Good afternoon,

Today’s news: Globally, updates from China, Gaza, and Afghanistan. Locally, the IMF okays tax relief on sugar imports, deadly floods displace millions, and the Quetta bombing kills 15 at a BNP-M rally.

☕ Grab your chaye, let’s go.

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Around The World

Big bang. China showed off its military power at a huge parade in Beijing to mark 80 years since the end of World War II, displaying its latest generation of stealth fighters, tanks, laser weapons, nuclear ballistic missiles, and giant underwater drones. Russia's Vladimir Putin and North Korea's Kim Jong Un joined Xi, along with dozens of other heads of state, and only two Western leaders joined the parade.

Meanwhile, Donald Trump, who was not at the parade, accused his Chinese counterpart of conspiring against the US with Putin and Kim. He rejected suggestions that the warming of relations between China, Russia, and other nations poses a challenge to the US on the global stage.

Update from Afghanistan. The UN warned of an exponential rise in casualties from a major 6.0 magnitude earthquake that struck Sunday night in eastern Afghanistan, as the death toll passed 1,400 on Tuesday, with more than 3,000 people injured. The earthquake struck several provinces, causing extensive damage, flattening villages, and trapping people under the rubble of homes.

Update from Gaza. Tensions between Israel’s military and political leadership have sharply escalated over the past week, with the military chief directly confronting PM Netanyahu in a recent meeting over plans to expand the Gaza war. Meanwhile, thousands of Israeli reservists have begun preparing for the massive operation.

In other updates, at least 20 people have been killed in attacks across Gaza since dawn. On Tuesday, more than 100 Palestinians, including journalists, were killed when homes, neighbourhoods, and shelters were hit. 

Internationally, Spain’s PM said that Europe’s response to the war in Gaza has been a “failure” and risks undermining its global credibility. Belgium announced sweeping measures against Israel, including sanctions, an expanded arms embargo, and a ban on importing goods and services.

Pakistan

Sweet affairs. The FBR told a National Assembly panel that the IMF has approved exemptions on 47% of taxes and duties for sugar imports by the Trading Corporation of Pakistan, reducing levies on state imports to just 5% while private sector imports remain fully taxable. Officials explained that the government exported 750,000 metric tons of sugar and plans to import 250,000 metric tons under a cost-neutral strategy, with lower sucrose content in sugarcane driving tight production. The panel was assured that the FBR’s Track and Trace System is reliably monitoring 79 of 81 sugar mills, though future production forecasts remain uncertain due to floods. 

Still going. Pakistan is reeling from severe monsoon floods that have killed at least 43 people in the past 10 days and displaced over 1.3 million people in Punjab, where swollen Ravi, Sutlej, and Chenab rivers have inundated 3,363 villages and affected 3.6 million people. Authorities have evacuated 1.29 million people to safety, set up over 400 relief camps, and moved nearly 800,000 livestock to higher ground, though the situation remains critical with river flows expected to rise further until Sept. 5. 

Meanwhile, a cholera and gastroenteritis outbreak in Gilgit-Baltistan’s Astore district has hospitalized at least 750 people over four days, with cases traced to contaminated water supplies. With 90% of patients under control and no deaths reported, authorities suspended the local water supply, disinfected tanks, and arranged medical camps. Officials say the outbreak is now stabilising, though ongoing monsoon flooding across GB continues to fuel widespread waterborne diseases.

Bombing in Balochistan. A suicide bombing at a Balochistan National Party-Mengal (BNP-M) rally in Quetta killed at least 15 people and injured 32, making it one of the deadliest recent attacks in the province. Officials said the bomber detonated about 10 kilograms of explosives outside Shahwani Stadium as supporters exited the event, held to mark the death anniversary of party founder Attaullah Mengal. 

No group has claimed responsibility. BNP-M chief Sardar Akhtar Mengal declared a three-day mourning period, while authorities remain alert with Section 144 imposed across the province.

What Else Is Happening?

💰The price of gold hit a record high of $3,508.50 per ounce early on Tuesday as its demand remains strong amid global economic uncertainty.

🤩Anthropic announced a new $13B funding round, valuing the company at a whopping $183B, nearly tripling its worth from six months ago, and coming amid significant growth from Claude Code and enterprise accounts.

📂A US federal judge has ordered that Google will not have to sell its Chrome web browser but must share information with competitors. The decision emerged after a years-long court battle over Google's dominance in the online search market.