Saturday, 3 August 2024

PSX daily trading volume slips to 18 month low

Pakistan Stock Exchange experienced volatility throughout the week ended on August 02, 2024 due to political upheaval, with the average daily traded volume falling to 337 million shares as against 358 million shares a week ago, down 5.9%WoW, marking a low of 18 weeks. The benchmark index closed with a loss of 196 points or 0.25%WoW, to close at 78,226 points on Friday.

Despite the 100bps cut announced in policy rate by the central bank on Monday, market sentiment remained skeptical.

Trade deficit for July 2024 was reported at US$1.95 billion, down 19%MoM.

The assassination of a prominent Hamas leader plunged the region into uncertainty, driving volatility in oil prices globally.

In a noteworthy development, the Consumer Price Index (CPI) for July was reported at 11.1%, marking its lowest level in 33 months.

China approved the conversion of three coal-fired power plants from imported coal to local coal, however no positive progress was reported on re-profiling of energy debt.

Punjab Government raised royalty rates for cement manufacturers, which may result in a further increase in cement price to the tone of PKR50/bag.

OMC offtakes declined to 1.2 million tons, down 17%MoM.

MS and HSD fuel prices were decreased by PKR6.17/ and PKR10.86 per liter, respectively, in the latest fortnightly review.

Foreign exchange reserves held by State Bank of Pakistan (SBP) reserves increased by US$75 million on a weekly basis to US$9.1 billion as at July 26. PKR largely remained flat against the greenback throughout the week to close at 278.5/ US$ on Friday.

Other major news flow during the week included 1) Fitch upgrades Pakistan's rating to 'CCC’ Plys, 2) Competitive wholesale electricity market under CTBCM on the cards, 3) Privatization Board okays PIA and DISCOs sale, 4) Pakistan reports primary surplus in FY24 after gap of 20 years and 5) GoP mulls ending free electricity for public sector.

Textile Spinning, Refinery and Automobile Assembler were amongst the top performers, while Leasing, Vanaspati & Allied Industries and Sugar & Allied industries were amongst the worst performers.

Major selling was recorded by foreigners with a net sell of US$2.23 million. Insurance companies and Individuals absorbed most of the selling with a net buy of US$1.78 million and US$1.47 million.

Top performing scrips of the week were: FFC, CNERGY, MUREB, ATRL and NCPL, while top laggards included: KOHC, BAFL, PIOC, DGKC and PGLC.

Going forward, recently announced rate cut alongside improvement in credit ratings by int’l agencies should boost investor’s confidence.

Additionally, the anticipated approval from the IMF executive board by the end of this month is likely to support bullish momentum.

Sectors benefiting from monetary easing and structural reforms would remain in the limelight. However, modest economic recovery would keep the upside in check for the cyclicals.

Friday, 2 August 2024

OPEC oil output increases in July

According to Reuters, OPEC oil output rose in July, as a rebound in Saudi Arabian supply and small increases elsewhere offsetting the impact of ongoing voluntary supply cuts by other members and the wider OPEC Plus alliance.

The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.70 million barrels per day (bpd) in July, up 100,000 bpd from June.

The increase comes despite OPEC Plus keeping in place most of its output cuts until the end of 2025 to bolster the market in the face of tepid demand growth, high interest rates and rising US production.

A meeting of top OPEC Plus ministers on Thursday kept oil output policy unchanged including a plan to start unwinding one layer of output cuts from October, and repeating that the hike could be paused or reversed if needed.

Saudi Arabia provided the largest supply boost last month of 70,000 bpd, as exports rebounded from June when they were lower than expected. Production reached 9 million bpd in July, close to the kingdom's target.

Nigeria had the biggest decline of 30,000 bpd, with exports lower month on month.

Small increases came from Libya and Iran, two of the members not required to cut output, and from Iraq. Iranian output reached 3.22 million bpd, the highest since 2018.

Iran has been boosting exports in the last few years despite US sanctions remaining in place. Iraq's output edged higher with exports increasing month on month, flows data showed and a tanker-tracking source said.

OPEC pumped about 240,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq still accounting for the bulk of the excess, the survey found.

