Good afternoon,

Today’s news: Globally, updates from Iran and Gaza. Locally, Punjab budget debate, five investor groups bid for PIA, and new fuel levies approved.

☕ Grab your chaye, let’s go.

P.S. First time reading? Subscribe here for free.

Around The World

Update from Iran. Iranian Foreign Minister Abbas Araghchi is scheduled to meet counterparts from France, Germany, and the UK in Geneva today for talks on Iran’s nuclear programme and ending Israel’s attacks. It comes after the White House says Trump will decide in the next two weeks whether to join Israeli strikes on Iran.

Israeli PM Netanyahu has not ruled out targeting Iran’s supreme leader, saying “no one in Iran should have immunity,” after Israel’s defense minister said Ayatollah Ali Khamenei cannot be allowed to “continue to exist.” Iran and Israel traded strikes overnight, with no signs of de-escalation. The Israeli military attacked dozens of military sites in Iran, while Iran also launched missiles towards Israel, injuring five.

Update from Gaza. At least 92 people have been killed in Israeli attacks across the Gaza Strip as desperate Palestinians continue to seek food amid an ongoing hunger crisis. In recent weeks, Israeli attacks on Palestinians attempting to receive food aid have increased, killing dozens of people.

The Israeli military claimed, without providing evidence, that there were attempts by “suspects” to approach forces in the area of Netzarim in a way that had endangered them. The army added that forces fired warning shots to prevent suspects from approaching them, and it was currently unaware of injuries.

Take me back. India and Canada have agreed to restore diplomatic services nearly two years after Ottawa accused New Delhi of involvement in the killing of a Sikh separatist leader. The announcement comes after Indian PM Modi and his Canadian counterpart met on the sidelines of the G7 summit. They discussed collaboration in technology, digital transition, food security, and critical minerals sectors.

Pakistan

Watch & wreck. Chaos erupted in the Punjab Assembly during the budget debate as a watch theft accusation (yes, seriously) by Treasury MPA Bilal Yamin against opposition member Ejaz Shafi led to intense sloganeering, vandalism, and a nearly two-hour suspension of proceedings. Despite repeated attempts by Speaker Malik Muhammad Ahmed Khan to restore order, the session remained unruly, prompting the formation of a committee to probe the watch incident. Once the debate resumed, opposition leader Malik Ahmed Khan Bhachar slammed the 2025–26 budget as “anti-people,” accusing the government of political victimization, inflated development figures, corruption in public programs, and failure to support farmers. 

High stakes. Pakistan has received Statements of Qualification from five investor groups seeking a controlling stake (51–100%) in the loss-making national airline, PIA, as part of a long-delayed privatization plan mandated by the IMF. The bidders include consortia led by Lucky Cement, Arif Habib Corporation, and Serene Air, as well as Air Blue and the military-backed Fauji Fertilizer Company. This follows a failed 2024 privatization attempt that drew only one undervalued bid. After restructuring and clearing much of PIA’s debt, the airline posted its first operating profit in 21 years.

Gassed up. The National Assembly’s Finance Committee approved several legislative amendments in principle, including a Rs. 2.50/litre carbon levy on petroleum products starting July 1, 2025, alongside existing levies of up to Rs. 78/litre on petrol and Rs. 77/litre on diesel, with a cap of Rs. 90/litre. A plan to borrow Rs. 1.275 trillion to retire power sector debt over six years was also endorsed. The Committee discussed a proposed levy on vehicles to fund electric vehicle (EV) subsidies but criticized the lack of infrastructure and a comprehensive EV transition plan, deferring the matter. Amendments to the Sales Tax Act, 1990 were largely approved, though fraud-related clauses were deferred.

What Else Is Happening?

🧠A new study from MIT has found that students using ChatGPT for essay writing showed significantly weaker brain activity and memory retention than those writing unaided or using traditional search engines for research.

🎎The world's fascination with Labubu has almost tripled Chinese toy maker Pop Mart’s profits in the past year and has even energized Chinese soft power. But how did Labubu become such a phenomenon?