Transcription
Hello and welcome to First Post Vantage with me Horoya. Let's get started.
After weeks of will they, won't they, Iran and the United States have finally agreed on a peace deal framework. That trope was getting a little stale, wasn't it? Markets are breathing a sigh of relief, and all eyes are on Friday when the deal is expected to be signed. But there is one actor pouting in the corner, stomping its feet all the way into Lebanon. I'm talking about Israel. I will tell you all you need to know about the latest in West Asia and also who emerged as the winner in all of this. What did Donald Trump truly achieve? And is Israel the biggest loser in this war? Stay tuned.
While this war may come to an end soon, nothing, and I mean nothing, can make up for the human cost of this war, especially not Secretary of State Marco Rubio's extremely ignorant and egregiously callous remarks in response to the killing of three Indian sailors. The so-called mightiest superpower of the world is finding it mighty hard to take accountability yet again. It's time for a reality check.
Also on the show, Prime Minister Modi and Macron bilateral where AI and innovation took center stage. What were the key outcomes? I'll tell you in just a bit. India is also now among the elite club of nations with advanced missile defense capability. Now why do I say that? Stay tuned for that report. And pretel. Why are vintage luxury watches headed for the furnace? All the luxury, heritage, and prestige up in flames. All this and more lined up. But first, the headlines.
A barrage of Russian missiles killed at least 11 people across Ukraine. The strikes also sparked a fire at one of the most important Orthodox monasteries in Kyiv. The site holds huge significance for believers in both countries. In response to the assault, Volodymyr Zelensky has called for more pressure on Moscow from G7 leaders.
Bangladesh summons the Indian envoy to protest against the treatment of an adviser to Prime Minister Tariq Rahman. India has not commented publicly about the incident. Relations between the South Asian neighbors have been strained since the 2024 uprising which toppled Sheikh Hasina's government.
A 6.2 magnitude earthquake strikes off southern Philippines. No tsunami warning was issued. There were no immediate reports of injuries or damage. This comes a week after a stronger quake in the same region that killed at least 65 people.
Norway Crown Prince's son gets a 4-year prison sentence for rape. The 29-year-old was convicted of two counts of rape and 32 other offenses. He was facing a maximum sentence of 16 years in prison. The high-profile case has rocked Norway's monarchy.
And the UK banned social media for those under 16 years of age. British Prime Minister Rishi Sunak made the announcement. He said such platforms were making youngsters unhappy. The move is likely to trigger a major fight with US tech giants. Last December, Australia became the first nation to ban people under 16 from social media.
After weeks of on-again, off-again negotiations, the United States and Iran have finally reached a peace deal. The agreement is supposed to be signed this Friday. If Friday in Switzerland, which is awkward because Donald Trump marched into this war promising a blockbuster finale, regime change in Tehran, a triumphant victory lap, and another addition to this ever-growing collection of self-declared wins. Instead, after over 100 days of chest-thumping, mission creep, and premature victory speeches, he appears to be settling for a deal that changes nothing for Washington. Trump has been declaring victory even before the war ended. Confidence is one thing. Forecasting your own victory speech mid-war is another. Because here's what the deal actually does. Iran walks away stronger than it went in, with economic and diplomatic concessions that weren't even on the table before the bombs dropped. The US walks away with less leverage in a region it spent two decades trying to dominate. Israel, the country that talked Trump into this in the first place, is left watching from the sidelines, wondering what exactly it signed up for. Regime change was the goal. Regime survival with better terms is the outcome. And by every metric that actually counts, be it leverage, concessions, or survival, there's one clear winner here, one that the West will not tell you about. So, let's take a look at the deal.
Iran and the United States have provided different versions of the deal. What both sides do agree on is this: resumption of traffic through the Strait of Hormuz and the lifting of the US blockade on Iranian ports. Negotiations over Tehran's nuclear program will also continue over the next 60 days. Iran is committed not to pursue nuclear weapons. Beyond this, the two sides appear to be far apart on other issues. Key issues remain unresolved. The biggest issue remains Iran's uranium enrichment aspirations. Future enrichment levels undecided. Inspections and future verification, all to be discussed within 60 days. The nuclear question that justified more than 100 days of war has been postponed to meetings that haven't been scheduled yet. Iran's missile program, the thing that worries Israel and the Gulf more than anything, isn't addressed at all.
"Regardless of the circumstances, Iran's missile capabilities are non-negotiable. This is our red line. This is an unchangeable principle. We in the parliament insist on this and we will not permit the government to negotiate it. Nor will our armed forces. The government shares the same view. There is a complete consensus on this matter."
Now, according to Tehran, the deal will halt fighting on all fronts. This includes Lebanon. However, Trump made no mention of it, even though mediator Pakistan said Lebanon is included in the deal. Beirut says it was not informed of details of the deal. The biggest factor looming over Lebanon is Israel. Israeli Prime Minister Benjamin Netanyahu has domestic political reasons to continue pursuing the conflict with Iran and its proxies, which includes the armed group Hezbollah in Lebanon. After the deal was announced, Netanyahu did what was expected. He rejected the clause involving Lebanon. Over the weekend, Trump and Netanyahu held a phone call, and during that, the Israeli prime minister reportedly told Trump that Israel is not bound by Washington's agreement.