The Reuters aims to track supply to the market and is based on shipping data provided by external sources, LSEG flows data, information from companies that track flows - such as Petro-Logistics and Kpler - and information provided by sources at oil companies, OPEC and consultants.

Iran questions double standard of Meta

According to the Tehran Times, Meta’s double-standard and hypocritical policies are back in the limelight in the wake of the Israeli assassination of Hamas political leader Ismail Haniyeh.

It accused, the American-based tech firm which owns and operates Facebook, Instagram, Threads, and WhatsApp, among other products and services has sparked a backlash over removing posts about Haniyeh’s murder. 

Ordinary people and prominent world leaders have posted messages of condolences since Haniyeh was killed in an Israeli strike in the Iranian capital on Wednesday morning. He had traveled to Tehran for the swearing in ceremony of President Masoud Pezeshkian. 

Malaysian Prime Minister Anwar Ibrahim posted a video recording of his phone call with a Hamas official on Facebook on Wednesday to offer condolences following Haniyeh’s death. But the tech company, which is owned by US billionaire Mark Zuckerberg, removed his post. It also took down a similar post published on the premier’s Instagram account. 

Anwar denounced the move, saying, “Let this serve as a clear and unequivocal message to Meta: cease this display of cowardice and stop acting as instruments of the oppressive Zionist Israeli regime.” 

Meta’s takedown of his posts was accompanied by the caption, “Dangerous individuals and organizations.”

Meta has designated the Palestinian Hamas resistance movement as a “dangerous organization” and bans content praising it. 

Turkey’s communications chief and a top adviser to President Recep Tayyip Erdogan has also condemned Instagram for preventing people from posting messages of condolences over Haniyeh’s assassination. 

“This is censorship, pure and simple,” Fahrettin Altun said on Wednesday. 

He added, “We will continue to defend freedom of expression against these platforms, which have repeatedly shown that they serve the global system of exploitation and injustice.”

The Turkish Information and Communication Technologies Authority blocked access to Instagram, the photo and video-sharing social media platform, on Friday for “censoring” Hamas-related content.

Such biased approaches by Meta are not unprecedented. 

Meta has already stirred controversy by abruptly removing Instagram and Facebook accounts belonging to the Leader of Iran’s Islamic Revolution Ayatollah Seyyed Ali Khamenei. The US firm blocked Ayatollah Khamenei’s accounts in February after he condemned Israel’s genocidal war on Gaza. 

Meta adopted the same policy when the United States assassinated Iranian anti-terror commander, Lieutenant General Qassem Soleimani, in Iraq in January 2020.

It removed comments praising the late general, who played a key role in helping Iraqi and Syrian armies defeat ISIL, and hashtags such as #Soleimani. 

Such moves by Meta cast doubt on Western claims of upholding freedom of expression, revealing a willingness to stifle the voices of the voiceless. Besides, they expose a broader pattern of support for Israel and its main supporter, the United States. 

Nonetheless, as Israel continues its war of genocide in Gaza, Meta’s pro-Israel bias remains under the spotlight. 

In fact, as Israel is massacring Palestinian people in Gaza, the US is abetting the regime’s genocide through its tech firms. The removal of posts in support of Palestine and condemnation of the Israeli carnage in Gaza are aimed at helping the regime sweep its atrocious crimes under the rug. 

In other words, Israel perpetrates atrocities and Meta, on behalf of the US and some other Western states, acts as a facilitator of genocide. 

 

United States getting ready to protect Israel

According to Reuters, the United States will deploy additional fighter jets and Navy warships to the Middle East to bolster defenses following threats from Iran and its allies Hamas and Hezbollah.

The US is bracing for Iran to make good on its vow to respond to the killing of Hamas leader Ismail Haniyeh in Tehran - one in a series of killings of senior figures in the Palestinian militant group as the war between Israel and Hamas in Gaza rages.

US Defense Secretary Lloyd Austin had approved sending additional Navy cruisers and destroyers-- which can shoot down ballistic missiles-- to the Middle East and Europe. The US is also sending an additional squadron of fighter jets to the Middle East.

"Austin has ordered adjustments to US military posture designed to improve US force protection, to increase support for the defense of Israel, and to ensure the United States is prepared to respond to various contingencies," the Pentagon said in a statement.

