Iranian businesspersons active in UAE

The Ambassador of the United Arab Emirates (UAE) in Tehran said over 122,000 Iranian business persons are currently working in the UAE, IRNA reported.

“Economic figures show that Iran-UAE business interactions have increased in recent years, and more than 122,000 Iranian businessmen are doing business in the UAE,” Saif Mohammed al-Zaabi said in a meeting with Head of Iran Chamber of Cooperatives Bahman Abdollahi.

Pointing out that the problems of Iranian and Emirati businessmen and economic operators are not political but in the legal field, he admitted: “Cooperation between the two countries in the field of sea and air transport has also increased.”

Abdollahi for his part introduced some of the capabilities of the cooperative sector in Iran and said: “Cooperatives have an important and effective position in Iran and a significant part of the production in our country is done by cooperatives.”

The value of non-oil trade between Iran and the UAE was reported at US$8.064 billion during the first four months of the current Iranian calendar year, the head of the Islamic Republic of Iran Customs Administration (IRICA) announced.

Iran and the United Arab Emirates signed a memorandum of understanding (MoU) for expanding economic cooperation in a variety of areas at the end of the two countries’ 3rd Joint Economic Committee meeting in May this year.

The MoU was signed by Iranian Transport and Urban Development Minister Mehrdad Bazrpash and UAE’s Economy Minister Abdullah bin Touq Al Marri, who co-chaired the joint meeting.

During the mentioned committee meeting, the two sides stressed the need for further expansion of economic cooperation between Tehran and Abu Dhabi.

Speaking at the end of the meeting, Bazrpash said, “We have held the joint commission between the two countries after 10 years, which is an opportunity to develop the commercial and economic relations between the two countries.”

“The UAE, as Iran's second biggest trade partner, has great strategic importance for us,” the minister said.

Referring to the location of Iran and the UAE in the International North-South Transit Corridor (INSTC), Bazarpash said, “Access to the markets of the north and south can create an opportunity for the two countries to cooperate.”

In the end, the minister emphasized solving the banking and monetary problems between the two countries to facilitate bilateral trade relations.

Abdullah bin Touq Al Marri for his part underlined the importance of the meeting said, “Holding today's meeting shows the development and expansion of economic relations between the two countries. After China, the UAE has the largest amount of trade relations with Iran. The trade value of the two countries has reached US$27 billion and many Iranian companies are established in the UAE.”

“Creating new opportunities for transportation and banking cooperation is one of the achievements of this commission,” the official said.

Referring to the performance of the UAE government in the field of investment, the official said: “The approval of the law on the formation of foreign companies and the government’s support for companies that operate in the field of new energies has created a good opportunity for business with the UAE.”

The 3rd Iran-UAE Joint Economic Commission was held in Abu Dhabi from April 30 until May 1.

 

Hamas names Sinwar new leader

Hamas has named its Gaza leader Yahya Sinwar as chief of the group following Ismail Haniyeh's assassination in Tehran on July 31, the group said in a statement late on Tuesday, a move that reinforces the path pursued since October 07, 2023 attack on Israel.

According to Reuters, Sinwar, the architect of the most devastating attack on Israel in decades, has been in hiding in Gaza, defying Israeli attempts to kill him since the start of the war.

"The Islamic Resistance Movement Hamas announces the selection of Commander Yahya Sinwar as the head of the political bureau of the movement, succeeding the martyr Commander Ismail Haniyeh, may Allah have mercy on him," the movement said in a brief statement.

News of the appointment, which came as Israel braces for a likely attack from Iran following the killing of Haniyeh in Tehran, was greeted with a salvo of rockets from Gaza by the resistance group still fighting Israeli troops in the besieged enclave.

"The appointment means that Israel needs to face Sinwar over a solution to Gaza war," said a regional diplomat familiar with the talks brokered by Egypt and Qatar, which are aimed at bringing a halt to the fighting in Gaza and a return of 115 Israeli and foreign hostages still held in the enclave.

"It is a message of toughness and it is uncompromising."

Sinwar, who spent half his adult life in Israeli prisons, was the most powerful Hamas leader left alive following the assassination of Haniyeh, which has left the region on the brink of a wider regional conflict after Iran vowed harsh retaliation.

Israel's chief military spokesman, Rear Admiral Daniel Hagari, blamed Sinwar for the Oct 7 attack and said Israel would continue to pursue him.

"There is only one place for Yahya Sinwar, and it is beside Mohammed Deif and the rest of the Oct 7 terrorists," he told Al-Arabiya television, according to a statement released by the military. "That is the only place we're preparing and intending for him."

