Hezbollah attacks Israel

Two separate Hezbollah rocket attacks have killed seven people in northern Israel, authorities say — the deadliest day of such strikes in months, reports BBC.

An Israeli farmer and four foreign agricultural workers were killed when rockets landed near Metula, a town on the border with Lebanon.

Later, an Israeli woman and her adult son were killed in an olive grove near Kibbutz Afek, on the outskirts of the coastal city of Haifa.

Hezbollah said it had fired barrages of rockets toward the Krayot area north of Haifa and at Israeli forces south of the Lebanese town of Khiam, which is across the border from Metula.

The Israeli military identified two projectiles crossing from Lebanon and falling in an open area near Metula on Thursday morning. Four foreign workers who were killed were all Thai nationals.

The military established the zone at the end of September, just before it launched a ground invasion of Lebanon with the aim of destroying Hezbollah weapons and infrastructure.

Thursday’s second rocket attack reportedly hit an agricultural area near Kibbutz Afek, which is about 65km (40 miles) south-west of Metula and 28km from the Lebanese border.

The military said a total of 55 projectiles were fired towards the Western Galilee region, where the kibbutz is located, as well as the Central Galilee and Upper Galilee in the early afternoon. Some of the projectiles were intercepted and others fell in open areas, it added.

The deadly rocket attacks in northern Israel came as two US special envoys met Prime Minister Benjamin Netanyahu in Jerusalem to discuss a possible ceasefire deal to end the war with Hezbollah.

Israel went on the offensive against Hezbollah - which it proscribes as a terrorist organization - after almost a year of cross-border fighting sparked by the war in Gaza.

It said it wanted to ensure the safe return of tens of thousands of residents of northern Israeli border areas displaced by rocket attacks, which Hezbollah launched in support of Palestinians the day after its ally Hamas’s deadly attack on Israel on 7 October 2023.

More than 2,800 people have been killed in Lebanon since then, including 2,200 in the past five weeks, and 1.2 million others displaced, according to Lebanese authorities.

Israeli authorities say more than 60 people have been killed by Hezbollah rocket, drone, and missile attacks in northern Israel and the occupied Golan Heights.

There was no immediate comment from the Israeli military. But dozens of paramedics and other emergency workers have been killed and injured since it intensified its air campaign against Hezbollah five weeks ago.

The military has previously accused Hezbollah of using ambulances to transport weapons and fighters. The IHS has denied having ties to military operations.

Dollar hegemony in danger

The history shows that the world’s base currency can lose its position, as happened with Britain’s pound in the 20th century. The US economy is much smaller as a share of world output now than it was after WWII, when its dominance began. And now some investors are flagging concerns about the potential for chaotic images emanating from the US election that could undermine confidence in American rule-of-law and the broader political system.

In 2009, after the meltdown in US mortgage securities triggered the biggest financial crisis since the Great Depression, China’s central bank chief of the time issued a high-profile call to move the global financial system away from the dollar. 

Fifteen years later, it continues to reign supreme — having weathered the launch of trade wars under Donald Trump’s administration and a welter of US sanctions on other countries that showcased the risk, for some nations anyway, of keeping assets in dollars. The greenback remains the main currency of choice in global reserves and massively dominates the foreign-exchange market.

Multiple stewards of US economic policy over decades have highlighted the importance of democratic, transparent governance and respect for the law in underpinning the dollar’s role. A violent attempt to disrupt the transfer of power occurred in the wake of the last election, and had little impact on markets. But further instances could have consequences, some warn.

“You can’t be complacent around any of these things” with regard to the dollar, Robin Vince, CEO of BNY Mellon — one of the world’s largest custodians of financial assets — said in an interview last week. “As is the case with many tipping points, you don’t quite know when you’re approaching it until you go over the other side.”

Thierry Wizman, a three-decade Wall Street veteran, said “the American exceptionalism narrative could end if traders lose faith in US institutions.”

“The way that could happen in the next few weeks is if we have an election without a definitive result for several weeks, and where people can’t trust the institutions to adjudicate any of these disputes,” said Wizman, a global currency and rates strategist at Macquarie.

Courtesy: Bloomberg

 

 

Who is Sheikh Naim Qassem?

Hezbollah’s Deputy Secretary General Sheikh Naim Qassem has been elected as the new chief of the Lebanese resistance movement after his predecessor Sayyed Hassan Nasrallah was martyred in an Israeli strike on southern Beirut last month.

On Tuesday, Hezbollah's Shura Council, the group's central decision-making body, appointed the 71-year-old cleric to the post.

“Based on faith in Allah Almighty…, adherence to Hezbollah’s principles and goals, and following the established procedure for the election of the Secretary-General, Hezbollah’s Shura Council has elected His Eminence Sheikh Naim Qassem as Secretary-General of Hezbollah, entrusting him with the blessed banner on this journey. We pray to the Almighty to grant him success in this honorable mission of leading Hezbollah and its Islamic resistance,” the council said in a statement, Press TV reported.

The statement also pledged to the fallen victims, fighters of the Islamic resistance as well as well the steadfast and loyal Lebanese nation that Hezbollah will stand by its principles, goals and path to keep the flame of resistance alive and its banner held high until final victory.

Sheikh Qassem is a veteran figure in Hezbollah, having served as deputy secretary general of the Lebanese resistance group since 1991.

He was appointed deputy secretary general under Hezbollah’s late secretary general, Abbas al-Musawi, who was killed by an Israeli helicopter attack in 1992, and remained in the role when Nasrallah became leader.

His political activism began in the Lebanese Amal Movement, founded in 1974. He left Amal in 1979, in the wake of Iran’s Islamic Revolution, which shaped the political thinking of many young Lebanese activists.

He took part in meetings that led to the formation of Hezbollah in 1982.

Sheikh Qassem has long been one of the leading spokesmen for Hezbollah, conducting many interviews with foreign media.

He was born in 1953 in Beirut’s Basta Tahta district, and his family originally hails from Kfar Fila town in Lebanon’s southern Nabatieh province.

 

Saudi Arabia convenes Arab Islamic Summit

Saudi Arabia has announced to hold a joint Arab-Islamic follow-up summit in the Kingdom on November 11, 2024 to discuss the continued Israeli aggression on the Palestinian territories and Lebanon, in addition to the current developments in the region.

This is in line with the directives of Custodian of the Two Holy Mosques King Salman and in continuation of the efforts made by Crown Prince and Prime Minister Mohammed bin Salman (MBS) in coordination with leaders of other Arab and Islamic countries. The summit will be held as an extension of the joint Arab-Islamic summit held in Riyadh on November 11, 2023.

Saudi Arabia reaffirmed its condemnation and denunciation of the crimes and violations that are being perpetrated by the Israeli occupation authorities against the Palestinian people, apart from the continuing Israeli attacks and violations against the people of Lebanon.