There had been speculation that the Pentagon might not replace the USS Theodore Roosevelt carrier strike group in the Middle East once it completed its ongoing deployment. But Austin decided to rotate in the USS Abraham Lincoln Carrier strike group to replace it.

The Pentagon statement added it would increase readiness to deploy more land-based ballistic missile defenses.

The US military had intensified deployments prior to April 13, when Iran launched an attack on Israeli territory with drones and missiles. Still, the threat from Hezbollah in Lebanon could present unique challenges to any efforts by the United States to intercept drones and missiles given the group's vast arsenal and immediate proximity to Israel.

At the time, Israel successfully knocked down almost all of the roughly 300 drones and missiles with the help of the United States and other allies.

Biden, in a phone call on Thursday with Netanyahu, discussed new US defensive military deployments to support Israel against threats such as missiles and drones, the White House said.

Earlier, Pentagon spokesperson Sabrina Singh said the US did not believe escalation was inevitable.

"I think we are being very direct in our messaging that certainly we don't want to see heightened tensions and we do believe there is an off ramp here and that is that ceasefire deal," Singh said.

 

Pezeshkian appoints Javad Zarif his deputy

Iranian President Masoud Pezeshkian has appointed Mohammad Javad Zarif as his deputy for strategic and the chief of the Presidential Center for Strategic Studies.

Zarif, 64, was foreign minister from 2013 to 2021 under President Hassan Rouhani. He was Iran’s chief negotiator in the nuclear talks that led to the 2015 nuclear deal, officially called the Joint Comprehensive Plan of Action (JCPOA). The agreement, endorsed by the UN Security Council Resolution 2231, was ditched by former President Donald Trump as he withdrew the United States., the main party to the agreement, from the deal

Zarif also served as Iran’s representative at the United Nations during the presidency of Mohammad Khatami.

Pezeshkian, who took oath office in the Parliament on Tuesday, also chose Mohammad Jafar Qaem Panah as his deputy for executive affairs and chief of the presidential chief of staff.

An optometrist, Qaem Panah had worked with Pezeshkian when he was the chancellor of Tabriz University and health minister in the Khatami government.

 

Thursday, 1 August 2024

Israeli Attacks on Iran

Between 2010 and 2024, Israel allegedly conducted dozens of operations – including targeted assassinations, drone strikes, and cyberattacks – on Iran. The attacks increased in both range and sophistication. Many of the targets were connected to Tehran’s controversial nuclear program, which Israel has long considered an existential threat. In 2022, Israeli drones also reportedly hit two facilities linked to Iran’s increasingly advanced drone program. Following is a brief prepared by the United States Institute of Peace

Israel was blamed for the killing of five nuclear scientists, including Mohsen Fakhrizadeh, the father of Iran’s nuclear program, between 2010 and 2020. It also reportedly targeted military commanders responsible for operations abroad, including three Revolutionary Guard generals visiting Syria in April 2024

In July 2024, Iran accused Israel of assassinating Ismail Haniyeh, the political chief of Hamas, during his visit to Tehran for the inauguration of President Masoud Pezeshkian. The following is a timeline of attacks on Iran allegedly carried out by Israel since 2010. 

Jan. 12, 2010: Masoud Ali Mohammadi, a physics professor at Tehran University, was killed by a remote-controlled bomb planted on a motorcycle. The device detonated as he left home in northern Tehran to go to work. The government described Ali Mohammadi as a nuclear scientist but said he did not work for the Atomic Energy Organization of Iran. State media blamed Israel and the United States for the assassination.

June 2010: The Stuxnet computer virus, allegedly developed by Israel and the United States, was detected in computers at the Bushehr nuclear power plant. The virus then spread to other facilities. By September, 30,000 computers across at least 14 facilities—including the Natanz facility—were reportedly infected. The virus caused the engines in IR-1 centrifuges to increase their speed and eventually explode. At least 1,000 centrifuges of the 9,000 installed at Natanz were destroyed, the Institute for Science and International Security estimated. After conducting investigations, Iran blamed Israel and the United States for the virus. 

