PSX Index closes the week at the historic high

Pakistan Stock Exchange (PSX) remained volatile throughout the week ended on November 29, 2024. This led to the KSE-100 index registering its highest ever intra-day gains of 4,695 points on Wednesday, and closing at a record high of 101,357 points on Friday, marking an increase of 3.6%WoW.

The volatility stemmed from acceleration in political instability amid opposition party reaching to protest in the country’s Capital, creating uncertainty amongst the investor, leading to a major fall in benchmark index, marking a decrease of 3,506 points on Tuesday. However, market regained its momentum on Wednesday after the protestors started to back off from Islamabad and the momentum was further fueled by a circular from the State Bank of Pakistan (SBP), removing the MDR requirements on deposits held by Commercial banks of financial institutions and public sector enterprises. This led to the KSE-100 index registering its highest ever intra-day gains of 4,695 points on Wednesday, and closing at a record high of 101,357 points on Friday, marking an increase of 3.6%WoW.

Major contributing sectors to this rally were commercial banks, contributing 1,675 points, followed by Technology & Communication with 349 points, and Oil & Gas Exploration, which added 283 points during the week. However, with another circular from the SBP revising its guidelines for profit sharing on saving deposits for Islamic Banking Institutions (IBIs), which resulted in MEBL eroding 439 points during the week.

Secondary market yields on the 6-month bill decreased to 12.12%, dropping to the lowest levels seen in over 2.5 years.

Foreign exchange reserves held by SBP increased by US$131 million WoW, ending the week at US$11.4 billion as of November 22, 2024.

Average daily trading volume remained higher, up by 39.8%WoW, rising to 1.4 billion shares, as compared to 990.7 million shares traded a week ago.

PKR witnessed a meagre depreciation of 0.1% against the greenback during the week to close at 278.05PKR/US$.

Other major news flow during the week included, 1) SBP receives US$500 million from ADB under climate resilience program, 2) IT Ministry released incentive plan for semiconductor industry, 3) Pakistan, Belarus announced to boost ties with 8 MoUs, and 4) the GoP formed a body to oversee Reko Diq deal.

Property, Leather & Tanneries, Oil & Gas Marketing Companies, Technology & Communication and Exchange Traded Funds were amongst the top performing sectors, while Jute, Woollen, Transport, Automobile Assembler & INV.Banks/ INV.Cos/ Securities Cos. were amongst the worst performers.

Major selling was recorded by Foreigners with a net sell of US$15.1 million. Insurance Companies absorbed most of the selling with a net buy of US$10.6 million.

Top performing scrips of the week were: BOP, AKBL, HBL, JVDC, and MEHT, while laggards included: MEBL, FABL, PSEL, SAZEW, and GHGL.

Continuation of monetary easing due to disinflationary environment and improving macroeconomic environment would make investment in equities more appealing, currently trading at P/E of 4.9x and DY of 10.2%.

Aforementioned factors, along with declining external financing requirement under the IMF program, would keep foreigners’ interest alive.

AKD Securities recommends sectors that benefit from monetary easing and structural reforms. However, modest economic recovery may limit the upside for cyclicals.

The top picks of the brokerage house include, OGDC, PPL, MCB, FFC, PSO, LUCK, MLCF, FCCL and INDU.

 

 

Iran: Transit trade through Chabahar Port

Officials from Iran, India, Afghanistan, and Uzbekistan met in Mumbai to explore strategies for enhancing commercial transactions and facilitating the transportation and transit of goods through Iran’s Chabahar Port.

Hossein Shahdadi, Deputy Director of Port and Economic Affairs of Chabahar, represented Iran at the meeting, which also included senior officials from India’s Ministry of Ports, Shipping, and Waterways, as well as ambassadors and diplomats from Uzbekistan, Afghanistan, and Iran.

Chabahar potential

The discussions centered on leveraging Chabahar’s strategic position as a vital trade and transit hub connecting Central Asia, South Asia, and the Middle East. Participants reviewed the port’s current infrastructure and operational capacity while addressing key obstacles to trade, including bureaucratic challenges, logistical inefficiencies, and infrastructure gaps.

As part of the agenda, the officials also proposed measures to streamline customs processes, enhance multimodal transport connectivity, and expand investment in Chabahar’s development to unlock its full potential as a regional trade gateway.

Chabahar regional role

Chabahar Port, located on Iran’s southeastern coast in the Gulf of Oman, is Iran’s only oceanic port and holds immense strategic significance. It provides a shorter and more secure trade route for landlocked countries such as Afghanistan and Uzbekistan, offering a viable alternative to traditional trade routes through Pakistan.

India, in particular, has invested heavily in Chabahar as part of its broader strategy to bypass Pakistan and enhance trade with Central Asia, Afghanistan, and beyond. The port is seen as a linchpin of India’s International North-South Transport Corridor (INSTC), a multimodal trade route linking India to Russia via Iran and Central Asia.

Chabahar Port and India

India has played a significant role in the development of Chabahar Port, committing substantial financial and technical resources to its construction and expansion. Under a trilateral agreement signed in 2016 between Iran, India, and Afghanistan, India has been granted operational control of a portion of the port. Since then, the country has contributed to improving the port’s infrastructure, including the construction of new terminals, installation of modern equipment, and dredging activities to enhance its cargo-handling capacity.

In recent years, India has shipped essential commodities such as wheat to Afghanistan through Chabahar and has positioned the port as a key enabler of humanitarian assistance and economic collaboration. The development of Chabahar aligns with India’s vision of regional connectivity and underscores its commitment to promoting economic stability in Afghanistan and Central Asia.

Future goals and challenges

The third joint working group meeting also highlighted the challenges faced in realizing Chabahar’s full potential. These include the need for sustained investment in rail and road connectivity, enhancing port efficiency, and addressing geopolitical issues, including US sanctions on Iran, which have hindered the pace of collaboration in some areas.

Despite these hurdles, all four nations reiterated their commitment to furthering cooperation on Chabahar and exploring innovative solutions to promote regional trade and economic integration. The port’s strategic location and growing role in fostering connectivity ensure it will remain central to the economic ambitions of the participating nations.

 

GCC Summit begins in Kuwait today

The 45th Gulf Cooperation Council (GCC) Summit is scheduled to begin in Kuwait on Sunday (today). It aims at bringing together leaders and representatives from member states to discuss pressing regional and international issues to bolster sustainable development, regional security, and stability.

The summit will focus on a range of critical issues, including regional security, economic integration, and responses to mounting regional and international challenges.

Leaders are expected to deliberate on enhancing the GCC joint market, fostering technology cooperation, advancing infrastructural linkages, and addressing political files such as Palestine, Lebanon, Syria, Yemen, and Iraq.

Established in 1981, the GCC includes Saudi Arabia, Kuwait, the UAE, Bahrain, Qatar, and Oman, with an annual goal of strengthening cooperation across economic, political, and security domains.

