Sunday 21 July 2024

Malaysian coast guard locates oil tanker involved in collision off Singapore

Malaysian coast guard said on Sunday it had located and intercepted a large oil tanker that was involved in a fiery collision with another vessel two days ago off Singapore.

The coast guard said on Saturday that the Sao Tome and Principe-flagged tanker Ceres I had left the location of the collision that caused a fire and injured at least two crew members. The ship was also believed to have turned off its tracking system, the coast guard said.

The Ceres I was found in Malaysian waters with two tugboats towing it, the coast guard said in a statement on Sunday.

The Ceres I and the two tugboats have been detained by the coast guard for further investigation, it added.

Meanwhile, aerial surveys conducted by the coast guard found minor traces of an oil spill at the location of the collision between the Ceres I and the Singapore-flagged Hafnia Nile, the coast guard said in the statement on Sunday.

Iranian Petroleum Ministry confirmed on Saturday that neither of the two oil tankers that collided off Singapore on Friday carried Iranian crude.

“The crude oil of neither of these damaged oil tankers was related to Iran and did not belong to Iran,” the ministry said in a statement

The incident involving two large oil tankers occurred about 55 kilometers northeast of Pedra Branca Island, on the eastern approach to the Singapore Straits. The Singapore-flagged Hafnia Nile, carrying approximately 300,000 barrels of naphtha, collided with the Sao Tome and Principe-flagged tanker Ceres I. 

The Maritime and Port Authority of Singapore (MPA) confirmed that all 22 crew members on the Hafnia Nile and 40 crew members on the Ceres I were accounted for. Two crew members were airlifted to a hospital, while others were rescued from life rafts.

Shortly after the collision, some Western media outlets spurred speculations about the fuel Ceres I was carrying, alleging that the crude carrier had been transferring 2 million barrels of Iranian oil to China. 

 

Saturday 20 July 2024

ICJ terms Israeli occupation of Palestinian Territory illegal

The International Court of Justice said Friday that Israel's decade’s long occupation of Gaza and the West Bank, including East Jerusalem, is unlawful and must end as rapidly as possible.

We can take pride in publishing a blog titled “Israel must be brought back to its original size” as back as on Saturday 01 December 2012. The opening paragraph read “The latest announcement of Israel to build 3000 new settlement homes on occupied land is a slap on the face of international community that has just recognized Palestine State, accepting the philosophy of two sovereign states, Israel and Palestine.”

The court's nonbinding advisory opinion was read aloud by ICJ President Nawaf Salam, a Lebanese judge and academic. Salam said the court determined based on "extensive evidence" that Israel is guilty of confiscating "large areas" of Palestinian land for use by Israeli settlers, exploiting natural resources, and undermining the local population's right to self-determination under international law.

The court pointed to "Israel's systematic failure to prevent or punish" settler violence and "demolition of Palestinian property" in the West Bank as part of its case that the Israeli government's actions in the occupied territories are indicative of an attempt to permanently annex land and forcibly transfer Palestinians from their homes.

"Israel is not entitled to sovereignty in any part of the occupied Palestinian territory on account of its occupation, nor can security concerns override the prohibition on acquisition of territory by force," said Salam.

The ICJ vote against Israel's occupation was 11-4. The court also voted to call on Israel to evacuate all settlers from the West Bank.

In a 12-3 vote, the ICJ said that all nations "are under an obligation not to recognize as legal the situation arising from the unlawful presence of the state of Israel in the occupied Palestinian territory and not to render aid or assistance in maintaining the situation created by the continued presence of the state of Israel in the occupied Palestinian territory."

The United States was among the countries that warned the ICJ against advising that Israel must swiftly end its occupation.

The ICJ handed down its opinion as the court is also considering a genocide case brought against Israel over its ongoing assault on the Gaza Strip—a devastating war that the court did not weigh as part of its new advisory opinion.

Trita Parsi, executive vice president of the Quincy Institute for Responsible Statecraft, applauded the ICJ's call for the dismantling of Israeli settlements and reparations for Palestinians harmed by Israel's occupation.

"The ICJ ruling in essence confirmed what the majority of people (except the West) already knew and have recognized that Israel's occupation is illegal, that it is still occupying Gaza, it is annexing the West Bank, and Israel is an apartheid state," Parsi wrote on social media.

"If there is any respect for international law, Western media must now include this in all its Israel coverage. Most don't even describe settlements as illegal!"