This is in light of the Kingdom's follow-up of the current developments in the region, as well as the continued sinful Israeli aggression on the occupied Palestinian territories, and its expansion to include the Lebanese Republic in an attempt to undermine its sovereignty and territorial integrity, and the serious repercussions of this aggression on the security and stability of the region, the Saudi Press Agency said in a statement.

Bangladesh: Performance of interim government

Nearly three months have passed that the interim government (IG) has been in charge of a country devastated beyond comprehension. We the mere mortals, struggling to forget the nightmarish 15 years, can be forgiven for nurturing very high expectations from the new dispensation.

It will do us well to remember that the IG is not the caretaker government (CTG) of the past. It is very unique, given the circumstances in which it came to power—a popular youth-led uprising has validated not only the IG’s assumption of power but has also, ipso facto, granted approval for any and all legal actions it undertakes to rectify the damage to the nation’s institutions and agencies. The mutilation done to the nation would require more than run of the mill actions or traditional approach.

In passing it should be stressed that raising the issue of Hasina’s resignation at this point in time is out of place, some may see this as being ulteriorly motivated, and reeking of conspiracy.

It is of no consequence whether a person who assumed power in a dubious manner, was deposed through a popular uprising—there can be no greater mandate than this—and sought exile of their own volition, has tendered an official letter of resignation. We must admit that the president’s recent remarks regarding this have mystified us.

The various reform committee gives us a good idea of the sectoral reforms the IG wants to undertake. Unique situation requires unique response that may not necessarily conform to the normal methods and means of administering a country.

But while the IG goes about fixing things, it should keep the people informed about its policies and plan of action for rectification. The IG should keep in mind that although it is not bound by any timeframe and its framework of reference is very wide, its time limit is also not open-ended. And a “reasonable” timeframe is open to various interpretations. What the IG is doing should also be visible.

The first thing that still needs to be fully addressed is the administration, which seems to be influenced by the lingering presence of the Awami League. Reportedly, many beneficiaries of the past regime continue in important appointments. The longer they stay in the administration the more are the risks they pose to the successful implementation of the IG’s reform plans. The significance of the manufactured unrest in the RMG sector, sabotage of oil tankers, and various demands from different professional groups are well-orchestrated actions to nip the plans of the IG in the bud.

Apparently, it would seem that the administration is not moving fast enough for some quarter’s liking, and a feature post-revolution is the regime of intimidation and coercion imposed on certain quarters. While that is understandable under the circumstances, making haste while sorting out the muck of the last 15 years may be counterproductive.

The public has certain expectations as well as grievances, and some of these are manifested in the student outburst, demonstrated in their siege of the High Court for removal of judges appointed during the Hasina regime where personal fealty triumphed over qualification and merit. The latest outburst is against the person in Bangabhaban for reasons mentioned.

One of the gripes the students have, and justifiably so, is the continuation of some senior bureaucrats who thrived under the Hasina regime, and who were complicit in the destruction of the state institutions and misuse of the state agencies for partisan gains. This goes for all sectors.

The education sector was a target of the students too. But witch-hunting is not the answer. Admittedly, the public universities were caderised from the vice chancellor down to the junior most lecturer. Most of them did not meet the minimum requirements of the post. One might say that it was a long-term plan to destroy the backbone of the nation by destroying the education sector.

It would also seem that the process of accountability is not moving fast enough. One hears the question “Where have all the crooks gone, and how?” Indeed, one may ask, once again, where have all the crooks gone? And by crooks, I mean all those that sought sanctuary inside the safety of the cantonments across the country after the student-led revolution that has been anointed with the very appropriate appellation of Monsoon Revolution, and many others who made good their escape quite a few days after the assumption of office of the IG. In fact, there is a general suspicion that the beneficiaries of the previous government may still be calling the shots.

A passing reference was made to this subject in one of my previous columns, but time has come to accord the issue more than a cursory glance. It is my distinct impression that the matter has been deliberately swept under the carpet hoping that, Bangalee memory being short, the matter would be forgotten. Well, not so soon.

A few questions need to be answered by the relevant individuals in positions of responsibility. Feigning ignorance will not sit well with the common man, who feels that allowing those responsible for bringing so much misery to the people—through wanton loot and plunder, siphoning billions out of the country, and particularly those directly responsible for the deaths of a thousand and the maiming of several times more—soils the blood of the martyrs. They must be held accountable.

Of the 170 million Bangladeshis, only 600 or so sought refuge inside the military establishments. Among them were politicians and senior members of the law enforcing agencies. The question is why. They must have done something wrong that they feared would incur public wrath. In fact, these were the people who would have left the country sooner but somehow couldn’t. Some of their cleverer and smarter colleagues had abandoned the Awami League boat no sooner than they realized that it had started taking in water.

In fact, abandoning the followers and leaving the country furtively for safer places during hard times has been the hallmark of the party leadership. History will bear out my comments. Therefore, to see the leader living up to the party tradition after August 05 was not a surprise.

My question is, in the future, will highly secured places within the country be used as sanctuaries for those responsible for killing democracy, looting public wealth, and committing the kinds of misdeeds that those seeking protection in the cantonments are alleged to have committed? Additionally, we are still at a loss to explain how many of these individuals managed to leave the country and who guaranteed them a safe exit.

The ultimate goal is to hold a participatory all-inclusive and acceptable election. Having said that, holding elections without fixing the systemic aberrations would take us back to square one. That would denigrate the sacrifice of the martyrs of the Monsoon Revolution. And it shall not be allowed to happen.

 Courtesy: Daily Star

Philippines: US proxy in South China Sea region

Nothing better captures the Philippines' geostrategic indispensability than the unfolding drama over the deployment of the US Typhon missile system to the Southeast Asian nation.

The state-of-the-art midrange capability (MRC) weapons system, which has a range of up to 2,500 kilometers, is crucial to deterring any future Chinese invasion of Taiwan.

Beijing has repeatedly warned Manila against hosting such platforms, thus raising the risk of a "Cuban missile crisis" style showdown in the future.

Richard Heydarian says, it is a geopolitical risk well worth taking if it allows the Southeast Asian nation to accelerate its own military modernization and, more broadly, its emergence as an increasingly capable and pivotal player in the Indo-Pacific.

Manila is not shying away from a potential diplomatic crisis over hosting the missile system. If anything, top Philippine officials are also exploring not just deployment but the acquisition of Typhons and other high-end American weapons system.

Trump also the warmonger

Biden administration leading the charge for Israel’s horrific genocide – now expanding into a broader, regional war – and fueling the war in Ukraine with no end in sight, Republicans are now working overtime to rebrand Donald Trump as a dove.

Let the world not forget:

 Trump nearly kicked off a full scale war with Iran by assassinating General Soleimani.

Trump with Democratic support, co-signed a coup in Bolivia and attempted a coup in Venezuela.

