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President Zardari gives assent to finance bill outlining Rs18.8tr budget for FY2026-27

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President Asif Ali Zardari gave his assent on Friday to the Finance Bill, 2026, which outlines the budget for the upcoming fiscal year with an outlay of Rs17.5718.8 trillion.

“President Asif Ali Zardari has assented to the Finance Bill, 2026, relating to the federal budget for fiscal year 2026-27,” a post on the Presidency’s X account said.

Finance Minister Muhammad Aurangzeb presented the FY2026-27 budget in the National Assembly (NA) on June 12, offering relief to higher-income salaried individuals and businesses by rationalising income tax, sales tax, and customs duties, while promoting documentation, digital compliance, and investment.

The NA passed the budget on Tuesday after the opposition staged a walkout. The House approved the budget after all seven amendments moved by opposition members were rejected by a majority vote. However, the finance bill included amendments suggested by the National Assembly Standing Committee on Finance.

Some of the key changes made to the bill since its introduction in parliament included the abolition of duties on mineral water or hydration drinks, sales tax exemption for local airlines on the import or lease of aircrafts, and an amendment to the duties imposed on electric cars or SUVs imported into the country.

The government did away with the proposed 20 per cent Federal Excise Duty (FED) on mineral waters, aerated waters, hydration drinks or electrolyte beverages with artificial sweetener or sugar content below 5g/100 ml.

Previously, all kinds of mineral waters, aerated waters, hydration drinks or electrolyte beverages were subjected to 20pc FED, irrespective of the artificial sweetener or sugar content.

The budget draft also included permission for all airlines operating in the country to avail sales tax exemption on the import or lease of aircrafts and their parts from July 1, 2027, which was only granted to PIA in the original bill.

It also showed that excise duty on imported electric cars would be calculated based on their values, to be calculated US dollars.

No FED will be applicable on electric cars and electric SUVs, imported in Completely Built-Up (CBU) condition with a value not exceeding $75,000, as determined under section 25 of the Customs Act, 1969.

Meanwhile, 30pc excise duty would be applicable on electric cars and electric SUVs valued between $75,000 and $110,000, while those whose value exceeds $110,000 would face 40pc excise duty.

Meanwhile, the Device Identification, Regist­ration and Blocking System (DIRBS) tax on imported phones will now be paid in instalments, but all instalments have to be paid before the end of the financial year in which the import is made.

The legislation approved also revealed that persons having turnover up to Rs200 million may opt out of the fixed tax regime, subject to a final and irrevocable certificate filed with the Tax Commissioner before filing their returns for the tax year 2027.

The minimum rate of value addition tax shall be one per cent in the case of import of coal, subject to the conditions that such imported coal is exclusively and directly supplied to Independent Power Producers.

Under the new budget, income tax exemptions wou­ld be available on any income derived by a private equity and venture capital fund registered under Private Funds Regulations, 2015.

This will be applicable where not less than 90pc of the accounting income of that year, as reduced by accumulated losses and unrealised capital gains, is distributed by the private equity and venture capital fund to its unit or certificate holders or shareholders.

This exemption will not be available if the private equity and venture capital fund is established to acquire a public listed company, whose status has not been changed to pri­­vate limited company on the acquisition.

In addition, the legislation says that for steel melters, re-rollers and composite units, tax will be collected on the basis of per unit electricity consumed, including use of electricity produced by a captive power plant or through any other alternative source of energy at the rate or rates as prescribed by FBR.

The tax so collected shall be an adjustable input tax, to be claimed in the return of the month in which such payment is made. The per unit sales tax shall be determined by the FBR on the basis of minimum notified price and the industrial benchmarks of consumption of electricity against per ton production of steel products.

US Supreme Court sides with Trump in asylum-processing case

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WASHINGTON: The U.S. Supreme Court handed President Donald Trump a victory on Thursday by backing the federal government’s authority to turn away asylum seekers when officials deem U.S.-Mexico border crossings too overburdened to handle additional claims.

The court, in a 6-3 ruling powered ​by its conservative justices, overturned a lower court’s finding that the policy violated federal law. The Republican president’s administration has said it may seek to revive the policy, known as “metering,” after it ‌was dropped by Trump’s Democratic predecessor Joe Biden.

The ruling was one of two in immigration-related cases issued by the court on Thursday backing Trump.

The metering policy allowed U.S. immigration officials to stop asylum seekers at the border and indefinitely decline to process their claims. It is separate from a sweeping policy to deny entry to asylum seekers at the border that Trump announced after returning to the presidency last year. That policy also faces an ongoing legal challenge.

Under U.S. law, a migrant who “arrives in the United States” may apply for asylum and ​must be inspected by a federal immigration official. The legal issue in the current case is whether asylum seekers who are stopped on the Mexican side of the border have arrived in the United ​States.

