Joe Biden’s genocide

The United States needs a president who won’t cede control of its foreign policy to an authoritarian, genocidal apartheid state, but who will instead work diligently for peace.

Joe Biden has continued the long tradition of American presidents who wage war in the name of keeping the peace and who violently displace people in the name of freedom.

It’s time for a new definition of what it means to be an American. It’s time to commit to the service of people, planet, and peace.

There is no red line for Biden with Israel, in fact there never was.

For 224 days Biden has repeatedly delivered material support for Israel’s brutality against Gaza.

Biden has now made it clear that he won’t stop for any reason.

The US government’s complicity in this genocide is a stain on all the Americans, but this will always be remembered as Joe Biden’s genocide.

The foreign ministers of 13 countries – including most of the G7 – issued statements calling on Israel to open the Rafah gate and allow aid into Gaza; the United States was not among them.

Five days after the invasion of Rafah, Biden made headlines announcing a “pause” on a single shipment of 3500 bombs to Israel, stating he was “concerned” the bombs would be used in Gaza.

Rafah was supposed to be Biden’s red line for Israel.

This “pause” (already too little and far too late) was meant to be proof that he meant it, but that was a lie.

It took five long, agonizing days for Joe Biden to act: after Israel unilaterally rejected a ceasefire agreement that would have resulted in a return of all hostages, invaded Rafah and began firing tanks at starving Palestinians huddled in tents, aid organizations and the UN and its allies and millions of Americans spoke out and demanded a halt on weapons to Israel.

Just days after delaying a few thousand bombs from shipping out, Biden is rushing weapons to Israel worth billion dollars.

Panama flagged oil tanker attacked off Yemen

According to Reuters, a Panamanian-flagged crude oil tanker was attacked near Yemen's Red Sea port city of Mocha, British security firm Ambrey said on Saturday.

Ambrey said a radio communication indicated the ship was hit by a missile and that there was a fire onboard about 10 nautical miles southwest of Mokha.

It had received assistance and one of its steering units was functional, Ambrey added, citing information it had received but without giving more details.

Other vessels in the vicinity were advised to exercise caution, Ambrey added in an advisory note.

Separately, the United Kingdom Maritime Trade Operations (UKMTO) agency said earlier on Saturday that a vessel in the Red Sea was struck by an unknown object and sustained slight damage.

"The vessel and crew are safe and continuing to its next port of call," UKMTO said in an advisory note on the incident 98 nautical miles south of Yemen's Hodeidah port.

 

Iran: Oil pipelines to go operational this year

Iranian Oil Minister Javad Oji said 1,000 kilometers of oil pipeline will come online this Iranian calendar year, ending March20, 2025, to facilitate the transfer of oil products.

Speaking on the sidelines of a cabinet meeting, Oji said that three projects are ready to go operational in Eastern Azerbaijan Province including a 222-kilometer pipeline for conveying oil products from Tabriz to Oromyyeh, improving the quality of gasoil produced at Tabriz oil refinery and its sulfur recycling unit project. 

“Tabriz refinery’s improving gasoil quality project will increase the country’s euro-5 gasoil production capacity by five million liters per day”, the oil minister said, adding the project will be a considerable contribution to the improvement of the environmental situation and deterring air pollution. 

Tabriz-Oromyyeh and Bandar Abbas- Rafsanjan- Sirjan oil products transfer pipelines, as part of a general plan for the construction of a 1000 km pipeline this year, will facilitate oil product conveying from oil refineries to consumption destinations like power plants, industries, oil products storage facilities and so on, he said.

currently about 16,000 to 17,000 tanker trucks are involved in carrying oil products on roads across the country, the petroleum minister said, adding carrying oil products through pipelines will decrease tanker trucks movements and their related accidents while at the same time will improve the quality of air, will lessen the cost of transportation as well as preventing road quality deterioration.  

He said that under the related laws, 90 to 95 percent of fueling at gas stations should be done by using personal fuel cards which stands at around 70 percent currently. 

The official pointed to the creation of a system in the country to reduce fuel smuggling and said, “At first, this system will be used on a trial basis, and based on it, the allocation of oil and gas for trucks and inter-city buses will be done online.”

