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US, Japan and South Korea seek North Korea’s denuclearization

The United States, Japan, and South Korea have reaffirmed their commitment to the complete denuclearization of North Korea and to addressing its nuclear and ballistic missile programs.

According to the U.S. Department of State, the three countries also intend to strengthen efforts to prevent North Korea from obtaining financial resources that could be used to support its nuclear and missile programs. Washington, Tokyo, and Seoul have previously emphasized the importance of enforcing international sanctions and closing loopholes that allow Pyongyang to generate revenue for prohibited activities.

At the same time, the three foreign ministers stressed that diplomatic channels should remain open. They expressed support for dialogue with North Korea and called on Pyongyang to return to negotiations aimed at reducing tensions and promoting peace and stability on the Korean Peninsula.

The officials also agreed to expand cooperation in several other areas, including economic security, artificial intelligence, energy, and emerging technologies. These areas have become increasingly important as the three countries seek to strengthen their cooperation not only in traditional security but also in technology and supply-chain resilience.

Trilateral cooperation between Washington, Tokyo, and Seoul has become an important part of their approach to regional security. The countries regularly exchange information and coordinate their responses to North Korean missile launches and nuclear activities. They have also discussed cybersecurity and measures to counter illicit financial activities linked to North Korea.

An interesting fact is that cooperation among the three countries extends far beyond military issues. In recent years, they have increasingly focused on areas such as artificial intelligence, critical technologies, energy security, and supply chains. This reflects a broader shift in international security, where technological and economic resilience are becoming closely connected with traditional national security.

The three governments therefore face a dual challenge: maintaining pressure on North Korea over its nuclear and missile programs while keeping diplomatic channels open in case opportunities for dialogue emerge.

Pork cuts, offal drive PHL meat imports-BAI

The continued rise in the Philippines’s purchases of pork propelled the country’s meat imports in January to August, according to the Bureau of Animal Industry (BAI).

The latest data from the attached agency of the Department of Agriculture showed that meat imports during the 8-month period climbed by 7.6 percent to 1.14 million metric tons (MMT) from last year’s 1.06 MMT.

Pork shipments rose by 5.16 percent to 602,655 metric tons (MT), accounting for more than half of the total shipments, from 573,091 MT in 2025. The bulk of the imports were pork cuts and offals at 254,524 MT and 182,969 MT, respectively.

Imported pork products are expected to plug the deficit in domestic output caused by the deadly hog disease African swine fever (ASF), which continues to affect local hog output.

Chicken shipments grew by almost 15 percent to 369,926 MT from 322,007 MT, based on BAI data. Mechanically deboned meat (MDM) accounted for the lion’s share of the shipments at 216,427 MT, followed by chicken leg quarter at 74,915 MT.

Meat products like buffalo and lamb, also jumped on an annual basis as of August when it went up to 37,855 MT from 29,316 MT and 723 MT from 550 MT, respectively.

Meanwhile, duck imports soared by 829.07 percent to 900 MT from 96 MT a year ago, according to BAI data.

Beef imports, however, fell by 5.43 percent to 124,830 MT from last year’s 131,991 MT. Most of these shipments consisted of beef cuts at 81,540 MT, followed by fats at 23,540 MT.

Turkey shipments also dropped by 19.72 percent to 63 MT, from the 79 MT posted in the same period last year.

Brazil was still the country’s largest supplier of beef (50,526 MT), chicken (206,476 MT), and pork (284,127 MT) products in the reference period.

The country’s meat imports jumped to over 1.6 million metric tons (MMT) in 2025, a new all-time high, based on BAI data.

Data from the agency indicated that the Philippines imported 1.64 MMT of meat shipments last year, up by some 13 percent from the 1.45 MMT in 2024.

Pork, the Filipinos’ favorite protein source, drove meat imports last year. Purchases rose by 16 percent to 851,760 MT in 2025 from 733,729 MT in the previous year.

