Good afternoon,

Today’s news: Globally, updates from the Russia-Ukraine conflict and Gaza. Locally, record $38.3bn remittances reached, looming flood threatens Punjab, and PPL announces major oil discovery.

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Around The World

Big words. Russian President Vladimir Putin said that any foreign troops deployed to Ukraine before a peace agreement has been signed would be considered legitimate targets by Moscow’s forces. He also dismissed the idea of peacekeeping forces in Ukraine after a final peace deal, saying “no one should doubt” that Moscow would comply with a treaty to halt its full-scale invasion of its neighbor.

Putin’s comments follow pledges from 26 of Ukraine’s allies to deploy troops as a “reassurance force” for Ukraine once fighting ends. French President Macron announced this decision of the so-called coalition of the willing to help guarantee the country’s security, the day after any ceasefire or peace is achieved.

Updates from Gaza. The US State Department has imposed sanctions on three Palestinian human rights groups that asked the International Criminal Court to investigate and arrest Israeli leaders over accusations of war crimes in Gaza. The US sanctions came days after the world’s leading genocide scholars said Israel’s actions in Gaza meet the legal definition of genocide. Israel rejected the accusation, saying it is based on a “campaign of lies” by Hamas. 

Additionally, Israeli forces have killed at least 30 people across Gaza on Friday, with 7 children among 20 killed in attacks on densely-populated residential areas of the city. Israel's military spokesperson announced that Israeli forces control 40% of Gaza and plan to expand their operations. The offensive aims to dismantle Hamas' infrastructure and return hostages, with potential military rule in Gaza being considered if no post-conflict plan is established.

Pakistan

Big bucks. Pakistan’s remittance inflows reached a record USD 38.3 billion in FY2025, up 27% from USD 30.3 billion in FY2024, making it the world’s fifth-largest recipient and second in South Asia. The cost of channeling funds through the Pakistan Remittance Initiative (PRI) also soared 70% to Rs 124.14 billion. The surge is driven by higher incentives under the Transfer to Cash Incentive Scheme (TTCIS), restoration of the Saudi corridor, rupee depreciation against the riyal, and unprecedented inflows from Saudi Arabia, the UAE, the UK, and EU countries. 

Since 2009, remittances have grown nearly fivefold, surpassing exports as the largest foreign exchange source, while the PRI network expanded to over 50 local financial institutions and 400 international partners. To ease fiscal pressure, the ECC has revised TTCIS incentives, setting a flat 20 riyals per transaction and raising the minimum eligible threshold from USD 100 to USD 200.

Forecasting floods. India has warned Pakistan of fresh cross-border flooding in the Sutlej as heavy rains continue swelling rivers across Punjab, where monsoon floods have killed 46 people, displaced 1.8 million, and besieged 1.3 million acres of farmland. Authorities report floodwaters in the Chenab, Ravi, and Sutlej remain critical, with Trimmu and Panjnad headworks under pressure, prompting mass evacuations, hundreds of relief camps and medical camps, and the relocation of 1.34 million livestock. For more details and live updates, read here. 

Gassed up. Pakistan Petroleum Limited (PPL) announced a major oil and gas discovery at the Dhok Sultan-03 well in Punjab’s Attock district, marking the second deepest oil find in the Pothohar region. The well, drilled to 5,815 meters, tested flows of up to 2,113 barrels of oil and 4.13 million standard cubic feet of gas per day. PPL hailed the find as a milestone of in-house expertise and commitment to energy security.

What Else Is Happening?

👕China’s fast fashion giant Shein launched an investigation after someone used the likeness of Luigi Mangione (standing trial for the NYC murder of United Healthcare CEO Brian Thompson) to market a shirt.

👁️OpenAI announced that parents will gain oversight capabilities for teenage ChatGPT users within 30 days, with features such as account linking, content filtering, and alerts when the system detects signs of emotional distress.