Nov. 29. 2010: Professor Majid Shariari, a member of the nuclear engineering faculty at Shahid Beheshti University in Tehran, was killed in his car on his way to work. His wife was wounded in the blast. Ali Akbar Salehi, the head of the Atomic Energy Organization of Iran, said that Shariari was involved in one of the country’s biggest nuclear projects but did not elaborate.Accounts of the assassination varied. A Western intelligence expert said that an explosive was planted on the vehicle beforehand and detonated remotely. Iranian media reported that men on motorbikes attached bombs to cars belonging to Shariari and another scientist, Fereydoon Abbasi Davani, on the same day. Abbasi Davani, an advisor to the Defense Ministry and a professor at Imam Hossein University, and his wife were injured in a separate blast. Local media described Abbasi Davani as one of Iran’s few specialists who could separate isotopes, a key step in producing enriched uranium for nuclear energy or to create fuel for a nuclear weapon. Abbasi Davani was sanctioned by the United Nations in 2007 for involvement in nuclear or ballistic missile research. President Mahmoud Ahmadinejad blamed the United States and Israel for the attacks.

April 2011: Iran’s cyber defense agency discovered a virus nicknamed “Stars” that was designed to infiltrate and damage its nuclear facilities. The virus mimicked official government files and inflicted “minor damage” on computer systems, according to Gholam Reza Jalali, the head of Iran’s Passive Defense Organization. Iran blamed the United States and Israel.

July 23, 2011: Darioush Rezaeinejad, an electrical engineer working at a national security research facility, was killed by two gunmen on a motorcycle in Tehran. State media initially identified the man as Darious Rezaei, a physics professor. Hours later, state media backtracked and said the victim was Darioush Rezaeinejad, an electronics student. Deputy Interior Minister Safarali Baratloo claimed that he was not involved in the nuclear program. But a foreign government official and a former U.N. nuclear inspector alleged that Rezaeinejad was working on high-voltage switches, parts necessary to start explosions needed to trigger a nuclear warhead. Iran blamed the United States and Israel for the assassination.

Nov. 13, 2011: Iran said it had contained Duqu, the third virus aimed at disrupting Iran’s nuclear program. Duqu used programming code that was also used in the 2010 Stuxnet attack.

Jan. 11, 2012: Mostafa Ahmadi Roshan, a chemical engineering graduate, was killed after two people on a motorbike placed a bomb on his car in northern Tehran. Roshan and the driver died, and at least two other people at the scene were reportedly injured. Iran identified Ahmadi Roshan as a supervisor at the Natanz Uranium Enrichment facility. It held Israel and the United States responsible for the killing. “The bomb was a magnetic one and the same as the ones previously used for the assassination of the scientists, and the work of the Zionists [Israelis]," deputy Tehran governor Safarali Baratloo claimed.

April 2012: Iran discovered the “Wiper” malware erasing the hard drives of computers owned by the oil ministry and the National Iranian Oil Company. “Wiper” appeared to be similar in design to Duqu and Stuxnet, thought to have been developed by Israel and the United States. Iran blamed the United States and Israel for the attack.

May 9, 2012: Iran announced that a virus dubbed “Flame” had infected government computers and had tried to steal government data. Israel and the United States had deployed the Flame virus to collect intelligence and to prepare for a wider cyberwarfare campaign, The Washington Post reported. In Israel, Vice Prime Minister Moshe Yaalon did not confirm the nation’s involvement but acknowledged that Israel would use “all means... to harm the Iranian nuclear system.”

Jan. 31, 2018: A Mossad team raided a warehouse in Tehran that housed a vast archive of Iran’s nuclear program. The agents used torches to cut through 32 safes. The team smuggled some 50,000 pages and 163 compact discs out of the country. On April 30, Israeli Prime Minister Netanyahu announced that Israel obtained some 100,000 “secret files that prove” Iran had earlier lied about not having a nuclear weapons program. He also alleged that Tehran worked to “expand its nuclear weapons know-how for future use” even after the 2015 nuclear accord. Netanyahu presented maps, charts, photographs, and videos with details about Project Amad to design, produce and test nuclear weapons. Western intelligence had claimed for more than a decade that Iran had a covert nuclear weapons program.