Experts and officials have highlighted the significance of the summit, particularly during a period of heightened regional and international instability.

The GCC leaders are expected to reiterate their commitment to unity and collaboration, ensuring that the council continues to play a central role in addressing the region’s evolving challenges while fostering stability and prosperity for member states

Syrian counteroffensive against infiltrators

The Syrian Arab Army has launched a major counteroffensive against terrorist groups who waged a surprise assault from the northwestern city of Idlib. Government forces have successfully halted the advance of terrorists led by Hayat Tahrir al-Sham (HTS), aligned with al-Qaeda.

Fighting between the Syrian army and HTS-led terrorists has reportedly expanded from western Aleppo city to southwest of Aleppo, east of Idlib in the vicinity of Saraqib city, and southeast of Idlib.

Terrorists have been launching major attacks on these fronts since Friday morning, intending to breach Aleppo.

A large majority of the terrorists who have been killed are foreigners, according to Syrian army sources.

After reinforcements, Special Forces were dispatched to the region, the army took back control of one village from the terrorists in southeastern Idlib after heavy clashes.

In two other villages, terrorists have been forced to retreat to Idlib city.

The counteroffensive has seen heavy rocket barrages and Russian-Syrian warplanes targeting the positions of the HTS-led Joint Operations Room.

Terror groups are reportedly attempting to open a new front after failing to advance toward a main highway called M5.

Intense battles are also taking place south of Idlib, which is under Syrian army control.

Russian and Syrian airstrikes have stretched from villages that had been taken over by terrorist groups in Western Aleppo and newly established HTS supply lines in Jabal al-Zawiya (Zawiya Mountains), south of Idlib.

Meanwhile, heavy fighting continues on two fronts in Aleppo’s countryside between the Syrian army and terrorist groups who are fiercely trying to make advances.

Syrian warplanes also targeted terrorists near the city of Marea, north of Aleppo.

According to reports, clashes persist in Saraqib, west of the Aleppo-Damascus highway, as militants fail to make any breakthrough.

The Syrian army also repelled militant attacks on a front southwest of Aleppo city, thwarting four attacks from Thursday evening until Friday morning.

Additionally, the army repelled five successive assaults on Andan, northwest of Aleppo, inflicting heavy casualties among the terror groups.

Violent clashes are also ongoing in the town of Mansoura, west of Aleppo, as militants tried unsuccessfully to enter. The town is less than two kilometers from Aleppo.

Reports indicate that large convoys of militants, heavy weapons, and other ammunition entered through a Syrian crossing with Turkey, heading toward combat fronts in western Aleppo and southern Idlib.

Syrian warplanes monitored the convoys entering the town of Marea and conducted airstrikes targeting terrorist positions and some of the newly arrived military vehicles.

In recent days, HTS, alongside factions of the Turkish-backed groups, launched a surprise broad offensive on Syrian army positions in Idlib province and the city of Aleppo. Reports suggest that HTS used new weapons, including Ukrainian drones.

On Wednesday, at least 400 militants linked to HTS were killed while attacking Syrian army positions in Aleppo and Idlib, according to Oleg Yegnasiyuk, deputy chief of the Russian Reconciliation Center in Syria.

Analysts have been quick to point out that the timing of the terror offensive on Aleppo, which has led to the martyrdom of a senior Iranian military advisor in Syria, coincided with the Israeli ceasefire with Lebanon.

On Wednesday, the 60-day truce ended the daily exchange of fire between Hezbollah and the Israeli military since October 08, 2023.

The last battle in Aleppo saw similar terrorist groups defeated in 2017 when the Syrian army, backed by Iranian military advisors and Russia, liberated the ancient city.

It was widely believed to be the turning point in the more than a decade-long Syrian war on terrorism that saw militants, who had once controlled large swathes of Syria, holed up in Idlib.

Northwest of Syria, where there are oil reserves, is also occupied by the United States military and mostly US-backed Kurdish rebels.

Turkey has maintained an illegal occupation in the northern Syrian border near Idlib over the past years as well.

This is while the Israeli regime has, for decades now, occupied the Syrian Golan Heights in another threat to the stability of the Arab country.

 

Syria: Insurgents Enter Aleppo

Insurgents breached Syria’s largest city Friday and clashed with government forces for the first time since 2016, in a surprise attack that sent residents fleeing and added fresh uncertainty to a region reeling from multiple wars.

The advance on Aleppo followed a shock offensive launched by insurgents Wednesday, as thousands of fighters swept through villages and towns in Syria’s northwestern countryside. Residents fled neighborhoods on the city’s edge because of missiles and gunfire, according to witnesses in Aleppo. The Syrian Observatory for Human Rights, which monitors the country’s unresolved civil war, said dozens of fighters from both sides were killed.

The attack injected new violence into a region already experiencing wars in Gaza and Lebanon involving Israel, and other conflicts, including the Syrian civil war that began in 2011.

Aleppo has not been attacked by opposition forces since they were ousted from eastern neighborhoods in 2016 following a grueling military campaign in which Syrian government forces were backed by Russia, Iran and its allied groups.

But this time, there was no sign of a significant pushback from government forces or their allies. Instead, reports emerged of government forces melting away in the face of advances, and insurgents posted messages on social media calling on troops to surrender.

Robert Ford, who was the last US ambassador to Syria, said the attack showed that Syrian government forces are “extremely weak.” In some cases, he said, they appear to have “almost been routed.”

This week’s advances were among the largest in recent years by opposition factions, led by the Hayat Tahrir al-Sham group, or HTS, and represent the most intense fighting in northwestern Syria since 2020, when government forces seized areas previously controlled by the opposition.

 

Implications of US energy dominance

President-elect Donald Trump is set to create a National Energy Council that he says will establish American “energy dominance” around the world as he seeks to boost US oil and gas drilling and move away from President Joe Biden’s focus on climate change.

The energy council — to be led by North Dakota Gov. Doug Burgum, Trump’s choice to head the Interior Department — will be key in Trump’s pledge to “drill, drill, drill” and sell more oil and other energy sources to allies in Europe and around the globe.

The new council will be granted sweeping authority over federal agencies involved in energy permitting, production, generation, distribution, regulation and transportation, with a mandate to cut bureaucratic red tape, enhance private sector investments and focus on innovation instead of “totally unnecessary regulation,” Trump said.

But the president-elect’s energy wishes are likely to run into real-world limits. For one, U. oil production under Biden is already at record levels. The federal government cannot force companies to drill for more oil, and production increases could lower prices and reduce profits.

A call for energy dominance — a term Trump also used in his first term as president — “is an opportunity, not a requirement,’' for the oil industry to move forward on drilling projects under terms that are likely to be more favorable to industry than those offered by Biden, said energy analyst Kevin Book.

Whether Trump achieves energy dominance — however he defines it — “comes down to decisions by private companies, based on how they see supply-demand balances in the global marketplace,’' said Book, managing partner at ClearView Energy Partners, a Washington research firm. Don’t expect an immediate influx of new oil rigs dotting the national landscape, he said.