ICTSI secures $1-B loan from BDO Unibank

International Container Terminal Services Inc. (ICTSI) has secured a $1-billion loan from Sy family-led BDO Unibank Inc. as it pushes ahead with an aggressive expansion drive at home and abroad.

ICTSI disclosed the loan facility, which carries a tenor of 10 years, in a regulatory filing on Tuesday.

The latest funding surpasses the $750-million loan extended to ICTSI in 2023 by Metropolitan Bank and Trust Co. At the time, that was the largest credit facility secured by the ports operator and the largest bilateral facility extended by Metrobank.

In May, ICTSI secured a $300-million loan from the Asian Infrastructure Investment Bank to support the expansion and upgrade of three of its terminals in the Philippines.

That deal marked the Beijing-based multilateral bank’s first loan to the Philippine private sector that is not backed by the government.

While ICTSI did not disclose how it plans to use the latest loan from BDO, the financing comes as the global ports operator pushes ahead with its expansion plans and port upgrades.

The company operates 30 terminals in 19 countries spanning the regions of Asia-Pacific, the Americas, Europe, the Middle East and Africa.

In the first half of 2026 alone, ICTSI spent $320.05 million in capital expenditures, primarily to finance expansion projects in the Philippines, Mexico, Brazil, the Democratic Republic of the Congo, Honduras, Australia and Ecuador.

For the full year, ICTSI plans to invest $740 million, 14 percent more than the $650.44 million it spent in 2025.

ICTSI has also been expanding through acquisitions abroad in recent months, including warehousing firm Companhia Regional de Armazéns Gerais e Entreposto Aduaneira in Brazil and port and cargo operator TLG Acquisition Holdings Proprietary Ltd. in South Africa.

Fraud-linked QVSE owner returns with new scheme

The person behind the QVSE investment scheme, which has been cited in court for fraud, is recruiting Kenyans on a new platform, soliciting deposits to purportedly unlock money frozen in the previous scheme.

Carl Grindan, popularly known as ‘Prof Carl’, is asking investors to deposit $400 (Sh51,800) into a new investment scheme called Apollo, with the promise that it will allow investors access to funds estimated to be close to Sh1 billion locked in QVSE accounts.

Grindan has given the over 12,000 Kenyan investors up to September 25 to deposit the Sh51,800 or lose the cash locked in QVSE accounts, according to notices sent to them through the secretive text message app, BonChat, seen by the Business Daily.

This emerged on a day when two local agents of the QVSE investment scheme were charged with fraudulently inducing trading in securities and operating an investment scheme without a licence from the Capital Markets Authority (CMA).

‘Ruth Mueni Kimeu and Mary Katuma Mwangangi, on diverse dates between 15th January 2026 and 17th September 2026 at an unknown place within the Republic of Kenya, jointly with others not before court, fraudulently induced members of the public to subscribe for and trade in securities through QVSE/GIG by publishing statements and making promises which were deceptive,’ reads the duo’s charge sheet at a Nairobi court.

Ms Kimeu, an employee of Machakos County, and Ms Mwangangi, a primary school teacher, denied two counts of collecting investments and fraudulently inducing investment in securities.

Prosecutors allege that they got Kenyans to trade in securities through QVSE by publishing deceptive statements and making false promises.

But as the CMA and the Directorate of Criminal Investigations (DCI) continued to probe QVSE and its parent firm Global Investment Group (GIG), associated with American Marc Hudon, the person behind the illegal investment scheme opened a new firm and continued business as usual.

Grindan has created Apollo Exchange and has promised investors it will transfer their frozen funds from QVSE to the new entity upon payment of the Sh51,800.

He reckons investors will withdraw both their transferred QVSE balances and the new deposit from September 25 in a scheme that promised investors a daily return of $12 (Sh1,554).

‘This is equivalent to us opening up a brand-new safe withdrawal channel for everyone on the new platform, bypassing the old channel to safely redeem the money that rightfully belongs to you,’ Grindan said in a message to investors seen by the Business Daily.

‘The principal and earnings in every member’s account exist in the backend.’

