Israel airstrikes Al Hudaydah port of Yemen

According to the Saudi Gazette, at least two people were killed and 80 others injured on Saturday in Israeli airstrikes on the Al Hudaydah port in western Yemen.

“The crime of the Israeli enemy targeting Al Hudaydah governorate has killed two people and injured 80 others, most of them with severe burns,” the Houthi-affiliated Health Ministry said, according to the group’s SABA news agency.

Earlier, the Al-Masirah broadcaster reported that the airstrikes targeted oil storage facilities in the Al Hudaydah port. The broadcaster also aired images of massive fires which it claimed erupted following the airstrikes on the city's port.

“The Israeli Air Force attacked targets in the city of Al Hudaydah in Yemen,” the Israeli website Walla quoted an unnamed US official.

The Israeli army said in a statement that its warplanes carried out airstrikes targeting Houthi positions at Al Hudaydah’s port in Yemen. “The airstrikes were in response to hundreds of attacks against Israel over the past few months,” it added.

The Houthis have been targeting ships that are Israeli-owned, flagged, operated, or headed to Israeli ports in the Red Sea and the Gulf of Aden with missiles and drones in solidarity with Gaza, which has been under a devastating Israeli onslaught since October 07, last year.

Nethanyahu should be sent to Hague rather than addressing congress

Israeli Prime Minister, often accused for genocide in Gaza, is scheduled to visit United States. He is expected to receive a warm and friendly, thoroughly bipartisan reception from his many friends in Washington DC.

Netanyahu is slated to give a joint address to Congress, invited by both Republican House Speaker Mike Johnson and Democratic Senate Majority Leader Chuck Schumer.

He is scheduled to meet with Biden, and reports say he is ‘desperately seeking’ a sit down with Trump. Some critics say genociders and warmongers always stick together.

The Republican Party is currently trying to rebrand themselves as the party of isolationism, with speakers at this week’s convention calling for an end to forever wars.

They are absurdly trying to portray Donald Trump – the man who called for Israel to “finish the job” in Gaza, who openly provoked all-out war with Iran and threatened ‘fire and fury’ against North Korea – as a peacemaker.

Even Trump’s new VP pick, JD Vance, abandoned this pretense of isolationism just minutes after news broke of his nomination.

"A lot of people recognize that we need to do something with Iran—but not these weak little bombing runs. If you're going to punch the Iranians, you punch them hard” said Vance on Sean Hannity, Monday, July 15.

While the Democrats insist that only they stand between Republican warmongering and a peaceful, stable world – they are openly funding and arming a genocide and inviting a war criminal to a visit as an honored VIP.

There is only one choice on the ballot for a majority of voters with a decades-long record of anti-war activism; only one with the credibility to stand up to empire, dismantle the American war machine, and forge a path forward for people, planet, and peace.

The irony of fate is that millions of voters are now newly disillusioned by their choices from the two parties of war and Wall Street.

As long as Democrats and Republicans remain in power, America will always be in the throes of war.

Americans don’t have to live this way.

The overwhelming majority of Americans yearn for peace. All people want is the chance to live a full and happy life and secure a livable future for their children.

The future is within their reach. They must refuse to accept anything less. As long as Democrats and Republicans remain in power, America will always be in the throes of war.

Houthis attack cargo ship in Gulf of Aden

According to Reuters, Houthis have hit and damaged a Singapore-flagged container ship with two missiles on Friday as they escalate attacks on global shipping over Israel's war in Gaza.

The overnight assault on the Lobivia cargo ship came as Houthis also claimed responsibility for a fiery, long-range aerial drone strike in the center of Tel Aviv that killed one man and wounded four others.

The Houthis in recent weeks have become more adept at inflicting damage on their targets. In June, they struck the Greek-owned Tutor coal carrier with missiles and an explosive-laden remote-controlled boat, causing it to sink.

"Their capacity, their access to more sophisticated weapons, has only increased over the course of this conflict," said Gerald Feierstein, director of the Arabian Peninsula Affairs Program at the Middle East Institute in Washington.