Trump’s bid to boost oil supplies — and lower U.S. prices — is complicated by his threat this week to impose 25% import tariffs on Canada and Mexico, two of the largest sources of US oil imports. The oil industry warned the tariffs could raise prices and even harm national security.

“Canada and Mexico are our top energy trading partners, and maintaining the free flow of energy products across our borders is critical for North American energy security and US consumers,” said Scott Lauermann, speaking for the American Petroleum Institute, the oil industry’s top lobbying group.

American Fuel & Petrochemical Manufacturers, which represents U.S. refineries, also opposes potential tariffs, saying in a statement that “American refiners depend on crude oil from Canada and Mexico to produce the affordable, reliable fuels consumers count on every day.”

Scott Segal, a former Bush administration official, said the idea of centering energy decisions at the White House follows an example set by Biden, who named a trio of White House advisers to lead on climate policy. Segal, a partner at the law and policy law firm Bracewell, called Burgum “a steady hand on the tiller” with experience in fossil fuels and renewables.

And unlike Biden’s climate advisers — Gina McCarthy, John Podesta and Ali Zaidi — Burgum will probably take his White House post as a Senate-confirmed Cabinet member, Segal said.

Dustin Meyer, senior vice president of policy, economics and regulatory affairs at the American Petroleum Institute, called the new energy council “a good thing” for the US economy and trade. “Conceptually it makes a lot of sense to have as much coordination as possible,” he said.

Still, “market dynamics will always be the key’’ for any potential increase in energy production, Meyer said.

Jonathan Elkind, a senior research scholar at Columbia University’s Center on Global Energy Policy, called energy dominance a “deliberately vague concept,” but said, “It’s hard to see how (Trump) can push more oil into an already saturated market.”

Trump has promised to bring gasoline prices below US$2 a gallon, but experts call that highly unlikely, since crude oil prices would need to drop dramatically to achieve that goal. Gas prices averaged US$3.07 nationally as of Wednesday, down from US$3.25 a year ago.

Elkind and other experts said they hope the new energy council will move beyond oil to focus on renewable energy such as wind, solar and geothermal power, as well as nuclear. None of those energy resources produces greenhouse gas emissions that contribute to climate change.

“Failure to focus on climate change as an existential threat to our planet is a huge concern and translates to a very significant loss of American property and American lives,’' said Elkind, a former assistant energy secretary in the Obama administration. He cited federal statistics showing two dozen weather disasters this year that caused more than US$1 billion in damage each. A total of 418 people were killed.

Trump has played down risks from climate change and pledged to rescind unspent money in the Inflation Reduction Act, Biden’s landmark climate and health care bill. He also said he will stop offshore wind development when he returns to the White House in January.

Even so, his Nov. 15 announcement of the energy council says he will “expand ALL forms of energy production to grow our Economy and create good-paying jobs.”

That includes renewables, said Safak Yucel, associate professor at Georgetown University’s McDonough School of Business.

“The mandate for the energy council is US dominance globally, but what’s more American than American solar and American wind?’' he asked. A report from Ernst & Young last year showed that solar was the cheapest source of new-build electricity in many markets.

Trump, in his statement, said he wants to dramatically increase baseload power to lower electricity costs, avoid brownouts and “WIN the battle for AI superiority.”

In comments to reporters before he was named to the energy post, Burgum cited a similar goal, noting increased demand for electricity from artificial intelligence, commonly known as AI, and fast-growing data centers. “The AI battle affects everything from defense to health care to education to productivity as a country, ″ Burgum said.

While Trump mocks the climate law as the “green new scam,” he is unlikely to repeal it, Yucel and other experts said. One reason: Most of its investments and jobs are in Republican congressional districts. GOP members of Congress have urged House Speaker Mike Johnson to retain the law, which passed with only Democratic votes.

“A lot of Southern states are telling Trump, ‘We actually like renewables,’” Yucel said, noting that Republican-led states have added thousands of jobs in recent years in wind, solar and battery power.

If renewables make economic sense, he added, “they’ll continue.’'

 Courtesy: Associated Press

Donald Trump is riding high

President-elect Donald Trump is enjoying a honeymoon period in the wake of his election victory, largely staying out of the spotlight as positive developments have piled up. Trump has quickly put together a Cabinet for his incoming administration, has seen his legal problems dissolve and has benefited from a bump in polling since winning a second term earlier this month.

An Emerson College poll published Tuesday found Trump’s favorability rating had increased by 6 percentage points since the election, putting him at 54 percent.

The postelection period has not been entirely free of drama for Trump, however, as one of his Cabinet nominees, former Rep. Matt Gaetz, has already withdrawn, and another, Pete Hegseth, is facing allegations of sexual assault that cloud his chances of confirmation.

Here are five reasons Trump is riding high three weeks after Election Day.

Quick Cabinet assembly

Trump has rolled out new picks for his incoming administration almost daily in the past two weeks, wasting little time installing allies at top posts in the White House and nominating staunch loyalists to lead major government agencies.

Following his 2016 victory, Trump did not name his first Cabinet picks until 10 days after the election. This time around, he has named choices for nearly his entire Cabinet, plus several top White House positions, within three weeks of his victory.

Trump allies said the quick pace showed a more cohesive transition than eight years ago, reflected his team’s preparedness for victory this time around and underscored how Trump was ready to rely on those he knew rather than more establishment figures.

“The people that he is surrounding himself with now are all committed to advancing the agenda,” former White House press secretary Sean Spicer said.

The rapid pace of nominations has kept headlines moving from one pick to the next, but some of Trump’s choices are likely to face intense scrutiny as the confirmation process moves along. 

In particular, Hegseth, his choice for Defense secretary, is facing allegations of sexual assault, which he denies. Former Hawaii Rep. Tulsi Gabbard, Trump’s choice for director of national intelligence, has faced criticism for parroting pro-Russian talking points. And Robert F. Kennedy Jr., the man tapped to lead the Department of Health and Human Services, has spread anti-vaccine rhetoric, among other controversial views.

End of legal cases

Trump and his legal team spent more than a year fighting to delay various legal cases against him in the hopes that a victory in the presidential election would effectively end his court battles.

This week proved that effort was a success when special counsel Jack Smith moved to dismiss both his election interference case and classified documents case against Trump, citing Department of Justice policy against prosecuting a sitting president.

The motion for the election interference case was approved by Judge Tanya Chutkan, bringing to a close the prosecutorial effort to hold Trump accountable for seeking to thwart the peaceful transfer of power that culminated with his supporters storming the Capitol.

In Trump’s Florida documents case, where he is facing charges for violating the Espionage Act and obstruction of justice, Smith also moved to dismiss an appeal to a motion tossing the case.

Trump was convicted earlier this year on 34 felony counts over a hush money scheme to keep an alleged affair quiet during the 2016 campaign. But his sentencing has been indefinitely adjourned, and Judge Juan Merchan now faces a choice of freezing the case in place until he leaves the White House or tossing it entirely.