Since January, QVSE has attracted thousands of Kenyans, including teachers, small-scale traders, professionals and boda boda operators, with promises of large returns from trading in US stocks, like Apple, Nvidia and Tesla.

The model relied on copy trading, where a signal provider like Grindan alerts investors to start trading using their digital capital, which is apportioned to mirror the preferred trades of QVSE.

The investors’ cash is stored in stablecoins, and they are expected to cash out via trading the cryptos on Binance.

Investors were required to deposit $500 (Sh65,000) or $1,000 (Sh130,000) to their QVSE accounts, and Grindan sent trading signals through BonChat, which listed 12,005 investors.

Kenyans who deposited $500 got $6 (Sh777) per trade, while a $1,000 account earned $12 (Sh1,554) per trade. Grindan sent signals twice daily, allowing investors to double their returns.

On September 5, Grindan froze the QVSE accounts, accusing some members of creating multiple accounts to increase their trading limits.

He then asked investors to make additional deposits equal to their initial principal – Sh65,000 or Sh129,000 – for their accounts to be activated, a promise that turned out to be false.

A week later, on September 12, the CMA listed both QVSE and GIG among 15 entities the regulator said were operating illegally in Kenya and lacked permits to support their businesses.

‘These entities are the subject of active investigations by the Directorate of Criminal Investigations in collaboration with the Capital Markets Authority and other law enforcement agencies,’ the CMA said.

‘The Authority strongly cautions the public against dealing with entities and persons disguising their fraudulent activities as investment opportunities.’

But Grindan dismissed the regulator’s warning and told investors to put more money on the platform, claiming that the CMA’s notice lacked substance.

‘The content is merely performative and lacks real substance; it is simply a way for them to signal to the public that they are taking action, rather than being based on anything tangible,’ read a message sent on BonChat.

Apollo is the latest investment platform Grindan is running under GIG after the QVSE landed in trouble and an earlier scheme known as PCEX, which the CMA said operated in Kenya illegally.

PCEX used a similar copy-trading model, and investors deposited $500.

The scheme encouraged members to recruit more people by awarding them bonus signal transactions to boost their account holdings

PCEX initially announced a temporary closure on April 16, 2025, citing internal issues and pending regulatory processes. Grindan told investors they could not withdraw their cash until January 2026, when it would complete a ‘review of all funds’.

However, the company did not reopen, and it is unclear how much money Kenyans lost.

Grindan has used a photograph of a white, middle-aged Caucasian man in a dark grey plaid blazer and white Oxford shirt.

The Business Daily has since conducted a reverse search of the photograph, which showed it was first uploaded on the internet in September 2021 under a Norway-based photographer’s portfolio alongside five other shots.

A similar picture apparently from the same shoot is currently the LinkedIn profile picture of a business executive at a major Norwegian automotive group.

Regulatory filings show GIG was incorporated in Colorado, United States, in June 2025. Its registered agent was listed as Marc Hudon, and the company has not made any filings since.

President Ilham Aliyev received newly appointed Ambassador of Sweden to Azerbaijan [PHOTOS/VIDEO]

President of the Republic of Azerbaijan Ilham Aliyev received the credentials of the newly appointed Ambassador Extraordinary and Plenipotentiary of the Kingdom of Sweden to Azerbaijan Louise Morsing on September 23.

The Ambassador presented her credentials to the head of state.

President Ilham Aliyev held a conversation with the Ambassador.

Expressing hope that the successful development of bilateral relations will continue and new areas of cooperation will be identified in the coming years, the head of state highlighted the importance of mutual visits and meetings at various levels in this regard and noted good opportunities for partnership in the investment, trade, and business sectors.

President Ilham Aliyev wished the Ambassador success in her diplomatic activity.

Expressing gratitude to the head of state for the reception, the Ambassador emphasized that she would make every effort to further expand bilateral relations.

