Israel kills Hezbollah leader Nasrallah in Beirut

The Israeli military declared on Saturday that Hezbollah leader Hassan Nasrallah has been killed in an airstrike in Beirut on Friday.

Hassan Nasrallah, the leader of Hezbollah and one of its founders, was eliminated together with Ali Karki, the Commander of Hezbollah’s Southern Front, and additional Hezbollah commanders, the Israel Defense Forces (IDF) said in a statement.

Nasrallah, aged 64, was one of the founders and secretary general of Hezbollah. He has led Hezbollah for more than three decades. Nasrallah oversaw Hezbollah’s transformation into one of the most powerful paramilitary forces in the Middle East.

Israeli Air Force jets conducted a targeted strike on the central headquarters of the Hezbollah, which was located underground embedded under a residential building in the area of Dahiyeh in Beirut,” the IDF said.

“The strike was conducted while Hezbollah’s senior chain of command were operating from the headquarters and advancing terrorist activities against the citizens of the State of Israel,” sources added.

Following the announcement, the army chief warned this is “not the end of our toolbox.” Israel has been escalating its attacks on Hezbollah.

Overnight, Israel launched further strikes on southern Lebanon, targeting what it says are stores of Hezbollah weapons. State-run media in Lebanon says there have been casualties.

Lebanon has recorded more than 100,000 people displaced by the recent conflict, but authorities said the true number is likely much higher. Up to half a million people are likely internally displaced, said Dr. Firass Abiad, Lebanon’s health minister.

Hezbollah began firing on northern Israel the day after Hamas’ October 07 attack on the country. Around 60,000 Israelis have been forced from their homes, whom the Israeli government has committed to returning.

Last week, Israel massively ramped up its military campaign against Hezbollah, killing hundreds and displacing hundreds of thousands of civilians, according to the Lebanese government. 

Mass Walkout as Global Pariah Addresses UNGA

The public rebuke of the Israeli prime minister demonstrates the international community's rejection of genocide in Gaza. A large number of diplomats and other officials walked out of the United Nations General Assembly (UNGA) in New York City on Friday as Israeli Prime Minister Benjamin Netanyahu prepared to defend his nation's slaughter of more than 41,000 people in the Gaza Strip during the past year and over 700 in Lebanon this week.

Journalists and critics of the "global pariah" shared photos and videos of people filing out of the hall before Netanyahu's address—which came just a day after 25 anti-genocide protesters were arrested for blocking his motorcade in Manhattan.

While there was some audience applause from the sparsely populated room on Friday, Al Jazeera Arabic's Rami Ayari explained that the people you hear cheering the PM during the speech are in the gallery who he brought for that purpose.

Council on American-Islamic Relations national executive director Nihad Awad said in a statement that as the far-right, openly racist Israeli government continues its genocide in Gaza and expands its campaign of state terrorism to civilians in Lebanon, this mass walkout during war criminal Benjamin Netanyahu's UN speech demonstrates the international community's rejection of genocide.

Awad added that US President Joe Biden should take note of our government's growing isolation on the international stage, change his policy, and support human rights and international law, without an exception for the Palestinian people.

Since Israeli forces launched their assault on Gaza in retaliation for the Hamas-led October 07 attack, the United States government has stood by Israel, sending billions of dollars in weapons and opposing UN resolutions, while claiming to be pushing for a cease-fire.

Addressing the General Assembly earlier this week, Biden called for "security for Israel, and Gaza free of Hamas' grip."

In response to diplomats' Friday walkout, Trita Parsi, executive vice president of the Quincy Institute for Responsible Statecraft said, "The impunity Biden has offered Israel has been used by Netanyahu to make Israel an international pariah. Neither good for the US nor for Israel."

Parsi also highlighted a clip of Slovenian Prime Minister Robert Golob's speech to the UN, in which he urged Netanyahu to "stop this war now!"

Netanyahu began his Friday address by taking aim at the world leaders who throughout the week have condemned the recent escalation against Hezbollah in Lebanon as well as the past year of Israeli forces bombing and starving Palestinians in Gaza.

"I didn't intend to come here this year. My country is at war fighting for its life," Netanyahu said. "But, after I heard the lies and slanders leveled at my country by many of the speakers standing at this podium, I decided to come here and set the record straight."

Armed with more of his infamous maps of the Middle East, the right-wing leader went on to claim that "Israel seeks peace," while also pledging to wage war on Hamas-governed Gaza until "total victory" and telling "the tyrants of Tehran" that "if you strike us, we will strike you."