Fewer signs of Democratic resistance

After Trump’s first victory in 2016, Democrats quickly rallied from the top down with vows to oppose and resist his agenda. 

The Women’s March took place one day after Trump was inaugurated, lawmakers planned for how to delay confirmation of Trump’s nominees and critics seized on questions about Russian influence in the 2016 election.

This time around, Democrats appear more focused on sorting out where their own party went wrong during the 2024 campaign than on forming an organized resistance to Trump’s plans. With President Biden on his way out of the White House and Vice President Harris defeated, there is no clear leader of the party.

Instead of vowing to oppose Trump’s Cabinet picks, senators like Sen. John Fetterman have openly talked about supporting nominees such as Sen. Marco Rubio for secretary of State and even Dr. Mehmet Oz, who was nominated to lead the Centers for Medicare and Medicaid Services. Fetterman defeated Oz in 2022 to win his Pennsylvania Senate seat.

Colorado Gov. Jared Polis drew backlash when he expressed excitement over Trump’s choice of Kennedy to lead the Department of Health and Human Services.

Some state-level leaders, particularly those with aspirations for 2028, have appeared keener to position themselves as a bulwark against Trump. California Gov. Gavin Newsom has vowed to push back against certain Trump policies, while Illinois Gov. JB Pritzker has signaled he would fiercely protect his state’s rights.

Middle East peace deal

One major victory for Trump since the election came thanks to the work of the Biden administration, which announced Tuesday a ceasefire agreement between Israel and Hezbollah.

President Biden made the announcement that Israel and Hezbollah agreed to pause their fighting in and around the border with Lebanon as of early Wednesday morning following months of fighting and airstrikes in the region. 

The terms of the deal include a 60-day truce during which Israel will gradually withdraw its forces from southern Lebanon and Hezbollah will withdraw its troops north of the Litani River in Lebanon.

Trump has not publicly commented on the announcement, but the Biden team briefed Trump transition officials twice in recent weeks about the ongoing push for a ceasefire.

The Washington Post reported earlier this month that the government of Israeli Prime Minister Benjamin Netanyahu aimed to reach a ceasefire with Hezbollah as a gift to the incoming Trump administration.

While Trump must still contend with the conflict between Ukraine and Russia and Israel’s war with Hamas, which has decimated Gaza, the truce between Israeli forces and Hezbollah takes one foreign policy concern off the table.

Out of the public eye

Trump has largely been absent from the public eye in the roughly three weeks since he secured a second term.

He appeared in Washington DC, to meet with House Republicans and President Biden at the White House, and he made a trip to Texas to witness a SpaceX rocket launch alongside Elon Musk, the founder of the company.

But he has not held a press conference or delivered remarks on camera, making announcements largely through press releases from his transition team or on Truth Social.

Trump has in the past enjoyed some of his stronger political stretches when he has stayed out of the spotlight and avoided the kind of self-created controversies that come from his own on-camera remarks to the press or at rallies.

The question is how long he can keep it up. Some of his Cabinet picks are sure to come under growing scrutiny in the weeks ahead, his threat of tariffs against allies Mexico and Canada have rankled officials and could upend the economy, and there will be an even greater focus on Trump’s every move once he takes office in January.

Courtesy: The Hill

 

 

 

 

 

US to supply more arms to Israel

Just hours after a cease-fire between the Israeli government and Lebanese group Hezbollah took effect, the Financial Times revealed, "US President Joe Biden has provisionally approved a US$680 million weapons sale to Israel," which has also spent the past nearly 14 months decimating the Hamas-governed Gaza Strip.

Citing unnamed people familiar with the matter, the British newspaper reported, "US officials recently briefed Congress on the plan to provide thousands of additional joint direct attack munition kits to Israel, known as JDAMS, as well as hundreds of small-diameter bombs."

The Biden administration's decision to advance the sale was subsequently confirmed by Reuters, which reported, "the package has been in the works for several months. It was first brought to the congressional committees in September then submitted for review in October."

Human rights advocate critical of Israel's assaults on Lebanon and Gaza—which has led to a genocide case at the International Court of Justice and International Criminal Court (ICC) arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant—responded with alarm to the new reporting.

"If these reports are true, it's heartbreakingly devastating news," said Amnesty International USA. "These are the weapons that our research has shown were used to wipe out entire families, without any discernible military objective."

Amnesty highlighted a trio of resolutions from Sen. Bernie Sanders that would have halted some arms sales to Israel. Although they failed to pass the Senate last week, the group was among several that noted over the course of three votes, 17, 18, and 19 senators supported halting weapons sales, "sending a clear signal that US policy must change."

"Yet, the Biden administration seems to be ready and willing to keep piling more and more, despite Gaza descending into what President Biden just yesterday described as 'hell,'" Amnesty added Wednesday. "Sending more weapons that have been used to maim and kill with impunity doesn't just put in jeopardy Palestinian lives and the elusive cease-fire the president is seeking, but also President Biden's own legacy."

The Institute for Middle East Understanding Policy Project declared Wednesday, "President Biden is spending the final days of his presidency going against the will of most Americans, US law, and international law."

"The weapons included in this package have been used by Israel in numerous apparent war crimes," the organization noted. "On July 13, 2024, Israel attacked a so-called 'safe zone' in al-Mawasi, in which internally displaced Palestinians were sheltering, killing at least 90 people and injuring hundreds more. A CNN investigation found that Israel carried out this attack with at least one JDAM."

John Ramming Chappell, an adviser on legal and policy issues at the Center for Civilians in Conflict, similarly stressed, "these are the very same weapons that for months Israeli forces have used to kill Palestinian civilians and violate international humanitarian law."

"Continuing arms transfers risks making the United States and US officials complicit in war crimes," he said. "These arms sales are unlawful as a matter of both US and international law. They are immoral. The congressional committees of jurisdiction can and must place a hold on the sales."

Sarah Leah Whitson, executive director of Democracy for the Arab World Now, pointed out, "aiding and abetting war crimes and crimes against humanity is itself a crime for which US officials may (and should) face prosecution at the ICC."

Neither the US nor Israel is a state party to the Rome Statute of the ICC, though Palestine is. Both the Biden administration and President-elect Donald Trump's pick for national security adviser have attacked the warrants for Israeli leaders.

In a speech to Israelis on Tuesday, Netanyahu said that one of the reasons for the cease-fire in Lebanon "is to give our forces a breather and replenish stocks. And I say it openly, it is no secret that there have been big delays in weapons and munitions deliveries. These delays will be resolved soon. We will receive supplies of advanced weaponry that will keep our soldiers safe and give us more strike force to complete our mission."

The Times of Israel reported that Biden's State Department declined to confirm the advancement of the package but said that US support for Israel in the face of Iran-backed threats is "unwavering" and all weapon transfers are carried out in line with federal law.

