Palestinian attacked by Israeli settlers

Dozens of Palestinian villagers were attacked by Israeli settlers overnight in the wake of the killing of four settlers in the occupied West Bank on Tuesday, a Palestinian official who monitors settler violence told CNN Wednesday.

At least 37 villagers were injured by live or rubber-coated bullets, stones, or tear gas according to the official, Ghassan Douglas.

He said 147 vehicles were damaged with stones or set on fire, including an ambulance, and 23 houses and 16 shops were damaged, and crops set on fire in fields.

The violence was reminiscent of settler attacks in and around the village of Huwara in February in response to the killing of two Israeli settler brothers in the village.

February’s violence was so severe that the commander of Israeli forces in the West Bank called it a “pogrom,” evoking historic memories of ethnic violence targeting Jews.

The attacks overnight on Tuesday took place over a wide area of the northern West Bank, from Turmus’ayya east of Ramallah to Deir Sharaf west of Nablus, he said. The area is about 50 kilometers (30 miles) north from Jerusalem.

Different Israeli officials sent different messages in the wake of Tuesday’s shooting of the settlers which included two teenagers, a man in his 20s and a man in his 60s.

Israel Defense Forces (IDF) chief spokesperson Rear Adm. Daniel Hagari urged people not to take the law into their own hands.

But far-right National Security Minister Itamar Ben Gvir, speaking at the scene of the killings near Eli, called on settlers to arm themselves to avoid becoming sitting ducks for Palestinian attacks.

Israel's military called the settler attack on this Palestinian town a 'pogrom.' Videos show soldiers did little to stop it

The IDF, which boosted its troop numbers in the area in the wake of the February attacks, did not immediately respond to CNN request for comment on the overnight violence.

On Monday, an Israeli raid in Jenin, one of the tensest cities in the occupied West Bank, erupted into a massive firefight that left at least seven Palestinians dead and dozens wounded.

The following day, two Palestinian gunmen shot dead four Israelis near the settlement of Eli in the West Bank. Both gunmen were subsequently killed by Israeli forces.

Hamas, the Palestinian militant movement, claimed the two gunmen as members. It said the attack was “a natural response” to the Israeli raid on Jenin a day earlier. 

Iranian naval chief visits Pakistan

Rear Admiral Shahram Irani, Commander Iranian Navy, reached Islamabad on Monday for a three-day visit to discuss methods to strengthen bilateral collaboration in a number of military domains with top military commanders of Pakistan.

Irani visited Islamabad at the request of his Pakistani counterpart Admiral Muhammad Amjad Khan Niazi’s request.

Irani, who is accompanied by a senior military team, visited naval headquarters in Islamabad, where he was greeted by his Pakistani counterpart and witnessed a guard of honor, according to a Pakistan Navy press release.

The Iranian and Pakistani navy commanders met to discuss common interests such as bilateral marine, defense, and educational cooperation, as well as the exchange of naval delegations.

Additionally, Irani and Niazi discussed regional partnerships and marine security in the region.

Niazi briefed Irani and his accompanying team on the professional activities of Pakistani naval forces to maintain maritime security and bolster bilateral and multilateral cooperation.

Irani’s current trip to Islamabad, in the opinion of Pakistan’s Navy, will be a significant step in fostering closer naval cooperation between the two nations.

In the meanwhile, Irani and Pakistani Air Force Chief Marshal Zaheer Ahmed Baber Sidhu met. They emphasized the value of strengthening military, educational, and aviation cooperation.

In a statement, Pakistan’s Air Force said, “The meeting between Irani and Baber Sidhu is a testament to the deep-rooted friendship and unwavering commitment of the two nations to work towards a peaceful and stable region.”

The Pakistani marshal also underscored on the advancement in space, electronic warfare, cyber and niche technologies coupled with artificial intelligence (AI) which have profoundly affected the traditional environment of national security.

He gave the dignitary a briefing on the numerous initiatives the Pakistan Air Force is working on, paying particular attention to modernization and the growth of indigenous capabilities.