Another issue is frozen assets. Iran has called for the release of $24 billion in frozen assets and has asked the United States and its allies to deliver reconstruction plans with Tehran worth at least $30 billion. The Trump administration previously stated that any release of Iranian funds will occur only after Tehran fulfills certain conditions.
Then there's the Strait. The critical waterway will reopen under Iranian arrangements. It says a clause on imposing a maritime service fee was added in the deal. But Trump said the Strait will reopen toll-free. This is one of the biggest uncertainties. The exact mechanism remains unclear. Although Trump claimed that ships are already moving through the Strait, an Indian vessel also reportedly crossed the waterway, the first Indian flagship to exit the war zone in more than 3 months.
So, to summarize, the ceasefire stops the shooting. Everything that could restart it, and that is nukes, missiles, Lebanon, has been deferred. This isn't a peace deal. It seems more like a pause button with a press conference. The agreement was nonetheless welcomed by the world. Prime Minister Narendra Modi said that he hopes the deal restores peace and stability in the region. Beijing expressed appreciation for the deal and hoped the agreement will be signed as scheduled. The Strait of Hormuz is an important waterway for international navigation. Restoring stability in the Strait serves the shared interests of the countries in the region and the international community. China has noted the first phase memorandum of understanding reached by Iran and the United States, which includes provisions on the reopening of the Strait.
"The European Union hoped for restoration of freedom of navigation in Hormuz. While Saudi Arabia insisted that a lasting deal should consider the security interests of regional states. Qatar, a key mediator in peace talks, expressed full support for efforts to strengthen regional security and stability. Pakistan, another mediator in the talks, also hailed this deal."
"Junk. Alhamdulillah. Alhamdulillah. Iran, America." Furious MPs in Iran's Revolutionary Guard-linked commentators are calling this a catastrophic capitulation, launching protest hashtags, gathering outside the foreign ministry. Their complaint: not enough sanctions relief. No guaranteed control of Hormuz. Iran's military, meanwhile, is telling state media it humiliated the United States and Israel. Humiliation might be a strong word, something Donald Trump would not be happy to hear. But think about it. Did a war that a majority of Americans did not want and that sent the world economy into chaos achieve any results that justify its cost? And what did Washington get out of it? The Strait of Hormuz will reopen. That was the case before the 28th of February. Movement was free. Oil flow was normal. More than 100 vessels pass through the waterway every day. How long will it take to return to the same numbers? Iran is committed to renewed negotiations over its nuclear program. But those talks were already going on before Trump launched missiles on Tehran. So after more than 100 days of war, the United States seems to have discovered an expensive new way to arrive exactly where it started. Washington launched strikes hoping to squeeze bigger concessions out of Tehran. Instead, it is now discussing sanctions relief, access to frozen Iranian assets, and even lifting a naval blockade. It's a remarkable strategy, if you think about it. Spend 100 days proving you have leverage, then give that leverage away to prove you won. For Washington, the prize is giving up the pressure points. For Tehran, the prize is relevance. The regime survived and it kept its seat at the table. Trump wanted Iran to fold. Instead, Tehran stayed in the game long enough for Washington to start sweetening the pot.
The US-Iran peace deal is not just a conflict story. It's also a market story. And judging by the way investors reacted today, the world's traders have given it a big thumbs up because for the last three months, the Strait of Hormuz has been the biggest source of anxiety for the global economy. Now, with Washington and Tehran finally agreeing to reopen this critical waterway, markets are breathing a sigh of relief. Today, on the news of the agreement, technology stocks led a global rally. Futures on the NASDAQ 100, which tracks the 100 largest non-financial companies listed on the NASDAQ stock exchange, surged more than 2%. S&P 500 futures also moved higher. It's the index that tracks the performance of 500 of the largest publicly traded companies in the United States. Investors are betting that the worst of the crisis may be behind us now. And that is good news for global growth. Oil fell to around $83 a barrel today. Remember, it had surged past $110 a barrel during the initial days of the war. Gold and Bitcoin also gained strongly, while the dollar lost ground against most major currencies. In Asia, Tokyo and Seoul stock markets soared around 5%. That's thanks to another flood into tech firms, fueled by last week's record-breaking $75 billion stock listing by Elon Musk's SpaceX. Shanghai closed up more than 1%, and Hong Kong advanced 7%. Indian markets also ended the day on a strong note. The Nifty 50, India's benchmark stock market index, rose nearly 1%, and the Sensex, which tracks 30 of the biggest companies listed on the Bombay stock exchange, also gained almost 1%. All this positivity because the Strait of Hormuz is one of the most important trade routes on the planet. Before the war, nearly a fifth of the world's oil supply passed through it. With it being weaponized during this war, energy markets entered a state of panic. As a result, everything from fuel prices to inflation came under pressure. So, the moment this deal was announced, investors started pricing in the possibility that oil flows could normalize because more oil supply means lower prices, which means less inflation and less pressure on central banks around the world.