"We have made clear that Israel must comply with international humanitarian law, has a moral obligation and strategic imperative to protect civilians, investigate allegations of any wrongdoing, and ensure accountability for any abuses or violations of international human rights law or international humanitarian law," the State Department said.

 

Arrest warrants of Israeli leadership: Challenges for Trump

The recent decision of International Criminal Court (ICC) indicting Israeli leaders for war crimes in Gaza has reignited debates among Democrats regarding Israel’s actions in its conflict with Hamas. The Democratic Party is divided: staunch allies of Israel criticize the ICC for perceived pro-Palestinian bias, while liberal members welcome the scrutiny of Israel’s military actions.

This divide has intensified since Hamas’s October 07, 2023, attacks. While there is broad Democratic support for Israel’s right to self-defense, the severe Israeli response—which has led to over 44,000 Palestinian deaths—has caused a rift, with more liberal voices alleging human rights violations. This group applauds the ICC’s decision to issue arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

Some Democrats view the ICC’s actions as necessary for accountability, while others argue it undermines Israel’s right to defend itself. These divisions were heightened when the ICC also indicted Hamas leader Mohammed Deif, which did little to mollify Israel’s defenders, who see the court’s actions as creating false moral equivalencies. Rep. Brad Schneider (D-Ill.) criticized the ICC’s indictments, while President Biden and other Democratic leaders called them “outrageous.”

Amid this controversy, some Democrats rejected Netanyahu’s accusations of antisemitism against the ICC, distinguishing between criticism of Israeli policy and broader prejudice. The debate has surfaced in internal Democratic discussions as they examine recent electoral setbacks, with some arguing that the party’s failure to more vocally defend Palestinian civilians hurt their prospects.

As the next Congress approaches, with Republicans controlling both houses and President-elect Trump in the White House, Democratic divisions over Israel will likely be exploited in legislative battles. Progressive leaders like Rep. Pramila Jayapal are pushing for adherence to laws that restrict US aid to countries violating human rights and argue that if another country behaved like Israel, the US would support international legal actions. This tension underscores the broader challenges facing Democratic leadership in navigating the complex Israeli-Palestinian conflict.

IRGC chief urges Muslim nations to sever ties with Israel

The commander-in-chief of the Islamic Revolution Guard Corps highlighted the offenses perpetrated by the Zionist regime in the region and urged Muslim nations to cut ties with Israel.

During a gathering of Basij members in Ahvaz City on Friday, Major General Hossein Salami urged Islamic nations to unite against this occupying regime and to obstruct any support until it is entirely dismantled. 

Salami warned that destruction looms over Israel, noting that the Zionist regime is experiencing a political crisis and profound isolation, which he described as a form of political death.

The IRGC chief asserted that Israel stands isolated within the international community and predicted the imminent downfall of this regime.

Salami emphasized, “The unity of Muslims will lead to the downfall of this corrupt regime, igniting the spirit of Islamic resistance and heralding further victories for the resistance coalition. Consequently, Muslim nations must sever their ties with this illegal regime.”

The IRGC official also pledged a decisive response to Israel’s October attack against Iran. “Israel's significant transgression of violating Iran's red line by launching an attack on our territory will not go unaddressed.”

Israeli warplanes fired missiles at Iranian military installations from Iraqi airspace on October 26th, martyring four Army military personnel and one civilian. 
The assault came in response to Iran’s Operation True Promise II, which struck multiple Israeli military bases inside the occupied territories on October 1 in retaliation for the regime’s assassination of several top Resistance figures.  Iran’s first direct attack against Israel happened in April. 

Iranian officials have said that the upcoming operation would be harsher than the first two. 

 

 

Pakistan: Parachi­nar killing big question mark

The death toll from Thursday’s attack on passenger vehicles in Khyber Pakhtun­khwa’s Kurram district area has surpassed 40. The district is located near Afghanistan border and has a history of sectarian violence.

The convoy of around 200 vehicles, carrying Shia passengers between Peshawar and Parachi­nar, came under heavy gunfire in the densely populated Bagan town.

The convoy was escorted by police when it came under attack. The incident has attracted condemnation and law enforcement agencies are being criticized for the negligence.

Thursday’s ambush is the latest in a series of sectarian clashes between Sunni and Shia tribes in Kurram. Previous clashes in July and September claimed dozens of lives.

The frequency of such incidents confirms the failure of the federal and provincial governments to protect the ordinary citizens.

Authorities have imposed curfew and suspended mobile service. Businesses, educational institutions and markets were closed.

ICC decision: Any difference for Palestinians?

In an unprecedented move, the International Criminal Court (ICC) issued a decision that has sent shockwaves through the international community. The court's announcement, delivered on November 22, has sparked widespread discussion and debate about its implications and potential consequences. Does this really mean anything to the Palestinians? The answer is yes as well as no.

On one hand, further intensified pressure on Israel to end its war crimes in Gaza can be anticipated. This could yield short-term gains for Palestinians, particularly in Gaza, including increased humanitarian aid to the Strip and even, from a very skeptical standpoint, a quicker end to the aggression than Israeli authorities have projected. In other words, in an ever-tightening world for the Israeli officials against the background of ICC’s warrant, continuing war on Gaza is a gamble with catastrophic international consequences for the government.

On the other hand, from a more realistic perspective, ICC’s arrest warrant for the two top Israeli figures is merely the beginning of a “Plan B” for Israel. This strategy, employed since the war’s outset alongside the initially stated objectives, aims to enable Israel to withstand an internal collapse.

Plan B, is not a twist in the story of Israel’s plot to expand territory and remove adversaries, but the predesigned next stage should the plan to achieve those objectives fail, the political life of an individual in exchange for the life of an entire, albeit unlawful, state.

In simple words, Netanyahu’s government was greenlighted to “do whatever it takes” to fulfill the purpose of this war since its outset and was warned that he would end up politically dead if the goals were not met. As the prospect of defeat looms, implementation of the “Hannibal Directive” has been initiated at the political level.

Since the start of the recent war on Gaza, which later expanded to Lebanon, this strategy has been the elephant in the room no one was willing to discuss publicly.

Many prominent political and public figures worldwide have relentlessly tried to reduce this war to include only “certain Israeli individuals” rather than the “Israel Project”, in part manifested in an illegitimate occupational state.

They keep accusing Benjamin Netanyahu, along with a handful of other political figures – mostly the Minister of National Security Itamar Ben-Gvir as well as Minister of Finance Bezalel Smotrich – of fanning the flames of the war, committing genocide and other atrocities in Gaza and elsewhere, and other acts of political and military violence “that endanger the lives of Israelis” as if they were elected by non-Israelis.

That said, through employing the political Hannibal Directive, the continuation of the “Project Israel” is ensured, by assuring the global public opinion that the individuals responsible for the century’s most horrific crime against humanity have been removed from power.

Therefore, there are two versions – the day after the war with Netanyahu’s government, and the one without it. And the difference lies in the scope of the achievements. Therefore, it is safe to say that ICC’s recent move does not serve the interests of the Palestinians in the long run.

