This is a container clue - one word or set of letters goes inside (or around) another word or set of letters.
Look for a word meaning 'row' that can go around the abbreviation for a well-known newspaper (which needs to be reversed or 'backing'). The definition involves rhyming slang where the answer rhymes with a word that means the same as Panama.
Answer: TITFER | TIER (row) around FT (Financial Times newspaper) reversed to TF. TITFER is rhyming slang - 'titfer tat' rhymes with 'hat', and Panama is a type of hat.