Still, many are not yet convinced that the crisis is completely over. After all, this is West Asia, and peace agreements in the region have a history of being tested. Plus, US President Donald Trump doesn't have a great track record as far as deals in West Asia are concerned. The Strait of Hormuz is set to reopen after Friday's signing of the deal. Then it triggers the start of 60 days of talks on Iran's nuclear program. Trump told the New York Times that if an agreement isn't reached in this regard, he could restart military attacks. So, there's a risk of tension spiking back again.
Beyond war diplomacy, there's also the next major event for markets on Wednesday. The US Federal Reserve will announce its latest interest rate decision. It will be the first such decision under new Fed chair Kevin Walsh. Why does that matter? Because the Fed effectively sets the price of money in the world's largest economy. When the Fed cuts interest rates, borrowing becomes cheaper, businesses find it easier to invest, and stock markets often get a boost. When the Fed raises rates, the opposite happens. That is why investors will be watching not just the decision, but also any clues about where US interest rates are headed next. Traders are also waiting for a swath of other central bank decisions for this week. For now, markets are betting on peace. The question is, will the US and Iran give them a reason to keep that bet?
Three Indian sailors are dead, killed in a US strike. India lodged a formal protest. The external affairs minister himself picked up the phone. But how did America respond? Not with a "we are sorry." Not with "we regret the loss of lives." Not even a token condolence. Instead, US Secretary of State Marco Rubio had a message for India: "Violations of the US blockade will not be tolerated." That is the response from Washington. Three Indian mariners die, and Washington's first instinct is to issue a warning. Now, if this is how the US treats its friends, then who exactly needs enemies? Let me explain.
Indian Foreign Minister Dr. S. Jaishankar spoke to Rubio on Friday, just hours after the Ministry of External Affairs summoned the US charge d'affaires, Jason Meeks, for the second time in less than 48 hours. Jaishankar said the use of lethal force against commercial shipping was not justified. It's a fair ask. So, one would expect some acknowledgement, some acknowledgement of the fact from the United States. Well, what we didn't expect was the remarkably oblivious response from the US. Washington said that commercial ships must follow American instructions and that violations of the US blockade would not be tolerated. Quick question: If American civilians had been killed, would Washington accept a response like this? No points for guessing it wouldn't. That's why the Trump administration's response was so shocking. The US wants to go around acting like the policeman of the world. Yet notice how Rubio's warning focused on violations of the American blockade. Does the United States realize how tone-deaf that is? Indian sailors, innocent people, have died in a war started by America against Iran in West Asia. Yet it is Asia, India, the rest of the world that has to suffer. First through oil shocks caused by the Hormuz crisis, and now through kinetic actions meant to [ __ ] America's adversary. Note: America's adversary, Iran, not the world's adversary. Yet even after striking ships, the United States is lecturing. That's why now people have started asking: Has Washington pushed India's patience too far? Because this is now about how the US views its relationship with India. We keep hearing that India is a major strategic partner of the United States. We keep hearing that India is indispensable to the United States, that India and America share common values. But when India takes a stand for itself, why does the language change? And India has seen this movie before.
For the past year, the Trump administration has imposed some of the harshest tariffs on India. For what? For buying Russian oil. As if the energy needs of 1.4 billion Indians are somehow less important than winning midterms in America. In 2013, Indian diplomat Devyani Khobragade was arrested in New York. Treated like a common criminal. New Delhi did not stay quiet. India removed security barriers outside the US embassy, revoked special privileges, withdrew access passes, and sent a clear message that national dignity matters. Before that, in 1998, after India conducted the Pokhran-II nuclear test, the US imposed some of the toughest sanctions India had ever faced. American aid was cut, and Washington even opposed international loans to India. Many said that India would buckle under the pressure. It did not. Then Prime Minister Atal Bihari Vajpayee had a simple response. He said, and I'm quoting, "Sanctions cannot and will not hurt us. India will not be cowed down by such threats and punitive steps." And history proved him right. India absorbed the pressure, expanded its economic partnership, strengthened its indigenous capabilities, and within a decade, the same country that sanctioned India was wooing India for a strategic partnership with it. Each time the United States has tried its policy of "fall in line with America or else," and while that may work with some countries, it has never worked with India. Because India's values do not come from American approval. It comes from its own strength. Which is why New Delhi is now saying that friendship cannot be a one-way street. Enough is enough. And if the United States cannot put an end to its bullying tactics, then maybe it's time for India to end its strategic restraint towards the United States.
There is a long-standing tradition in Europe. Whenever they create a mess in their backyard, suddenly they find the courage to lecture others on morality. Needless to say, it's their favorite coping mechanism and their laziest distraction tactic. Last week, they tried it again. This time in Finland. India's External Affairs Minister, Dr. S. Jaishankar, was part of a panel. That's when a European journalist asked India's Foreign Minister why New Delhi was buying Russian oil and why it was soft on Moscow. Dr. S. Jaishankar's response was iconic, and he showed Europe the mirror. He spoke highly of a time-tested relationship with Russia. He called out Europe for selling weapons to Pakistan that have been used to attack India. And he reminded Europe that Indian weapons had never been used to target Europe. We covered that story last week and told you all about it. But what European weapons was he referring to? Our next report has more.