“Tehran and Islamabad enjoy longstanding religious, cultural, and historical bonds which are manifested through strong ties between both sides,” the Pakistani air chief noted.

The commander of the Iranian Navy praised the professionalism of the Pakistan Air Force troops and the extraordinary advancements made by the PAF on its path to modernization.

Irani further commended Pakistan for its ongoing efforts to maintain security in the region and emphasized the significance of strengthening military-to-military cooperation, particularly in the areas of operations, training, and the aviation sector.

Irani stated earlier this month that the Islamic Republic intends to create new intra- and extra-regional partnerships to improve security.

Along with Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, and Iraq, he also mentioned Pakistan as a nation that is in earnest for international naval cooperation.

He said that almost all of the nations in the northern parts of the Indian Ocean have decided to support Iran and work together more effectively to build security.

A number of Persian Gulf Arab nations, led by Saudi Arabia, realigned their coalition and resumed their relations with Iran, shattering the Israeli regime’s and its old partner, the United States, dreams of a “NATO-like” anti-Iran alliance in the region.

 

Iran produced over 112,000 tons of aluminum ingots in 2 month

According to the data released by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), the country has produced 112,767 tons of aluminum ingots during the first two months of the current Iranian calendar year.

Based on the IMIDRO’s data, the country’s two-month aluminum ingot production fell 2% from 114,850 tons in the same time span of the previous year.

Among the country’s four major producers, South Aluminum Corporation (SALCO) had the best performance in the two-month period, producing 49,220 tons of aluminum ingots, followed by Iranian Aluminum Company (IRALCO) producing 31,067 tons, Almahdi Aluminum Company producing 26,155 tons, and Iran Alumina Company producing 6,325 tons of the product.

As previously reported, production of aluminum ingot stood at 632,166 tons in Iran during the past Iranian calendar year 1401.

Among the country’s four major producers, South Aluminum Corporation (SALCO) had the best performance in the past year, producing 270,185 tons of aluminum ingots, followed by Iranian Aluminum Company (IRALCO) producing 178,077 tons, Almahdi Aluminum Company producing 147,749 tons, and Iran Alumina Company producing 36,155 tons.

According to the data previously released by Iranian Mines and Mining Industries Development and Renovation Organization, production of aluminum ingot in Iran rose 20% in Iranian calendar year 1400, as compared to the preceding year.

The IMIDRO’s data put the annual production of aluminum ingot at 538,633 tons in 1400, while the figure was 446,836 tons in 1399, and 278,318 tons in 1398.

Among the country’s four major producers, Iranian Aluminum Company (IRALCO) had the best performance in 1400, producing 177,058 tons of aluminum ingots, although the figure was 185,000 tons in the preceding year.

South Aluminum Corporation (SALCO) produced 173,594 tons, production by Almahdi Aluminum Company stood at 150,738 tons, and Iran Alumina Company produced 37,243 tons of aluminum ingots in the mentioned year, the IMIDRO’s data indicated.

Iranian officials estimate the country’s aluminum sector has a value of US$22 billion, which is sufficient to meet the country’s aluminum needs.

At present, Iran is the 18th biggest aluminum-producing country in the world.

The country plans to reach the annual production of 1.5 million tons of aluminum ingot by the Iranian calendar year 1404 (March 2025-March 2026).

 

Israeli troops kill five Palestinians in West Bank

Israeli commandos backed by helicopter gunships killed five Palestinians including a teenager and wounded as many as 66 others as a raid in the West Bank led to an hours-long gun battle with armed fighters, the military and health officials said.

Seven Israeli personnel were wounded after troops came under fire during an operation in the flashpoint town of Jenin to arrest two Palestinians suspected in attacks, the military said. At least two of the Palestinians killed in the fighting belonged to the armed Islamic Jihad group.

With US-sponsored peacemaking stalled for almost a decade, Jenin and other areas of the northern West Bank have been a focus of months of stepped-up sweeps by Israel amid a spate of Palestinian street rampages in its cities.

As troops faced heavy fire and a rain of explosive devices from gunmen in the town, the army was forced to mount an extraction mission to pull out a number of its vehicles blocked in the fighting.

