Damages caused by Hezbollah are heavy

The western media publishes news indicating Israeli attacks causing huge losses in Lebanon. Today, allow us to share some of the losses western media and Israel are shy in admitting.

Hezbollah has retaliated to the latest Israeli aggression by bombarding Haifa with missiles and rockets overnight on Saturday and Sunday. It attacked a group of military bases in Haifa and the Carmel region.

These included:

1- Haifa Technical Base (affiliated with the Israeli Air Force, housing a training college for preparing Air Force technicians).

2- Haifa Naval Base (affiliated with the Israeli Navy, housing a fleet of missile boats and submarines).

3- Stella Maris Base (a strategic base for maritime surveillance and control along the northern coastline).

4- Tirat Carmel Base (housing the regiment and battalion of the northern region’s transport and a logistical naval base).

5- For the first time, Nesher Base (a gas station affiliated with the “Israeli” military).

Footage shows widespread devastation in the industrial Israeli hub. The Israeli military reported a number of casualties. 

The Hezbollah attacks also led to a power outage in the city. Verified videos circulating on social media show several areas of Haifa in the dark without electricity. 

Israeli media reported a massive missile strike launched from southern Lebanon towards Haifa and its surroundings making direct impact with air raid sirens blaring non-stop. 

On Sunday, Hezbollah waged more operations “in support of the steadfast Palestinian people in the Gaza Strip, backing their valiant and honorable resistance, and in defense of Lebanon and its people.” 

These included: “Operations targeting Israeli attempts to advance along the Lebanese-Palestinian borders, intercepting enemy drones and warplanes, and striking Israeli military sites, bases, deployments, and settlements in northern and deep occupied Palestine.”

Hezbollah struck the Israeli enemy gatherings with rockets on the outskirts of Khiam as the occupation forces (IOF) failed once again in their attempts to advance. 

Footage purportedly showed smoke rising from vehicles belonging to the Israeli occupation forces igniting on fire during clashes in Wati al-Khiam, east of the town of Khiam in southern Lebanon.

Hezbollah announced an Israeli army gathering was attacked on the southern outskirts of Khiam town with a rocket barrage.  

There Israeli Merkava tanks were spotted, being forced to withdraw from the outskirts of Khiam at high speed. 

The IOF reportedly reached its deepest point in Lebanon since the attempted ground invasion in late September before pulling back after fierce battles with Hezbollah fighters.

Troops temporarily took control of a strategic hill in the southern Lebanese village of Chamaa, five kilometers from the border, the state-run National News Agency said.

The agency noted the IOF was later pushed back from the position.

Hezbollah announced its fighters targeted an Israeli Merkava tank on the eastern outskirts of Chamaa with a guided missile, causing it to burn and resulting in casualties among its crew.

Meanwhile, the resistance targeted the “Krayot area north of the occupied city of Haifa with a rocket barrage” on Sunday. 

Hezbollah also attacked the Ma’aleh Golani Barracks (the headquarters of the Hermon Brigade 810) with a rocket barrage.  

Despite the heavy Israeli bombardment of the Lebanese border region in the south, Hezbollah is launching more long-range missiles. 

 

 

Biden accused of trying to start WWIII

Marjorie Taylor Greene and Donald Trump Jr have accused President Joe Biden of trying to start World War III after he gave Ukraine the green light to use US-supplied long-range supersonic missiles to strike inside Russia for the first time.

The Biden administration’s granting of Kyiv’s request to use the ATACMS missiles outside of its own borders marks a change in stance in the president’s final days in office, before President-elect Donald Trump – who has indicated he will limit US support for Ukraine – returns to the White House in January.

The MAGA representative and Donald Trump’s eldest son lashed out at Biden’s decision in fiery posts on X, Independent reported

“On his way out of office, Joe Biden is dangerously trying to start WWIII by authorizing Ukraine the use of US long-range missiles into Russia,” Greene, who is among the Republicans who want to cut US aid to Ukraine, posted on Sunday.

“The American people gave a mandate on November 05 against these exact America last decisions and do not want to fund or fight foreign wars.

She concluded, “We want to fix our own problems. Enough of this, it must stop.”

Trump Jr – who last week told Ukrainian President Volodymyr Zelensky that his “allowance” is up now that Trump is returning to the White House – accused Biden of attempting to tarnish his father’s legacy by placing the US on the brink of conflict before he takes office.

“The Military Industrial Complex seems to want to make sure they get World War III going before my father has a chance to create peace and save lives,” Trump Jr said.

“Gotta lock in those $Trillions. Life be damned!!! Imbeciles!”

The move marks a major policy shift after Russia’s warning that it would regard Kyiv’s authorization to use US-made missiles “as a major escalation.” Russian President Vladimir Putin previously told Ukraine’s Western allies that such a move would represent NATO’s “direct participation” in the war.

At least two Russian legislators also warned that the US move risks another world war.