Donald Trump set the stage for Israel’s bloodbath in Gaza and the West Bank by formally recognizing Jerusalem as Israel’s capital.

Donald Trump is many things, a predator, a crude bigot and a con man.

While Democrats railed against Trump’s domestic agenda (most of the time) throughout his term, in virtually every instance the “Vote Blue No Matter Who” crowd threw their full weight behind Trump’s constant foreign provocations.

Trump’s warmongering ways for as long as he’s been a figure on the national stage – particularly during his term in the White House.

Trump and his allies are trying to rewrite history and make us forget his warmongering ways. But we know the truth.

The world must not forget that Trump and the Republicans are funded by the same weapons manufacturers and fossil fuel extractors as Democrats operating at every level of government.

They may dislike his uncouth rhetoric. They may finger-wag his racism. They may object to his weaponization of the courts and federal agencies (though they won’t hesitate to use the same in their own favor).

In co-signing genocide, provoking endless wars, and serving the forces of the American empire, Democrats and Donald Trump fit together hand in glove.

Syria intercept Israeli missile attack

Syrian air defense systems successfully intercepted an Israeli missile attack early Saturday, according to the state-run Sana news agency.

The strikes targeted military sites in the southern and central regions of Syria, with the assault commencing around 2300 GMT.

Missiles were reportedly launched from the occupied Syrian Golan Heights and parts of Lebanon. Military sources indicated that several missiles were shot down, although efforts are ongoing to assess the full impact of the attack. There has been no immediate information regarding casualties or damage.

In a related development, Israel announced early Saturday that its military had conducted "precise strikes" against military targets in Iran.

Explosions were heard in Tehran as Israeli army spokesman Rear Adm. Danial Hagari confirmed that the Israel Defense Forces were targeting sites in Tehran, Meshed, and a power station in Karaj. 

Condemnation of Israeli attack on Iran

It may not be wrong to say that Israel having killed thousands in Gaza and Lebanon is now attacking Iran directly with regular intervals. One can say with complete confidence that Israel is doing all this under the patronage of United States. It is worth noting that some of the Muslim countries have condemned Saturday’s attack on Iran, with the request to apply restraint.   

Saudi Arabia

Saudi Arabia has condemned Israel’s attacks on Iran as a violation of the country’s sovereignty and a violation of international laws and norms.

“The Kingdom affirms its firm position in its rejection of the continued escalation in the region and the expansion of the conflict that threatens the security and stability of the countries and peoples of the region,” the Saudi Foreign Ministry said in a statement.

Riyadh also urged all parties to “exercise the utmost restraint and reduce escalation”, warning of the ramifications of continuing military conflicts in the region.

Malaysia

Malaysia’s Foreign Ministry also released a statement in response to Israel’s overnight attacks, labelling the strikes a “clear violation of international law” that “seriously undermine regional security”.

“Malaysia calls for an immediate cessation of hostilities and an end to the cycle of violence,” the statement said.

The Foreign Ministry added that Israel’s continued attacks on countries in the Middle East is bringing the region closer to the brink of a wider war.

Iraq

Iraqi Shia cleric and head of National Wisdom Movement, Ammar Hakim, has strongly condemned recent Israeli attacks on Iranian cities, expressing solidarity with the Iranian people, their leadership, and government.

Hakim urged the international community to unite in countering the spread of Israeli influence, which he argued violates international charters and norms. He warned that Israel’s actions threaten to escalate conflicts, extending violence beyond Palestine and Lebanon into Syria, Iran, and other nations.

Hakim called on the United Nations and the Security Council to take decisive action to prevent Israel’s behavior from further destabilizing the region.

----------------------

Pakistan

Pakistan’s Prime Minister Muhammad Shehbaz Sharif stated on Saturday that Pakistan firmly condemns Israel's recent aggression against Iran and stands with Iran and its neighbors in their pursuit of peace.

He also called on all parties involved to exercise restraint to prevent further escalation. On his social media platform X, the prime minister posted, “Deeply concerned by the recent act of Israeli aggression against Iran. Such actions threaten regional peace and stability and violate sovereignty and international law.”

===================

Kuwait

Kuwait’s Ministry of Foreign Affairs has issued a strong condemnation of Israel’s recent military action against Iran, describing it as part of a broader policy aimed at destabilizing the region through violations of national sovereignty.

In a statement released Saturday, the ministry highlighted that Israel’s aggression against Iran exemplifies a disruptive approach that endangers the security of the entire region and disregards international laws and norms.

The ministry called on the international community and the UN Security Council to take responsibility in curbing these actions, which threaten the region’s future and the welfare of its people. It emphasized the importance of decisive steps to uphold regional security and stability, grounded in international laws and treaties.

=============

United Arab Emirates 

The UAE has strongly condemned Israel’s military strikes on Iran, and expressed its deep concern over the continued escalation and its repercussions on security and stability in the region.
====================== 

Oman

Oman’s Ministry of Foreign Affairs has condemned Israel’s recent attack on Iranian territory, calling it a blatant violation of Iran’s sovereignty and international law.

The ministry stated that Israel’s latest act of aggression attempted to target military sites in Tehran province early Saturday, but the assault reportedly failed to achieve its objectives. This incident, it noted, is part of a broader pattern of Israeli hostilities in the region.

================

 

PSX benchmark index inches closer to 90,000

Pakistan Stock Exchange (PSX) witnessed bullish sentiments throughout the week ended on October 25, 2024. The benchmark KSE-100 index recorded its highest-ever closing, just shy of the 90,000 mark ‑ closing at 89,994 points, up by 5.6%WoW.

This marked the highest weekly return in 27 weeks and 47th highest weekly return since the index's inception.

More importantly, KSE30 index also reached all-time high at 28,395 points.

The week started with positive momentum buoyed by settlement of political noise following the passage of stalled 26th Constitutional Amendment.

The optimism consolidated with swing of corporate result announcements and favorable economic developments.

According to AKD Securities, the rally was broad-based, with 80 out of 100 companies delivering positive returns.

Leading sectors were Fertilizer, Cement, and Banks, primarily due to strong annual growth in results. On the macro front, current account posted a surplus for the second consecutive month at US$115 million for September 2024.

Foreign exchange reserves held by State Bank of Pakistan (SBP) increased by US$18 million to US$11.0 billion as of October 18, 2024.

Market participation also improved significantly, with average daily traded volume rising by 23%WoW to 532 million shares from 432 million shares a week ago.

The PKR remained stable against the greenback, closing the week at 277.6 to a US$.

Other major news flows during the week included: IT exports surged 42%YoY in September 2024, 2) Banking sector deposits were up by 19%YoY to PKR31.3 trillion at end September 2024, 3) Sales tax on tractors hiked to 14% from 10%, 4) Loans to private sector were up 4.9% to PKR8.4 trillion at end September 2024, and 5) Nepra approves KE's generation tariff with key adjustments.