In a sign that the movement had united around the choice of Sinwar, Khaled Meshaal, a former leader who had been seen as a potential successor to Haniyeh, was said by senior sources in the movement to have backed Sinwar "in loyalty to Gaza and its people, who are waging the battle of the Flood of Al-Aqsa".

For Israel, the appointment confirms Hamas as a foe dedicated to its destruction and is likely to reinforce Prime Minister Benjamin Netanyahu's insistence that Israel must pursue its campaign in Gaza to the end.

The White House declined to comment on Sinwar's appointment. But a person familiar with Washington's thinking said the selection suggested that Hamas could toughen its position in ceasefire negotiations and make it harder to reach a deal.

Israel was already aware that even before his formal appointment Sinwar would have the final word on any agreement to halt the fighting, and the announcement merely set the seal on that.

Ten months since the surprise attack by thousands of Hamas-led fighters who swarmed into Israeli communities around the Gaza Strip in the early hours of the morning of Oct. 7, the war has turned the Middle East on its head and threatened to spiral into a wider regional conflict.

Some 1,200 Israelis and foreigners were killed and more than 250 taken hostage into Gaza. In response, Israel launched a relentless campaign that has so far killed almost 40,000 Palestinians and left the densely populated enclave in ruins.

Attempts at reaching a ceasefire that would give the exhausted population a respite and enable the hostages remaining in captivity to be brought home have foundered amid mutual recriminations from Hamas and Israel.

Hamas official Osama Hamdan told Al Jazeera that the movement remained committed to reaching a deal and the team that handled the negotiations under Haniyeh would continue under Sinwar, who he said was following the talks closely.

But Hani Al-Masri, a political analyst in Ramallah, said Sinwar's appointment to lead the movement overall was a direct challenge to Israel, and sent a message about Hamas' adherence to his "extremist and resistant approach".

"As Sinwar manages the negotiations, he will manage the movement," he said.

  

Pakistan Stock Exchange Nosedive Starts

Lately, the benchmark index of Pakistan Stock Exchange has witnessed a massive fall. While many of the leading brokerage houses are talking about quick recovery, some of the cynics like me are getting jittery. There is a growing consensus that the benchmark index may plunge below 60,000 by end September 2024.

I am amazed to note that none of the brokerage house is talking about this likely fall, seems they have been told explicitly by the high-ups in the government to remain silent. The government, particularly the finance minister is using the rising index as an indicator of the robust performance of the economy of the country.

I am sure many of the readers may not like my expression, “In no way the benchmark index of the Exchange is the true indicators of the robustness of the economy of Pakistan”.

My premise is based on the following: 1) the index is based on 100 out of total listed around 550 companies, 2) bulk of the index points pertain to around 30 blue of the blue chip companies, 3) substantial holding is by institutions and foreigners, and 4) bulk of the daily trading volume is generated by “Day Traders”.

Coming back to likely substantial fall in index, the readers are advised to keep following points in mind and watch market movement closely: 1) income of commercial banks will decline due to the reduction in interest rate and shrinking appetite of the private sector borrowers as well as consumer financing, particularly car financing, 2) E&P companies are likely to witness fall in earnings because of declining crude oil prices and mounting circular debt of the energy sector, 3) the ongoing IPP saga may also result in selling of these shares as well as reduction in income, and 4) profitability of fertilizer companies is being marred by persistent hike in gas tariff.

Going two steps forward, I believe bearish spell in the United States, may lead to a situation we have witnessed in 2008. At that time the fall was led by subprime loans and this time it will be led by technology companies.

 

 

Is there any similarity between toppling of Hasina and Imran regimes?

According to my friend Muda Guppa, on Monday Sheikh Hasina prime minister of Bangladesh relinquished power that reminded a planned non-confidence move against ex-prime minister of Pakistan, Imran Khan. 

The only difference was that a member National Assembly, Shehbaz Sharif, became prime minister for the remaining term, whereas in Bangladesh chief of army became head of the government for the interim period till new elections are held.

Muda insisted that in change of regime in Bangladesh and Pakistan, United States played a key role, and the architect of change in regimes in both the countries was Donald Lu, US assistant secretary of state.

In the recent past I have been taking about three types of countries which United States hates.  During her three regimes Hasina made Bangladesh from strong to stronger, evident from GDP growth rate and foreign exchange reserves held by the country.

However, Bangladesh was lured to approach IMF for a bailout package.

Muda insisted that United States was not happy with Hasina due to her tilt towards China, which has been mediating between countries having long history of animosity. United States believed the restoration of diplomatic relations between Saudi Arabia and Iran would weaken its influence in the Middle East and North Africa (MENA).

It is on record that Saudi Arabia and United Arab Emirates (UAE) refused to join a naval task forces led by United States and some of the European countries to take action against Houthis of Yemen.