"There is a popular saying in geopolitics: You can't spell 'insecure' without 'EU'. That is the European Union. Because Europe has a problem. It likes to lecture others when it sees others act in their national interest. It's gaslighting 101. So let's tell you about Europe's insecurity. Last week, India's External Affairs Minister S. Jaishankar was in Finland. He was in the country on the personal invitation of the Finnish President Alexander Stubb. During the visit, Jaishankar was invited to speak at a panel. The topic of discussion was 'Emerging Powers and Geopolitical Competition,' a very relevant theme in today's times. However, during the discussion, a European journalist, when given the mic, chose the moment to lecture India. He asked the Indian Foreign Minister why India was buying Russian oil and why New Delhi had friendly ties with Moscow. The response was a reality check that Europe didn't know it had signed up for."
"I buy oil based on cost and availability. So, at that point of time, much of the oil available on the market was Russian, uh, because Europeans were essentially buying up the Middle East oil. So, which was our traditional supply. Since you spoke about moral ambiguity, I would say this, you know, no European country has been attacked with Indian weapons. I wish I could say that for European weapons with India."
So, what were these weapons that the Indian minister was talking about? Let's start with Pakistan's air force. Since the 1960s, France has sold Pakistan fighter jets like the Mirage III and the Mirage 5. France even sold Pakistan air-to-air and anti-ship missiles. In 1998, Pakistan modified the Mirages and made them capable of launching a nuclear strike. Pakistan's air force has used both the Mirage III and the Mirage 5 against India in the 1971 war and the 1999 Kargil war. In 2009, Sweden sold its SAAB airborne early warning control systems, or AWACS, to Pakistan, specialized in tracking aircraft activity at long ranges. Pakistan has used these aircraft during the skirmish after the Balakot airstrikes in 2019 and very recently when India launched Operation Zindur in 2025. In 2013, Europe delivered 10 MBDA SPADA 2000 batteries along with 750 missiles. This is an anti-aircraft weapon that Pakistan has deployed during the clashes in 2019 and 2025. Pakistan also operates the 1970s-era French Ocea class submarines that are capable of firing the nuclear-armed Pakistani missile named Babar. The Pakistani Navy has deployed these against India several times, with the most notable deployments after the Balakot strikes and Operation Zindur. Apart from these, Europe has for decades sold small arms, including assault rifles, pistols, and sniper rifles, to the Pakistani army. Weapons like the German Heckler & Koch G3 rifle, the Belgian FN F2000, and the Austrian Glock have been the mainstay of firearms for Pakistan's frontline troops, who have used these weapons to target Indian border outposts. These are just the main attack weapons that Europe has sold Pakistan. It does not even count the radars, electronic warfare systems, and logistic supply systems that have been given to Pakistan. And Europe didn't just sell these weapons to Pakistan. They serviced and modernized them so that Islamabad could keep targeting India. But if we look beyond weapon sales, we will see that Europe has gone above and beyond to support Pakistan. The European Union has actively influenced the International Monetary Fund, which has allowed Pakistan to secure 24 bailouts, the most by any country, amounting to $8 billion. Clearly, Europe's double standards don't just stop at the arms trade. On the one hand, it has armed and funded Pakistan's military for decades. And on the other hand, it has a problem when India buys oil from Russia, while Europe itself buys gas from Moscow. So, if anyone deserves the moral lecturing, it most certainly is Europe. They provided some of the most lethal weapons to Pakistan, a country that is the hub of global terror. So, if Europe really does want to lecture others on morality, it first needs to learn to keep its hands clean.
And Prime Minister Narendra Modi was in France this weekend, and what took center stage where he is also said to attend the G7 meeting between the 16th and the 17th. The G7 meeting is an annual summit where the world's major advanced economies, including Canada, France, Germany, Italy, Japan, the UK, and the US, coordinate on global economic policy and security and major geopolitical issues. He met French President Emmanuel Macron in Nice. During the first leg of his visit, the meeting produced several outcomes, such as a mechanism to double annual bilateral trade from the existing $16 billion in five years, an India-France Innovation Roadmap 2030, an economic security dialogue, and increased cooperation on defense and space. This was the leaders' first meeting since the elevation of India-France ties to a special global strategic partnership earlier this year. Prime Minister Modi amplified this message on Sunday. President Macron, speaking at the inauguration of Bharat Innovates event, said ties between India and France go beyond conventional diplomacy.
"Why is India an obvious choice for France? And why is your capacity for innovation so evident? To put it very directly and simply, you have the demographic dividend. A country of 1.4 billion inhabitants, a country that has long invested in knowledge, intelligence, and research, and which today produces as many engineers as Europe and the United States combined, more than a million per year. A country that in all areas of the game, and as we have seen in all research, innovation, and border models, is at the forefront of international innovation."
They shared ideas to strengthen and diversify bilateral ties in the fields of economic growth, technology and innovation, talent mobility, people-to-people, and cultural exchanges. What seemed to steal the spotlight was a joint working group focused on artificial intelligence governance. This moment is symbolic because just days prior, American AI company Anthropic suspended access to two of its most advanced models, Claude 3 Opus and Claude 3 Sonnet, for users in certain countries, citing directions linked to American national security concerns. Reports suggested that freeze could last weeks until Washington tightens its own safeguards. Now, officially, nobody in New Delhi mentioned Anthropic by name. Macron said France and India are committed to developing cooperative AI built on trust and mutual respect.