Cement, Refinery, and Mutual Funds were amongst the top performers, while Modarabas, Textile composites, and Vanaspati & allied industries were amongst the worst performers.

Major net selling was recorded by Foreigners with a net sell of US$16.4 million. Mutual Funds and other organizations absorbed most of the selling with a net buy of US$20.4 million.

Top performing scripts of the week were: KOHC,CHCC, AICL, KEL, and ATRL, while laggards included: ILP, PIBTL, LOTCHEM, IBFL, and NESTLE.

Market is expected to remain positive, with primary focus on the upcoming MPC meeting, where an anticipated rate cut could further bolster market momentum.

Despite the recent rally, valuations remain attractive, with the market trading at a P/E of 4.0x and offering a dividend yield of 11.2%.

AKD Securities recommends focusing on sectors that stand to benefit from monetary easing and structural reforms, particularly high-dividend-yield stocks that are likely to re-rate as yields converge with fixed-income returns.

Top picks include, OGDC, PPL, MCB, UBL, MEBL, FFC, PSO, LUCK, MLCF, FCCL and INDU.

 

Israel strikes military targets in Iran

Israel has launched direct airstrikes against Iran in a high-stakes retaliatory attack that brings the Middle East closer to a regional war.

The Israeli military said it had completed its air attack on Saturday morning, hitting missile manufacturing sites and aerial defences in several areas inside Iran. Israel’s public broadcaster said three waves of strikes had been completed.

Iranian air defences said Israel attacked military targets in the provinces of Tehran, Khuzestan and Ilam and that “limited damage” was caused to some locations.

A senior US official described the strikes as “extensive”, “precise” and against military targets across Iran. The US did not participate in the strikes, the official said, but worked with the Israeli government to encourage a low-risk attack with no civilian harm.

“The effect was a proportionate self-defence response. The effect is to deter future attacks and to degrade Iran’s abilities to launch future attacks.”

The official stressed that the US considered the operation to be an “end to the exchange of fire between Israel and Iran”.

“This should be the end of the direct military exchange between Israel and Iran – we had a direct exchange in April and that was closed off and now we’ve had this direct exchange again.”

At least seven explosions were reported over the capital, Tehran, and nearby Karaj as well as the eastern city of Mashhad just after 2.30am local time on Saturday, as Israeli jets struck military targets in the country.

Iranian media initially appeared to downplay the airstrikes, noting that Tehran’s airport was operating normally. State TV reported several strong explosions heard around the capital, while the state news agency, IRNA, said there had been no casualties. There was no immediate official comment about the source of explosions, which Iranian news outlets reported were under investigation. Air defence systems were activated around the country.

In a statement, the Israel Defense Forces (IDF) took the rare step of acknowledging the attack on Iran, in a confirmation that a decades-old shadow war between the enemy states has now firmly moved into the open.

Before Israel launched the airstrikes on Saturday, Iran had repeatedly warned there were “no red lines” for Iran on the issue of defending itself. Last week, the country’s foreign minister, Abbas Araghchi, also indirectly threatened US forces against operating in Israel after Washington dispatched a Thaad advanced missile defence system battery and 100 troops to aid its ally amid the tensions.

The White House was notified shortly before Israel carried out airstrikes on Iran, a spokesperson said. The US secretary of state, Antony Blinken, had said on Wednesday that Israel’s retaliation should not lead to greater escalation.

OGDC earnings up 8%QoQ

Oil & Gas Development Company (OGDC) has posted profit after tax of PKR41.0 billion (EPS: PKR9.54), up 8%QoQ for the first quarter, despite lower oil prices (Brent down 8%QoQ).

According to Inter-market Securities, the increase in profitability is attributable to absence of one-off provisions of PKR23 billion booked on TFCs coupled with lower operating cost. It also announced an interim dividend of PKR3.0/ share.

Key highlights from 1QFY25 result:    

Net revenues were down 8%QoQ to PKR106 billion, mainly due to lower oil prices coupled with estimated 4% decline in gas production.

Operating expenses reduced by 27%QoQ to PKR27 billion likely due to lower work-over expensed during the quarter.

Other income surged to PKR26 billion as compared to a loss of PKR3 billion, due to the absence of one-off provisions booked against clearance of TFC in the earlier quarter.

OGDC’s effective tax rate for the quarter rose to 51% during the quarter under review. 

Despite gas curtailment and lower oil prices, OGDC posted decent earnings. Earnings are expected to slightly improve on account of improving gas production.

On production front, the company in a JV with MARI is developing a high-potential asset Shewa in Waziristan block, which has potential reserves of 1.4tcf.

Moreover, the company’s own field Bettani (Wali) is expected to produce 3,000bpd of oil and 35mmcfd of gas, following the successful drilling of Bettani-2 and Bettani Deep-1.    

               

Russia-Iran use national currencies in trade

Iran and Russia have been using national currencies in more than 96% of their mutual payments, the Kremlin’s press service said on the verge of the meeting between presidents of the two countries to be held on the sidelines of the BRICS Summit in Kazan.

"The leadership of both countries pay priority attention to the development of trade and economic ties. Growth of mutual trade in 2023, despite a certain decline, totaled over US$4.0 billion.

We recorded growth of 12.4% as of the end of January - August. The share of national currencies in mutual payments ws over 96%," the press service informed.

Russia and Iran are implementing several large-scale mutual projects in the sphere of transport and energy, the Kremlin said. The North-South international transport corridor project is being developed. Russian-Iranian relations are on the rise, the press service noted.

According to the Islamic Republic of Iran Customs Administration (IRICA), the value of Iran’s non-oil exports to Russia rose 12% in the first six months of the current Iranian calendar year as compared to last year’s first half.

According to the IRICA data, Iran exported 1.3 million tons of commodities worth over US$494 million to Russia in the first half of the current Iranian year.

Non-oil exports to the Russian Federation also increased by 20% in terms of weight.

In the first half of the current Iranian year, foreign transit through Iran from Russia reached 526,000 tons with a growth of 17%, and foreign transit to Russia was 56,000 tons, which decreased by 18%.

The Islamic Republic had exported 2.2 million tons of commodities worth US$965 million to Russia in the previous Iranian calendar year, which also registered a 54% increase in weight and a 28% rise in value.

The main Iranian products exported to Russia in the previous year were fresh or dried pistachios, ordinary non-expandable polystyrene, fresh kiwi and synthetic fibers, and other types of polyester.

Iran and Russia have been taking serious steps to boost their mutual trade over the past few years.

In late January, Iran’s late President Ebrahim Raisi said that the Islamic Republic and Russia have reached an agreement to boost the trade between the two countries up to US$10 billion.

“We agreed to remove trade barriers and boost the economic exchanges between the two countries. Currently, the level of mutual trade is not acceptable, so the two countries agreed to increase trade to US$10 billion a year,” Raisi said on January 21, upon arrival to Tehran after a two-day visit to Moscow.