"So that's why you saw also our forces in a very problematic area and we had to bring in a helicopter," an army spokesman told reporters.

Video obtained by Reuters showed an explosion enveloping an armored troop transport as shots ring out. Other clips showed a military helicopter launching a missile and releasing flares.

A military spokesperson said an Apache helicopter fired on an open area in order to drive back gunmen as casualties were extricated from the troop transport.

"We're aware Palestinians are hit, quite a big number. We'll know more about it in the next few hours," the spokesman said. "It will take a few hours. It's going to be pretty harsh."

There was no immediate confirmation the helicopter also released flares - an apparent precaution against launches of shoulder-fired missiles at it.

An official from the Fatah party said fighters from the nearby cities of Nablus and Tulkarem had arrived in Jenin to support the local fighters.

"We tell this occupation that all their operations are a failure, our people will win, and the dialogue between us will only be the battlefield," Atta Abu Rmeileh said.

The unusual use of helicopter gunships in the operation underlined the severity of the fighting in Jenin, where armed militant groups including Hamas and Islamic Jihad have long had a strong presence in the adjoining refugee camp.

An Islamic Jihad official said the use of aircraft will push our fighters to use tools that will surprise the enemy.

However, Defence Minister Yoav Gallant said Israel would employ whatever means it thought necessary.

"There are no compromises in the fight against terrorism; we will continue to take an offensive approach. We will use all the means at our disposal," he said on Twitter.

The Palestinian health ministry said the dead included a 15 year old. Islamic Jihad claimed two of them as members. Another 66 Palestinians were wounded, the ministry said.

Another such group, Hamas, said its fighters also took part in the clashes. At least one Palestinian was detained during Monday's raid, witnesses in Jenin said.

 

 

United States exerting more influence on global oil market than other producers

Igor Sechin, Head of Russian energy major Rosneft has said that Russia is losing out to other OPEC Plus countries due to a smaller share of its oil production being exported.

Sechin, a longstanding ally of President Vladimir Putin, also said that the oil output boom in the United States, which is not a member of the OPEC Plus, was wielding more influence on the global oil market than other producers.

Some experts and analysts have noted that Russia's oil exports are still relatively high despite cuts in production.

Speaking at an economic forum, Sechin said some OPEC Plus countries were exporting as much as 90% of their output, whereas Russia supplies the global market with only half of its production.

"That puts our country in a less advantageous position under the current mechanism for assessing the impact and access to key markets," he said. "In this regard, it seems appropriate to monitor not only production quotas, but also oil export volumes, given the different sizes of domestic markets."

Currently, the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC Plus, regulates only production, not exports.

Amid flagging oil prices, OPEC Plus agreed on a new oil output deal earlier this month, while Saudi Arabia, the group's biggest producer, pledged to make a deep cut to its output in July on top of a broader OPEC Plus deal to limit supply in 2024.

OPEC Plus accounts for around 40% of global oil production, while Rosneft takes the same share of Russia's oil output.

In remarks published later on Rosneft's website from Sechin's speech, he said Saudi Arabia is voluntarily cutting oil production, while also increasing production capacity.

He said Saudi Arabia may increase the amount of drilling rigs by at least a quarter in the next two years. As a result, by 2025-27, Saudi Arabia's oil producing capacity may rise by around 2 million barrels per day.

Speaking at the forum, Sechin also said it was more difficult for OPEC countries to find common ground due to differences in economic structure and oil production.

"In coming years, humanity will face the problem of production capacities and OPEC countries will no longer be able to meet the growing demand," he said.

 

Saudi Arabia urges G-20 members to strengthen food systems

The G-20 Agriculture Ministers’ Meeting took place in Hyderabad, India. The Saudi delegation was headed by Minister of Environment, Water and Agriculture Eng. Abdulrahman Bin Abdulmohsen Al-Fadhli.

Eng. Al-Fadhli said we urge for cooperation to strengthen food systems for a better and more sustainable future.

Eng. Al-Fadhli also added that in the aftermath of COVID-19, the food and agriculture production systems worldwide continue to face numerous challenges, particularly at a time, when the demand for food for a growing population, is increasing rapidly.