In fact, it makes next to no difference for Palestinians who are in the driver's seat of the Israeli government. Palestinians have endured life under the dominance of all Israeli political factions and classes with little to no practical distinction.

The only way to stop the aggression, genocide, and ethnic cleansing in Palestine, is to stop the occupation of the country. Political views may differ from one Israeli party to another, but their weapons are the same.

Courtesy: Tehran Times

 

 

Iran-China railway link via Afghanistan

The head of the Islamic Republic of Iran Railways (RAI), in a meeting with the head of Afghanistan Railway, said the country is eyeing to connect its railway network to China via Afghanistan.

“Due to the proximity of Iran, Afghanistan, and China, this route (Iran-Afghanistan-China) is the only route that can shorten the transit route and reduce the costs, therefore completing the Herat rail route based on the schedule is very important,” Jabar-Ali Zakeri said in the meeting with Mohammad Ishaq Sahibzadeh.

In this meeting, Zakari stated that Iran is determined to support the development of Afghanistan's railways, noting that the existence of a railway line in the northwest of Afghanistan and the proximity to the common border with Iran is a great opportunity for transit between the two countries.

Referring to the training courses held for Afghan railway employees in the past years, the RAI head emphasized, “According to Afghanistan's request, soon the third training course for Afghan railway employees will be held.”

According to Zakeri, many of the problems faced by the Iran-Afghanistan Railway Consortium have been resolved and, currently, three trains a week are running on the designated route between the two countries.

Further in this meeting, Sahibzadeh also pointed to the growing cooperation between the railways of Iran and Afghanistan, while appreciating the training programs for 96 employees of Afghanistan Railways by Iran Railways.

“Due to the successful holding of the first and second courses, we are now waiting for the third course,” he said.

Sahibzadeh stated that the Khaf-Herat railway project depicts the friendship between the two countries, adding, “We hope that with cooperation, we will see an increase in transit, and as a result, the growth and promotion of trade between the two countries.”

 

Arrest warrants for Netanyahu and Gallant

After months of deliberation, the International Criminal Court on Thursday formally issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, former Israeli Defense Minister Yoav Gallant, and Hamas leader Mohammed Diab Ibrahim Al-Masri.

The ICC's Pre-Trial Chamber I, a panel of judges, said in a statement that it unanimously rejected Israel's challenges to arrest warrant applications submitted in May by Karim Khan, the chief prosecutor at the ICC.

"The Chamber issued warrants of arrest for two individuals, Benjamin Netanyahu and Yoav Gallant, for crimes against humanity and war crimes committed from at least October 08, 2023 until at least May 20, 2024, the day the Prosecution filed the applications for warrants of arrest," the panel said, specifically alleging "the war crime of starvation as a method of warfare" and "the crimes against humanity of murder, persecution, and other inhumane acts."

The announcement came as the official death toll from Israel's war on the Gaza Strip surpassed 44,000.

The ICC judges said they "found reasonable grounds to believe" that Netanyahu and Gallant "intentionally and knowingly deprived the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity."

The panel also said it "found reasonable grounds to believe that no clear military need or other justification under international humanitarian law could be identified for the restrictions placed on access for humanitarian relief operations."

"Finally, the Chamber assessed that there are reasonable grounds to believe that Netanyahu and Gallant bear criminal responsibility as civilian superiors for the war crime of intentionally directing attacks against the civilian population of Gaza," the judges added.

The panel issued a separate statement announcing an arrest warrant for Hamas leader Mohammed Diab Ibrahim Al-Masri, saying it found "reasonable grounds to believe" he is "responsible for the crimes against humanity of murder; extermination; torture; and rape and other form of sexual violence; as well as the war crimes of murder, cruel treatment, torture; taking hostages; outrages upon personal dignity; and rape and other forms of sexual violence."

Neither the US nor Israel recognize the ICC's jurisdiction, and the decision is expected to spark backlash from both countries.

Over the summer, in response to Khan's May application for arrest warrants, the Republican-led US House of Representatives passed legislation that would impose sanctions on the ICC. More than 40 House Democrats supported the measure, which has not received a vote in the narrowly Democratic Senate.

British Member of Parliament Jeremy Corbyn, the former leader of the Labour Party, called the ICC arrest warrants "long overdue" and urged the government of Keir Starmer to "immediately endorse this decision."

"That is the bare minimum," Corbyn wrote on social media. "Will the UK government now, finally, honor its international obligations to prevent genocide and end all arms sales to Israel?"

 

 

Trade in Southeast Asia under Trump

Southeast Asia appears vulnerable to Donald Trump's threat of universal tariffs and a renewed trade war with China. Five of the region's six largest economies run trade surpluses with the United States. According to Nikkei Asia, all is not lost for Southeast Asia. Exports and economic growth would take a hit in the short term, but the region can reap rewards from trade diversion and substitution and might even take a tougher stance against Chinese firms' anticompetitive practices.

Geopolitically neutral, the area saw an increase in gross trade with both China and the US between 2017 and 2020 during the first Trump presidency. Vietnam, Indonesia, Malaysia and Thailand won big as companies from China, Japan, South Korea, Taiwan and the US relocated from China or duplicated their manufacturing bases in Southeast Asia to avoid US tariffs. 

Here's what you need to know: 

What is Trump's tariff threat?

The objective of Trump's stated trade policy is to return manufacturing jobs to the US and disentangle its supply chains from China. Trump and his advisers view China's trade advantage as unfairly derived from currency manipulation, intellectual property theft and forced technology transfers. 

During his first term, Trump used executive powers to impose tariffs of up to 25% on US$250 billion worth of electronics, machinery and consumer goods imports from China. Beijing retaliated with similar measures against US agricultural, automotive and technology exports. 

Now, Trump has proposed a 60% duty on all Chinese goods entering the US and tariffs of up to 20% on imports from everywhere else. That would be done with a mix of executive and legislative tools.

How bad could it be for Southeast Asia? 

Nearly 40% of Cambodian exports go to US, the largest exposure in ASEAN, in terms of proportion of total exports, followed by Vietnam at 27.4% and Thailand at 17%, according to Oxford Economics, putting all three at particular risk. Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce, said Thailand's economy might take a 160.5 billion baht ($4.6 billion) hit if Trump follows through on his promises.

Vietnam has the fourth-largest trade surplus in the world with the US The imbalance grew rapidly as Chinese, Taiwanese and South Korean firms used Vietnam to bypass Trump-era tariffs. Vietnam's fortunes could just as quickly turn, especially if the US continues to classify it as a "nonmarket economy," which tends to entail higher tariffs. 

Uncertainty about Trump's tariffs could prompt firms to pause or stop investment plans in Southeast Asia. US companies accounted for about half of the US$9.5 billion in fixed asset investments in Singapore last year, according to the city-state's Economic Development Board. Prime Minister Lawrence Wong was quick to remind Trump in a congratulatory letter that the US has maintained "a consistent trade surplus" with Singapore. 

