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CORPORATE WINDOW: No relief measures expected

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As is tradition, the day of the budget announcement remains a non-event for many consumers, who know that the finance minister’s speech in the National Assembly will bring little in the way of relief, focusing instead on praising the government’s past measures and setting new budgetary and revenue targets under pressure from the International Monetary Fund (IMF). However, this year’s budget carries greater significance, as consumers are already struggling to make ends meet amid heightened geopolitical tensions in the Middle East. Higher freight and insurance charges imposed by shipping lines following the US–Israel and Iran conflict have pushed up the cost of production. Some manufacturers have tried to absorb this cost pressure, while others have simply passed the burden on to consumers. This has been partly cushioned by relative stability in the rupee–dollar parity; otherwise, the situation would have been far more alarming. Prospects for strong indus...
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PPP shares tax-related reservations in pre-budget meeting with Dar, say sources

ISLAMABAD: A PPP delegation, led by party Chairman Bilawal Bhutto-Zardari, expressed its reservations related to taxes during a pre-budget meeting with Deputy Prime Minister and Foreign Minister Ishaq Dar on Sunday, sources told Dawn . The meeting was held at the Zardari House in Islamabad, an official statement by the PPP said, adding that apart from Bilawal, Sherry Rehman, Naveed Qamar, Murad Ali Shah and Jam Khan Shoro were also present. “Matters related to the budget were discussed during the meeting,” it said. The discussion also covered expenditure, development spending priorities, including the Public Sector Development Programme, as well as broader economic priorities such as fiscal sustainability, public welfare, development initiatives, and inclusive growth. With the budget for FY2026-27 set to be announced on June 10 (Wednesday), this was the second round of pre-budget talks between the two major ruling partners, the PML-N and the PPP, and the third and final round is e...
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Iran denounces ‘political pressure’ from nuclear watchdog

• Cites restricted access to bombed nuclear sites as key reason for inspection gaps, denies seeking nuclear weapons • IAEA warns lack of access poses a ‘proliferation concern’, urges immediate resumption of verification activities TEHRAN: Iran has repudiated an International Atomic Energy Agency (IAEA) report as a “tool of political pressure”, following concerns over restricted access to its nuclear site. Tehran was engaged in discussions with Washington about its nuclear programme when the United States and Israel attacked it on February 28, sparking war in the region. Israel had previously struck Iran in June 2025, also while Washington and Tehran were engaged in nuclear negotiations, with Washington joining with later strikes before a ceasefire was declared. During both conflicts, Iranian nuclear sites were bombed repeatedly. “If the agency wants to be part of a diplomatic solution, it must refrain from turning a technical report into a tool of political pressure,” Deputy For...
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LA stadium workers threaten strike ahead of FIFA World Cup

Workers at SoFi Stadium in Los Angeles have overwhelmingly voted to authorise a potential strike during the World Cup , just days before football’s global showpiece begins. The Unite Here Local 11 union, which represents about 2,000 stadium food and beverage workers, is demanding better pay along with assurances that federal immigration agents will not be allowed to enter the venue. A whopping 96 per cent of voters approved the strike call, meaning they have the green light to walk off the job at any time, with the World Cup due to open on Thursday. “Contract negotiations with stadium food service operator Legends Global and FIFA have not had significant progress on key economic and workplace safety issues,” the union said in a statement. New talks are scheduled for Monday, ahead of the first World Cup match on US soil on June 12 at SoFi. Cooks, dishwashers, bartenders, and others are represented by Unite Here. SoFi Stadium — the world’s most expensive sports venue, which opened ...
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Wall Street ends sharply lower as chips slide, jobs data fuels rate hike fears

Wall Street’s nine-week winning streak ended with a thud on Friday, as red-hot technology stocks suffered their largest daily decline this year after a hot May jobs report fueled fears of a hawkish policy ‌pivot from the US Federal Reserve . Selling was concentrated among chip stocks and other technology favorites that have surged higher in recent weeks as the ‌Nasdaq Composite Index and S&P 500 rose repeatedly to fresh highs. All three major US stock indexes closed sharply lower, with plunging chip stocks dragging the tech-laden Nasdaq down by its largest one-day percentage ​loss since last year. The S&P 500 ended its nine-week run of Friday-to-Friday gains, its longest weekly winning streak since one that ended in December 2023. “After the record run we’ve seen the last nine weeks in equities, specifically tech and semiconductors, the dam just broke today,” said Ryan Detrick, chief market strategist at Carson Group in Omaha. “Obviously, the stronger-than-expected jobs re...
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US Congress moves to tighten oversight of military affairs

WASHINGTON: The US Congress is moving to tighten oversight of Pentagon leadership decisions and limit unilateral military action against Iran, in a rare bipartisan effort that underscores renewed tensions over presidential war powers and civilian control of the military. On Thursday, the House Armed Services Committee adopted a bipartisan provision that would require the Pentagon to notify Congress within five days whenever a senior military officer is dismissed, along with a written explanation for the decision. Lawmakers say the measure is intended to improve transparency over personnel changes at the top levels of the armed forces, where congressional visibility has traditionally been limited. The move comes amid broader scrutiny on Capitol Hill of the Trump administration’s handling of military operations against Iran and recent changes in senior defence leadership. While Congress frequently debates executive war powers, bipartisan agreement on measures that directly constrain ...
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Environment deficit

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WORLD Environment Day arrives as the planet edges deeper into climatic uncertainty. New global temperature records are being set with unsettling frequency, and the World Meteorological Organisation has warned that the years from 2026 to 2030 are likely to rank among the hottest ever observed. There is a strong possibility that another record-breaking year will emerge before the decade is out, while average global temperatures are expected to remain close to or above the 1.5°C threshold that governments once hoped would help avert the worst impacts of climate change. The warning may be global, but its implications are intensely local. In May, temperatures in parts of Sindh and Balochistan climbed towards 50°C, triggering heatwave alerts and heightening concerns about pressure on already strained power, water and health systems. At the same time, scientists continue to raise the alarm about the glaciers and snow reserves that feed the Indus basin. For a country whose agriculture, food s...
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