Oct. 28, 2018: The head of Iran’s civil defense agency claimed that it had neutralized a “new generation” of the Stuxnet virus attempting to damage communications infrastructure. Iranian officials blamed Israel for the attack. “Thanks to our vigilant technical teams, it failed,” Telecommunications Minister Mohammad Javad Azari Jahromi said.

May 9, 2020: A cyberattack hit computers that regulate maritime traffic at Shahid Rajaee port on Iran's southern coast in the Persian Gulf. The disruption created a traffic jam of ships that waited days to dock. Iran acknowledged that it had been hit by a foreign hack. Israel was reportedly behind the cyberattack, although it did not claim responsibility, according to The Washington Post.

July 2, 2020: An explosion caused extensive damage to Iran’s main nuclear enrichment site at Natanz and set the program back months. The blast damaged a factory producing advanced IR-4 and IR-6 centrifuges that could enrich uranium faster than the IR-1 centrifuges allowed under the 2015 nuclear deal. “It’s possible that this incident will slow down the development and expansion of advanced centrifuges,” said Behrouz Kamalvandi, spokesman for the AEOI. Israel reportedly planted a bomb in the facility, The New York Times and The Washington Post reported.

Nov. 27, 2020: Mohsen Fakhrizadeh, a prominent nuclear scientist, was assassinated in a roadside attack about 40 miles east of Tehran. Western and Israeli intelligence had long suspected that Fakhrizadeh was the father of Iran’s covert nuclear weapons program. He was often compared to J. Robert Oppenheimer, the father of the American atomic bomb. He kept a low profile for most of his career. His name was not widely known even in Iran until he was sanctioned by the United Nations in 2007 and the United States in 2008. 

Details on the attack varied. Iran’s defense ministry initially reported that several gunmen opened fire on Fakhrizadeh’s car, but Ali Shamkhani, the secretary of the Supreme National Security Council, later said that  “electronic equipment” triggered by remote control killed the scientist.

Iran blamed the killing on Israel. Foreign Minister Javad Zarif condemned the killing as terrorism. “This cowardice—with serious indications of Israeli role—shows desperate warmongering of perpetrators,” he tweeted. On November 30, Israeli Intelligence Minister Eli Cohen told local radio that he did not know who was behind the raid. But a senior U.S. administration official told CNN that Israel was responsible. 

April 11, 2021: An explosion at Natanz hit the power supply for centrifuges and caused damage that could take up to nine months to fully repair, The New York Times reported. Alireza Zakani, head of Parliament’s Research Center, said that “thousands of centrifuges” were destroyed during the blackout. He claimed that 300 pounds of explosives had been smuggled into the facility in equipment that had been sent abroad for repair.

Iran blamed Israel. “The Zionists want to take revenge because of our progress in the way to lift sanctions,” Foreign Minister Mohammad Javad Zarif said. “They have publicly said that they will not allow this. But we will take our revenge from the Zionists.”

American and Israeli intelligence officials told The New York Times that Israel played a role in the sabotage. Unnamed intelligence sources told Israeli media that the Mossad was responsible for a cyberattack that caused the blackout.

July 9-10, 2021: Hackers caused chaos at train stations nationwide by posting fake messages about cancellations on display boards. The messages urged passengers to call 64411, the number for a hotline run by the Supreme Leader’s office. On the next day, websites tied to the Ministry of Roads and Urbanization reportedly went down. Iran blamed Israel and the United States.

An Israeli-American cybersecurity company, however, concluded that Indra, a group of hackers who identify as opponents of Iran’s theocratic regime, was most likely responsible. The code used in the attack resembled code in previous attacks claimed by the group in 2019 and 2020.

June 23, 2021: An Israeli quadcopter drone, launched from inside Iran, struck a facility in Karaj for manufacturing centrifuges for the nuclear program. Satellite photos showed damage to the roof and suggested that a fire had broken out. Iran later blamed Israel for the attack.   

Oct. 26, 2021: A cyberattack knocked out the system that allows Iranians to use government-issued cards to purchase fuel at a subsidized rate. The outage impacted all 4,300 gas stations in Iran. Consumers either had to pay the regular price, more than double the subsidized one, or wait for stations to reconnect to the central distribution system. By October 30, some 3,200 out of 4,300 stations had been reconnected to the system. Iran blamed Israel and the United States.