Any blow to the Chinese economy will spill over to ASEAN countries that depend on Chinese consumption, export demand and tourism. Weaker appetite for Chinese goods will affect Southeast Asian suppliers of inputs to Chinese producers. Indonesia, Southeast Asia's largest economy, would suffer most because of its 24.2% export exposure to China, mainly of commodities.

Chinese exporters unable to send their wares to the US might divert them to Southeast Asia, where governments have fielded complaints from local producers hurt by dumping of metals, textiles and consumer goods. 

What is the upside for Southeast Asia? 

Southeast Asia's current manufacturing boom began because of the trade war. Analysts expect that, in time, trade substitution and diversion will outweigh the hit to growth. 

"We think an even greater pushback on China could drive more supply chain diversion, with Chinese businesses trading and investing more within Asia," said Jayden Vantarakis, head of ASEAN research at Macquarie Capital. 

The electric vehicle factories that some Southeast Asian governments aggressively courted could provide an economic buffer. "There is also EV demand growing outside the US, so I think there may actually be a net benefit to Indonesia. What will happen is that smaller countries that are trying to become carbon neutral, especially since petrol prices are increasingly expensive, will try to take over the supply and buy more electric cars," said Sumit Agarwal, professor at the National University of Singapore Business School. 

Trump's promised tariffs may provide ASEAN governments with the impetus to impose antidumping tariffs on Chinese goods, as Thailand did with rolled steel this year. Tighter US rules of origin could also give governments an opportunity to ensure that more high-value parts production and assembly are done locally. 

What will happen to Southeast Asian currencies and markets?

Trump's tariffs may ease the pressure on Southeast Asian central banks to further loosen monetary policy.

"Essentially, Trump's victory is inflationary for the world due to his planned tariffs, so the global monetary normalization or easing cycle likely won't be as sharp as previously thought, including in the Philippines," said Miguel Chanco, chief emerging Asia economist at Britain-based Pantheon Macroeconomics. 

Chanco told Nikkei Asia that Southeast Asian currencies will not strengthen as previously expected, due in part to the markets re-pricing the pace of easing by the US Federal Reserve and therefore continuing dollar strength. 

Among the six major Southeast Asian economies, the Thai baht and Malaysian ringgit have been the worst performers since Trump's victory, declining 3.2% and 2.9%, respectively, against the US dollar through Wednesday. 

Thai securities house InnovestX recommended stocks that will benefit from the strong dollar and weak baht. These include companies with significant export revenue like CP Foods and Delta Electronics, or which are involved in tourism, such as Airports of Thailand, property developers and hoteliers. 

How should Southeast Asian economies prepare? 

Governments are already taking steps to reduce their overreliance on either the US or China by deepening relationships with other countries and regions, and stressing their neutrality.

The Philippines sees its trade agreements with the likes of South Korea as a buffer against US shocks. "We want to see many more of these ... bilateral and multilateral agreements, so that we can open up many more opportunities," said National Economic and Development Authority Secretary Arsenio Balisacan. 

Former Thai Prime Minister Thaksin Shinawatra has suggested, governments could do more to support local companies investing in the US and other diversified manufacturing bases, as Japan did in 2020 with a US$2 billion program known as the "China exit subsidy." 

That support could include reducing operating and logistics costs, providing trade risk insurance and removing barriers to trade. Amending relevant laws to allow transshipment at Laem Chabang port, Thailand's main export channel, would be an invaluable boost to Thai exporters, said Kongrit Chantrik, executive director of the Thai National Shippers' Council. 

Southeast Asian economies should also focus on building resilience by strengthening intra-ASEAN trade, according to Jaideep Singh, analyst at the Institute of Strategic & International Studies, Malaysia.

"There should be efforts to promote economic integration through reduced non-tariff measures, improved trade facilitation and better coordination of regional value chains," he said.

Similarly, countries like Vietnam could "win brownie points" from Trump by buying aircraft engines or liquefied natural gas from the US, according to VinaCapital chief economist Michael Kokalari. 

But he added that fears are "hyperbolic" about trade under Trump, who visited Vietnam twice in his first term. There are no "significant reservations from American consumers to purchase 'made in Vietnam' products," he wrote. On the contrary, the US cannot re-shore everything, so "Vietnam may be viewed as helpful in [weaning] the US off of low-end China-made goods."

 

US ethanol production touches record high

Fuel ethanol production was up nearly 1% the week ending November 08, 2024 setting a record high at 1.113 barrels per day, according to data released by the US Energy Information Administration, stocks were up slightly, and exports were up 32%. The previous record for fuel ethanol production was set in July 2024 at 1.109 million barrels per day. 

The 1.113 million barrels per day of production reported for the week ending November 08 was up 8,000 barrels per day when compared to the 1.105 million barrels per day of production reported for the previous week. When compared to the same week of last year, production for the week ending November 08 was up 66,000 barrels per day. 

Weekly ending stocks of fuel ethanol were reported at 22.039 million barrels for the week ended November 08, 2024 up 19,000 barrels when compared to the 22.02 million barrels of stocks reported for the previous week. When compared to the same week of last year, stocks for the week ending November 08 were up 1.085 million barrels. 

Fuel ethanol exports averaged 144,000 barrels per day, up 35,000 barrels per day when compared to the 109,000 barrels per day of exports reported for the previous week. When compared to the same week of last year, exports for the week were up 59,000 barrels per day.

 

 

Pakistan-Netherlands business collaboration

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with Henny de Vries, Ambassador of the Kingdom of the Netherlands to Pakistan discussed ways to strengthen existing economic and trade ties.

The two countries are exploring avenues to deepen their bilateral relations, with a focus on key sectors including mining, IT, oil and gas, agriculture, dairy, and farm production

During the meeting, various aspects of the longstanding friendship and bilateral cooperation between Pakistan and the Netherlands were discussed and priority areas like mining, IT, oil and gas, agriculture, dairy, and farm production for further business collaborations were identified.

The Minister highlighted the government’s economic plan and reform agenda for promoting economic growth and ensuring fiscal sustainability.

He mentioned the economic gains achieved over the last 14 months and reiterated the government’s resolve to stay the course to move the economy on the path to sustained, export-led growth.

He also highlighted the challenges faced by Pakistan on climate front, and its efforts for climate financing and building capacity to ensure climate resiliency through sustainable solutions.

Ambassador de Vries reciprocated the sentiments on strengthening bilateral ties and further expanding cooperation in various fields, including sports.

She mentioned the Dutch cricket team was scheduled to visit Pakistan early next year to play matches and learn from Pakistan’s cricketing prowess.

She also appreciated the ongoing structural reforms in major economic and financial sectors and assured her country’s support for Pakistan’s trade and commerce with European Union.