Houthi military spokesman Yahya Saree in a television speech on Friday said the group launched the Lobivia strikes, adding that the assault also included drones. The manager of Lobivia did not immediately comment.

Lobivia was in the Gulf of Aden when the missiles struck two areas on its port side, the Joint Maritime Information Center (JMIC) said in an incident report.

The ship was located 83 nautical miles southeast of Yemen's port city of Aden during the attack. All crew are reported safe and the ship was returning to its last port of call, the United Kingdom Maritime Trade Operations (UKMTO) said.

"The ship was transiting northeast along the Gulf of Aden when a merchant vessel in the vicinity observed 'light and blast' where the ship was located," British security firm Ambrey said.

The ship appeared to perform evasive manoeuvres immediately and switch off her automatic identification system approximately an hour later, Ambrey said.

On Tuesday, the Houthis hit the Liberia-flagged oil tanker Chios Lion with a drone boat, causing damage to the port side that left an oily trail that experts said appeared to be fuel.

Britain and the US have conducted retaliatory strikes since February, shooting down drones and bombing attack sites in Yemen.

That has come at a significant cost, said Feierstein, who was the US Ambassador to the Republic of Yemen from 2010 to 2013 under President Barack Obama.

"We're basically spending a million dollars every time we shoot down a Radio Shack drone. That's wearing on the Navy and wearing on our supplies," he said.

 

Pakistan Stock Exchange closes almost flat

The week ended on July 19, 2024 began with the market showing bullish momentum from the outset after Pakistan and IMF reached a staff level agreement for a US$7 billion Extended Fund Facility (EFF) program, which instilled optimism amongst investors. Meanwhile the political tensions persist, as government mulls opposition party ban. Consequently, the bullish trend did not sustain throughout the week and the market faced volatility in the last session. Overall the benchmark KSE-100 index closed with a gain of 173 points or 0.22%WoW to close at 80,117 points on Friday.

Current Account Deficit (CAD) for FY24 was reported at US$681 million, down 79%YoY.

The issue of the IPPs agreements came into the limelight in the background of rising electricity prices across the country, hefty capacity payments, and uncontrolled circular debt, prompting government to order audits of several IPPs.

Concurrently, MS and HSD fuel prices were increased in the last fortnightly review.

On the external front, Textile and food export for FY24 were reported at US$16.7 billion and US$7.4 billion, up 1% and 47%YoY.

Petroleum imports dropped by 1%YoY to US$16.9 billion in FY24.

Average daily trading volume was up 5.6%WoW to 463.55 million shares as compared to 438.83 million shares a week ago.

Foreign exchange reserves by State Bank of Pakistan (SBP) increased by US$19 million on a weekly basis to US$9.42 billion as on July 12, 2024.

On the currency front, PKR appreciated by 0.1%WoW to close at 278.13/ US$ on Friday.

Other major news flow during the week included: 1) Cement dealers announced strike to protest high taxes, 2) Refineries held back US$5 billion investments over tax exemption dispute, 3) Moody’s said IMF deal to improve funding prospects for Pakistan, 4) IMF announced Pakistan economy likely to grow at 3.5% in FY25 and 5) GoP to consult UAE on PARCO.

Close-end Mutual Fund, Automobile parts & Accessories, Property and Vanaspati & Allied Industries were amongst the top performing sectors, while, Tobacco, Jute, Textile Weaving and Power Generation & Distribution were amongst the worst performers.

Major net selling was recorded by Insurance companies with a net sell of US$7.66 million. Foreigners absorbed most of the selling with a net buy of US$9.33 million.

Top performing scrips of the week were: AVN, THALL, JVDC, SNGP and EFUG, while laggards included: PKGP, PAKT, GADT, NBP and INIL.

According to AKD Securities, the positive sentiments are anticipated to persist due to the market's attractive valuations, staff level agreement with IMF and constant foreign inflow into equities.