He also noted that the two sides also discussed monetary and banking issues during his talks with Russian officials.

The two countries also agreed to identify mutual agricultural capacities as well as suitable areas for the exchange of agricultural products in order to increase the level of trade in the agricultural sector, according to the official.

He went on to say that the Islamic Republic of Iran has very good capacities in the field of transit and transportation, saying: “During this visit, it was agreed to activate the north-south corridor. This transit route will make the time and distance of transiting goods from Russia and different northern countries to the southern regions much shorter.”

 

 

Pakistan: 200bps cut in policy rate anticipated

Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) is scheduled to meet on November 04, 2024 for adjustment in policy rate

According to a poll conducted by Pakistan’s leading brokerage house, Topline Securities, 85% of the participants expect that the central bank will announce a minimum rate cut of 200bps.

Out of these 63% expect the interest rate to be cut by 200bps, 30% expect a cut of 250bps, while 8% anticipate a cut of more than 250bps.

The brokerage house believes that the larger rate cut expectations in the upcoming monetary policy meetings are driven by the single-digit inflation reading of 6.9% in September 2024, which is expected to continue in October 2024 within a range of 6.5% to 7.0%.

Significant fall in YoY inflation in recent months is on the back of faster food disinflation and downward electricity prices adjustments (FCA).

The brokerage house is also of the view that the SBP will announce a rate cut of 200bps, similar to the cut of 200bps in the last monetary policy meeting, taking total cut to 650bps.

This will be 4th consecutive cut of this cycle.

Post this rate cut of 200bps, real interest rates will remain at +860bps, still higher than Pakistan’s historic average of 200-300bps.

In order to absorb any external and budgetary shock, the brokerage house believes, Central bank will continue to keep positive real rate in range of 300 to 400bps in medium terms over forward looking inflation.

6-minth KIBOR and 6-months T-Bills are down 324-359 bps from last MPC meeting.

Falling inflation expectations, the 6M KIBOR and Treasury bills rate are down 324-359bps since last monetary policy meeting on September 12, 2024 and currently hovering at 14.43% and 13.8%, respectively. This also suggest, market participants are expecting a big rate cut in upcoming meetings.

The brokerage house expects policy rate to come down to 13% by Jun 2025 with average inflation expectation of 7%for FY25.

 

Hezbollah confirms Hashem’s martyrdom

Hezbollah announced on Wednesday that Sayyed Hashem Safieddine, the head of the Lebanese resistance movement’s Executive Council, was martyred in an Israeli airstrike on Beirut earlier this month.

“We pledge to our great martyr and his martyred brothers to continue the path of resistance and jihad (struggle) until achieving its goals of freedom and victory,” Hezbollah said in a statement.

The Israeli army said on Tuesday that Safieddine was killed during a strike on October 04, 2024.

Safieddine was widely expected to be formally elected as the next Hezbollah leader after Israel assassinated Sayyed Hassan Nasrallah last month. 

Israel killed Nasrallah, who was the movement’s chief since 1992, in an airstrike on a neighborhood in southern Beirut on September 27, 2024.

US media acknowledged that Israel used American-made 900kg (2,000-pound) bombs in the strike that killed Nasrallah and levelled residential buildings in Beirut’s suburb of Dahieh.

Israel has killed multiple Hezbollah commanders amid the exchanges of fire with the resistance group since October 8, 2023. That is a day after Israel launched its war of genocide in Gaza. Hezbollah has carried out attacks against Israel in a show of solidarity with Palestinians in Gaza.

Israel also launched a massive bombing campaign in Lebanon on September 23 this year and launched a ground incursion into southern Lebanon on October 1.

Israel has killed about 2,500 people in Lebanon since October last year, including 1,800 in the past few weeks.

In response to Israel’s attacks, Hezbollah has intensified its retaliatory operations targeting strategic military sites in Tel Aviv and Haifa.  

The resistance movement’s reprisal strikes have spread a growing sense of panic among Israelis keeping the regime on its toes. 

Saudi Arabia-Iran joint naval exercise

According to the Tehran Times, the head of the Iranian Army Navy has announced that Saudi Arabia has expressed interest in a joint naval exercise, a move aimed at strengthening regional cooperation.

Rear Admiral Shahram Irani highlighted the Iranian Navy's operations in the Red Sea, noting that Saudi Arabia has proposed a combined exercise in that region. Both nations have extended invitations to each other concerning their presence in the ports.

Irani added that both sides' initiatives include plans for a bilateral exercise and potential involvement from other nations. 

“Coordination efforts are currently in progress, and delegations from both countries will engage in necessary discussions regarding the execution of the exercise,” the commander emphasized.

This collaboration between Saudi Arabia and Iran could potentially pave the way for further dialogue and de-escalation of tensions in the region, benefiting both countries and the broader international community.

Military observers from both parties will be attentively assessing the results of this exercise and the possible effects it could have on the geopolitical dynamics of West Asia.

This proposed joint naval exercise in the Red Sea would mark the third instance of military cooperation between Iran and Saudi Arabia in the region.

In 2018, the two nations, alongside Oman and Pakistan, participated in a joint naval exercise in the Indian Ocean under the banner of the "Coalition of Friendship”.

This week, Iran concluded a joint naval drill in its southern waters, with Saudi Arabia among the participating nations.
 

 

Mari Petroleum Company Results Review

Mari Petroleum Company (MARI) held its corporate briefing to discuss FY24 result and future outlook of the company. The key takeaways are:

MARI achieved highest-ever hydrocarbon sales of 39 MMBOE up 18%YoY in FY24.

MARI’s 2C resources increased from 106 MMBOE in FY23 to 112 MMBOE in FY24. Similarly, 2P reserves increased from 577 MMBOE in FY23 to 704 MMBOE in FY24. Ghazij, Shawal, and HRL were the key contributors to the reserves/ resource additions.

MARI’s Reserves to Production (R/P) life is 17 years.

MARI spudded/ delivered a total of 12 wells in FY24, comprising of four exploratory wells (Maiwand X-1, Bolan West-1, Spinwam-1, and Shawal-1); five appraisal wells (4 Ghazij wells (Ghazij-2, 3, 4, & 5) and one Shewa-2; two development wells (Mari-124 and MD-20); and one water disposal well, WDW-3.

The company has also planned drilling for this year, and the CAPEX will be similar to last year.

Phase 1 of the HRL Pressure Enhancement Facilities/ Debottlenecking Project is near completion, with 17 loops completed and 3 loops in progress. Work on the compression stations is also in progress.

Regarding Enhancement Pressure Facilities (EPF) management highlighted that work on SNGPL pipeline has been completed. Pipeline Hydro testing of the remaining section is under process. The commencement of production will depend on the security situation and local dynamics. The expected production will be 70 MMSCFD.

