Good afternoon,

Today’s news: Globally, updates from Gaza, the EU approves sanctions against Russia, and torrential rains wreak havoc in South Korea. Locally, monsoon deaths hit 109 in Punjab, PSX crosses 140,000 points, and GB bans new lakefront hotels.

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Around The World

Updates from Gaza. An Israeli shell slammed into the compound of the only Catholic church in the Gaza Strip on Thursday, killing three people and wounding 10 others, prompting global outcry. The shelling also damaged the compound where hundreds of Palestinians have been sheltering from the war. The daily death toll in Gaza continues to mount, with at least 26 people killed in Israeli attacks since dawn on Friday, including six aid seekers. 

Meanwhile, Israel has continued to demolish thousands of buildings across Gaza, with entire towns and suburbs leveled in the past few weeks. Satellite images show massive amounts of destruction by planned demolitions in several areas, which Israel's military command claims to have under operational control. 

Backed up. The European Union has approved new sanctions against Russia, including a lower oil price cap, a ban on transactions related to the Nord Stream gas pipelines, and the targeting of additional shadow fleet ships. The move comes as European countries start to buy US weapons to help Ukraine better defend itself.

Floods in Korea. Four people have died and more than 1,300 evacuated as torrential rains pound South Korea, with authorities warning that the unseasonal floods will continue. More than 400mm of rain fell in just half a day in Seosan, the worst-affected city along the country's west coast, with the weather agency describing it as a once-in-a-century event.

Pakistan

Grim forecasts. Heavy monsoon rains and glacial melting have caused medium-level flooding at Kalabagh and low-level floods at four other points on the Indus River, with PDMA reporting 109 deaths and 438 severe injuries in the province since June 25. The NDMA forecasts five more rain spells through August, warning of rising water levels, while rescue operations involving over 15,000 personnel and 800 boats continue across Punjab. 

Meanwhile, PM Shehbaz Sharif has ordered the development of a comprehensive disaster management plan, as this year’s monsoon intensity is reportedly 60–70% higher than last year’s, impacting multiple provinces.

Riding high. The Pakistan Stock Exchange’s KSE-100 Index crossed the 140,000 mark for the first time on Friday, driven by strong institutional buying, interest in blue-chip stocks, and investor optimism, though profit-taking trimmed gains to 138,788.46 by midday. Positive sentiment persists amid the upcoming corporate results and favorable economic indicators, while key sectors, such as banking, oil, and automobiles, led trading. 

Glamp clamp. A five-year ban is set to be imposed on constructing new hotels around lakes in Gilgit-Baltistan to curb environmental degradation caused by unregulated tourism development. The region, known for its beautiful glaciers and lakes, has seen a surge in hotel construction that strains resources and harms ecosystems. Local activists and residents welcomed the move, citing concerns over pollution, including recent incidents of hotel wastewater contaminating Lake Attabad.

What Else Is Happening?

⚖️Mark Zuckerberg has agreed to settle a shareholder lawsuit accusing Meta’s leadership of mishandling repeated privacy violations, with shareholders originally seeking $8 billion in damages. 

🧠OpenAI has launched a new agent mode for ChatGPT, which performs complex tasks like browsing calendars, shopping, and compiling reports using its virtual computer, available to Pro, Plus, and Team plan subscribers. 

✈️A Pakistani man has filed a petition in the Sindh High Court against Air Sial after he was mistakenly flown from Lahore to Jeddah without a passport or visa, accusing the airline of criminal negligence.