Noting that Netanyahu also spoke of "savage enemies who seek to destroy our common civilization," James Zogby, co-founder and president of the Arab American Institute said, "Words spoken by the man who has been charged with genocide and crimes against humanity. This is a disgrace. Abusing the General Assembly platform to lie and incite.

Israel faces a South Africa-led genocide case at the International Court of Justice, and the International Criminal Court prosecutor has sought arrest warrants for Netanyahu, Israeli Defense Minister Yoav Gallant, and three Hamas leaders—one of whom Israel recently assassinated in Iran. Israel also claims to have killed a second Hamas leader, which the group has denied.

Courtesy: Common Dreams

 

Europe’s answer to the Suez Canal

Work is finally underway on France’s Seine-Nord Europe Canal (SNEC), a major new European trading route that promises to boost the bloc’s economic fortunes.

When it is completed in 2030, the massive 107km infrastructure project will significantly increase the capacity for cheaper, faster and less polluting river trade between France, Belgium, and the Netherlands.

As it stands, the smooth flow of commerce between the three nations is being frustrated by the limited capacity of the narrower Canal du Nord.

The antiquated river system struggles to cope with the new generation of super-sized cargo ships powering international trade.

Shipping mishaps and the sheer weight of traffic attempting to navigate a path through the canal create frustrating bottlenecks, costing European businesses valuable time and money.

Despite the urgent need for a new trading route and the canal project securing the green light in 2003, decades of political wrangling and disagreements around funding and the canal’s final route stalled progress, until now.

The SNEC is a €5.1 billion investment by the French government, local authorities, and the EU, in the region’s economic and environmental future.

Analysts suggest the new route could remove as many as a million heavy goods vehicles from France’s roads each year.

The size of the undertaking is staggering, involving as many as sixty bridges, three canal bridges, seven locks, and 700 hectares of environmental plantation.

Nicolas Ledoux, CEO of Arcadis France, which is leading the project said, “The Seine-Nord Europe Canal will not only enable a modal shift from the roadway to the river but will also create added economic, logistical, agricultural, and climatic value for the territories it crosses through.

“We are very proud to help promote river transport, a high-performing, environmentally friendly, and economical mode of transport that responds to the challenge of energy transition.”

The new 54-metre-wide canal will occupy a section of the Seine-Escaut waterway and create Europe’s first river network with the capacity to accommodate large ships.

It will connect the Seine basin to the main waterways of northern France and Europe.

Arcadis France believes the canal’s development will not only boost national economies but also stimulate growth in the local economies of the areas it passes through.

Green jobs will be created as the canal snakes through protected areas and the natural habitats of a range of species, requiring the construction of wildlife corridors and the planting of extensive environmental plantations.

 

PSX daily trading volume declines 17%WoW

Pakistan Stock Exchange (PSX) remained volatile throughout the week, with the benchmark index losing 782 points or 0.95%WoW to close at 81,292 points on Friday, September 27, 2024.

Anticipation of the IMF’s board approval scheduled for September 25, briefly improved investors’ sentiment on Wednesday. However, the positive sentiments were overshadowed by continuation of foreign selling after rebalancing of FTSE Russell, political noise, and concerns regarding the potential termination of contracts with certain IPPs, inducing selling pressure in power sector heavyweights.

Consequently, power generation and distribution sector contributed the significant decline, eroding 800 points from the index during the week.

The FBR is expected to post a shortfall of PKR275 billion in 1QFY25, according to the news flows. In efforts to increase tax revenue, GoP plans to abolish non-filer status and take strict measures against tax frauds.

Average daily trading volumes declined by 17.1%WoW to 389.35 million shares, as compared to 469.45 million shares traded a week ago.

Foreign exchange reserves by State Bank of Pakistan (SBP) increased by US$24 million to US$9.53 billion as of September 20, 2024.

On the currency front, PKR largely remained stable against the greenback throughout the week, closing the week at 277.64 to US$.

Other major news inflow during the week included: 1) IMF distanced itself from Pakistan's decision to arrange a US$600 million commercial loan at 11% interest rate, 2) US Assistant Secretary of State Donald Lu praises 'deeper' ties with Shehbaz government, 3) GoP borrowing surged to record high, 4) Farmers to get 251 green tractors and 5) ADB may approve 3rd-party guarantee in case of Reko Diq.

Transport, Fertilizer, Inv. Banks/ INV. Cos/ Securities Cos., Leather & Tanneries and Pharmaceuticals were amongst the top performers, Power generation & Distribution, Leasing companies, Textile spinning, Engineering and Jute were amongst the worst performers.