Management highlighted that Mari D&P lease has been renewed for five years until November 2029 with an additional recurring 15% payment of wellhead value.

Mari Mining Company (a wholly owned subsidiary of MARI) was incorporated in July 2023. Currently, MARI holds three mining licenses in Chagai district of Balochistan (MPCL 1, MMC 2).

MARI has also incorporated Mari Technologies Limited, a wholly owned subsidiary company, focusing on Data Centre, Cloud Computing, Artificial Intelligence and other Petroleum and Mining related Technologies.

The management informed that they will sell the bonus shares at market price, and any difference from the price of PKR448.7/ share will be adjusted from the extra 10% shares of the shareholders held by the company.

The key focus of the company would be: 1) the safe startup of Shewa Early Production Facilities, 2) preparation and execution of Ghazij and Shewa FDPs, 3) completion of offshore evaluation and readiness for the bid round, 4) work streams on carbon capture and green hydrogen, 5) diversification in mining and technologies, and 6) building on technical excellence and enhancing employee experience.

 

China cuts key mortgage rate

According to South China Morning Post, China announced on Monday it had slashed a key reference rate for mortgage loans by a quarter of a percentage point, as the country stepped up efforts to stabilize the property market.

The benchmark five-year loan prime rate (LPR) was lowered to 3.6% from 3.85%, while the one-year lending rate was also cut to 3.1% from 3.35%.

For Chinese households with mortgage loans of 1 million yuan (US$140,000), the monthly instalment payment would be reduced by around 141.5 yuan (US$19.9) after the cut to the five-year LPR.

The move was expected as central bank governor Pan Gongsheng had said at a financial forum on Friday that lending rates would decrease by between 20 to 25 basis points.

The rates were last cut in July.

“The rate cut is broadly in line with market expectations,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management.

“It is an encouraging sign that the monetary policy is moving in the right direction to fight deflation.”

The move came as Beijing has taken an all-out effort to drive up the struggling property market.

Speaking at a press conference on Thursday, the housing ministry said it would double the credit to white list property projects to 4 trillion yuan by the end of the year and renovate 1 million units in urban villages.

“The monetary policy has clearly shifted to a more supportive stance since the press conference on September 24. The real interest rate in China is too high,” Zhang added.

Analysts expected more rate cuts in the coming quarters, after Pan indicated on Friday plans to further cut the reserve requirement ratio – the amount of cash that commercial banks must hold as reserve – for banks.

“But this is unlikely to boost loan demand much,” said Huang Zichun, an economist at Capital Economics, who noted weak credit demand as the main constraint.

“And without a rebound in inflation, which we don’t foresee, real lending rates will remain restrictive unless policy rates are cut by a lot more.

“The heavy lifting will need to come from fiscal policy.”

 

Prabowo sworn in as Indonesian president

Prabowo Subianto was inaugurated on Sunday as Indonesia’s eighth president, succeeding Joko Widodo, who served for a decade. In his inaugural address, he pledged to be the "leader of all Indonesians."

The inauguration ceremony took place in Jakarta and was attended by various foreign dignitaries.

Having served as defense minister in Jokowi's Cabinet, Prabowo was elected in February after winning a landslide victory.

Following the ceremony, the 73-year-old president proceeded to the presidential palace, where he received a warm welcome from the outgoing president.

In an emotional speech, Prabowo emphasized his commitment to unity among Indonesians, regardless of political affiliations, and vowed to advocate for the protection and welfare of the nation’s most vulnerable groups.

He highlighted national unity and food security as the primary focuses of his administration and promised that Indonesia’s natural resources would be managed for the benefit of all citizens.

He also committed to continuing the policies of his predecessor, including the industrialization of mining commodities and the ban on exporting raw minerals and ores.

"We will carry out this oath to the best of our ability and with accountability, prioritizing all the people, including those who did not vote for us," Prabowo stated.

His running mate, 37-year-old Gibran Rakabuming Raka, the son of Jokowi, was also sworn in as vice president.

Drone strikes Netanyahu’s residence

According to media reports, a drone launched from Lebanon struck the residence of Israeli Prime Minister Benjamin Netanyahu in Caesarea on Saturday.

The Netanyahu's office confirmed in a statement that the drone was aimed at Netanyahu's private home, but noted that the premier and his family were not present at the time of the attack.

Earlier, the Israeli army reported that three drones were fired from Lebanon, with two successfully intercepted and the third crashing into a building in Caesarea. Fortunately, there were no reported casualties from the incident.

This drone attack occurs amid ongoing cross-border hostilities between Israeli forces and Hezbollah, which have intensified since the Gaza conflict began last October.

Israel has escalated its offensive in Lebanon, resulting in significant casualties, including the deaths of Hezbollah leader Hassan Nasrallah and several other commanders.

The extensive airstrikes, followed by a ground invasion, have claimed over 1,500 lives and displaced approximately 1.2 million people.

PSX witnesses 16.5%WoW decline in average daily trading volume

Pakistan Stock Exchange (PSX) remained volatile during the week, with the benchmark index losing 233 points or 0.3WoW to close at 85,250 points on Friday, October 18, 2024.

Commercial Banks and Power sectors were the primary drags on the index, as concerns over additional ADR-based taxation to weigh on banks’ expected profitability for the last quarter, while continued government scrutiny on IPPs added pressure to the Power sector.

Fertilizer sector also remained laggard due to lower than expected payouts by EFERT.

On the political front, the successful conclusion of the SCO summit was a positive development. However, heightened political noise towards the weekend kept market sentiments subdued.

Textiles and food exports remained elevated.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) crossed the US$11 billion mark for the first time in last two and half years, as of October 11, 2024.

In the T-Bills auction held on Wednesday, GoP raised PKR716 billion as against a target of PKR400 billion, with 3 and 6 month yields falling to 15.3% and 14.3%, respectively.

In its recent fortnightly review, GoP hiked diesel prices by PKR5/litre, while keeping petrol prices unchanged.

Market participation plunged by 16.5%WoW, with average daily traded volume dropping to 432 million shares from 518 million shares in the earlier week.

On the currency front, the PKR remained largely stable against the greenback, closing the week at PKR277.6 to a greenback.

Other major news flows during the week included: 1) GoP pays off PKR1.2 trillion domestic debt in first quarter of the current financial year, 2) Roshan Digital Accounts surpass US$8.749 billion in remittances, 3) LSM output rises by 4.68MoM in August, and 4) Urea off takes decline by 35YoY in September.

Tobacco, Close-end Mutual Funds, and Engineering were amongst the top performing sectors. Woollen, Property, and Transport were amongst the worst performers.

Major selling was led by Banks, with a total outflow of US$16.6 million, primarily due to NBP offloading its entire stake in AGL to FFC. Foreigner followed with net sell of US$11.1 million.