The Ambassador conveyed her congratulations to President Ilham Aliyev on the progress achieved in the peace agenda between Azerbaijan and Armenia. She also noted that she welcomes the steps taken toward building trust between the two countries.

Stating that a large number of Azerbaijani students study in Sweden and that their academic level is highly appreciated, the Ambassador expressed hope that these students will contribute to the development of Azerbaijan-Sweden relations during their future careers.

Louise Morsing also touched upon the positive dynamics in relations between Azerbaijan and the European Union, emphasizing in this context that negotiations on the bilateral agreement have resumed.

The Ambassador highly appreciated the humanitarian assistance provided by Azerbaijan to Ukraine.

Touching upon the peace process between Azerbaijan and Armenia, President Ilham Aliyev stated that Azerbaijan was the initiator and author of the peace agenda, characterizing the peace achieved between the two countries as unprecedented in the world.

Noting that Azerbaijan-European Union relations are currently very good, the head of state recalled the visits to Azerbaijan this year by President of the European Council António Costa, President of the European Commission Ursula von der Leyen, and High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission Kaja Kallas, as well as his meetings with them on the sidelines of international events.

During the meeting, the sides exchanged views on the current state of and prospects for cooperation between Azerbaijan and Sweden, and discussed matters of mutual interest.

EPP delegation to visit Armenia amid Yerevan’s closer ties with EU

A delegation led by European People’s Party (EPP) Secretary-General Dolors Montserrat will visit Armenia on September 24 and stay in the country until September 28.

The visit has been confirmed by an order issued by Armenian National Assembly Speaker Ruben Rubinyan regarding the organization of the delegation’s trip.

The delegation will be received by Sargis Khandanyan, Chairman of the Armenian Parliament’s Standing Committee on Foreign Relations.

The visit comes amid Armenia’s efforts to deepen cooperation with the European Union and strengthen political ties with European institutions.

In March 2025, Armenia’s parliament passed a law launching the process of the country’s accession to the European Union. In late August 2026, Armenian Prime Minister Nikol Pashinyan said that Yerevan intends to officially submit an EU membership application in the near future.

Airport Project: Oyo Did Not Get N50bn From Tinubu, Makinde Replies Wike

Oyo State Governor and presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has denied claims by Minister of the Federal Capital Territory (FCT), Nyesom Wike, that President Bola Tinubu gave the state N50 billion to upgrade the Ladoke Akintola International Airport, Ibadan.

Makinde spoke on Tuesday while addressing supporters at the Makinde/Daura 2027 Presidential Town Hall meeting in Katsina.

He said the Oyo State Government did not receive N50 billion from the Federal Government, adding that the airport upgrade was being funded entirely by the state.

Wike had made the claim on Monday while appearing on TVC’s Journalists’ Hangout programme.

Makinde said, ‘The President did not give me or Oyo State N50 billion to upgrade the Ibadan Airport. The Ibadan Airport upgrade project is being undertaken 100 per cent with the funds of Oyo State.’

On the transfer of presidential power, Makinde said he would transmit power to the Vice President whenever he is unavailable if elected president in 2027.

He said he would obey Section 145 of the Constitution, which requires the President to transmit a written declaration to the Senate President and Speaker of the House of Representatives when proceeding on vacation or otherwise unable to perform the functions of office.

‘I promise you that, as your President, I will follow the Constitution to the letter. If I am not going to be available, if I am on vacation, I will transmit power to the Vice President. Record this and hold me accountable,’ he said.

Makinde also promised to establish reliable data on out-of-school children and develop measures to return them to school.

He called for mining to be removed from the Exclusive Legislative List and devolved to the states, while the Federal Government retains oversight.

On 2027 election, he urged Nigerians to obtain their Permanent Voter Cards (PVCs) and participate in the poll.

Earlier, APM vice-presidential candidate, Lawal Daura, said the North-West and Nigeria were ‘yearning for a reset’, citing insecurity and poverty as major challenges facing the region.

Daura said Makinde’s proposed agenda aligned with his call for fundamental change and urged supporters to exercise their civic rights.