Nancy Okail, president and CEO of the Center for International Policy, said in a statement that "while the ICJ's action is nonbinding, countries that seek to uphold international law should respect the court's determination and take all appropriate steps to counter the injustices of the occupation and bring it to a peaceful end."

"At a minimum, countries should not engage in actions which help to perpetuate the occupation and its discriminatory, annexationist goals," said Okail.

"In particular, the United States must end the unconditional supply of arms that Israel uses in connection with the dispossession and settlement of Palestinian land and other violations of Palestinian rights," added Okail.

 

 

Iran questions authenticity of Reuters

Western media has an old habit of oversimplifying and misrepresenting governments and political systems in other parts of the world, especially in Iran. This tendency is rooted in long-held Western misconceptions about non-Western cultures and a need to rationalize Western dominance by portraying non-Western governments as inherently flawed and incapable. 

According to The Tehran Times, an article published by Reuters on July 18 was a perfect example of this lasting tradition. The article titled “how Iran's Khamenei elevated a little-known moderate to the presidency” claims that five people “with knowledge of the matter” informed Reuters about how the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei managed to raise voter turnout from an anticipated 13% to the 50% participation rate recorded on the second round of the snap presidential elections on July 05, 2024.

“When intelligence officials briefed Iran's supreme leader Ayatollah Ali Khamenei in May ahead of a snap presidential election, their report was grim, angered by economic hardship and crackdowns on social freedoms, most Iranians planned to boycott the vote and turnout would only be about 13%. That's when Khamenei decided to plan a carefully orchestrated election, setting the stage for a little-known but trusted moderate, Massoud Pezeshkian, to rise to the presidency in a race that would initially be dominated by hardliners, five people with knowledge of the matter told Reuters,” the article read. 

To discuss the article, we could deep dive and mention how quoting five unidentified sources means Reuters could pretty much be pulling information out of thin air; how unlikely it seems that five influential figures within the Iranian leadership would share sensitive information with a Western media outlet; and how there is no single evidence that suggests the late President Ebrahim Raisi could have been the successor to Ayatollah Khamenei. 

We could also point out that Reuters has a track record of lies. For example, in 2020, its initial report denied the Iranian attack on the American Ain al-Assad base in Iraq.

In March 2022, Reuters alleged that Saudi energy facilities had been attacked from Iranian soil and not Yemen.

In 2023, Reuters reported that Ayatollah Khamenei was displeased with Palestine's Hamas for not seeking counsel about Operation Al-Aqsa Storm, despite previously claiming that the October 07 operation happened after Iran’s “greenlight.”

All these reports were written based on information provided by unidentified “knowledgeable” figures, similar to what was published on July 18.

Instead of focusing on specific segments of this article and similar ones published before, we will be focusing on the bigger picture and try to understand the modus operandi employed in drafting them.

Western media coverage of the Iranian government and leadership usually has an underlying theme: everything in Iran is controlled by one person or entity and democratic processes don’t exist. Besides that, Western journalists usually portray Iran as simplistic, noncomplex, and dysfunctional. 

These two factors combined will make it easy to understand why Reuters felt the need to release a report based on information received from imaginary sources to undermine Iran's presidential elections. 

During the 2022 riots in Iran, at least some authorities in the West seemed to have come to the conclusion that the Islamic Republic was nearing its end. A previous exclusive report by the Tehran Times revealed that Washington had even come up with a 5-stage plan to topple the Iranian government, and was planning to recognize an alternative government similar to what it’s been doing against President Nicolas Maduro of Venezuela.

Once the unrest died down and things got under control, Western states decided that while their initial perception may have been wrong, the 2022 saga still dealt an unrepairable blow to the Iranian government. The Islamic Republic did not collapse in 2022, but that was the beginning of the end for it. 

When snap presidential elections were held two years later in less than 50 days and 50% of the eligible voters participate, how is Western media supposed to cover that?

It turns to its good old habit of reducing the establishment to the plans and desires of a single figure.

In the view of Western media outlets, the success of the snap vote in Iran does not mean the West had misunderstood the nature and reverberations of the 2022 riots.

It means a single man had been plotting behind the scenes, and this man somehow managed to think of a plan that would drag 30 million people to the ballot box. And what was the plan? To allow a reformist figure to take part in the elections – something that’s happened in every presidential vote ever held in the country governed by reformists for a total of 32 years. 

 

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.

Friday 19 July 2024

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.