Good afternoon,

Today’s news: Globally, updates from Gaza and Trump vs. China. Locally, Barrick secures provisional approval for $3bn Reko Diq financing, KP Mines and Minerals Bill faces heavy criticism, and AGP seeks more time to consult on May 9 convicts' appeal rights.

☕ Grab your chaye, let’s go.

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Around The World

Update from Gaza. At least 35 people were killed, and dozens of others were wounded in an Israeli attack on a residential block in Gaza City’s Shujayea neighbourhood. The Israeli military said the raid targeted a senior Hamas fighter, but did not give his name, claiming that it had taken several steps to reduce harm to civilians. Shujayea attack witnesses say Israeli bombing was “a massacre with the full meaning of the word” and some victims were “torn to pieces” by the attack with “multiple missiles” that sent shrapnel flying.

What you China do? The US stock market soared after Trump announced a 90-day pause on his “reciprocal tariffs” on nearly 60 countries. Asian markets have followed the US rally, with Japan’s Nikkei 225 and South Korea’s KOSPI opening about 7% and 5% higher, respectively. Trump did not extend his tariff pause to China, raising the tax rate on Chinese imports to 125%.

Trump’s move was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the US and China. China has thus far focused on Europe, with a phone call between Premier Li Qiang and European Commission President Ursula von der Leyen “sending a positive message to the outside world.” The two are each other’s largest trading partners. 

Here’s why the analysts think that Trump is focusing on China and why China is not backing down.

Pakistan

Gold rush. Barrick Gold has provisionally approved a $3 billion financing package for the Reko Diq copper and gold project, with full development contingent on securing the remaining $6 billion needed. Backed by the IFC and funding agencies from the US, Germany, and Japan, the project is set to begin major construction this year, aiming for first production by 2028. CEO Mark Bristow said the mine could be worth $70 billion and would also help local communities through jobs, training, and basic services (👀). Barrick owns 50% of the project; Pakistan and Balochistan hold the rest. The company is also exploring adjacent mineral sites with Mari Energies and Saudi Arabia’s Ma’aden is reportedly in talks to invest in the project.

Rock and hard place. The Khyber Pakhtunkhwa Mines and Minerals Bill, 2025 has drawn significant criticism with Aleema Khan, sister of PTI founder Imran Khan, urging the government to pause the bill until Imran Khan’s approval after his release from jail. The bill has been heavily criticized by both ruling and opposition lawmakers, with concerns over the increased role of the federal government in the provincial mining sector, which is a provincial matter under the 18th Constitutional Amendment.

The bill proposes the creation of new bodies like a licensing and exploration section, a mining force, and the Mineral Investment Facilitation Authority (MIFA), while also giving federal mining authorities an expanded advisory role. Critics argue that the bill disproportionately favors large-scale mining companies and undermines the rights of local small-scale miners. They noted that the bill imposes heavy financial burdens on smaller operations and disregards their role in KP's mining economy.

Long winding road. The Attorney General for Pakistan (AGP) requested more time from the Supreme Court to consult the government on whether May 9 attack convicts should have the right to appeal military court verdicts. The constitutional bench questioned the fairness of military trials, with Justices Mandokhail and Hilali pointing out the importance of upholding fundamental rights and judicial independence. Senior counsel Khawaja Haris Ahmed argued military courts are constitutionally legitimate and outside civilian jurisdiction.

What else is happening?

👛Changpeng Zhao, the founder of Binance, was appointed as an adviser to the newly established Pakistan Crypto Council (PCC)—but are we ready for cryptocurrencies?

🌚Last month, Florida-based Lonestar Data Holdings successfully tested a tiny data center the size of a book on the Moon. Lonestar says that putting data centers on the Moon will offer customers secure, reliable, eco-friendly data processing while using unlimited solar energy to power them.

🐶New research suggests that having a cat or a dog to keep you company could boost your well-being as much as being married or meeting up regularly with friends and relatives, validating many introverts and animal lovers.

Today In History

On April 10, 1998, the Northern Ireland peace talks concluded as negotiators signed the Good Friday Agreement, a landmark settlement to end 30 years of bitter rivalries and bloody attacks.

In 1912, the British liner RMS Titanic, set sail from Southampton, England, bound for New York on its ill-fated maiden voyage.

In 2019, scientists released the first image of a black hole, revealing a fiery, doughnut-shaped object in a galaxy 55 million light-years from Earth.