Good afternoon,

Today’s news: Globally, devastating updates from Gaza, an uncertain Russia-Ukraine ceasefire, and the WHO’s pandemic response. Locally, Zahir Jaffer’s death sentence upheld, Pakistan’s economy grew modestly, and a textile industry crisis deepens.

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Around The World

Update from Gaza. Israeli forces have bombarded Gaza, killing at least 73 people since midnight, including an attack on a displacement shelter in Gaza City that killed 22, including children. Meanwhile, the UN's humanitarian chief, Tom Fletcher, says 14,000 babies could die in Gaza in the next 48 hours if more aid doesn't reach them. Israel ended an 11-week blockade on aid entering Gaza on Monday, but Fletcher says only five lorries got in, and the aid hasn't reached anyone yet. Get live, devastating updates here. 

The leaders of Canada, France, and the UK have threatened to take “concrete action” against Israel if it does not end its renewed offensive in Gaza, while 22 countries urge Israel to let aid into the besieged enclave. Israeli Prime Minister Benjamin Netanyahu dismissed the calls and pledged to press on with the offensive, which includes plans for Israel to take control of the whole of Gaza. 

Israel’s war on Gaza has killed at least 53,475 Palestinians and wounded 121,398, according to Gaza’s Health Ministry. The Government Media Office updated the death toll to more than 61,700, saying thousands of people missing under the rubble are presumed dead.

Folie à deux. Trump says Ukraine and Russia will talk ceasefire, after separate calls with the leaders of both countries meant to spur progress toward ending the three-year war. The conversations did not appear to yield a breakthrough. It was also unclear whether the US would continue to be involved in those discussions. 

Meanwhile, Ukraine and Russia accused each other of launching attack drones on one another overnight, hours after Putin spoke with Trump and again refused an immediate ceasefire.

Did someone say pandemic? On Tuesday, the World Health Organization’s member countries approved a plan to prevent, prepare for, and respond to future pandemics in the wake of the devastation wrought by the coronavirus. The treaty guarantees that countries that share virus samples will receive tests, medicines, and vaccines. 

Up to 20% of such products would be given to the WHO to ensure poorer countries have some access to them. The treaty’s effectiveness will face doubts because the US is sitting out, and because countries face no penalties if they ignore it, a common issue in international law.

Pakistan

Delayed, but not denied. The Supreme Court of Pakistan has upheld the death sentence of Zahir Jaffer for the brutal murder of Noor Mukadam in July 2021. The top court rejected Zahir’s final appeal and maintained the conviction for premeditated murder under Section 302(b) of the Pakistan Penal Code. However, the court converted his second death sentence (given for rape by the Islamabad High Court) into life imprisonment. His 10-year sentence for kidnapping was also reduced to one year. Zahir is also required to pay Rs. 0.5 million in compensation to Noor’s family. The trial court had initially sentenced him to death in February 2022, a decision upheld by the IHC in March 2023. His parents, Zakir Jaffer and Asmat Adamji, were previously acquitted of charges related to concealing evidence, a decision Noor’s father, Shaukat Mukadam, has appealed. A ruling on that matter is still awaited.

A little something something. Pakistan’s economy grew 2.4% in Q3 (Jan–Mar) of FY 2024-25, despite a 1.14% contraction in industry, driven by agriculture (+1.18%) and services (+3.99%), according to the Pakistan Bureau of Statistics.

• Agriculture: Gains in livestock, forestry, and other crops offset an 11.14% drop in major crops.

• Industry: Fell due to declines in mining, large-scale manufacturing, construction, and utilities.

• Services: Boosted by strong growth in IT, finance, and public administration.

Pakistan’s economy is now worth Rs. 114.7 trillion ($410.96 billion), but annual growth is expected to reach only 2.68% — falling below the government’s 3.6% target. Per capita income stands at Rs. 509,174 ($1,824).

Spinning out. Over 900 textile factories in Pakistan, including ginning and spinning mills, have shut down due to the government’s Export Facilitation Scheme, which industry leaders say has disrupted operations and strained finances. Launched in 2021, the scheme allows duty-free import of raw materials for exporters but imposes an 18% sales tax on locally produced inputs, discouraging domestic production. The All Pakistan Textile Mills Association warns that the crisis has spread to the weaving sector, causing widespread job losses and protests. The industry, vital to Pakistan’s economy and employing 45% of the industrial workforce, faces delays in sales tax refunds and a backlog exceeding $392 million, worsening its financial distress.

What Else Is Happening?

🔋Shares in CATL, the world’s largest maker of batteries for electric vehicles, jumped more than 16% Tuesday in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest initial public offering this year.

⚒️ Microsoft introduced its vision for an “open agentic web” at Build 2025, releasing a slew of new AI-powered tools and upgrades, including a revamped GitHub Copilot, Copilot Studio, Azure Foundry, an AI browser agent, and more.