Icherisheher launches Community Center for residents

A Community Center aimed at creating new opportunities for engaging with residents has started operating in Icherisheher.

The center was established on the administration’s initiative. Its main goal is to involve residents in social and cultural activities, organize their leisure time effectively and support their various initiatives.

Previously, a Service Center had also been opened in the area to address residents’ requests and needs. The newly opened Community Center, meanwhile, will focus directly on closer engagement with residents, learning about their interests and suggestions, and implementing joint projects and events.

Speaking at the opening ceremony, Rufat Mahmud, Chairman of the Board of the Icherisheher State Historical-Architectural Reserve Administration, spoke about the contribution the new venue will make to residents’ daily lives. He emphasized that Icherisheher lives not only through its historical monuments, but also through the people who reside there, their memories and traditions. He noted that residents play a special role in preserving the ancient quarter.

The Community Center, which is intended exclusively for Icherisheher residents, will host various meetings, clubs, workshops and cultural events for different age groups and interests. Members of the Icherisheher Council of Elders and the “Goru” Youth Initiative Group, as well as children and adults, will be able to participate in these activities.

The center is expected to become an important platform for encouraging residents’ active participation in community life, creating opportunities to turn new ideas into reality and further developing the rich social and cultural environment of Icherisheher.

Icherisheher, also known as the Old City, forms the historical core of Baku. Surrounded by fortress walls, the ancient quarter preserves a rich architectural heritage reflecting different periods of the city’s history. Among its best-known landmarks are the Maiden Tower and the Palace of the Shirvanshahs.

The Icherisheher State Historical-Architectural Reserve was established in 1977 to protect, preserve and study the area’s architectural and cultural heritage. The reserve covers the historic quarter and its monuments while also supporting the preservation of its traditional urban environment and way of life.

In 2000, Icherisheher, together with the Maiden Tower and the Palace of the Shirvanshahs, was inscribed on the UNESCO World Heritage List. Today, the historic quarter remains not only a major cultural and heritage site, but also a living residential community. The new Community Center is intended to further strengthen this connection between heritage preservation and the everyday life of Icherisheher residents.

Mbappe confident of Ballon d’Or chance after record World Cup

Kylian Mbappe believes his individual performances have strengthened his chances of winning the Ballon d’Or after finishing as the top scorer at the 2026 FIFA World Cup and setting a new tournament scoring record.

The France captain scored 10 goals at the World Cup and also finished as the leading scorer in both La Liga and the Champions League last season, despite ending the campaign without a major trophy with France or Real Madrid.

The Ballon d’Or ceremony will take place in London on October 26.

Mbappe backs individual record

Mbappe said individual performances should carry significant weight in determining the winner of the prestigious individual award.

‘They won’t announce a team in the envelope; they will announce a player,’ Mbappe told RFI radio.

‘The ability to perform individually and produce eye-catching moments, that’s what stands out to people for an award like this.

‘I was top scorer in all the biggest competitions, and I think that this could be a good year for me, and I really feel it.’

The 27-year-old Real Madrid forward scored 25 La Liga goals last season and added 15 in the Champions League before scoring 10 at the World Cup.

His World Cup tally took his career total in the competition to 22 goals, making him the tournament’s all-time leading scorer.

Mbappé faces strong competition

Mbappé’s individual numbers come despite a trophyless campaign.

France were eliminated in the World Cup semi-finals, while Real Madrid finished second in La Liga and were knocked out of the Champions League by Bayern Munich in the quarter-finals.

He faces competition from several players who combined individual performances with major team success in 2026.

Barcelona’s Lamine Yamal and Ferran Torres won La Liga and the World Cup, while Paris Saint-Germain’s Ousmane Dembélé and Khvicha Kvaratskhelia won Ligue 1 and the Champions League.

Bayern Munich striker Harry Kane also enjoyed a successful campaign after helping the German club win the Bundesliga.

The Ballon d’Or winner will be announced in London on October 26, with Mbappé’s individual scoring record set to form a central part of his case.