Feb. 14, 2022: Six Israeli quadcopter drones reportedly destroyed hundreds of drones at a base near Kermanshah in western Iran. The base was Iran’s primary manufacturing and storage facility for military drones. Lebanese television station Al Mayadeen, which is linked to Hezbollah and Iran, claimed that the drones were launched from Iraqi Kurdistan. Iran blamed Israel for the attack. 

April 30, 2022: The Israeli press reported that Mossad agents in Iran had earlier kidnapped and interrogated Mansour Rasouli, an agent of the IRGC Qods Force. In a confession aired on Israeli television, Rasouli admitted that he had been directed by the Qods Force to assassinate an Israeli diplomat in Turkey, an American general in Germany, and a Jewish journalist in France. He was reportedly released in Iran after the interrogation. On May 8, Iran International, a London-based television station, broadcast video footage of Rasouli claiming to have been tortured into providing a false confession. 

May 22, 2022: IRGC Colonel Hassan Sayyad Khodaei was shot five times outside of his home in Tehran. Two gunmen on motorcycles reportedly opened fire while he sat in his Kia Pride. Khodaei’s role in the IRGC has been disputed. Israeli officials alleged that Khodaei was the deputy commander of Unit 840, an IRGC unit reportedly tasked with kidnapping and assassinating foreigners, including Israeli officials and civilians. Others claimed that Khodaei advised Iran-backed fighters in Syria and coordinated shipments of drone and missile technology to Syria and Lebanon’s Hezbollah. Majid Mirahmadi, a member of the Supreme National Security Council, alleged the assassination was “definitely the work of Israel.”

May 25, 2022: Quadcopter suicide drones, laden with explosives and reportedly launched from inside Iran, hit the Parchin military complex 37 miles southeast of Tehran. The drones damaged a building where drones had been developed by the Ministry of Defense. One engineer was killed and another person was injured. IRGC Commander Hossein Salami pledged retaliation against unspecified “enemies”; the attack was similar to others in Iran and Lebanon attributed to Israel.   

May 31 and June 2, 2022: In separate incidents, two scientists – one in Yazd and one in Tehran – reportedly died from poison in their food. Initial reports claimed Ayoub Entezari, an aerospace engineer, worked on missiles and airplane turbines for a military research center in Yazd. Officials later claimed that Entezari worked for a civilian industrial company. Kamran Aghamolaei, a geologist in Tehran, died on June 2. Iranian officials blamed Israel for their deaths, according to The New York Times.

Jan. 28, 2023: Suicide drones equipped with explosives struck a military facility in central Isfahan just before midnight. Israel’s Mossad intelligence organization was reportedly responsible, senior intelligence officials told The New York Times. The site was an advanced weapons-production facility, sources familiar with the attack told the Wall Street Journal. The operation was a major success, foreign intelligence sources told The Jerusalem Post.  

Iran did not immediately blame a particular country or group. But an unnamed Iranian official told al Jazeera that Israel appeared to be responsible. “Israel knows very well that it will receive a response, as happened in the past,” the official warned. “Those who play with fire are the first to get burned if they decide to start a regional war.” Iran claimed that air defenses downed one small quadcopter but that two others exploded above the site and caused “minor roof damage” to a munitions factory. The quadcopters, which have a short range, were likely launched from inside Iran.

April 1, 2024: An Israeli airstrike killed three generals in Iran’s Revolutionary Guards and four other officers at a consulate abutting the Iranian embassy in Damascus. Technically, the consulate was considered sovereign Iranian territory. The attack was an unprecedented escalation in the decades-long shadow war between Israel and Iran. The three generals were part of the Qods Force, the external operations branch of the Revolutionary Guards has aided, armed and coordinated with Iran’s so-called Axis of Resistance network in Syria, Lebanon, Iraq and Yemen since the 1980s. 