According to Oji, gasoil burning vehicles will receive their fuel rations depending on the distance they travel (allocating gasoil based on online documents) which will play an important role in gasoil smuggling prevention. 

 

Partnership between Chabahar and Gwadar

The Spokesperson and Additional Foreign Secretary of Pakistan has emphasized the enduring brotherly relations between Tehran and Islamabad and expressed Pakistan's readiness to expand bilateral cooperation with Iran, including the signing of an agreement to further the partnership between the ports of Chabahar in Iran and Gwadar in Pakistan.

During the weekly press briefing at the Ministry of Foreign Affairs of Pakistan, spokesperson Mumtaz Zahra addressed the recent 10-year agreement signed between India and Iran concerning Chabahar port on May 13, and the subsequent reaction from the United States. 

Zahra clarified that Pakistan refrains from commenting on Iran's agreements with other countries and does not engage in discussions about the positions of third parties.

The agreement between India and Iran aims to facilitate the long-term development of the Shahid Beheshti terminal at Chabahar port, with operations managed by a subsidiary of India Global Ports Limited (IGPL). The Indian firm plans to invest US$120 million in equipping the terminal, and India has also extended a credit line of US$250 million to improve infrastructure around Chabahar.

Following the agreement, the US issued a warning that entities involved in business deals with Iran could face sanctions. US State Department Deputy Spokesperson Vedant Patel highlighted the potential risks associated with engaging in commercial activities with Iran.

Zahra also underscored the significance of Iranian President Ebrahim Raisi's visit to Pakistan in April, describing it as a pivotal moment for bilateral cooperation. 

President Raisi's visit, accompanied by a high-ranking politico-economic delegation, included key meetings with Pakistani officials. 

During his two-day stay in Islamabad, President Raisi set an ambitious target of US$10 billion in bilateral trade, emphasizing the 900-kilometer shared border as a valuable opportunity for the development and prosperity of border areas.

 

 

Saudi Arabia supports internationally recognized Palestine State

Saudi Crown Prince and Prime Minister Mohammed bin Salman reaffirmed that Saudi Arabia supports the establishment of a Palestinian state and its international recognition as a full member of the United Nations.

The Gulf leaders attending the summit also included Qatar’s Emir Tamim bin Hamad Al-Thani, UAE’s Vice President and Prime Minister Sheikh Mohammed bin Rashed Al-Maktoum, and Kuwait’s Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah.

Addressing the opening session of the Arab League Summit in Manama on Thursday, the Crown Prince called on the international community to support ceasefire efforts and halt the ongoing Israeli aggression on Palestinian civilians in the Gaza Strip.

In his speech at the 33rd session of the Arab League Council at the summit level, Prince Mohammed bin Salman said that his country paid great attention to Arab issues, particularly the Palestine issue. Referring to Saudi Arabia’s hosting of the extraordinary Arab and Islamic Summit in Riyadh in November 2023 to discuss the Israeli aggression on Gaza.

Crown Prince said, “Saudi Arabia had hosted a meeting that condemned the Israeli aggression on Gaza under any pretext. Riyadh supported efforts to address the humanitarian conditions in Gaza,” he said. It is the first time the Arab leaders gathered after the Riyadh summit to discuss the dangerous Gaza escalation.

Saudi Arabia stresses the importance of maintaining the security of the Red Sea region, the Crown Prince said, while calling for stopping any acts that affect the safety of maritime navigation.

Prince Mohammed bin Salman also underlined that the Kingdom calls for resolving disputes through peaceful means.

Earlier, in his opening speech, King Hamad bin Isa Al-Khalifa of Bahrain called for an international conference for peace in the Middle East.

He also pledged his country’s support for the full recognition of a Palestinian state and the acceptance of its membership in the United States. Recently, the UN General Assembly overwhelmingly backed a Palestinian bid to become a full UN member.

The Gaza situation and the establishment of a Palestine State figure high on the agenda of the one-day Arab League summit.

Pakistan Stock Exchange index up 3.09%WoW

The pre-budget rally continued throughout the week ended May 17, 2024 with Pakistan Stock Exchange benchmark index closing at its historic high, as the bears failed to seize control at every turn and investor’s confidence remained high, driving the market to sustained gains. The benchmark index closed at 75,342 points on Friday with a gain of 2,257 points, up 3.09%WoW.