Conservative Justice Samuel Alito, who authored Thursday’s ruling, wrote that the answer is “no.”

US Citizenship and Immigration Services (USCIS) resumes asylum claims after halt

“In ordinary speech, no one would say that a person ‘arrives in’ a place — for example, a house, a ⁠city or a country — before the person enters that place,” Alito wrote. “The context in which the phrase ‘arrives in the United States’ is used in the immigration statutes at issue here supports an ordinary-meaning reading.”

‘MORE PEOPLE WILL DIE’

Alito read ​a summary of his opinion from the bench, as is customary. Justice Sonia Sotomayor then read a lengthy summary of her dissenting opinion from the bench — an action that signals a justice’s strong opposition to a ruling.

Sotomayor, in a ​dissent that was joined by fellow liberal justices Elena Kagan and Ketanji Brown Jackson, wrote that Thursday’s ruling authorizes U.S. immigration officers to refuse to consider asylum applications by “physically blocking (applicants) from stepping foot onto U.S. soil.”

“The consequences of today’s decision are predictable,” Sotomayor wrote.

“More people will die. More people will attempt to cross the border illegally, and some will make it while others will not. More people will be forced to walk along the U.S.-Mexico border in dangerous conditions, trying to find a port that will inspect them. More ​people will turn back and be subjected to violence because of something they cannot or should not have to change about themselves, such as their race, religion, nationality or political opinion,” Sotomayor wrote.

In an unusual move, Alito then responded ​from the bench to Sotomayor with an additional defense of the ruling, saying there was much more he would have included in his opinion summary had he known that Sotomayor intended to air her dissent in court.

The other immigration-related ruling issued on ‌Thursday also was ⁠authored by Alito. In that one, the court cleared the way for the Trump administration to strip hundreds of thousands of Haitian and Syrian immigrants of a humanitarian status that protects them from deportation. At issue was Temporary Protected Status for more than 350,000 people from Haiti and 6,100 from Syria.

‘AN IMPORTANT TOOL’

James Percival, general counsel at the U.S. Department of Homeland Security, welcomed Thursday’s ruling, saying it “opens up an important tool to continue securing our southern border.”

“We had to go all the way to SCOTUS to vindicate the principle that an alien is not ‘in the United States’ until he is, in fact, in the United States,” Percival said, using shorthand for the Supreme Court of the United States. “We ​have yet AGAIN been vindicated by the Supreme Court.”

Melissa ​Crow, a lawyer representing the plaintiffs, said the ⁠ruling “should sound the alarm for anyone who cares about human rights and the rule of law.”

The ruling, Crow said, “suggests the president may unilaterally override decades of established law and trample on people’s legal rights if doing so suits his political agenda.”

A MIGRANT SURGE

U.S. immigration officials began turning away asylum seekers at the border in 2016 under Democratic former President ​Barack Obama amid a migrant surge. The metering policy was formalized in 2018 during Trump’s first term in office, with border officials authorized to decline processing asylum ​claims when the government decides it ⁠is unable to handle additional applications. Biden rescinded the policy in 2021.

The Trump administration has said it likely would resume metering “as soon as changed border conditions warranted that step,” without providing specifics. Trump has pursued hardline immigration policies since his return to office last year.

The advocacy group Al Otro Lado launched the long-running legal challenge in 2017. The San Francisco-based 9th U.S. Circuit Court of Appeals in 2024 ruled that federal law requires border agents to inspect all asylum seekers who “arrive” at designated ⁠border crossings, even ​if they have not yet crossed into the United States, and the metering policy violated that obligation.

The Supreme Court also backed Trump in ​several immigration-related rulings issued on an emergency basis since his return to the presidency, including allowing him to deport migrants to countries other than their own and to revoke temporary legal status for hundreds of thousands of Venezuelan immigrants.

The court is expected to rule by around the end of ​June on the legality of Trump’s directive to restrict birthright citizenship in the United States.

FIA busts human placenta smuggling network in Islamabad

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ISLAMABAD: The Federal Investigation Agency (FIA) has dismantled an alleged international human placenta smuggling network and uncovered two illegal human biological material processing facilities operating in Islamabad, officials said on Friday.

According to an FIA spokesperson, five suspects — including three Chinese nationals and two Pakistani citizens — were arrested during raids conducted in Islamabad’s F-7/1 and E-11 sectors.

The arrested Chinese nationals were identified as Li Ganglei, Wang Bao, and Pengfei Gao, while the Pakistani suspects were identified as Waqas Sarwar and Qaiser Hanif.

Authorities said the suspects were allegedly involved in collecting, processing, and exporting human placenta by falsely declaring it as “sheep placenta” for shipment abroad, particularly to Vietnam.

