Good afternoon,

Today’s news: Globally, US officials’ super-secret Signal chat was leaked, India and the US talk tariffs, and updates from Syria. Locally, Sindh detains BYC activists amid protests, inflation is set to rise slightly, and OGDCL boosts Reko Diq funding.

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Around The World

Sneaky link. Atlantic Editor-in-Chief Jeffrey Goldberg was mistakenly included in a group chat on the encrypted messaging app Signal among top US officials, where they planned and debated military strikes on Houthi rebels in Yemen. Here’s who and what was in the group chat. Among the messages, US officials also discussed the potential for Europe to pay for US protection of key shipping lanes and their mutual dislike of funding the EU. 

Trump initially told reporters he was unaware that the highly sensitive information had been shared, but later joked about it. The incident has prompted severe reactions and accusations by critics of the Trump administration that senior officials were guilty of a major security breach and that consequences should be damning.

Bar-gains. In the first phase of a bilateral trade deal, India has expressed interest in cutting tariffs on more than half of US imports worth $23 billion, the biggest cut in years. India wants to mitigate the impact of reciprocal worldwide tariffs by the US set to take effect from April 2, a threat that has disrupted markets and sent policymakers scrambling, even among Western allies. New Delhi estimates the reciprocal tariffs would hit 87% of its total exports to the United States worth $66 billion.

Updates from Syria. The Israeli military said on Tuesday it struck targets at two Syrian military bases in the province of Homs. Israeli forces also launched a deadly new attack on the Syrian town of Koya, killing five people, including a woman. Israel has stepped up attacks in Syria in recent months, targeting military sites it says are linked to Iranian forces and Lebanon’s Hezbollah.

Pakistan

Crackdown. The Sindh government has detained Sammi Deen Baloch and four others for 30 days under the Maintenance of Public Order (MPO), following a BYC protest in Karachi. Police broke up the demonstration, citing violations of Section 144 and alleging the activists were inciting unrest. 

Counter-protests were also held in the same area, with participants carrying anti-BYC and anti-BLA placards, some accusing BYC of having ties to India’s RAW intelligence agency. One counter-protest took place outside KPC, while another was seen at Zainab Market, organized by the Pakistan Ulema Council. The DIG South confirmed that a counter-protest was dispersed but did not clarify why it was allowed despite restrictions.

Inflation outlook. Inflation is projected to remain between 1-1.5% in March, with a slight rise to 2-3% in April, per the Finance Ministry’s latest report. While the Monetary Policy Committee kept the policy rate at 12%, citing lower-than-expected inflation due to drops in food and energy prices, core inflation remains persistent, posing risks. On the external front, remittances, exports, and imports are expected to rise, supported by Ramzan, Eid, and increased economic activity. 

Gold digger. Oil and Gas Development Company Limited (OGDCL) has increased its funding commitment for the Reko Diq project to $627 million. This reflects OGDCL's pro rata share of the total capital investment, including project financing costs. The decision follows an updated feasibility study projecting a 37-year mine life, divided into two phases. 

Reko Diq, one of the world’s largest undeveloped copper-gold deposits, is 50% owned by Barrick Gold Corporation, while Pakistani state-owned enterprises (SOEs) hold 25%, including OGDCL, Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited. The Government of Balochistan holds the remaining 25%.

What else is happening?

💸South Korean carmaking giant Hyundai unveiled a $21bn investment in the US, which includes a $5 billion steel plant in Louisiana, just days before Trump is set to impose new tariffs on trading partners. Hyundai also said it will invest billions of dollars in new technology including autonomous driving and AI.

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