Good afternoon,

Today’s news: Globally, updates from Gaza, and details of trade deals between China-US and UK-India. Locally, the story of the day: Pakistan responds to Indian missile attacks. Plus, the constitutional bench rules in favour of military trials for civilians. 

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Around The World

Back to the money. China has announced a barrage of measures meant to boost its economy, including plans to cut interest rates and reduce bank reserve requirements to help free up more funding for lending. The government will increase the money available for factory upgrades, innovative tech, elder care, and other service businesses. Meanwhile, the US and China will hold trade talks in Switzerland this week to de-escalate the de facto mutual trade embargo. This would be the first official engagement between Washington and Beijing on trade since Trump slapped a 145% tariff on Chinese goods, prompting a retaliatory 125% duty from China.

Updates from Gaza. Israeli strikes across Gaza killed at least 48 people on Wednesday, as Israel prepares to ramp up its campaign against Hamas. The intensified attacks are compounded by an Israeli blockade on essential supplies since March 2, leaving the enclave deprived of food and fuel items. Aid groups have said food supplies are close to total depletion.

Mutual funds. India and the UK have agreed to a trade deal after three years of negotiations, aiming to boost their economies amid the fallout from Trump’s tariffs. The deal is expected to increase bilateral trade by 25.5 billion pounds [$34bn], UK GDP by 4.8 billion pounds [$6.4bn], and wages by 2.2 billion pounds [$2.9bn] each year in the long run. Indian tariffs will be slashed, locking in reductions on 90 percent of tariff lines, with 85 percent of these becoming fully tariff-free within a decade.

Story Of The Day - Pakistan Responds To Indian Missile Attacks

What happened? Last night, India launched missile strikes on six sites in Pakistan in response to the Pahalgam attack, marking a sharp escalation carried out over civilian areas. India claimed these strikes targeted what it described as “terrorist infrastructure.”

DG ISPR Ahmed Sharif Chaudhry has reported 8 fatalities—including a 3-year-old child, 2 women, and 2 men—and 35 injuries, with 2 people missing. The dead included 5 in Ahmedpur East, 1 in Muridke, and 2 teenagers in Kotli, Azad Kashmir. Strikes also targeted Muzaffarabad, Sialkot, and Shakargarh, though no casualties were reported there. 

In the immediate response to the attack, the Pakistani military has said they shot down 5 Indian Air Force jets and one drone in self-defense. Among the aircraft reportedly downed were three French-made Rafale multi-role fighters, a MiG-29, and an SU-30. According to the BBC, at least 10 civilians have been confirmed dead and 32 wounded in Indian-administered Kashmir following heavy artillery shelling along the de facto border. 

Read more here. 

What’s the latest? This morning, the National Security Committee asserted the country’s right to respond to India’s airstrikes in self-defense, under Article 51 of the UN Charter. It authorized the military to take “corresponding actions” at a time and place of its choosing. Global leaders have called for restraint, with US President Trump and Secretary Rubio calling for a quick de-escalation and peaceful resolution. China & Russia have expressed deep concern over the escalating conflict. Israel has voiced strong support for India’s right to self-defense.

Locally, an emergency has been called in hospitals across Punjab and Gilgit-Baltistan. Medical teams in Sindh have also been put on high alert. The ban on X has been lifted. Pakistani airspace has been restored for flights. 

What’s next? Since the 2019 attacks, both Indian strikes and Pakistan’s responses this time have grown in scale. However, while cross-border tensions remain high, a degree of de-escalation is still likely, given past patterns. It is also interesting to note that India has not officially acknowledged Pakistan’s claim of shooting down five Indian Air Force jets, and international media are still working to independently verify the details.

This is a developing situation.

Pakistan

Big day for a big decision. In a major decision, the Supreme Court’s Constitutional Bench, formed under the 26th Amendment, ruled 5-2 in favour of allowing military trials for civilians accused in the May 9, 2023, riots—overturning an October 2023 verdict that deemed such trials unconstitutional. The court restored key sections of the Pakistan Army Act, enabling military jurisdiction over attacks on military sites. Justices Mandokhail and Afghan dissented. Already, 85 civilians had been in custody awaiting verdicts from military courts; 25 were sentenced in December 2024 to terms ranging from 2 to 10 years, followed by 60 more in subsequent days. Some sentences have been partially reversed or appealed, with 19 mercy petitions accepted on humanitarian grounds.

Stream and strain. Water in Khanpur Dam, which supplies Rawalpindi and Islamabad, has dropped to just 35 days’ worth, with levels nearing the dam’s dead storage mark due to prolonged dry weather and low rainfall in catchment areas. Authorities warn of imminent cuts to irrigation in KP and Punjab and a reduced drinking water supply. WASA has begun rationing, crackdowns, and restrictions, with demand exceeding supply by 20 million gallons daily. 

Meanwhile, flows in the River Chenab recovered significantly on Tuesday after a dramatic drop the previous day, which Pakistani officials attributed to India’s unilateral halting of water, a move seen as a breach of the Indus Waters Treaty (IWT). On Monday, flows at Marala fell from 34,000 to just 3,000 cusecs. By Tuesday, they surged to 28,300 cusecs, with officials citing “international pressure” as a likely reason for India’s quick reversal. Pakistani authorities remain on high alert, closely monitoring river flows amid ongoing water stress in the region.

What Else Is Happening?

🖊️Palestinian poet Mosab Abu Toha, targeted by pro-Israel groups in the US for deportation, has won a Pulitzer Prize for his essays published in The New Yorker on the physical and emotional carnage in Gaza that combine deep reporting with the intimacy of memoir to convey the Palestinian experience of the war.

⚽After an all-time classic in the first leg that finished 3-3 last Wednesday, Inter Milan has dramatically beaten Barcelona 4-3, qualifying for the UEFA Champions League finals.