Good afternoon,

Today’s news: Globally, Ukraine gets military support, China increases the retaliatory tariffs, and news from Iran and India. Locally, ADB slashes Pakistan’s growth forecast to 2.5%, the government plans a Green Climate Fund, and Sikh pilgrims arrive in Lahore.

☕ Grab your chaye, let’s go.

P.S. First time reading? Subscribe here for free.

Around The World

Crowdfunding. Britain on Friday announced a surge of military support to Ukraine, as the UK and Germany are hosting talks with 50 counties to drum up weapons and ammunition. Britain and Norway will spend over $580 million to provide military drones, radar systems, and anti-tank mines, as well as repair and maintenance contracts to keep Ukrainian armored vehicles on the battlefield. Other EU nations have also committed resources to the cause.

Russian forces currently hold the advantage in Ukraine, with the war now in its fourth year. Ukraine has endorsed a US ceasefire proposal, but Russia has effectively blocked it by imposing far-reaching conditions.

2 Fast 2 tariffs. China has upped its retaliatory tariffs on US imports to 125%, escalating the trade war. Chinese leader Xi Jinping struck a defiant tone in his comments on the trade war, saying his nation was “not afraid.” Trump’s universal tariffs on China total 145%. China’s Commerce Ministry is filing another lawsuit with the World Trade Organization against the tariffs. Meanwhile, global stocks are tumbling again, and gold has risen to a record high as investors flock to safe-haven assets.

Iran-ing out the details. Iran has warned that it could expel UN nuclear watchdog inspectors from the country in response to external threats, as the country prepares to hold high-level talks with the United States in Oman. Relations between Iran and the US have been tense since Trump said in February he was re-imposing a “maximum pressure” campaign.

Extra-dited. Pakistan-born Chicago businessman Tahawwur Rana, wanted in India for his role in the 2008 terror attacks in Mumbai City, has been extradited by the US and remanded in Indian custody for 18 days. Indian authorities accuse Rana of working with David Headley to support Lashkar-e-Taiba, the Pakistani group blamed for the assault. On 26 November 2008, 10 militants launched deadly attacks across Mumbai, killing 166 and injuring hundreds, before being stopped by security forces on 29 November.

Pakistan

Hold your horses. The Asian Development Bank (ADB) has slashed Pakistan’s growth forecast to 2.5%, down from the government’s 3.5% target and the IMF’s earlier 3.2%. Despite easing inflation and interest rates, key sectors like manufacturing remain in decline, while tight policies, weak industrial output, and stagnant job growth have kept poverty stuck at 42.3%—near pandemic highs. The IMF’s push for subsidy cuts and tax reforms may weigh on short-term recovery, and Pakistan’s exports remain undiversified. A recent Moody’s note also flagged external risks if US tariffs on Pakistani goods resume.

Clean girl. The government is planning to unveil a Green Climate Fund aimed at tackling climate change through green finance, according to Climate Minister Musadik Malik. The fund, initiated under PM Shehbaz Sharif’s direction, is part of broader efforts to attract global investment in climate-friendly projects. Key plans include a national carbon exchange, water treatment plants in Punjab, and carbon credit initiatives like mangrove conservation and methane capture in Lahore.

From across the border. Over 6,700 Sikh pilgrims from India have arrived in Lahore to participate in the Baisakhi (Vaisakhi) festival at Gurdwara Janam Asthan in Nankana Sahib, set for April 14. This marks the first time Pakistan has granted such a large number of visas for the event, exceeding the usual limit of 3,000 under the Pakistan-India Religious Protocol Agreement of 1974. The pilgrims were warmly received at the Wagah border by Minister of State for Interfaith Harmony Khel Das Kohistani, along with other key officials, who welcomed them on behalf of the Pakistani government.

What else is happening?

👠Prada has agreed to buy its smaller rival Versace for $1.38bn from Capri Holdings, bringing together two of the biggest names in Italian fashion and creating the prospect of enhanced revenues.

🚙Tesla officially launched in Saudi Arabia on Thursday with its first showroom and service center in Riyadh. However, experts caution that KSA’s extreme heat could pose a challenge for its electric vehicle performance and battery efficiency.