The precision strike, reportedly by two F-35s, targeted a meeting between Iranian officers and Palestinian militia leaders to discuss the war in Gaza. The fatalities included:

General Mohammad Reza Zahedi, long-time coordinator of Iran’s covert operations in Syria and Lebanon

General Mohmmad Hadi Haj Rahimi, Zahedi’s deputy

General Hossein Aman Allahi, chief of the general staff of the Qods Force in Syria and Lebanon

Hussein Youssef, a member of Hezbollah, a Lebanese Shiite militia and political party backed by Iran

April 19, 2024: Israel reportedly launched overnight strikes in Iran in response to Tehran’s April 13-14 largely ineffective attack of more than 330 drones and missiles. The targets, weapons used, and extent of damage caused by Israel's alleged attack were unclear. Initially, U.S. officials told media that Israel had launched missiles and hit a site in Iran. Experts assessed that Israel used an air-launched missile based on photographs of missile debris recovered in Iraq. But Iranian sources only reported the use of small drones. Media and officials attributed the small-scale attack to “infiltrators” rather than Israel. A senior Iranian official told Reuters that Tehran did not plan to retaliate against Jerusalem, which did not claim responsibility.    

In central Isfahan province, antiaircraft defense systems downed a suspicious object resulting in explosions, Major General Abdolrahim Mousavi, the chief of Iran’s conventional military, the Artesh, told state media. Three small drones were reportedly intercepted near an air base. Hossein Dalirian, a spokesman for Iran’s civilian space agency, said that there had been “no air attack from outside” Iran’s borders. “They have only made a failed and humiliating attempt to fly quadcopters, and the quadcopters have also been shot down.”

Isfahan province was home to a major airbase, a missile production complex and nuclear research facilities. But local media reported that no damage was caused to any military or nuclear sites. The International Atomic Energy Agency (IAEA), the U.N. nuclear watchdog, confirmed that Iran’s nuclear sites were unharmed.  

July 31, 2024: Ismail Haniyeh, the political leader of the exiled wing of Hamas and its chief negotiator on issues of war and peace, was assassinated during a visit to Tehran for the inauguration of President Masoud Pezeshkian. He had also met just hours earlier with Supreme Leader Ayatollah Ali Khamenei, a sign of Haniyeh’s standing with Iran. The stunning attack, widely assumed to be by Israel, evoked rage in Iran and from its network in the so-called Axis of Resistance.

 

Khaled Meshaal to be new Hamas leader

Khaled Meshaal, tipped to be the new Hamas leader, became known around the world in 1997 after Israeli agents injected him with poison in a botched assassination attempt on a street outside his office in the Jordanian capital Amman.

The hit against a key senior figure of the Palestinian militant group, ordered by Israeli Prime Minister Benjamin Netanyahu, so enraged Jordan's then-King Hussein that he spoke of hanging the would-be killers and scrapping Jordan's peace treaty with Israel unless the antidote was handed over.

Israel did so, and also agreed to free Hamas leader Sheikh Ahmed Yassin, only to assassinate him seven years later in Gaza.

For Israelis and Western states, Hamas which has directed suicide bombings in Israel and fought frequent wars against it, is a terrorist group bent on Israel's destruction.

For Palestinian supporters, Meshaal and the rest of the Hamas leadership are fighters for liberation from Israeli occupation, keeping their cause alive when international diplomacy has failed them.

Meshaal, 68, became Hamas' political leader in exile the year before Israel tried to eliminate him, a post that enabled him to represent the Palestinian Islamist group at meetings with foreign governments around the world, unhindered by tight Israeli travel restrictions that affected other Hamas officials.

Hamas sources said Meshaal is expected to be chosen as paramount leader of the group to replace Ismail Haniyeh, who was assassinated in Iran in the early hours of Wednesday, with Tehran and Hamas vowing retribution against Israel.

Senior Hamas official Khalil al-Hayya, who is based in Qatar and has headed Hamas negotiators in indirect Gaza truce talks with Israel, has also been a possibility for the leadership as he is a favourite of Iran and its allies in the region.

Meshaal's relations with Iran have been strained due to his past support for the Sunni Muslim-led revolt in 2011 against Syrian President Bashar al-Assad.

Israel has assassinated or tried to kill several Hamas leaders and operatives since the group was founded in 1987 during the first Palestinian uprising against the occupation of the West Bank and Gaza.

Meshaal has been a central figure at the top of Hamas since the late 1990s, though he has worked mostly from the relative safety of exile as Israel plotted to assassinate other prominent Hamas figures based in the Gaza Strip.