The market's bullish momentum is mainly attributed to recent talks with the IMF proceeding smoothly, without any hiccups.

Further, SPI weekly inflation is consistently on downward trend for the past five weeks, indicating a tapering down of CPI figures for the ongoing month.

Prices of petroleum prices, MS and HSD were decreased by PKR15.39 and PKR7.88 per liter, respectively, in the last fortnightly review.

Yields in the mid-week T-Bill auction also declined slightly.

Of significant importance, current account for April 2024 posted another surplus of US$491 million, lowering 10MFY24 deficit of mere US$202 million. With just two months left, FY24 CAD is expected to close substantially below the IMF’s forecast of US$3 billion.

Confirmation of the withdrawal of tax exemption from the FATA/PATA region has instilled overall positivity in the steel sector.

Alongside, additional revenue measure recommendations from IMF team comes on surface including proposals to increase withholding advance tax across automobile, real estate, and agricultural sectors.

Average trading volumes were down by 22.7%WoW to 554.50 million shares, as compared to 717.34 million shares traded in the earlier week.

Other major news flows during the week included; 1) during H1FY24, driven by agri sector, real GDP grew by 1.7% as per the central bank, 2) foreign investment peaked by 84% to 30-month high and 3) Ministry of Finance refused to extend subsidy on urea fertilizer due to financial snags.

Top performing sector were: Automobile parts & Accessories, Engineering, Synthetic & Rayon, Real Estate Investment Trust and Woolen, while Cable & Electrical goods, Close-end Mutual Fund, Transport, Tobacco and Power Generation & Distribution were amongst the worst performers.

Major selling was recorded by Banks/DFI with a net sell of US$9.85 million. Foreigners absorbed most of the selling with a net buy of US$14.94 million.

Top performing scrips of the week were: THALL, INIL, PSX, PKGP, and ISL, while top laggards included: PAEL, PTC, AGP, KEL, and NPL.

Market is anticipated to remain focused on FY25 budget related news in the near term. Overall, some profit taking can be expected with the index at its record high. However, with foreign buyers consistently purchasing, the rally is expected to continue amidst the market's attractive valuations.

The upcoming MPC meeting, scheduled just after the budget, will also be in the limelight.

Despite real interest rates being significantly positive, new taxation measures could pose a risk to the inflation outlook and possible start of monetary easing.

 

Aid trucks moving ashore via US military pier

Aid trucks began moving through a temporary US-built pier off the Gaza Strip on Friday, amid growing international pressure to get more supplies into the besieged coastal enclave, where hundreds of thousands face an acute humanitarian crisis.

The US Central Command said trucks carrying humanitarian assistance began moving ashore 0600 GMT.

The floating pier was pre-assembled by the US military at the Israeli port of Ashdod and moved into place this week on the shore of Gaza, which lacks port infrastructure of its own, however no US troops went ashore, Centcom said.

Aid arriving at the pier would be part of "an ongoing, multinational effort" and would involve commodities donated by a number of countries and humanitarian organisations, it said.

The supplies will be subject to Israeli security checks in Cyprus before arriving but will have to pass through additional Israeli checkpoints once it lands, US administration officials have said.

Aid groups, the United Nations and Israel's closest allies, have all demanded that it do more to get aid into Gaza, which has been largely laid to waste by the Israeli campaign launched last year.

A new wave of upheaval has created additional need, as hundreds of thousands of people already displaced by the war and sheltering in the southern Gaza city of Rafah have evacuated to areas in central Gaza in anticipation of an Israeli assault.

Israel has said it is stepping up efforts to get aid into Gaza, and the military said 365 aid trucks had entered through the Kerem Shalom and Erez crossing points on Thursday, carrying flour and fuel.

In addition, hundreds of tents were delivered, intended for people evacuated from Rafah to the Al-Mawasi area, which Israel has declared a humanitarian zone.

"The IDF will continue its efforts to allow humanitarian aid to enter the Gaza Strip by land, air, and sea, in accordance with international law," it said in a statement.

The Israeli military said new inspection routes had been opened up in the occupied West Bank through the Tarqumiyah and Beitunia crossing points.

However, supplies coming through the West Bank have been disrupted by attacks carried out by Israeli settlers protesting against sending aid into Gaza.