Good afternoon,

Today’s news: Globally, updates from Gaza and India. Plus, Trump lifts sanctions on Syria. Locally, monsoon rains claim 57 lives across Pakistan, PSX hits 128,000, and petrol & diesel prices surge.

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Around The World

Updates from Gaza. Israeli forces killed at least 74 people in Gaza on Monday with airstrikes that left 30 dead at a seaside cafe and gunfire that left 23 dead as Palestinians tried to get desperately needed food aid. One airstrike hit Al-Baqa Cafe in Gaza City when it was crowded with women and children. 

Meanwhile, More than 130 charities and other NGOs are calling for the controversial Israeli and US-backed Gaza Humanitarian Foundation (GHF) to be shut down. Over 500 Palestinians have been killed and almost 4,000 have been injured while seeking aid since the GHF started operating in late May.

The organisations, including Oxfam, Save the Children, and Amnesty, say Israeli forces "routinely" open fire on Palestinians seeking aid. Israel denies that its soldiers deliberately shoot at aid recipients and has defended the GHF.

Factory blast in India. At least 36 people have been killed in a massive explosion and fire at the Siagchi pharmaceuticals factory in the southern state of Telangana. The blast took place during work hours on Monday, leaving several in critical condition. Authorities say approximately 60 people were in the building when the blast took place, leading to a complete collapse of the building. Police have registered a case against the management of Sigachi Industries.

Back in business. Donald Trump has signed an executive order to end US sanctions against Syria, which the White House said was a move to support the country's "path to stability and peace". The sanctions, which blocked any foreign financing, were imposed on the government of Bashar al-Assad, who was overthrown by rebels in December. Trump also promised sanctions relief for Syria during his visit to the Middle East in May.

Pakistan

Ravaging rain. Since June 26, torrential monsoon rains have killed at least 57 people and injured 99 across Pakistan, with the NDMA warning of continued heavy rains, flash floods, and landslides through July 5. Most deaths occurred in Khyber Pakhtunkhwa (22), followed by Punjab (17), Sindh (13), and Balochistan (5), with children comprising nearly half of the fatalities. 

Flash floods were the leading cause, followed by roof collapses, electrocution, and other incidents. The ongoing monsoon season follows a deadly flash flood in Swat Valley and serves as another reminder of Pakistan’s growing vulnerability to climate change. Watch our explainer on what needs to be done here.

Green means go. The Pakistan Stock Exchange (PSX) continued its bullish momentum on Tuesday, with the KSE-100 index surpassing the 128,000 mark, gaining over 2,400 points due to easing geopolitical tensions, expectations of declining interest rates, and improving economic stability. 

The market's rally is supported by favorable export outlooks, falling inflation (projected at 3–4% for June), and positive trends in large-scale manufacturing. The government also projected 5–7% inflation for FY 2025-26, citing improved global demand and domestic recovery.

Fueled by fury. The government has raised petrol prices by Rs. 8.36 and high-speed diesel (HSD) by Rs. 10.39 per liter, effective July 1, bringing petrol to Rs. 266.79 and HSD to Rs. 272.98 per liter.  This marks the second consecutive hike following a June 16 increase, and comes alongside a 10% natural gas price hike for industrial users and power plants, part of IMF-mandated reforms aimed at ensuring cost recovery and tariff rationalization.

What Else Is Happening?

⚽ Saudi Arabia’s Al Hilal sent English giants Manchester City out of the Club World Cup, snatching a shock 4-3 victory in the biggest upset of the tournament so far.

🩴$1400 Kolhapuris? The luxury brand Prada is facing accusations of cultural appropriation after models wore Kolhapuri sandals without appropriate credit to local artists in India.