Good afternoon,

Today’s news: Globally, updates on the Gaza ceasefire, Trump’s tariffs, and China’s IOMed. Locally, a slight inflation rise projected in June, crypto still banned in Pakistan, and a dramatic drop in migratory bird arrivals due to climate change.

☕ Grab your chaye, let’s go.

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Around The World

Updates from Gaza. 

• Israeli forces have shot and wounded at least 20 people seeking aid at the newest distribution point set up by the controversial Gaza Humanitarian Foundation in central Gaza. Additionally, at least 70 Palestinians were killed in Israeli attacks since the early hours of Thursday. Live updates here.

• Hamas is currently reviewing a new ceasefire proposal that has been signed off on by Israel. Hamas says the proposal fails to meet its core demands and will only result in more killings in Gaza, but it will continue to study the proposal.

• Israel has ordered the closure of al-Awda Hospital, the last functional hospital in northern Gaza, leaving health officials scrambling to relocate dozens of people who remain at the medical facility. 

• French President Emmanuel Macron has warned that his country could “apply sanctions” against Israelis unless the government in Tel Aviv responds to the humanitarian crisis in Gaza.

I, judge. The Chinese government has signed a convention establishing an international mediation organization in Hong Kong. Beijing hopes it will rival the International Court of Justice (ICJ) as the world’s leading conflict resolution body. Pakistan is a founding co-signatory, while representatives from several countries, including Indonesia, Laos, Cambodia, and Serbia, as well as from 20 international bodies including the UN, attended the ceremony. 

The scope of cases handled by the body would include disputes between countries, between a country and nationals of another country, and between private international entities. Beijing plans for the body to cement Hong Kong’s presence as a top global mediation hub,  hoping to bolster the city’s waning international credentials.

Tax on, tax off. A US federal appeals court has paused Wednesday night’s ruling from the Court of International Trade that blocked Trump’s tariffs. The ruling restores Trump’s ability to levy tariffs using the emergency powers he declared earlier this year. The pause adds to the confusion and uncertainty swirling around Trump’s tariffs, which have been a key pillar of his economic policy.

Pakistan

Inflated expectations. After reaching a historical low of 1.5–2% in May driven by improved weather, better crop yields, and a stable exchange rate, inflation is projected to rise slightly to 3–4% in June 2025. The State Bank forecasts average inflation between 5.5–7.5% for the fiscal year ending June 2025. Despite the upcoming Eid Al-Adha holidays, the federal budget for FY2025- 26 will be announced on June 10, with the Economic Survey scheduled for June 9. 

Bitblocked. The State Bank of Pakistan (SBP) and the Ministry of Finance clarified that cryptocurrency is currently banned in Pakistan and not recognized as legal tender, with trading prohibited under existing regulations. During a parliamentary finance committee meeting, officials emphasized the need for a robust legal framework to regulate digital assets, noting that while preliminary discussions are underway, no policy shift has occurred. The Pakistan Crypto Council (PCC), comprising the SBP, SECP, and Finance Ministry, is exploring the feasibility of responsible innovation in digital assets, aligned with FATF standards.

Birds of a feather. Sindh has witnessed a dramatic 50% drop in migratory bird arrivals over two years, from 1.2 million in 2023 to just 545,000 this year, according to the Sindh Wildlife Department’s annual waterfowl count. Experts link the sharp decline to climate change, particularly prolonged droughts, receding water levels, and widespread habitat degradation.

The province’s wetlands have historically served as key stopovers for over 50 bird species, such as gulls, cranes, mallards, and storks. But this year’s survey, covering 40% of Sindh’s area, found water shortages across most sites, even in Ramsar-certified wetlands of international importance. 

Wildlife officials in Punjab also report early signs of decline, pointing to erratic weather, heat waves, and water scarcity. Experts warn that if environmental degradation continues, Pakistan could lose its place as a vital stopover on the Indus flyway — a loss with serious ecological consequences.

What Else Is Happening?

🐝 Faizan Zaki, a 13-year-old from Texas, claimed victory at the 100th Scripps National Spelling Bee on Thursday night to take home more than $50,000 in cash and prizes. He won after correctly spelling éclaircissement 🤯.

🇵🇰 Pakistani javelin stars Arshad Nadeem and Muhammad Yasir have qualified for the finals of the 26th Asian Athletics Championships in South Korea, with Nadeem leading the field with an 86.34-meter throw and Yasir ranking 9th with 76.07 meters. 

🗞️ One of the last major holdouts in journalism is finally giving in to AI, as The New York Times struck its first-ever AI licensing deal with Amazon, allowing the company to use NYT editorial content across its platforms and to train its AI models.