"Translation: If the world's most powerful AI tools can be switched off overnight because of a policy decision in Washington, maybe it's time for the rest of the world and that it stopped treating Silicon Valley like a public utility. This is the new fault line in geopolitics, and Macron knows exactly which buttons he's pushing. This weekend, both leaders reminded everyone that France and India already work together on energy, climate, technology, nuclear technology. The subtext: We've done sovereignty before. AI is just the next frontier. Inclusive, human-centric, or global priority technology for humanity, human-centric innovation."
Here's what the two countries announced: They called for inclusive, open, and globally accessible AI development. The two countries also emphasized that AI governance should not be dominated by a handful of nations or companies and should benefit developing economies as well. The recent move by Anthropic has prompted reactions from India's tech sector. Experts argue that New Delhi can no longer afford to rely entirely on a handful of international firms. The first alarm was sounded by Subroto Bagchi. The Zoho founder called technology the ultimate weapon of the 21st century, arguing that sovereignty, security, and technological capability have become inseparable. In his telling, the Anthropic episode was not an isolated corporate decision but evidence that the era of unfettered globalization is drawing to a close. Nations, he argued, can no longer afford to build their futures on top technologies they do not control.
But the vulnerabilities run deeper than technology. It is also about power, more specifically legal power. What unfolded was not merely a technology disruption. It was an act of lawfare. The deployment of legal authority to achieve strategic outcomes that once required military, economic, or diplomatic coercion. For decades, globalization was sold as a borderless system where capital, data, software, and innovation flowed freely across jurisdictions. But that vision concealed an uncomfortable truth: The commanding heights of the digital economy were never truly global. The world's most advanced semiconductor frontiers, AI models, cloud infrastructure, payment networks, and technical standards remain anchored within a handful of jurisdictions. Their servers may span continents. Their customers may be global. But their legal homes are not. And when geopolitical tensions rise, legal jurisdiction becomes a weapon. For India, the lesson is therefore larger than building indigenous AI models. However important that goal may be, technological self-reliance is only half a shield. If the legal architecture governing access remains in foreign hands, strategic dependence survives. The next great contest may not be over who builds the most powerful technology. It may be over who has the authority to turn it off. And that's why what Prime Minister Modi and French President Emmanuel Macron announced on Sunday is so important. It is an early bid to prevent AI from becoming another concentrated global choke point and to ensure that the next phase of the digital economy is shaped by many centers of power, not just a few gatekeepers.
And India has just pulled off something only a handful of nations can. In a series of successful tests, New Delhi demonstrated a multi-layered ballistic missile defense shield capable of detecting, tracking, and intercepting incoming missile threats. This achievement places India alongside countries like the United States, Russia, China, and Israel in an exclusive club of nations with advanced missile defense capabilities. Tonight, we break down the science, the strategy, and the significance behind India's growing shield in the sky.
The easiest part of missile warfare is pressing the launch button. The hard part is what comes next. Can you see the threat? Can you track it? And most importantly, can you stop it? This week, India showed that its answer to all three questions is increasingly becoming yes. Through a series of successful tests, India demonstrated a missile defense shield that places it among a select group of nations capable of intercepting some of the most dangerous ballistic missiles on Earth. Because the future of warfare isn't just about striking first. It's about making sure the strike never lands.
On the 10th and 11th of June, from the Integrated Test Range in Chandipur, Odisha, DRDO, the research and development wing of the defense ministry, ran three back-to-back flight tests. The result: India now has what's called a multi-layered ballistic missile defense system, or BMD, capable of intercepting threats all the way up to intercontinental ballistic missiles, or ICBMs. An ICBM is generally defined as a ballistic missile with a range of more than 5,500 km. They can reach speeds of up to 28,000 km per hour. They are designed to deliver nuclear or conventional warheads across continents. These missiles follow a ballistic trajectory, similar to a thrown ball, but on a vastly larger scale. Map the threat: With this range and speed, a missile launched from China could strike targets across North America. They typically have three phases. First is the boost phase, where the rocket engines fire for several minutes. The missile accelerates to extremely high speed. And then comes the midcourse phase. This is when the missile travels through space, outside the atmosphere. This is the longest part of the flight. Altitude can exceed 1,000 km. And finally, the terminal phase, when the warhead re-enters the atmosphere and descends towards the target at hypersonic speeds.
