Good afternoon,

Today’s news: Globally, updates from Iran and Gaza. Plus, the Nato summit starts today. Locally, Dar heads to UAE for key bilateral talks, PSX rebounds sharply on Iran-Israel ceasefire news, and Gandapur slams Centre over budget delays.

☕ Grab your chaye, let’s go.

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Around The World

Update from Iran. Israel and Iran on Tuesday accepted a ceasefire plan proposed by President Donald Trump to end their 12-day war that roiled the Middle East, after Tehran launched a limited, retaliatory missile attack on a US military base in Qatar. Following Netanyahu’s announcement of the ceasefire, Israel’s opposition called for him to seal a truce to end the 20-month war with Hamas in Gaza.

Within hours, Israel accused Iran of violating the agreement by firing missiles and said it would strike Tehran. Iran has denied violating the truce and warned that Iranian security forces stand ready to respond decisively to any Israeli violations. Live updates here and here.

Update from Gaza. Israeli forces and drones opened fire toward hundreds of people waiting for aid trucks in central Gaza early Tuesday, killing at least 25 people. At least 43 people were also killed in various Israeli attacks on Monday, including 20 aid seekers trying to access food for their families at distribution centres run by the controversial Gaza Humanitarian Foundation, which the United Nations has condemned for its “weaponization” of aid. Israeli attacks on Palestinians near aid centres have killed more than 400 people and wounded about 1,000 since the GHF began distributions on May 27.

Nato-rally. Leaders of the North Atlantic Treaty Organization (NATO), which includes several European countries, the United States, the UK, and Canada, are gathering today in The Hague, Netherlands, for a yearly summit amid Russia’s continued war on Ukraine and uncertainty about Washington’s future in the alliance. 

Expected talking points are the war in Ukraine and the issue of how much member states are spending on their collective defence. Trump has demanded that NATO allies commit to spending 5 percent of their gross domestic product (GDP) on defence. The ongoing conflict between Israel and Iran, which the US joined last weekend, could also shadow the summit.

Pakistan

Flighty. Pakistan’s Deputy Prime Minister and Foreign Minister, Ishaq Dar, arrived in the UAE yesterday to lead the Pakistani delegation at the 12th session of the Pakistan-UAE Joint Ministerial Commission, the top platform for bilateral cooperation between the two countries. The session, led by UAE Deputy PM Sheikh Abdullah bin Zayed Al-Nahyan, aims to boost ties between the two countries through talks on trade, investment, energy, infrastructure, and IT — building on over $10 billion the UAE has already invested in Pakistan over the past 20 years. 

Stock-up. The Pakistan Stock Exchange (PSX) surged on Tuesday as investor confidence soared following Trump's announcement of a ceasefire between Iran and Israel, leading the benchmark KSE-100 Index to gain over 6,500 points in intra-day trading. The rally was fueled by easing geopolitical tensions and a sharp drop in global oil prices, triggering broad-based buying across major sectors like oil, banking, and energy. This bullish reversal came after a sharp 3,900-point drop the previous day due to fears of escalation. 

The plot thickens. Speaking during the KP Assembly budget session, Chief Minister Ali Amin Gandapur accused the federal government of attempting to delay the provincial budget to trigger a financial emergency and ultimately topple the PTI-led KP government. Gandapur insisted that such a plot would not succeed. He expressed frustration over repeated, unsuccessful efforts to arrange a meeting with PTI founder Imran Khan, saying it was their democratic right to consult him on the budget. 

Gandapur highlighted KP’s revenue growth under PTI — from Rs. 65bn in 76 years to Rs. 93bn under Khan, with projections of Rs. 129bn for 2025–26. He also criticized the Centre for failing to release Rs. 43bn for merged districts under the Accelerated Implementation Programme, saying only Rs. 6bn had been disbursed.

What Else Is Happening?

🖥️ The National Accountability Bureau Islamabad/Rawalpindi has implemented advanced AI technology to investigate complex financial crimes by analyzing banking records and transactions, and identifying hidden money trails with greater accuracy. 

🤑Apple and Meta are reportedly racing to acquire prominent AI startups and talent, with both reportedly pursuing Perplexity, Mira Murati’s Thinking Machines, and other high-profile companies to compete with top rivals.

🍏The world loves apples. Every year, almost 100 million tonnes of apples are produced globally. But does an apple a day really keep the doctor away?