 

Damages caused by Hezbollah are heavy

The western media publishes news indicating Israeli attacks causing huge losses in Lebanon. Today, allow us to share some of the losses western media and Israel are shy in admitting.

Hezbollah has retaliated to the latest Israeli aggression by bombarding Haifa with missiles and rockets overnight on Saturday and Sunday. It attacked a group of military bases in Haifa and the Carmel region.

These included:

1- Haifa Technical Base (affiliated with the Israeli Air Force, housing a training college for preparing Air Force technicians).

2- Haifa Naval Base (affiliated with the Israeli Navy, housing a fleet of missile boats and submarines).

3- Stella Maris Base (a strategic base for maritime surveillance and control along the northern coastline).

4- Tirat Carmel Base (housing the regiment and battalion of the northern region’s transport and a logistical naval base).

5- For the first time, Nesher Base (a gas station affiliated with the “Israeli” military).

Footage shows widespread devastation in the industrial Israeli hub. The Israeli military reported a number of casualties. 

The Hezbollah attacks also led to a power outage in the city. Verified videos circulating on social media show several areas of Haifa in the dark without electricity. 

Israeli media reported a massive missile strike launched from southern Lebanon towards Haifa and its surroundings making direct impact with air raid sirens blaring non-stop. 

On Sunday, Hezbollah waged more operations “in support of the steadfast Palestinian people in the Gaza Strip, backing their valiant and honorable resistance, and in defense of Lebanon and its people.” 

These included: “Operations targeting Israeli attempts to advance along the Lebanese-Palestinian borders, intercepting enemy drones and warplanes, and striking Israeli military sites, bases, deployments, and settlements in northern and deep occupied Palestine.”

Hezbollah struck the Israeli enemy gatherings with rockets on the outskirts of Khiam as the occupation forces (IOF) failed once again in their attempts to advance. 

Footage purportedly showed smoke rising from vehicles belonging to the Israeli occupation forces igniting on fire during clashes in Wati al-Khiam, east of the town of Khiam in southern Lebanon.

Hezbollah announced an Israeli army gathering was attacked on the southern outskirts of Khiam town with a rocket barrage.  

There Israeli Merkava tanks were spotted, being forced to withdraw from the outskirts of Khiam at high speed. 

The IOF reportedly reached its deepest point in Lebanon since the attempted ground invasion in late September before pulling back after fierce battles with Hezbollah fighters.

Troops temporarily took control of a strategic hill in the southern Lebanese village of Chamaa, five kilometers from the border, the state-run National News Agency said.

The agency noted the IOF was later pushed back from the position.

Hezbollah announced its fighters targeted an Israeli Merkava tank on the eastern outskirts of Chamaa with a guided missile, causing it to burn and resulting in casualties among its crew.

Meanwhile, the resistance targeted the “Krayot area north of the occupied city of Haifa with a rocket barrage” on Sunday. 

Hezbollah also attacked the Ma’aleh Golani Barracks (the headquarters of the Hermon Brigade 810) with a rocket barrage.  

Despite the heavy Israeli bombardment of the Lebanese border region in the south, Hezbollah is launching more long-range missiles. 

 

 

Biden accused of trying to start WWIII

Marjorie Taylor Greene and Donald Trump Jr have accused President Joe Biden of trying to start World War III after he gave Ukraine the green light to use US-supplied long-range supersonic missiles to strike inside Russia for the first time.

The Biden administration’s granting of Kyiv’s request to use the ATACMS missiles outside of its own borders marks a change in stance in the president’s final days in office, before President-elect Donald Trump – who has indicated he will limit US support for Ukraine – returns to the White House in January.

The MAGA representative and Donald Trump’s eldest son lashed out at Biden’s decision in fiery posts on X, Independent reported

“On his way out of office, Joe Biden is dangerously trying to start WWIII by authorizing Ukraine the use of US long-range missiles into Russia,” Greene, who is among the Republicans who want to cut US aid to Ukraine, posted on Sunday.

“The American people gave a mandate on November 05 against these exact America last decisions and do not want to fund or fight foreign wars.

She concluded, “We want to fix our own problems. Enough of this, it must stop.”

Trump Jr – who last week told Ukrainian President Volodymyr Zelensky that his “allowance” is up now that Trump is returning to the White House – accused Biden of attempting to tarnish his father’s legacy by placing the US on the brink of conflict before he takes office.

“The Military Industrial Complex seems to want to make sure they get World War III going before my father has a chance to create peace and save lives,” Trump Jr said.

“Gotta lock in those $Trillions. Life be damned!!! Imbeciles!”

The move marks a major policy shift after Russia’s warning that it would regard Kyiv’s authorization to use US-made missiles “as a major escalation.” Russian President Vladimir Putin previously told Ukraine’s Western allies that such a move would represent NATO’s “direct participation” in the war.

At least two Russian legislators also warned that the US move risks another world war.

“I have a great hope that [Donald] Trump will overcome this decision if this has been made because they are seriously risking the start of World War III which is not in anybody’s interest,” said Maria Butina, a member of Putin’s party who was previously convicted of acting as an unregistered foreign agent of Russia within the US.

In an interview with Russia’s state news agency TASS, Vladimir Dzhabarov, first deputy head of the Russian upper house’s international affairs committee, described Biden’s decision as “unprecedented” while also warning of a possible global conflict. Dzhabarov said such an action would receive a swift response.

Biden’s decision comes with just 64 days left in the White House.

Trump meanwhile has criticized the Biden administration for spending more than $64bn in providing security assistance to Ukraine since Russia’s invasion of the nation in February 2022, according to figures from the US Department of State.

He has pledged to limit American support for Ukraine and end the war as soon as possible, even claiming on the campaign trail that he could do so in just a single day. It is unclear how he plans to do so.

He has pledged to limit American support for Ukraine and end the war as soon as possible, even claiming on the campaign trail that he could do so in just a single day. It is unclear how he plans to do so.

 

British farmers unite against Starmer

Hundreds of British protesters opposing changes to inheritance tax rules for farms gathered outside the Welsh Labour conference as the prime minister defended his government's recent Budget measures, the BBC reported.

Farming unions have said the planned changes will have "disastrous" consequences.

Keir Starmer told the conference in Llandudno, Conwy, he would defend the Budget "all day long" for taking "tough decisions that were necessary to stabilize our economy".

Dozens of tractors and farm vehicles were parked on the prom outside the conference at Venue Cymru.

Signs reading "Enough is enough" and "No Farmers No Food" were held up as conference attendees entered the building.

Conwy County farmer and broadcaster Gareth Wyn Jones said he and others were taking part in the protest to "air their frustrations".

He described the changes to inheritance tax rules as a "massive bombshell" that would affect "thousands" of farming families.

Meanwhile, one of the organizers Gareth Wyn Jones, a Welsh farmer and YouTuber, told Sky News that farmers will deliver Starmer a letter which starts "'don't bite the hand that feeds you".

The UK premier was accused of “running out the backdoor like a rat” to avoid scores of angry farmers outside the conference.