government assistance. Many did difficult and necessary work. Others demonstrated what petty power without enough restraint could look like.

In March 2020, five alleged curfew violators in Barangay Gatid in Santa Cruz, Laguna were locked inside a dog cage. Two were minors. Police said the barangay chairman allegedly threatened to shoot them if they refused to enter. Criminal complaints for violation of the child-protection law, grave threats and coercion followed.

Then there was ayuda. By the end of 2020, the DILG said it had investigated 367 Social Amelioration Program-related cases involving 782 complainants and 1,278 suspects. The allegations included graft, robbery-extortion and grave threats, while other complaints involved beneficiary lists and the distribution of assistance. The Ombudsman also ordered the preventive suspension of 89 barangay captains over alleged irregularities involving the first tranche of SAP.

These cases don’t indict every barangay official. They expose the danger of putting public money, assistance and considerable discretion in the hands of local officials without enough accountability.

Who gets ayuda? Who gets a barangay job? Who supplies the barangay? Who gets the project? Whose relative gets hired? Who gets endorsed to City Hall?

And somewhere above this ecosystem sits the mayor.

Nobody needs a political science degree to understand why barangay captains can be useful to mayors, congressmen and national candidates. Philippine political machinery doesn’t begin in some air-conditioned campaign headquarters. Much of it is built from the ground up, street by street, precinct by precinct, barangay by barangay.

Which is why the timing of this extension matters. The officials whose terms have just been extended will still be sitting in their barangay halls when Filipinos choose their next President, vice president and other national and local officials in May 2028.

That doesn’t prove there was a political bargain behind the extension. But it is reason enough to ask why the voters themselves were not allowed to decide who should still be sitting in those barangay halls by then.

Republic Act 12326 does contain reforms worth acknowledging. Barangay officials are limited to two consecutive terms in the same position, while SK officials remain limited to one. Continuing training and capacity building are mandated.

But there is a difference between deciding how long future officials should serve and changing the tenure of people already elected under a different timetable.

The next BSKE was originally scheduled for December 2025. Congress moved it to November 2026. Now it has been moved to November 2028.

Election lawyer Romulo Macalintal, who successfully challenged an earlier BSKE postponement before the Supreme Court, is questioning the new law as well. He argues that the cumulative delay has prolonged the tenure of incumbent officials without requiring them to obtain a fresh mandate from the electorate.

There is precedent for questioning these postponements. In 2023, the Supreme Court declared unconstitutional the law that had moved the December 2022 BSKE to October 2023, ruling that it violated the freedom of suffrage and failed substantive due-process requirements. Congress has broad authority over barangay elections and terms, the Court said, but that authority is not unlimited.

Justice Marvic Leonen was already describing repeated postponements as an ‘alarming trend.’

Yet here we are again.

The new law became public only days before the scheduled September 28 start of the filing of certificates of candidacy. Comelec had been preparing for an election required by existing law. Then, practically at the door of the filing period, there was no election.

Maybe most incumbents are doing good work. Maybe their constituents would have reelected them anyway.

Then let them vote.

That is the part that gets lost whenever politicians debate whether three, four or five years is the ideal term for a barangay official. The term belongs to the office. The mandate belongs to the voter.

Congress can change the first.

It should be very careful about extending the second. ###

Nearly 29,000 tourists visit mud volcanoes tourism complex in Azerbaijan in eight months

A total of 28,979 people purchased tickets to visit Azerbaijan’s Mud Volcanoes Tourism Complex in the first eight months of 2026, with foreign tourists accounting for the vast majority of visitors.

Murad Agabayli, Chairman of the Board of the State Tourism Agency’s Reserve Management Center, told journalists that 26,235 of the visitors were foreigners, while 2,744 were domestic tourists. Another 798 people visited the complex free of charge.

According to Agabayli, the foreign visitors represented more than 150 countries. Tourists from China, Russia, Trkiye, Israel, India, Poland, Germany, Italy, Bahrain and the United States were among the largest groups.

The Mud Volcanoes Tourism Complex, which opened on June 13, 2024, has become one of the destinations most frequently visited by tourists coming to Baku, according to the official.

The complex offers several attractions designed to provide visitors with information about Azerbaijan’s distinctive natural environment. These include a Tourism Information Center, an exhibition hall dedicated to mud volcanoes and minerals, and workshops where visitors can participate in pottery and oil-painting master classes.

A natural history exhibition also displays nearly 1,000 specimens representing the fauna of Azerbaijan and other parts of the world.

Visitors can observe the mud volcanoes in the complex’s open area, including the Gilyanch mud volcano, consisting of eight cones arranged in a row, as well as a volcano that emits oil. The complex also provides an opportunity to observe Toraghay, described as Azerbaijan’s and the world’s largest mud volcano. The volcano is 402 meters high and has a diameter of 150 meters.

Agabayli also addressed transportation to the complex, noting that organizing dedicated public transport is challenging.

The complex is located approximately 100 kilometers from Baku. Agabayli said the site can be reached by leaving the main tourism route by about 20 kilometers and noted its proximity to the Gobustan Reserve, another major tourist destination.

He acknowledged that there is currently no dedicated public transportation service to the complex, but said the site remains accessible to tourists who want to visit.