In the saga, India played the role of most trusted friend of Hasina, it took her out of Bangladesh and provided a safe haven.

Muda believes that the whole controversy started when students demanded to end the quota system for the children of those who had fought against Pakistan Army.

Therefore, India has to arrange for a safe exit of Hasina. She and her father Sheikh Mujibur Rahman played a key role in turning East Pakistan into Bangladesh.

 

Bangladesh: Hasina resigns, army takes over

According to Sudi Gazette, the prime minister of Bangladesh, Sheikh Hasina, resigned on Monday after weeks of deadly anti-government demonstrations gripped the South Asian nation.

The announcement from Bangladesh’s army chief, Gen. Waker-uz-Zaman, came after protesters stormed the official residence of the prime minister in the capital, Dhaka.

Images showed flames billowing from vehicles near Hasina’s house, with police unable to contain throngs of people charging towards the neighborhood.

Earlier in the day, the military and police had attacked demonstrators rallying in the area, according to a journalist working for CNN in Dhaka.

At least 91 people were killed and hundreds injured on Sunday in clashes between police and protesters demanding the scrapping of quotas for government jobs and the resignation of the prime minister. Opponents say the civil service job quotas are discriminatory.

The death toll on Sunday, which included 13 police officers, was the highest for a single day from any protests in the country’s recent history.

The figure surpassed the 67 deaths reported on July 19, when students took to the streets against the quotas, Reuters reported.

At least 32 children were killed during protests last month, UNICEF said on Friday.

The widespread unrest prompted the government to impose an indefinite nationwide curfew over the weekend. Meanwhile, human rights groups accused authorities of using excessive force against protesters, a charge the government denies.

The military will form an interim government in the wake of Hasina’s resignation, according to the army chief, who called on students “to maintain peace and help us.”

“Whatever demands you have, we will fulfill and bring back peace to the nation, please help us in this, stay away from violence,” Zaman said on Monday. He added that “the military will not fire at anyone, the police will not fire at anyone, I have given orders.”

Police opened fire on protesters in Dhaka earlier in the day, according to a journalist working for CNN, even as security forces have been under scrutiny for unleashing a wave of brutality on demonstrators.

At least four people sustained injuries as protesters were gathering at Dhaka Medical College on Monday, according to the journalist. One of those people was shot in the head.

Protesters told CNN that ⁠the military was blocking Dhaka Medical College Bakshibazar Gate. Police also used tear gas on protesters there, according to a demonstrator on the ground.

Students and protesters at Dhaka University Campus and the Shaheed Minar, a national monument in the capital, were beaten by police as they assembled at these locations.

Protesters there said that the police had attempted to break up the crowd by “brutally beating” them with bamboo sticks and using tear gas.

“Direct open firing took place in Shahbag area 15 minutes ago. We don’t have an estimate of how many were injured. It is still ongoing. Near Motijhil Shantinagar, tear gas has been fired on common people,” one demonstrator told CNN.

In other locations across Dhaka, the military has also fired warning shots in the sky and towards protesters.

Details and videos are scant as Bangladesh is in the midst of a “near-total national internet shutdown after earlier social media and mobile cuts” according to data from Netblocks, a global internet monitor.

Video posted on social media and verified by CNN showed security forces launching live rounds into the air near protesters on the N1 highway in Dhaka.

Protesters in Dhaka told CNN that the university campus was surrounded by armed forces.

The neighborhoods of Nilkhet, Katabon, and Shahbagh are currently blocked. ⁠The military’s armored personnel carriers have taken positions in front of the Intercontinental Hotel, and they are only letting doctors in.

Asif Mahmud, one of the key coordinators of the civil disobedience campaign, called on protesters to gather at 11:00 a.m. local time, adding that they planned to walk to Shahbagh in what they call the Long March to Dhaka.

 

Rockets fired at Israeli settlement

Saudi Gazette reports a rocket barrage was launched from southern Lebanon toward Israel early Sunday. Israeli Channel 14 reported that at least 50 rockets were fired toward the Upper Galilee, triggering sirens across the region.

Hamas and Iran have vowed to retaliate for the assassination of the group’s political bureau chief Ismail Haniyeh in Tehran, while Hezbollah pledged to respond to the killing of its commander, Faud Shukr, in Beirut.

Fears have grown about a full-blown war between Israel and Hezbollah amid a months-long exchange of cross-border fire.

The escalation comes against the backdrop of an Israeli onslaught in Gaza, which has caused nearly 40,000 deaths since October 2023.

According to the Tehran Times, Lebanon's Hezbollah announced on Sunday that it had targeted a new settlement inside occupied Palestine as part of ongoing operations in solidarity with Gaza.