Major net selling was recorded by Foreigners with a net sell of US$12.44 million, mostly absorbed by Mutual Funds with a net buy of US$16.21 million.

Top performing scrips of the week were: FFC, GLAXO, AKBL, FFBL, and THALL, while the laggards included: HUBC, PGLC, SML, MARI, and KEL.

Following the approval of the IMF’s executive board and the subsequent receipt of the first tranche of US$1.02 billion, the market sentiments are poised to improve.

Additionally, easing inflation with September 2024 CPI expected at 7.0%YoY, coupled with ongoing monetary easing, is expected to keep equities in focus.

AKD Securities recommends sectors benefiting from monetary easing and structural reforms, particularly high-dividend-yielding stocks, which are expected to rerate as yields align with fixed income returns.

 

Macron calls for a new international order

French President Emmanuel Macron on Sunday urged the need for “a new international order” following the ongoing war in Ukraine.

Speaking at the "Meeting for Peace" organized by the Catholic Sant'Egidio community in Paris, he called on European leaders to prepare for a post-war reality that reevaluates the continent's organizational framework.

"We must be imaginative enough to think about the peace of tomorrow, a peace in Europe in a new form," Macron stated, advocating for an inclusive vision that transcends the current structures of the EU and NATO.

He emphasized the importance of a broader approach to cooperation and peace building, particularly concerning the Balkans and Europe’s geographical realities.

Macron criticized existing institutions like the UN, World Bank, and International Monetary Fund (IMF) for not adequately reflecting the modern world.

"Our order today is incomplete and unjust. Many of the most populated countries did not exist when the seats were distributed," he remarked.

Addressing past criticisms of his approach to Russia, Macron reiterated the necessity of reconciling relations with the nation, albeit within a new organizational framework. He stressed that Europe needs to "rethink" its interactions with Russia in light of the ongoing conflict in Ukraine.

In May 2022, shortly after the war began, Macron faced backlash for stating that Russia should not be "humiliated." His recent hesitance to rule out sending French troops to Ukraine has also drawn Western criticism.

Looking ahead, Macron plans to present his concerns at the UN General Assembly, advocating for global reforms to create “fairer” and more inclusive international institutions. “I will come back to this this week at the UN,” he stated, highlighting the urgency of these reforms.

In addition to addressing European security, Macron commented on the escalating conflicts in the Middle East, particularly in Gaza. He stressed that peace must be rooted in “coexistence” and the recognition of all individuals' rights to live peacefully.

As the situation in Gaza deteriorates, Israel’s offensive has resulted in over 41,400 deaths, primarily among women and children, and more than 95,800 injuries, according to local health authorities.

The conflict has displaced nearly the entire population of the territory, exacerbated by a blockade leading to severe shortages of essential supplies. Israel faces a genocide case at the International Court of Justice for its actions in Gaza.

Pakistan: OGDC performance in FY24

Pakistan’s leading exploration player, Oil & Gas Development Company (OGDC) held its analyst briefing where in the management discussed the recently announced FY24 financial results with equity analysts.

Net sales of the company for the year under review rose to PKR463.7 billion, up 12%YoY, mainly due to higher wellhead prices. The average realized prices for crude oil slipped to US$68.7/bbl, down 4.3%YoY, while realized gas prices rose to PKR712.9/mmbtu, up 17%YoY.

Production activity during the year was reported at 33,100 bpd of crude oil (up 2%YoY), 717mmcfd of gas (down 6.1%YoY) and 717tpd of LPG (down 0.4%YoY), respectively.

Forced curtailments by SNGP and reduced intake by power companies led to fall in oil and gas output during the year.

Production was notably impacted in aging fields including Nashpa, Chanda, Dhok Hussain, and Uch, with output declining by 138,500 barrels of oil and 19,600 mmcf of gas, respectively.

Company operated in 54 Exploration Blocks (22 blocks with full ownership and 32 blocks as operated JVs), covering an area of 99.3k sq. km as at June end 2024.

On the drilling front, company spud 13 wells, with seven being exploratory and six developmental. This resulted in five discoveries during the year: Chak 214-1, Dars West-2, Kharo-01, Togh-2 and Nur West-1 (tight gas well), with combined daily production of 481 bpd of oil and 28mmcfd of gas, respectively.

With regards to 2D/3D seismic activities, company conducted 1,236/1,201 sq. kms of surveys during FY24.

Jhal Magsi development project has received approval for marginal gas pricing by the ECC. Significant construction milestones have been achieved, with commissioning expected during the current month.

Uch (requirement under GSA with UPL) and KPD-TAY (+100mmcfd) compression projects are presently in the detailed engineering phase, with completion expected by March 2026.