Companies absorbed most of the selling with a net buy of US$25.8 million.

Top performing scrips of the week were: ATRL, PAKT, HGFA, FCEPL, and JDWS, while laggards included: NPL, JVDC, BNWM, KAPCO, and PIOC.

Market is expected to remain positive going forward, supported by declining interest rates, anticipated to continue channeling investment flows into equities.

Additionally, with the ongoing earnings season, corporate results would stay in focus.

Despite the recent upward trend, the market remains attractively valued, currently trading at a P/E of 3.7x with a dividend yield of 11.9%.

AKD Securities proposes focusing on sectors that are likely to benefit from monetary easing and structural reforms, particularly high dividend yield stocks, likely to re-rate as yields converge with fixed income returns. Top picks include, OGDC, PPL, MCB, UBL, MEBL, FFC, PSO, LUCK, MLCF, FCCL and INDU.

 

Join Sanders to stop weapons sale to Israel

In the United States, Senator Bernie Sanders has introduced a congressional resolution to stop US$20 billion in weapons sales to Israel to stop the United States patronizing genocide in Gaza by Israel.

 According to sanders, “Much of this carnage in Gaza has been carried out with US-provided military equipment.”

He added, “Providing more offensive weapons to continue this disastrous war would violate US and international law.”

As long as bombs and other weapons are being supplied to Israel, the US administration is supporting the genocide in Gaza and the killing of over 42,000 Palestinian civilians.

Not only the members of Congress must join with Sanders people from around the world must demand halt to weapons sales to Israel and end to the genocide.

The measure led by Sanders could help in halting sales of missile systems, tank rounds, and other weapons, including munitions, causing the worst destruction in Gaza. 

What after Sinwar assassination?

The killing of Hamas leader Yahya Sinwar is raising new questions over the course of the war and the fate of hostages still held by Hamas. While the United States is pressing both the sides to seize the opportunity to end the fighting, Israeli Prime Minister Benjamin Netanyahu seems adamant at continuing the genocide.

Sinwar was considered the main obstacle in achieving a cease-fire and hostage deal over the course of a year of negotiations, Netanyahu has also been criticized as moving the goal posts in talks and prioritizing the military operation to eliminate Hamas over diplomacy to release hostages. 

US President Biden and Vice President Kamala the Democratic presidential nominee, said in reaction to Sinwar’s killing that there is now an opportunity for a “day after” in Gaza without Hamas in power.

“This moment gives us an opportunity to finally end the war in Gaza, and it must end such that Israel is secure, the hostages are released, the suffering in Gaza ends, and the Palestinian people can realize their right to dignity, security, freedom and self-determination,” Kamala said in remarks from Wisconsin. 

Netanyahu, in a recorded speech confirming Sinwar’s death, showed no signs of letting up Israel’s military operations, which have succeeded in devastating Hamas’s leadership and military capabilities, while also devastating the Strip, causing a mass humanitarian crisis, and resulting in the deaths of tens of thousands of Palestinians. 

“Now it is clear to everyone in Israel and the world why we insisted on not ending the war, why we persisted in the face of all pressure,” Netanyahu said. 

“The war is not over yet and it is hard and it is exacting a heavy price from us. Citizens of Israel, we are in the war of resurrection, great challenges are still ahead of us … together we will fight and with God’s help together we will win.”

In his remarks, Netanyahu said Israel would give amnesty to anyone who willingly releases remaining hostages — Hamas or other armed groups in Gaza like Palestinian Islamic Jihad and civilian families.

“I call on everyone who holds our hostages: Whoever lays down his weapon and returns our hostages — we will allow him to go out and live.”

He added that the return of hostages would bring “the end of the war closer.” 

Biden congratulated Netanyahu on the killing in a call from Air Force One as he traveled to Germany.

The White House said the two leaders agreed there is an opportunity to advance the release of the hostages “and to bring the war to a close with Israel’s security assured and Hamas never again able to control Gaza.”

Netanyahu’s office, in their description of the call, did not address ending the war, but focused on advancing the release of hostages.  

US Secretary of State Antony Blinken made calls Thursday to his counterparts in Qatar and Saudi Arabia as part of the administration’s push to “redouble its efforts” to end the conflict and secure the release of hostages, the State Department said. 

Now there’s a question, who will speak for Hamas? Khaled Meshaal, a senior Palestinian political official in exile in Qatar, is one name being raised as a possible replacement.

In an interview marking one year since Hamas’s attack, Meshaal said the armed group will “rise like a phoenix” even if its military and leadership are devastated. 

“We don’t know who will be on the other end of the negotiating table now, but it certainly won’t be Sinwar,” State Department spokesperson Matthew Miller said.

Even Netanyahu’s opponents in Israel are signaling support for continuing the war against Hamas and an ongoing Israeli military presence in the Strip. 

Benny Gantz, chair of the National Unity Party who resigned from Netanyahu’s wartime Cabinet, said in a statement that the Israeli military “will have to continue operating in Gaza for years,” although he added that “this moment must be seized and leveraged to bring the hostages home and topple the Hamas regime.” 

“Sinwar, who was described as a major obstacle to a deal, is no longer alive. It is critical that all attention is now focused on achieving the goal of a deal which will secure the release of our son Omer and the rest of the hostages,” the Neutras said in a statement. 

“We’re calling on the Israeli government and the US administration to act swiftly and do whatever is needed to reach a deal with the captors. We are at an inflection point where the goals set for the war with Gaza have been achieved, all but the release of the hostages.”

Members of the US Congress also reacted to Sinwar’s death with support for the revival of cease-fire and hostage release talks. 

“It is my hope that Sinwar’s elimination will result in further progress toward the release of all hostages still held in Gaza, as well as to a cease-fire for Palestinians who have suffered under Hamas’s grip for far too long,” said Rep. Mike Turner (R-Ohio), chair of the House Permanent Select Committee on Intelligence. 

Rep. Brad Sherman (D-Calif.), a member of the House Foreign Affairs Committee, said he hopes Sinwar’s death “marks a turning point in this war.” 

“Let us all unite in praying that, at last, the door will open to the end of this terrible war, the remaining hostages will be released, the recovery in Gaza will begin, and the efforts toward securing peace will be renewed.”

 

Hamas leader Yahya Sinwar killed

Yahya Sinwar, the head of Hamas and the architect of the Octtober 07 attack on Israel, was killed on Thursday during an Israeli military operation in the Gaza Strip, according to the Israel Defense Forces (IDF).

“Eliminated: Yahya Sinwar,” the IDF posted on X Thursday, after NewsNation reported his death in the morning.

The IDF and Shin Bet, its internal security service, released a statement confirming some details of the operation.

“Yahya Sinwar was eliminated after hiding for the past year behind the civilian population of Gaza, both above and below ground in Hamas tunnels in the Gaza Strip,” it said.

