Business
EU leaders struggle to bridge gas price cap divide
European Union leaders struggled Friday to bridge significant differences over a natural gas price cap as winter approaches and Russia’s war in Ukraine fuels a major energy crisis, driving up prices for consumers and businesses.
The price cap is one of several measures the 27-nation bloc is preparing to contain an energy crisis in Europe that some fear could lead to rolling blackouts, factory shutdowns and a deep recession over the winter in economies already weakened by the coronavirus pandemic.
Russia has reduced or cut off natural gas supplies to 13 EU member nations as European governments bolster their support for Ukraine in the form of weapons, money, aid and sanctions on Moscow. The potential for shortages has led to surging gas and electricity prices that could climb higher as demand peaks during the cold months, AP reported.
Standing in the way of an agreement was the simple fact that each member country depends on different energy sources and suppliers, and they’re struggling to see eye-to-eye on the best way ahead.
Latvian Prime Minister Krisjanis Karins summed up the challenge for the EU as it considers a possible gas-price ceiling.
“A price cap on gas, if that could be achieved, would be grand — with the caveat that we cannot endanger security of supply,” Karins said. “So we cannot set the price so that no one would sell gas into Europe.”
Belgian Prime Minister Alexander De Croo said he hoped the “last hurdles” to a price cap would be overcome at the meeting, but also that leader should agree on a joint path of action to send two important messages.
“One to the energy markets, to make it clear we no longer accept these prices, we will not continue to pay this market manipulation. Secondly, an important signal to our populations, to our companies, that we are going to tackle the problem at the root,” he said.
In a choreographed moment, French President Emmanuel Macron, Dutch Prime Minister Mark Rutte and German Chancellor Olaf Scholz entered Prague Castle together on foot, walking past a small but noisy crowd of pro-Ukraine demonstrators.
A group of 15 member countries has urged the EU’s executive branch, the European Commission, to propose a cap on gas prices as soon as possible, but the idea has not secured unanimous support, with Germany notably blocking.
For now, the European Commission says, Europe’s gas storage capacity stands at about 90%, even as Russian gas supplies to the EU declined by 37% between January and August, with the U.S. and Norway stepping in to provide liquefied natural gas. But those replacement supplies have not been cheap.
The EU agreed to a new package of sanctions against Russia on Thursday, hitting trade, notably in the tech sector, slapping travel bans and asset freezes on 30 more officials, and targeting seven organizations. But the bloc is running out of economic ammunition to punish Russia with.
“We have to decrease the prices of energy. But it is an economic issue as much as a security issue,” EU foreign policy chief Josep Borrell said. “Energy is becoming the most important geostrategic issue today, related with the war, but also with the balance of power in the world.”
Cooperation between the Afghanistan Chamber of Commerce and Investment and the Uzbekistan Chamber of Commerce has paved the way for exporting potatoes from Bamyan province to the Uzbek market.
In this regard, Sayed Karim Hashemi, President of the Afghanistan Chamber of Commerce and Investment, and Doran Vahabov, President of the Uzbekistan Chamber of Commerce, have agreed on the export of 100,000 tons of Bamyan potatoes to Uzbekistan. Work is underway to finalize the export agreement.
Meanwhile, the first shipment of potatoes, consisting of eight trucks, has departed for the Uzbek city of Termez through the Hairatan Port.
The chambers of commerce of both countries, in cooperation with local authorities in Bamyan, have facilitated connections between traders and farmers and coordinated the purchasing, marketing, and transportation of the produce. This initiative is expected to expand market opportunities for Bamyan farmers and strengthen trade between Afghanistan and Uzbekistan.
Afghanistan’s Deputy Minister of Industry and Commerce, Ahmadullah Zahid, has travelled to India to attend the India International Trade Fair (IITF) 2026 in New Delhi.
The ministry said Zahid is scheduled to meet senior Indian government officials, trade representatives and investors during the visit.
Discussions are expected to focus on expanding bilateral trade and economic relations, increasing trade between the two countries, exploring new markets for Afghan products and identifying opportunities for joint investment.
The ministry said the visit aims to strengthen trade cooperation, promote Afghanistan’s production and export potential, and create new opportunities for economic engagement between Kabul and New Delhi.
The 45th India International Trade Fair (IITF) 2026 takes place from November 13 to November 27 in New Delhi.
Business
Afghanistan hosts dialogue on Islamic microfinance to expand access to Sharia-compliant financial services
Participants also explored practical solutions and future steps to strengthen the sector, emphasizing the importance of cooperation, knowledge-sharing and better coordination among relevant institutions.
A dialogue on Islamic microfinance was held in Kabul on Wednesday, bringing together representatives of financial institutions, government authorities, international partners and Afghanistan’s microfinance sector to discuss ways of expanding inclusive financial services in the country.
The event was organized by The Liaison Office in coordination with the Afghanistan Microfinance Association (AMA), Da Afghanistan Bank (DAB) and the Indonesian Embassy in Kabul.
Participants discussed opportunities and challenges facing the development of Islamic microfinance services, with a focus on expanding access to financial products that comply with Islamic Sharia principles.
Representatives of AMA, Da Afghanistan Bank and the Indonesian Ambassador to Afghanistan delivered keynote remarks, highlighting the current situation of the microfinance sector, international experiences and opportunities for developing diverse Islamic financial products.
Two panel discussions focused on major challenges facing microfinance institutions, including structural barriers to growth, limited access to capital, funding and liquidity constraints, difficulties in securing guarantees, and the long-term sustainability of Islamic microfinance services.
Participants also explored practical solutions and future steps to strengthen the sector, emphasizing the importance of cooperation, knowledge-sharing and better coordination among relevant institutions.
The dialogue concluded with calls for stronger collaboration among financial institutions and development partners to improve access to inclusive, sustainable and Sharia-compliant financial services across Afghanistan.
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