“One crucial element in ensuring food security is strengthening rural communities by educating and empowering women and youth.

“Saudi Arabia in 2018, launched its flagship Sustainable Rural Development Program covering eight different areas.

“The program has proven remarkably to increase the income of our beekeepers by up to 50%, while a 10% increase in rain-fed small farmers,” Eng. Al-Fadhli added.

Eng. Al-Fadhli mentioned to the importance of responsible investment in agriculture and food Systems. Furthermore, it is required to align financing with innovation policies. By adopting these innovations, we can enhance the efficiency, resilience, and sustainability of our food sector.

Over the past five years, Saudi Arabia has increased loans for the adoption of innovative technologies by more than 10 folds.

“We think that digitalization is emerging as a key catalyst to transform the agriculture sector by improving resource efficiency, enhancing performance, and boosting productivity.

“In this regard, Saudi Arabia launched a digital extension platform, which served more than 230,000 farmers and provided 2.9 million agricultural extension services,” Eng. Al-Fadhli added.

Eng. Al-Fadhli stressed there is a need for realignment of all humanitarian programs to effectively address the most pressing food insecurity challenges.

In this regard, Saudi Arabia has demonstrated its commitment, by completing over 772 food security projects in 71 countries through King Salman Humanitarian Aid & Relief Centre.

Eng. Al-Fadhli called for work together as G20 Agriculture Ministers within the framework of SDGs for realizing the Opportunities of the 21st Century for All, for our One Future.

Pakistan Stock Exchange Index posts 1.4%%WoW decline

Pakistan Stock Exchange posted lackluster performance during the week ended on June 16, 2023, with KSE-100 index losing 603 points during the week to close at 41,301 points, posting a decline of 1.4%%WoW. 

Market participation also registered a decline of 25%WoW, averaging at 161.7 million shares as compared to an average of 215.7 million shares a week ago. Despite the negative impact of the budget, including the imposition of a 10% super tax, windfall tax, and tax on bonus share, the market showed some resilience.

Meanwhile, in the last Monetary Policy Committee (MPC) meeting on Monday, State Bank of Pakistan maintained the policy rate at 21%.

As per news flow, GoP has paid US$1.0 billion as debt repayment during the week. The SBP in its post MPS briefing apprised that only US$800 million of repayment was due for the remaining month. The decline in reserves resulting from this repayment is expected to be visible in the foreign exchange numbers to be released next week. As of June 9th, foreign exchange reserves held by SBP were reported at US$4.02 billion, which are anticipated to drop below the US$3 billion mark due to the rumored debt repayment.

On the currency front, PKR lost 0.09%WoW to close at PKR287.2/US$.

Other major news flows during the week included: 1) LSM took a nosedive of 21.07% in April, 2) US$7 billion Chinese and Saudi deposits and PKR402 billion paid as cost of rollovers, 3) July-May remittances plunged 13% to US$24.83 billion, 4) Car sales took a nosedive of 80% in May, 5) Tax expenditures constitute 36.43% of FBR tax collection, 6) IMF came down hard on Pakistan’s budget proposals.

Sector-wise, Leasing Companies, Chemical, and Textile Weaving were amongst the top performers, while Transport, Modarabas, and Textile Spinning were amongst the worst performers.

Flow wise, major net selling was recorded by Mutual funds with a net sell of US$1.97 million. Individuals absorbed most of the selling with a net buy of US$4.40 million.

Top performing scrips during the week were: PGLC, SHEL, COLG, MTL, and BNWM, while top laggards included SML, KEL, HINOON, PSMC, and FABL.

Market is expected to remain range bound in the short term, primarily due to the lack of clarity on the IMF front as the current IMF program is nearing expiration with less than half a month remaining.

Additionally, political instability will also contribute to investors’ uneasiness and impact the market confidence. It is advisable for investors to remain cautious while building positions until stability improves.

Analysts continue to advocate stocks with dollar denominated revenue streams i.e. E&P and Technology sector. Additionally, considering companies with healthy forward dividend yields can be a strategy to explore.