“The dozens of operations carried out by the IDF and the ISA over the last year, and in recent weeks in the area where he was eliminated, restricted Yahya Sinwar’s operational movement as he was pursued by the forces and led to his elimination.”

Sinwar was Israel’s top target in Gaza, but survived in Hamas’s underground tunnel network for more than a year as the war of his making raged above.  

A messianic psychopath is how one US official described Sinwar. Among Hamas leadership, he was viewed as “a nasty guy,” said one analyst. As an enforcer in the 1980s, he earned the moniker “Butcher of Khan Yunis.”

Sinwar viewed tens of thousands of Palestinians killed in a war with Israel “as necessary sacrifices” to achieve his goal of destroying the Jewish State. That appeared to be the inspiration for Hamas launching the attack against Israel on October 07; committing a massacre of such brutality it would trigger a massive Israeli response. 

“For Netanyahu, a victory would be even worse than a defeat,” Sinwar told an Italian journalist in 2018, of the Israeli prime minister, according to a profile by the Wall Street Journal.

Secretary of State Antony Blinken said at the time that the “depravity defies comprehension,” in viewing the aftermath of the 1,200 people killed on October 07, Of the 250 people taken hostage, about 101 hostages remain in Hamas captivity.  

Dubbed a “dead-man walking,” by Israel’s military in the aftermath of the attack, Sinwar evaded Israeli forces by hiding among the armed groups subterranean tunnel system; surrounding himself with hostages; and communicating through letter-writing to avoid electronic detection. 

Believed to be between 61-63 years, Sinwar came of age in the Gaza Strip during the 1967 six-day war, when Israel captured the Strip from Egypt; and the first intifada, or uprising, against Israel, in the 1980s. Raised in a refugee camp, Sinwar joined the burgeoning Hamas movement, charged with hunting down and killing suspected Palestinian informants to Israel. 

He was arrested by Israeli forces in 1988 and given four life sentences for the abduction and murder of two Israeli soldiers. But his time in jail served as an education to understand his enemy, learning the Hebrew language and studying Israeli culture and politics. He published a novel in 2004 that centered on themes of oppression and resistance. 

Sinwar had his life saved in prison, when an Israeli dentist signaled that he had something wrong with his brain, and was rushed into emergency surgery. But he showed no easing of his religious fervor to liberate what he viewed as Islamic land. 

He was released from prison in 2011, one of 1,027 Palestinian prisoners released in exchange for one Israeli soldier, Gilad Shalit, who Hamas held hostage for five years. 

Sinwar’s life experience would help write the blueprint for the October 07 attack. In 2012, Hamas, for the first time, demonstrated that its rocket arsenal could hit Tel Aviv, and that was part of a short, but critical war that laid out a pattern of escalation between Hamas and Israel, and negotiation for periods of calm. Similar scenarios were repeated in 2014, 2018 and 2021. 

The Israeli security establishment, under the leadership of Israeli Prime Minister Benjamin Netanyahu during this time, began to refer to these operations as “mowing the lawn.”

It’s that sense of control that critics say lulled Israel’s intelligence into complacency ahead of October 07, despite warnings from young, female intelligence observers that a major attack was being prepared.  

Sinwar’s death marks a major operational success for the Israel Defense Forces, an ongoing psychological blow to Israel’s adversaries of Hamas, Hezbollah in Lebanon, and Iran – where the most senior leaders, and who were vaults of operational knowledge, have been picked off one by one.

This includes Hezbollah’s long-time chief Hassan Nasrallah, killed in a bomb strike in September, the assassination of his successors; and the assassination of top Hamas political chief Ismael Haniyeh at a guesthouse in Tehran in July. Israel allegedly killed Hamas’s number three official, Saleh al-Arouri, in Beirut in January. 

It’s unclear how Sinwar’s absence from the battlefield will impact Israel’s intent to eliminate Hamas completely from the Gaza Strip, whether it will change the dynamics of hostage talks that have stalled for months, or Israel’s operations in Lebanon or plans to respond to recent attacks from Iran.

 

US Deploys B2 Stealth Bombers to Attack Yemen without Congressional Approval

The Biden administration on Wednesday deployed B-2 stealth bombers to launch multiple airstrikes on Yemen, attacks that underscored the United States' deep involvement in a deadly regional war that is threatening to engulf the entire Middle East.

The US Central Command (CENTCOM) said in a statement that the strikes targeted "numerous Iran-backed Houthi weapons storage facilities within Houthi-controlled areas of Yemen that contained various advanced conventional weapons used to target US and international military and civilian vessels navigating international waters throughout the Red Sea and Gulf of Aden."

CENTCOM said its assessment of the damage inflicted by the strikes is ongoing and does not thus far "indicate civilian casualties." The US military has routinely refused to investigate, acknowledge, or apologize for killing civilians in Yemen and elsewhere in the world.

The Houthis have repeatedly attacked vessels in the Red Sea this year in what they say is an effort to stop Israel's decimation of the Gaza Strip. The Biden administration has, in turn, bombed Yemen multiple times this year, strikes that progressive US lawmakers have denounced as dangerous as well as illegal given that the White House did not seek congressional authorization, as required by the Constitution.

"Why is the US bombing Yemen—with a B-2 bomber no less—with zero congressional authorization?" asked Sarah Leah Whitson, executive director of Democracy for the Arab World Now (DAWN), following Wednesday's strikes. "Are these members of Congress literally asleep or drugged?"

US Secretary of Defense Lloyd Austin said Wednesday that "at the direction" of President Joe Biden, he "authorized these targeted strikes to further degrade the Houthis' capability to continue their destabilizing behavior and to protect and defend US forces and personnel in one of the world's most critical waterways."

The strikes on one of the poorest nations in the world, Austin said, were "a unique demonstration of the United States' ability to target facilities that our adversaries seek to keep out of reach, no matter how deeply buried underground, hardened, or fortified"—a message that observers interpreted as a warning to Iran.

"The employment of US Air Force B-2 Spirit long-range stealth bombers demonstrate US global strike capabilities to take action against these targets when necessary, anytime, anywhere," Austin added.

Wednesday's airstrikes reportedly marked the United States' first use of the stealth bombers against Yemen, a country that has been devastated by years of relentless attacks by a US-backed, Saudi-led coalition.

The strikes came days after the Pentagon announced the deployment of American troops and an advanced antimissile system to Israel ahead of the Israeli military's expected attack on Iran.

A coalition of progressive lawmakers warned in response to the troop deployment that "military force will not solve the challenge posed by Iran."

"We need meaningful de-escalation and diplomacy—not a wider war," the lawmakers said. "Addressing the root causes is the only route to achieving long-term security and stability in the region. Nothing in current law authorizes the United States to conduct offensive military action against Iran. We risk becoming entangled in another catastrophic war that will inevitably harm innocent civilians and may cost billions of US taxpayer dollars."