However, escalating political tensions could dent investors’ confidence. Meanwhile, market participants’ focus would remain on upcoming corporate results, inflation figures and the next Monetary Policy Committee.

 

 

 

Attack on Tel Aviv exposes security laps

The armed forces of the Ansarullah government in Yemen's capital Sana'a have claimed responsibility for a drone attack that struck a sensitive area in central Tel Aviv close to the US embassy. No air raid sirens sounded and the drone flew undetected. 

According to Israeli officials, an explosion at Ben Yehuda Street left one person dead and at least ten others injured. 

Israeli military officials have said the Unmanned Aerial Vehicle (UAV) flew at a low altitude, from Yemen, bypassing air defense systems. 

According to Israeli media, the US military intercepted four unmanned aircraft that were "on their way to Israel". 

An Israeli military spokesman said, "We're talking about a large UAV that can fly large distances."  

Reports say the blast rumbled through the streets causing shards of shrapnel to rain down and scattering broken glass across a large area. 

Footage captured on a phone camera clearly shows the Yemeni drone flying low over Tel Aviv and the moment it strikes its target. The magnitude of the blast indicates the drone was carrying a high level of explosives. 

A spokesman for the regime's emergency service, Magen David Adom, said the explosion reverberated to nearby cities. 

Ansarullah has announced that it used the newly developed Yafa drone to strike Tel Aviv in support of Gaza and has marked the city as a primary target for future operations. 

The Yemeni armed forces also declared Tel Aviv an "unsafe zone". 

The operation has raised serious questions among settlers and Israeli media about the effectiveness of the Israeli anti-air systems. 

An Israeli commentator said, "Good morning to the 100% right-wing government. It is a shame the drone did not hit one of your homes, maybe then you would be concerned about the citizens instead of yourselves!" 

In a statement, the Yemeni forces said the operation was waged "in support of the Palestinian people and their fighters, and in response to the Israeli aggression against our brothers in Gaza." 

Meanwhile, the Hebrew language newspaper Yedioth Ahronoth cited an eyewitness as saying, "You are in Tel Aviv and think everything is fine, then you see something coming towards you quickly and exploding. It's frightening, unnatural, and you have to deal with the situation somehow. We don’t understand why no sirens were activated." 

Later on Friday, Israeli media reported about a second explosion in Tel Aviv's Yosef Ziman Street. The blast is said to have left casualties.

The military correspondent for the Walla Hebrew website highlighted that the "Israeli Air Force was surprised on October 07. After more than nine months of intense conflict. Were they surprised again? This issue needs a thorough investigation. How long have we been sleeping on our toes and for what scenarios have we prepared?" 

Knesset member Gideon Sa'ar said, "What happened early this morning in Tel Aviv is a serious malfunction, came at a painful cost". 

Amid the trickle of information released by the regime's military, Israeli media said, "The most alarming aspect of the Tel Aviv drone explosion is that the army does not know what happened after seven hours, or it does not want to disclose it." 

Other reports pointed out that the blast at a high-security area has left people in Tel Aviv worried and anxious about the possibility of future operations and where those drones can potentially land. 

Experts believe it is a major blow for the Israeli government and military, with much wider implications than the damage or loss of life. 

Serving as the Israeli economic hub, Tel Aviv has been subject to an attack that will alarm investors but more importantly demonstrates, once again, how vulnerable the Israelis are to a long-range drone offensive. 

The Palestinian Mujahideen Movement has praised Ansarullah for "a new heroic operation", saying the Palestinians appreciated the "steadfast" support of Gaza. 

“We affirm that what Yemen and the rest of the parties to the axis of resistance are doing is the most honorable military intervention to support the oppressed and stop the Zionist injustice."

The group added that the international community "conspires with the criminal Zionist entity against our people, justifying its crimes and providing it with international cover to continue the genocide in the Gaza Strip". 

"We call on all resistance forces in our nation to escalate all kinds of pressure, especially military pressure, against the Zionist enemy, and also to put pressure on their American supporters until the crimes of genocide in Gaza are stopped," the group added. 