What India tested specifically were two interceptors built for IRBM defense: intermediate-range ballistic missile. The category covering threats between 2,000 and 5,000 km. Defense Minister Rajnath Singh called this a demonstration that puts India in an elite group of nations. He's not exaggerating for effect. This is one of those rare moments where the official statement actually undersells it. You see, ICBMs are hard to intercept. They travel at extremely high speeds. They spend much of their flight in space. Many carry MIRVs, multiple independently targetable re-entry vehicles, meaning one missile can release several warheads aimed at different targets. They can deploy decoys and countermeasures to confuse missile defenses. Intercepting an ICBM means hitting a target traveling several kilometers per second, often in space, with another missile. Military analysts often compare it to hitting a bullet with a bullet. Except both bullets are traveling at hypersonic speeds, and one may be deploying decoys. That's why only a handful of countries have demonstrated or deployed systems intended to intercept ICBM-class threats. These include the US, Russia, China, and Israel. With the recent tests, India indeed joins an elite group with its own Iron Dome to protect against enemy threats.
So, how do the interceptors work? There are two layers. One layer can intercept a missile in the upper reaches of the atmosphere. Defense experts call this exo-atmospheric interception. It simply means shooting down a missile outside the dense layers of Earth's atmosphere. Then comes the second layer. If the first attempt fails, another interceptor can engage the missile within the atmosphere itself. This is called endo-atmospheric interception. A missile launched in anger can cross continents in minutes. But building the ability to stop it takes years of science, engineering, and national resolve. This week, India proved it possesses all three. The significance of these tests goes far beyond a few successful launches from a test range. It signals a nation determined to stay one step ahead of threats. Because the strongest countries are not those that simply build weapons. They are the ones that build confidence. Confidence that their skies can be defended, and that their people can be protected. And confidence that no adversary can dictate terms through intimidation. A sword wins battles; a shield prevents them. And India is building both.
Gold is killing luxury watches. Luxury watches were supposed to be timeless. Now they're headed to the furnace. That was literally the business model. They sell you a machine that tells you time, and they convince you it's actually an heirloom, an investment in a personality. But right now, some vintage luxury watches are being seen as particularly complicated gold nuggets because gold prices have gotten so high that people are melting down vintage watches for spare parts, which is a bit like buying a first edition of your favorite book only to use it as kindling because firewood got expensive.
Gold prices have been on a roller coaster ride. Investors worried about economic uncertainty, inflation, geopolitical chaos have piled into gold, pushing prices close to historic highs. And when gold gets expensive enough, strange things happen. For decades, luxury brands sold solid gold watches as status symbols. It wasn't just a watch. As I said, it's a personality. It was craftsmanship. Unfortunately, the market has its own plans. Take a late 1970s Omega Constellation, the kind of thing a brand would lovingly place in a museum exhibit titled "A Legacy of Excellence." But when a dealer ran the numbers, the gold inside was worth about 35% more than the watch's expected auction price. At that point, you're no longer selling a watch. You're selling a very inefficient gold bar that happens to tell time. And into the furnace it goes.
The watches most at risk aren't the ultra-exclusive grails that collectors fight over: Rolex, Patek Philippe, and other tightly controlled luxury brands. They generally maintain values well above their melt price because demand massively exceeds supply. Some Rolex waiting lists are so long that you could join one, have a child, teach that child how to ride a bike, and still not have your watch. But brands like Omega, Breitling made far more watches over the years. Many are respected, attractive, historically important. They're just not rare enough to command huge collector premiums, which creates a brutal equation. If the watch is worth $8,000 as a collectible, but $10,000 as scrap gold, the market doesn't see heritage. It sees a $2,000 opportunity. And that is the uncomfortable reality of luxury goods. We like to think value comes from craftsmanship, history, storytelling. Markets prefer commodities. The result is that perfectly functioning vintage watches, objects that survive decades, fashion trends, changing owners, are now being dismantled for raw material. And once they're melted down, they're gone forever. Just liquid gold. What's happening to luxury watches is a reminder that value isn't fixed. A watch can spend 50 years being admired as a symbol of elegance and craftsmanship. But when gold prices get high enough, one is forced to face the harsh truth: Nice history. Shame about the opportunity cost. Because in a world obsessed with assets, gold becomes more valuable than the story wrapped around it. When the price is right, even heritage and luxury become raw material.
Our next story is from Pakistan. The province of Punjab has reportedly been scrabbling for funds, and it seems to have found them, and this is in the darkest depths one might imagine. The Punjab government has imposed a levy on hospitals, or rather, on certain rooms in those hospitals, rooms that are essential but not in the way you might think. The Punjab province's government has reportedly opted for a toilet tax. They seem to be taxing hospitals on the basis of the number of washrooms there. Our next report tells you more.
It seems Pakistan has decided to emulate the Roman Empire, specifically the Emperor Vespasian. This emperor was famous for a lot of reasons, but arguably his biggest claim to fame is a saying that we still use today. You may know the phrase "money has no smell." Well, it is credited to this ancient emperor. The reason is because he imposed a toilet tax on the Roman Empire back in the 1st century AD. Now, the legislators of Lahore have decided to dust off the history books and reintroduce the toilet tax to the privies of Punjab. Reports say that the Punjab province's water and sanitation agency has started issuing toilet tax notices, and hospitals in the city of Rahim Yar Khan are apparently the first marks for this sanitation shakedown. Lala Iqbal Khan Hospital has been charged 37,500 Pakistani rupees. This is the fee for 15 toilets. The Naseer Medical Complex has been charged a whopping 62,500 rupees. It has 17 toilets. So, the rate seems to be 2,500 to about 3,700 Pakistani rupees per washroom. The Pakistani authorities aren't calling it a toilet tax. They've chosen to go with the more official-sounding "sewage service fee." But in the end, it still sounds like an unsanitary way to scrunch together some additional spending money.