During the raids, FIA recovered processing machinery, finished products, and biological samples, including human organs and other suspected human tissue. The seized materials have been sent to the Pakistan Institute of Medical Sciences (PIMS) for forensic examination to determine their exact nature.

According to investigators, the Pakistani suspects were allegedly working as drivers and facilitators for the Chinese nationals and assisting in the procurement and transportation of human biological materials.

Preliminary investigations revealed that human placentas were allegedly collected from hospitals in Peshawar, Rawalpindi, and Lahore before being transported to the processing facilities in Islamabad. Officials said the processed placenta was intended for export, where it is believed to be used in the manufacturing of pharmaceutical and medical products.

The FIA said the suspects had established a well-organized network with the help of local facilitators. Authorities are also searching for additional individuals suspected of involvement in the alleged international smuggling operation.

FIA arrests ‘most wanted’ accused, absconding for 15 years

A case has been registered against the suspects under the Human Organ Transplant Authority (HOTA) Act, 2010, and further investigations are underway.

Officials emphasized that forensic analysis is ongoing, and the exact nature of all seized biological materials will be confirmed after laboratory testing.

Australia reach FIFA World Cup knockout phase after goalless draw with Paraguay

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Australia booked their place in the World Cup’s round of 32 on Thursday with a cagey 0-0 draw against Paraguay that delighted pragmatic coach Tony Popovic but left the South Americans with a nervous wait to see if they will advance.

In a physical, scrappy contest at San Francisco Bay Area Stadium, Paraguay pushed late after being dominated early but it ended with the Socceroos holding on to make the tournament’s knockout phase for a third time, four years after reaching the last 16 in Qatar.

Popovic’s team sealed second place in Group D behind the United States and will head to Dallas to meet the second-placed team in Group G, which remains wide open before Egypt face Iran and Belgium meet New Zealand on Friday.

It was hardly a performance that will have Australia’s next opponents shaking in their boots, but players and staff celebrated with hugs and back-slapping, and soaked up a warm ovation from thousands of lingering Aussie fans.

“I’d like to think that we dominated the game in a crucial World Cup qualifier with a very young squad in the third match, when everything’s on the line, and the players showed composure, patience, quality, and resilience,” Popovic told reporters.

“Well, now go to Dallas and try and do something special.

“Overall we deserved it. We were very good today.”

Paraguay, on four points, may have done enough to advance as one of the eight best-finishing, third-placed sides but the 2010 quarter-finalists will need to wait for other results in the final group matches.

“Well, the feeling I have is that that was not enough, that was not the result we were aiming for,” said Paraguay coach Gustavo Alfaro.

“Now we have to wait, there is some uncertainty … I’m very optimistic, however, and I think that we will go to the knockout stage and we will continue in the World Cup.”

Popovic made six changes to his starting 11 in a bold shake-up, bringing back livewire Nestory Irankunda and Connor Metcalfe, while adding Cristian Volpato to his forward line in a signal of attacking intent.

The changes came after he was roundly criticised for benching Irankunda and Metcalfe for the 2-0 defeat against the US, with both having scored goals in the 2-0 win over Turkiye.

With Jordan Bos switching from left back to right to cover for the injured Jacob Italiano, Australia made promising raids down the right but the finishing touch proved elusive. Minutes after kickoff, Volpato set up Jackson Irvine on the right of the penalty area but he thumped an angled shot straight at Paraguay goalkeeper Orlando Gill.

Bos and Volpato drew saves from Gill late in the half without genuinely testing him. With Paraguay restricted to one shot in the half, Alfaro injected Mauricio at the break, and the Brazilian-born attacker blazed fruitlessly from distance five minutes after the restart.

The Paraguayans grew into the contest with the help of the energetic Julio Enciso, who repeatedly sliced through Australia’s defence.

He blew one of Paraguay’s better chances with a low shot that flashed well wide of the left post eight minutes from time.

In an end-to-end finish, Bos had Socceroos fans rising from their seats in the 89th minute as he split two defenders, charged into the box from the right and sent his shot fizzing by the far post.

Mauricio gave Beach a late test when he found a sliver of room on the edge of the area but his tepid, low shot was easily dealt with and Australia held on to advance with more substance than style.

Climate Change Fueling Europe’s Ferocious Heat Wave, Scientists Find

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A scientific analysis concluded that such high temperatures, across so much of the continent, would “not have been possible” without global warming.

The Closed-Border Paradox

Why Pakistan’s Geo-Economic Pivot is Paralyzed by Regional Disconnect

In modern international relations, a state’s survival depends heavily on how well it adapts its foreign policy to global economic realities. Recognizing this, Pakistan officially announced a major shift in its recent National Security Policy. The state promised to move away from traditional, security-focused geopolitics and adopt a modern doctrine of “geo-economics.”

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