Hamas lauds attack on Israel’s “symbol of pride”

Hamas said in a statement that its members “highly appreciate and commend” the drone attack on Tel Aviv by Yemen’s Ansarullah, targeting the depths of the “symbol of pride” of Israel.

The resistance group said such attacks are “a legitimate right of our nation’s resistance and its people” to confront Israel’s expanding occupation in the region.

 

Bangladesh state TV set ablaze

Protesters have set fire to the headquarters of the state broadcaster in Bangladesh as violent clashes between students and police continue, the authorities say.

A post on BTV's official Facebook page warned "many" were trapped inside the building in Dhaka, as it appealed for help from the fire service to put the blaze out.

Bangladesh's information minister told the BBC that broadcasts had been stopped and most employees had left the building in the capital.

Prime Minister Sheikh Hasina had appeared on the network the night before, appealing for calm after days of violent protests which have left at least 17 people dead, possibly many more, and hundreds injured.

Students have been holding rallies demanding change to a system that reserves a third of public sector jobs for the relatives of veterans of the country’s war for independence from Pakistan in 1971.

The students are arguing that the system is discriminatory, asking for recruitment based on merit.

The government has been trying to quell the protests, on Thursday switching off the country's mobile internet in an attempt to slow the students.

Instead, it became the deadliest day so far, according to news agency AFP. According to its count citing hospitals, a total of 32 people have died during the protests - most of them on Thursday.

The BBC's Bengali service has confirmed 17 deaths so far - among them, a 32-year-old journalist for the Dhaka Times.

Sheikh Hasina had condemned protesters' deaths as "murder" in her Wednesday television appearance, but her words were largely dismissed by protest organizers.

Thursday saw tear gas and rubber bullets deployed by officers, as students created human blockades in the streets.

The students who stormed BTV had earlier "torched" a police station, according to an official at BTV.

"They chased the police officers when they took refuge at the BTV office," the official told AFP. "Angry protesters then caused mayhem here."

The Bangladeshi information minister Mohammad Ali Arafat told the BBC that the employees still inside the building were "feeling very unsafe".

"They [protesters] went in and vandalized," he said.

"Security forces are there fully but... they were present physically, they were not trying to put any counter-attack.

"But they'll be doing it now, they will warn everyone and then they will go full on to clear it up."

OPEC Plus unlikely to change oil output policy

According to Reuters, a mini OPEC Plus ministerial meeting scheduled next month is unlikely to recommend changing the group's output policy, including a plan to start unwinding one layer of oil output cuts from October.

The Organization of the Petroleum Exporting Countries and allies led by Russia, commonly known as OPEC Plus, will hold an online joint ministerial monitoring committee meeting (JMMC) on August o1, 2024 to review the market.

Reuters says the meeting would serve as a "pulse check" for the health of the market.

Oil has risen in 2024 and was trading around US$85 a barrel on Thursday, finding support from Middle East conflict and falling inventories. Concern about higher for longer interest rates and demand has limited gains this year.

Reuters says, neither the Saudi government communications office returned a request for comment nor OPEC's headquarters in Vienna responded to a request for comment.

OPEC Plus has cut output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022.

At its last meeting in June, OPEC Plus agreed to extend cuts of 3.66 million bpd by a year until the end of 2025 and to prolong the most recent layer of cuts, a 2.2 million bpd cut by eight members for three months until the end of September 2024.

OPEC Plus is anticipated to gradually phase out the cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025.

Russian Deputy Prime Minister Alexander Novak, asked this week if the market was strong enough to take the extra volume from October, did not rule out tweaks to the agreement if needed.

"Now we have such an option (of output increase), as we said earlier, we will always evaluate the current situation," Novak said.

In June, Saudi Energy Minister Prince Abdulaziz bin Salman had said OPEC Plus could pause or reverse the production hikes if it decided the market is not strong enough.

The JMMC usually meets every two months and can make recommendations to change policy which could then be discussed and ratified in a full OPEC Plus ministerial meeting of all members.