Pakistani officials have defended the move, though. The deputy director of Punjab's water and sanitation agency, Amir Naveed, has reportedly said that this toilet tax has been formally approved by the Punjab cabinet. He added that the tax will only be applicable in commercial areas, and the tax notices show that even hospitals aren't exempt from this new powder room penalty. Reports say that people are confused about the exact fee structure, how the charges are measured, and whether this is really a per-urine levy. Communication from official channels may help address the lack of clarity, but it won't really wipe away the stain of having implemented an infamous toilet tax. Nor is it likely to address the core issue behind needing such taxes in the first place. Pakistan is notorious for its lack of fiscal fortitude. The country has been on the brink of an economic meltdown for years, and the recent surge in costs caused by the US-Israeli war on Iran will still take months, if not years, to reverse. After all, even after the Strait of Hormuz reopens, it will take the Gulf nations years to restore their oil and gas output to pre-war levels. Meaning that fuel prices are likely to stay high for a while, and that will have a knock-on effect on costs and hurt economies across the world. While most nations are expected to raise taxes to offset the higher costs for the government, Pakistan's decision to target the toilet first definitely seems unique. Let's see if the toilet tax leaves Lahore flushed with cash, or if the people decide it belongs down the drain.
Japanese football fans have become famous around the world for one unique tradition: cleaning up the stadiums after matches. From their FIFA World Cup debut in France in 1998 to Qatar 2022 to Wembley, Japanese fans have consistently stayed behind to collect litter and leave stadiums spotless. So, how did Japan's cleanup culture become a global phenomenon? Our next report tells you more.
Most football fans leave a stadium with memories, but Japanese fans, they leave with garbage bags. And if there was ever a World Cup award for being the cleanest fans on Earth, Japan would probably win it every single time. While many sports fans are accustomed to stepping over discarded food, plastic cups, and a mountain of litter after a match, Japanese supporters are known for going the opposite way. They clean the stadium before they leave, and not because somebody told them to, not even because they're paid to, and certainly not because cameras are watching. They do it because that's what they're expected to do.
The world first noticed this during Japan's debut appearance at the FIFA World Cup in France in 1998, as fans streamed out of the stadium. Japanese fans stayed behind, collecting trash and tidying their section of the stadium. It wasn't a one-off thing. Over the years, we have seen the same scenes at World Cups, Olympics, Asian Cups, and international friendlies around the world. In 2018, after a heartbreaking last-minute World Cup defeat against Belgium, Japanese fans remained in the stadium collecting litter. The players themselves left the dressing room spotless, along with a handwritten thank you note. Perhaps the most famous example came at the 2022 FIFA World Cup in Qatar. After Japan stunned Germany with a dramatic 2-1 victory, fans celebrated briefly, then pulled out blue trash bags and began cleaning the entire section they occupied. Remarkably, they did the same thing at the opening match between Qatar and Ecuador. Even though Japan wasn't even playing this year in London, after an international friendly at Wembley, Japanese supporters once again stayed behind to clean their section.
So, why does this keep happening? Why is it always the Japanese fans? It has to do with a remarkably simple, yet profoundly philosophical saying they follow. It literally means "a bird leaves nothing behind." But in everyday language, it means "leave things the way you found them" or "clean up after yourself so the next person isn't inconvenienced." And for the Japanese people, this isn't just a saying; it's a way of life. They apply the same philosophy everywhere. In schools, students often clean their own classrooms. In restaurants, people return their trays. In hotels, guests tidy up before checking out. And in football stadiums, fans clean the section before heading home. An academically sound explanation is that people in Japan just happen to be socialized differently. If you grew up with a certain way of how things are being done, you apply that to even cleaning up a stadium afterwards. Japanese learn early on that you don't want to inconvenience other people.
This behavior has become so familiar that fans around the world now expect it. What's even more interesting is that many people around the world are also following Japan's example. At the 2018 World Cup, Senegalese supporters were praised for cleaning their section after victory over Poland. At the Qatar World Cup, fans from Morocco and Saudi Arabia were seen distributing garbage bags and collecting litter. As is evident, sports and good habits have a way of uniting people, no matter your nationality. And perhaps that's why Japanese supporters attract so much attention. Because in many football cultures, the final whistle usually means one thing: celebrate or go home. And the cleanup is somebody else's job. And almost every year, we see examples of how football fans react to extreme emotions. Losses can lead to early exits, frustration, and occasionally littering, vandalism, or even violence. Take this year for example. Following Paris Saint-Germain's UEFA Champions League victory on May 30th, celebrations across France quickly descended into chaos.
"Over 890 people were detained nationwide. 57 police officers were injured, and one person died on the Paris ring road after rioters attempted to set up a blockade." This is just one example of a problem that has plagued European football for years, where passion sometimes spills over into public disorder. Perhaps that's why the Japanese fans also stand out. While some fan groups leave behind chaos, Japanese fans leave behind clean stands. Win or lose, the principle is the same. Sport should unite. Yes, the result belongs to the players, but the responsibility belongs to everyone. There is something we can all learn from this. Showing up to support your team matters. But showing up as a responsible citizen of the world, every single time, that is much harder. The Japanese fans have turned it into a habit. The rest of us must turn it into a lesson.