After the wheelchair-bound Yassin was killed in a March 2004 airstrike, Israel assassinated his successor Abdel-Aziz Al-Rantissi in Gaza a month later, and Meshaal assumed the overall leadership of Hamas.

Like other Hamas leaders, Meshaal has grappled with the critical issue of whether to adopt a more pragmatic approach to Israel in pursuit of Palestinian statehood - Hamas' 1988 charter calls for Israel's destruction - or keep fighting.

Meshaal rejects the idea of a permanent peace deal with Israel but has said that Hamas, which in the 1990s and 2000s sent suicide bombers into Israel, could accept a Palestinian state in the West Bank, Gaza Strip and East Jerusalem as a temporary solution in return for a long-term ceasefire.

The October 07, 2023 attack on Israel by Hamas-led militants from Gaza, which killed 1,200 people and led to the kidnapping of over 250 people, according to Israeli tallies, made the militant group's priorities clear.

Israel retaliated with airstrikes and an invasion of Gaza that have killed over 39,000 Palestinians, pursuing a campaign to eradicate Hamas that has reduced much of the densely populated coastal enclave to rubble.

Meshaal said the October 07 Hamas attack returned the Palestinian cause to the center of the world agenda.

He urged Arabs and Muslims to join the battle against Israel and said Palestinians alone would decide who runs Gaza after the current war ends, in defiance of Israel and the United States who want to exclude Hamas from post-war governance.

Meshaal has lived most of his life outside the Palestinian territories. Born in Silwad near the West Bank city of Ramallah, Meshaal moved as a boy with his family to the Gulf Arab state of Kuwait, a hotbed of pro-Palestinian sentiment.

At the age of 15 he joined the Muslim Brotherhood, the Middle East's oldest Islamist group. The Brotherhood became instrumental in the formation of Hamas in the late 1980s during the first Palestinian uprising against Israeli occupation.

Meshaal became a schoolteacher before turning to lobbying for Hamas from abroad for many years while other leaders of the group have languished for long periods in Israeli jails.

He was in charge of international fund-raising in Jordan when he barely escaped assassination.

Netanyahu played an accidental but important role in establishing Meshaal's militant credentials when he ordered Mossad agents to kill him in 1997 in retaliation for a Jerusalem market bombing that killed 16 people and was blamed on Hamas.

The suspected assassins were caught by Jordanian police after Meshaal was injected with poison in the street. Netanyahu, then in his first term as premier, was forced to hand over the antidote for the poison, and the incident turned Meshaal into a hero of the Palestinian resistance.

Jordan eventually closed Hamas' bureau in Amman and expelled Meshaal to the Gulf state of Qatar. He moved to Syria in 2001.

Meshaal ran Hamas, a Sunni Muslim movement, from exile in Damascus in 2004 until January 2012 when he left the Syrian capital because of President Assad's fierce crackdown on Sunnis involved in an uprising against him. Meshaal now divides his time between Doha and Cairo.

His abrupt departure from Syria initially weakened his position within Hamas, as ties with Damascus and Tehran, which were vital for the group, gave him power. With those links damaged or broken, rivals based within Gaza, the birthplace of Hamas, began to assert their authority.

Meshaal himself told Reuters that his move affected relations with Hamas' main paymaster and weapons supplier Iran - a country Israel believes poses by far the greatest threat to it because of its ambitious nuclear program.

In December 2012, Meshaal paid his first visit to the Gaza Strip and delivered the main speech at Hamas' 25th anniversary rally. He had not visited the Palestinian territories since leaving the West Bank at age 11.

While he was abroad, Hamas asserted itself over its secular rival, the Western-backed Palestinian Authority (PA), which has been open to negotiating peace with Israel, by seizing control of Gaza from the PA in a brief 2007 civil war.

Friction between Meshaal and the Gaza-based Hamas leadership surfaced over his attempts to promote reconciliation with President Mahmoud Abbas, who heads the Palestinian Authority.

Meshaal then announced that he wanted to step down as leader over such tensions and in 2017 was replaced by his Gaza deputy Haniyeh, who was elected to head the group's political office, also operating overseas.

In 2021, Meshaal was elected to head the Hamas office in the Palestinian diaspora.