Sri Lanka Living Lab: Moving from commodities to agility in VUCA world

When international executive delegations visit emerging markets, the prevailing expectation is often shaped by macro-economic headlines or traditional supply-chain commodities. However, an immersion with senior leaders from Singapore’s National Institute of Education (NIE) to local Sri Lankan pioneers recently revealed a far more compelling narrative. Sri Lanka is rapidly emerging as a dynamic ‘Living Laboratory’ for high-value synthesis, experience design, and agile execution.

In a global economy defined by volatility, uncertainty, complexity, and ambiguity (VUCA), small nations cannot win by competing on raw volume or massive scale. Instead, competitive advantage shifts to intellectual capital, adaptive execution, and non-linear thinking. Two contrasting Sri Lankan enterprises vividly illustrate how this transition works in practice.

The ‘iPhone of teas’: Experience over commodity

For generations, Ceylon tea has been exported as a bulk commodity-a high-volume, low-margin game dictated by global auction prices. Basilur Tea broke this paradigm by completely rethinking the consumer interface. Rather than treating tea as a mere agricultural crop, they transformed it into an aesthetic experience, a luxury gift, and a lifestyle product through intricate packaging, bespoke blends, and total experience design.

Much like Apple redefined the smartphone market by focusing on sensory experience and design rather than basic utility, Basilur demonstrated that innovation in volatile markets is rarely about discovering new raw materials. It is about elevating synthesis, brand storytelling, and emotional delivery.

The ‘David’ of banking: Agility over armour

In the commercial banking sector, legacy institutions dominate with massive balance sheets and sprawling branch networks. Operating against these giants, Pan Asia Banking Corporation (PABC) provides a live case study in Malcolm Gladwell’s David and Goliath premise: constraints force creativity.

Rather than trying to play ‘Goliath’s game’ through brute-force balance sheet expansion, PABC leverages its nimbler footprint to execute with speed. By deploying human-centred data analytics (Falcon Eye) and pioneering green financing models (Haritha Shakthi), PABC demonstrates that being smaller allows an organisation to drop heavy corporate armour, test new frameworks in real time, and build responsive leadership pipelines.

Transposing frameworks across domains

The true power of a ‘Living Laboratory’ lies in cross-pollination-taking proven principles from one domain and applying them to another. During our sessions with the NIE Singapore cohort, a striking parallel emerged between NIE’s pedagogical framework for holistic education-nurturing self-directed learners, confident individuals, active contributors, and concerned citizens-and corporate Emotional Intelligence (EQ).

Leaders in both financial services and national education agreed that while all four dimensions are vital, the single greatest challenge in today’s workforce is cultivating self-directed learners and active collaborators. When corporate disruptors and educational leaders exchange operational frameworks, both sectors accelerate their ability to solve human capital bottlenecks.

Sri Lanka’s strategic future does not lie in competing as a low-cost commodity hub. Our opportunity is to position the country as a regional synthesis centre-a place where regional desks, global academic cohorts, and corporate boards come to study agile execution, human-centred design, and biomimetic leadership in real time

The eco-leadership frontier

This living lab model extends beyond corporate boardrooms and into natural ecosystems. The structural patterns driving organisations like Basilur and PABC-resilience under constraints, resource efficiency, and systemic interdependence-mirror fundamental principles found in biological systems.

Through biomimetic ‘Eco-Leadership’ immersions, international executives can step directly into Sri Lanka’s rich natural environment to study how living systems adapt, optimise energy flows, and maintain balance under extreme environmental pressure.

The path forward

Sri Lanka’s strategic future does not lie in competing as a low-cost commodity hub. Our opportunity is to position the country as a regional synthesis centre-a place where regional desks, global academic cohorts, and corporate boards come to study agile execution, human-centred design, and biomimetic leadership in real time.

By framing our economic and operational challenges not as liabilities, but as the very conditions that force world-class innovation, we turn constraints into our greatest strategic asset.