And finally, let me ask you a question: How do you find out if you're a sports fan? If you've never stared at your screen and screamed instructions at your favorite sports player or team, then you aren't one. But chances are you have, because professional athletes could definitely use amateur advice. All of us would like to believe that we have the heart of a champion. Unfortunately, though, most of us also have the legs and skills of a spectator. Facetiousness aside, for some of us, the longest and most loyal relationship we have had besides our parents and siblings would be with our sports teams, the ones that we support and are ready to wage war over. And nowhere is that love and loyalty tested more than when your team seems determined not to win. Seasons go by, then years, and in some cases even decades. How about 53 years? That's how long it took for the New York Knicks to win another title. On Saturday, the Knicks won the NBA Championship for the first time since 1973. The city that never sleeps erupted in celebration, the kind of celebration that was last seen over half a century ago.
"These things will make you feel brand new. The entire city came together. People painted the town not red, but blue and orange. The infamously aloof New Yorkers hugged strangers. It was the sort of euphoria that only sports can bring."
"Honestly, like, it felt amazing to be here. Like, I did not know this was happening, and all of a sudden I'm here, and it was just amazing. Everyone together, the vibes are up. The Knicks won and five. EVERYTHING."
The world was a very different place back when the Knicks last won. There was no internet. It didn't exist then. What did exist was the Soviet Union, and it was still in the Cold War against the United States. You also had the Vietnam War going on when the Knicks last won the championship. So, the US being at war on the side of the world is still the same. But and the other thing that hasn't changed is the passion. Even after a title drought that lasted more than 50 years, the fans did not stop believing.
"Actually, my daughter was born in 1973 after they won their game. After that, they have not won until today. My daughter is 53. So it's amazing that after 53 years they can win like this."
Now, the Knicks won. The only team to break their title drought this year. On the other side of the pond, London is red for the first time since 2004. Arsenal won the English Premier League for the first time in 22 years, and the long-suffering fans finally rejoiced. These were people who had been mocked because their team always finished second, and before that, Arsenal was known for finishing fourth. But for the first time since the Invincibles, an Arsenal team lifted the trophy again.
"As an Arsenal fan growing up, like, I was, I was two when we last, last won the league. So now, like, as an adult, I've got a daughter myself, like, she got, she got her first kit, and it's the winning kit. So, yeah, it's, it's brilliant this year. It's been great, and everyone LIKE HERE IS JUST SO GOOD. IT'S so good."
Over in India, similar emotions were seen during last year's IPL when the Royal Challengers Bangalore won their first-ever title. Fans of the franchise had to wait 17 years for their team to finally lift the trophy, and this year they got to see their team win it again. RCB has won back-to-back titles, meaning the fans get to revel in the glory for two straight years. It's a small reward after 17 years of heartbreak.
I would say the wins for New York, most of North London, and Bengaluru show the pure joy sports can bring. But sports also teaches us, much like life, about resilience. Everybody wants to be great until they see the invoice needed to achieve it. Sports teaches us to persist against all odds. William Shakespeare had said, "Our doubts are our traitors." And for any sports person, the first fight is of belief. To stay the course when everything and everyone around you says otherwise. To persevere in the face of repeated defeats. You know why sports often transcends the arenas they are played in? It shows us impossible is only a word till someone does it. We often talk about sports and toxic masculinity, but sometimes it can also be an antidote to it. The fans of the New York Knicks waited for 53 years for their team to win the championship. 53 years. Arsenal won the Premier League title after 22 years. The internet is inundated with images of grown men crumbling, crying like toddlers. Because when victory finally came calling after decades, these millennials, wrinkled and gray and battling life and its stress, were for a brief moment transported back to their childhood couch, rooting for their team to win. That moment was fleeting, but the feeling is not. You will remember it long after it's gone. And that's the power of sports. It redeems us.
Trump celebrated his 80th birthday watching a USC fight on the White House lawn. Apparently, "take it outside" has become official government policy. Social media, of course, didn't hold back. It never does. Some called the White House the "Trump Circus." Others joked that America had turned into a pay-per-view show. A few even asked if the fights were any more scripted than politics. At this rate, don't be surprised if the next press briefing starts with, "Let's get ready to rumble."
And now it's time for Vantage Shots, images that tell a story. In Geneva, anti-G7 protest turns violent ahead of the summit. In France, the army showcases military power at a trade fair for defense and security. And in the United States, a zoo in San Francisco celebrates the birth of penguin chicks.
Finally, taking you back in history. On this day, in 2001, the Shanghai Cooperation Organization, or SCO, was formed. Its founding members were China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. The group expanded in 2017 with the addition of India and Pakistan. Iran joined as a full member in 2023, and Belarus in 2024.
Leaving you on that note. Thank you so much for watching. See you tomorrow.
It's a rose. Nothing. That's amazing.