In a statement, the Lebanese resistance movement explained that it had added the settlement of Beit Hillel to its current range of fire and targeted it for the first time with dozens of Katyusha rockets. 

Beit Hillel is a settlement in the north, about five kilometers away from Kiryat Shmona, which is closer to the Lebanese border and has been under constant Hezbollah fire. 

The extent of attacks on Kiryat Shmona saw Israelis flee the settlement to Tel Aviv and elsewhere. They have been replaced by the Israeli occupation forces who have gone into hiding amid ongoing precision strikes by Hezbollah. 

The Lebanese resistance emphasized that targeting Beit Hillel for the first time was a response to Israeli assaults "on the steadfast southern villages and safe homes". 

The statement added that the new operation was carried out especially after the Israeli military waged attacks on the southern Lebanese villages of Kfarkela and Deir Siriane (Marjeyoun District), which injured civilians. 

Hezbollah reaffirmed that targeting a new settlement also comes alongside its support for Gaza and the Palestinian resistance. 

According to the Lebanese news agency NNA, the Lebanese resistance has said its fighters carried out a "direct hit" on Israeli surveillance equipment in the settlement of Ramya, destroying the equipment. 

The ramifications of the Lebanese resistance’s moves against the Israeli occupation regime have been covered by The Financial Times, the British newspaper.

Based on satellite images, the newspaper said, the Israelis have sustained severe damages after ten months of confrontations with Hezbollah. 

The newspaper pointed out that Hezbollah's operations led to the largest evacuation in the northern occupied Israeli territories since the "establishment of Israel" more than 75 years ago, reporting that Hezbollah's fire caused damage to buildings, crops, and commercial activities. 

Reports have also cited data from the Israeli army that showed Hezbollah had deployed only a small fraction of its massive arsenal between October 2023 and mid-July 2024, launching about 6,700 rockets and 340 drones at the north, while confirming that the impact was widespread and significant. 

Hezbollah has carried out some 2,500 military operations targeting occupation sites, settlements, and military posts on the other side of the Lebanese border. 

This covers over 300 days of military support operations from October 8, 2023, to August 3, 2024, according to a new report from Hezbollah's military media. 

Hezbollah has vowed to avenge the assassination of its senior commander Faud Shukr in Beirut's suburb last week. 

In a speech, the Secretary-General of Hezbollah, Seyyed Hassan Nasrallah, vowed to retaliate but has kept Tel Aviv waiting on the nature of the response. 

Analysts say the vague warning by Seyyed Nasrallah has also left the Israelis in a state of fear and panic.

 

 

 

 

Turmoil in Nigeria

According to Reuters, Nigerian President Bola Tinubu called on Sunday for a suspension of protests against a rising cost of living crisis, saying this would create an opportunity for dialogue, his first public comments since frustrated citizens took to the streets last week.

Nigeria one of the largest oil producing countries

On July 11, 2024 we posted a blog “US hates and destroys three types of countries”. One of these was countries rich in energy resources. Today we talk about Nigeria, an African country persistently facing armed conflict by and with Boko Haram in North-Eastern Nigeria is resulting in widespread displacements, food insecurity, and many victims of violence. Nigeria was also the largest crude oil exporter of the African continent and also among top 10 oil exporters of the world. The main destination of Nigerian crude oil are: India, Spain, France, United States, and Netherlands. The fastest growing export markets between 2021 and 2022 were: Indonesia, Netherlands, and France.

 Amnesty International has said at least 13 people were killed in clashes with security forces on the first day of protests on Thursday.

Police denied using excessive force and said seven people had died as of Saturday - four from an explosive device during a march in northeast Borno state, two who were hit by a car and another who was shot by a guard when protesters looted a shop.

In a televised broadcast, Tinubu called for an end to violence in several states since the protests started, saying he was always open for dialogue.

"My dear Nigerians, especially our youth, I have heard you loud and clear. I understand the pain and frustration that drive these protests, and I want to assure you that our government is committed to listening and addressing the concerns of our citizens," he said.

Nigerians have been mobilizing online to organize protests against economic hardship and bad governance and have called for a cut in petrol prices and electricity tariffs, among several demands.

Tinubu, in office since May 2023, defended his economic reforms, which have included a partial end to petrol and electricity subsidies and devaluation of the naira, as necessary to reverse years of economic mismanagement.

Government revenues had more than doubled to 9.1 trillion naira (US$5.65 billion) in the first half of this year while 68% of revenue now went to debt servicing, down from 97% before he took office in May last year.

The government was also ramping up spending on infrastructure projects, started a loan scheme for university students and was building thousands of housing units across Nigeria's 36 states, the president said.

"But we must not let violence and destruction tear our nation apart," said Tinubu.