$37.5bn cost of Iran war revealed as senator warns of ‘another forever war’ | First Thing

• Pakistan has reportedly requested a $10 billion exchange stabilisation facility from the United States to bolster its dwindling foreign exchange reserves. • Finance Minister Muhammad Aurangzeb discussed the request and Pakistan's economic vulnerabilities during a meeting with US Treasury Secretary Scott Bessent in Washington on Tuesday.

• Yemen’s Houthis have declared a naval blockade of Saudi Arabia, escalating regional tensions by opening a new front in the Middle East conflict. • The U.S. military has conducted airstrikes against Iran for the 10th consecutive night, while an Israeli drone strike in Gaza City resulted in the deaths of a family of six.

• Author Laala Bechetoula has released a book titled "Gaza Hashem: A Tale Told by the Children," dated July 20, 2026. • The work is written for adults but utilizes the voices and simple language of Gazan children as the primary moral narrators.

• Pakistan has requested a $10 billion exchange stabilisation facility from the United States to bolster its foreign exchange reserves and support the rupee. • The move follows a period of IMF-backed reforms that stabilized the economy but imposed high political costs through increased taxes and spending restraints.

• The United States and Iran are engaged in escalating attacks as officials express doubt over whether diplomacy can prevent a full-scale return to war. • Amidst these tensions, a new 30-year deal is expected to be established, focusing on long-term strategic development.

• Pakistan has requested a $10 billion bilateral exchange stabilisation facility from US Treasury Secretary Scott Bessent to bolster its foreign exchange reserves. • The request follows Pakistan's recent diplomatic efforts in mediating talks regarding the conflict in Iran.

• UN human rights experts condemned the M23 armed group on Tuesday for orchestrating a "reign of terror" in eastern Democratic Republic of the Congo. • The Rwanda-backed group is accused of systemic sexual torture and violence targeting civilians within the territories it controls.

• A global weekly roundup highlights a period of intense strategic competition characterized by military escalation, economic fragmentation, and a race for technological advantage. • Key trends include the rise of influence for nations developing advanced technologies and the emergence of complex humanitarian crises driven by conflict, climate change, and disease.

• The U.S. military has concluded its 11th consecutive night of strikes against Iran, marking a significant escalation in regional hostilities. • These military actions have largely overshadowed diplomatic attempts to revive a collapsed interim ceasefire deal.

• Diplomatic consultations were recently held in Cairo to address the strategic stability and security of the Horn of Africa and the Red Sea region. • The meetings focused on the region's growing geopolitical importance, specifically regarding maritime security and international trade routes.

Isabel Rose, 26, given six-year sentence for blackmail and perverting course of justice after accusing British bankerA British woman who reported being raped to police in Hong Kong has been sentenced to six years in prison for blackmail and perverting the course of public justice.Isabel Rose, 26, from south-east London traveled to Hong Kong in early 2024 to visit a British banker she had met while travelling in south-east Asia. Continue reading...

Anthony Albanese will cast ‘practical’ policies as the key to countering the anxiety and frustration in AustraliaGet our breaking news email, free app or daily news podcastStudents in 10 fields including physiotherapy, speech pathology and clinical psychology will receive financial assistance to complete mandatory placements under a major expansion of the federal government’s paid work experience program.The prime minister, Anthony Albanese, will make the announcement in a speech to open the Labor national conference on Thursday, which will cast “practical” policies as the key to combating the anxiety and frustration gripping the electorate. Continue reading...