Eastern friend receiving a new issue (7)
I believe the answer is:
emanate
'issue' is the definition.
(both can mean to give out or radiate)
'eastern friend receiving a new' is the wordplay.
'eastern' becomes 'e'.
'friend' becomes 'mate' (mate is a kind of friend).
'receiving' means one lot of letters goes inside another.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'a'+'n'='an'
'mate' going around 'an' is 'manate'.
'e'+'manate'='EMANATE'
(Other definitions for emanate that I've seen before include "Emerge or originate" , "Manatee (anag.)" , "Issue forth, from a source" , "Flow or proceed from" , "Issue or spread out from a source" .)