Opex were up 32%YoY during the year, with the primary reason being the lease expiry of three major fields. This led to additional payments to the GoP in form of an incremental charge of 15% of wellhead value.

Company's contract expenses were notably higher during the period, driven by various production optimization studies conducted across multiple fields.

Additionally, operations in sensitive areas resulted in increased security expenses as well.

Company also recognized PKR23 billion in impairment charges related to interest receivables from GoP’s TFCs.

Regarding the expected production profile and reserve size of the Abu Dhabi Block, management noted that the block is still in the appraisal stages. Regarding company's share in production, management stated that discussions with ‘ADNOC' are ongoing.

AKD Securities maintains its 'BUY' stance on the stock with a June 2025 target price of PKR180/ share, alongside a DY of 10% for FY25.

  

 

Remembering the day Saddam invaded Iran

On September 22, 1980, months after the victory of the Islamic Revolution in Iran, the army of the Iraqi Ba’athist regime led by Saddam Hussein invaded the Iranian border towns in the southwestern province of Khuzestan and launched a massive aerial bombardment on Iran, igniting an eight-year conflict with Iran.

The Iranians fought back to expel the invaders from their occupied soil. The Saddam regime, which received all-out support from the big powers, imposed the war on Iran that lasted until the summer of 1988.

Since the beginning of the war, Iran demanded that Iraq be officially declared as the initiator of the war. However, neither the Iraqi Ba’athist regime nor any of the major powers were willing to officially declare that the Saddam regime initiated the war against Iran.

The UN Security Council which has the primary responsibility for international peace and security failed to take any action to declare the Saddam regime as the aggressor and initiator of the war.

The Ba’athist regime committed crimes against the Iranian nation, using chemical weapons, firing missiles at civilian targets, bombarding cities and villages during the war, and other vicious acts.

Influenced by big powers, who armed the Saddam regime to the teeth, the Security Council refused to adopt an impartial stance in that regard during the eight years of war.

When Saddam tore up the 1975 Algiers Agreement in front of cameras and then started the war, the Security Council refused to say who started the war and which side violated the principle of non-invasion.

The Iraqi Ba’athist regime used to refer to border skirmishes that preceded the invasion as its pretext for starting the war. The regime claimed that it took action after a long history of border disputes.

The reality was that Saddam couldn't wait to tear up the Algiers agreement amid political instability and fast pace of developments in the post-revolution Iran. He might also have been pushed by hostile Western states that were angered by the victory of the Islamic Revolution.

Instead of the UN Security Council, it was UN Secretary General Javier Perez de Cuellar who declared Iraq as the aggressor and the initiator of the war in his report to the UN body in December 1991.

This action of the UN Secretary General to officially declare Iraq the initiator of war endorsed Iran’s right to self-defense.

The UN report naturally required Iraq to pay compensation to Iran, which was estimated at about one trillion dollars.

This action of the United Nations took place after the continuous political efforts of the Iranian authorities. It is considered a great victory for Iran because it proved Iran's right to self-defense against the aggressor.

This action took place while the propaganda apparatus of the Saddam regime and its backers were trying to manipulate public opinion in the world that Iran was the initiator of the war.

At the start of the war, Saddam was Iraq's undisputed political and military ruler and Iraq's national interests were his personal interests.

There had been border disputes and skirmishes before the start of the invasion which Saddam's regime sought to present as a pretext for attacking Iran. Saddam must have thought that amid instability and nascent revolution, it was the right time to materialize his malicious goal of seizing part of the Iranian territory.

The Iraqi dictator’s likely goal was to annex some parts of the oil-rich Khuzestan, which has a sizeable ethnic Arab population.

Border skirmishes preceded the invasion. Iraqi President Saddam Hussein claimed that Iran's Islamic government was trying to destabilize his country and the whole Middle East. But the then UN chief rejected that argument.

In a letter to the UN Security Council, Secretary-General Javier Perez de Cuellar in December 1991 Iran blamed Iraq for starting the war.

He rejected the Iraqi regime’s argument that border skirmishes pushed Iraq to invade Iran.

"Even if before the outbreak of the conflict there had been some encroachment by Iran on Iraqi territory, such encroachment did not justify Iraq's aggression against Iran -- which was followed by Iraq's continuous occupation of Iranian territory during the conflict," Javier Perez de Cuellar said.

Iran has always criticized the double standards of western states in dealing with the Iraqi war on Iran, especially the Security Council and Western powers were quick to take action against the regime after it invaded Kuwait on August 02, 1990.

Courtesy: Tehran Times