“I have a great hope that [Donald] Trump will overcome this decision if this has been made because they are seriously risking the start of World War III which is not in anybody’s interest,” said Maria Butina, a member of Putin’s party who was previously convicted of acting as an unregistered foreign agent of Russia within the US.

In an interview with Russia’s state news agency TASS, Vladimir Dzhabarov, first deputy head of the Russian upper house’s international affairs committee, described Biden’s decision as “unprecedented” while also warning of a possible global conflict. Dzhabarov said such an action would receive a swift response.

Biden’s decision comes with just 64 days left in the White House.

Trump meanwhile has criticized the Biden administration for spending more than $64bn in providing security assistance to Ukraine since Russia’s invasion of the nation in February 2022, according to figures from the US Department of State.

He has pledged to limit American support for Ukraine and end the war as soon as possible, even claiming on the campaign trail that he could do so in just a single day. It is unclear how he plans to do so.

He has pledged to limit American support for Ukraine and end the war as soon as possible, even claiming on the campaign trail that he could do so in just a single day. It is unclear how he plans to do so.

 

British farmers unite against Starmer

Hundreds of British protesters opposing changes to inheritance tax rules for farms gathered outside the Welsh Labour conference as the prime minister defended his government's recent Budget measures, the BBC reported.

Farming unions have said the planned changes will have "disastrous" consequences.

Keir Starmer told the conference in Llandudno, Conwy, he would defend the Budget "all day long" for taking "tough decisions that were necessary to stabilize our economy".

Dozens of tractors and farm vehicles were parked on the prom outside the conference at Venue Cymru.

Signs reading "Enough is enough" and "No Farmers No Food" were held up as conference attendees entered the building.

Conwy County farmer and broadcaster Gareth Wyn Jones said he and others were taking part in the protest to "air their frustrations".

He described the changes to inheritance tax rules as a "massive bombshell" that would affect "thousands" of farming families.

Meanwhile, one of the organizers Gareth Wyn Jones, a Welsh farmer and YouTuber, told Sky News that farmers will deliver Starmer a letter which starts "'don't bite the hand that feeds you".

The UK premier was accused of “running out the backdoor like a rat” to avoid scores of angry farmers outside the conference.

 

Iran imports over US$1.7 billion commodities from China

Iran imported commodities worth US$1.755 billion from China in the seventh Iranian calendar month, according to the spokesman of the International Relations and Trade Development Committee of Iran's House of Industry, Mining and Trade.

Ruhollah Latifi said that China was the second source of import for Iran in the mentioned month.

The official also announced that China imported non-oil goods worth US$1.434 billion from Iran in the seventh month of the present year, adding that China was the second export destination of Iranian products in that month.

As previously announced by the former head of the Islamic Republic of Iran Customs Administration (IRICA), the value of non-oil trade between Iran and China stood at US$18.8 billion in the first seven months of the current Iranian calendar year.

Mohammad Rezvanifar said that Iran exported non-oil commodities valued at US$8.6 billion to China in the seven-month period, adding that China was the top export destination of Iran in that time span.

The official also announced that Iran has imported goods worth US$10.2 billion from China in the first seven months of this year.

China was the second top source of import for Iran in the mentioned time span, he added.

In a meeting with Chinese Ambassador to Tehran Cong Peiwu on October 15, Iranian Finance and Economic Affairs Minister Abdolnaser Hemmati emphasized the importance of implementing the memorandums of understanding (MoUs) signed between Iran and China.

In the meeting, held at the place of the ministry, the Iranian minister followed up on the negotiations that took place during the BRICS Economic Ministers' Meeting in Samarkand, Uzbekistan, stressing the importance of implementing the MoUs between the two countries.

He also considered the two countries’ Joint Economic Committee as a suitable platform for negotiations on economic, trade, and investment cooperation, and welcomed the holding of the 19th Joint Economic Committee in Tehran.

Cong Peiwu, for his part, stated that Beijing aims to expedite the implementation of the MoUs and enhance practical cooperation to deepen relations between the two countries.

Both sides also highlighted the commitment of their statesmen to comprehensive development, expressing hope that consultations between senior officials of Iran and China will continue to expand bilateral relations.

In late September, Hemmati had also met and held talks with Chinese Minister of Finance Lan Fo’an, during which the two sides emphasized the implementation of the two countries’ long-term strategic partnership plan.

Hemmati met with Fo’an on the sidelines of the 9th ministerial meeting of the Asian Infrastructure Investment Bank (AIIB) members in Samarkand, Uzbekistan.

In addition to the issues related to the cooperation of the two countries in AIIB, the two sides discussed the most important issues related to bilateral relations, especially the follow-up of the results of previous agreements.

Holding the two countries’ Joint Economic Committee meeting in the new future was another topic discussed by the two officials.

In this meeting, the ministers of the two countries emphasized that Iran and China have put a more serious and deeper implementation of the comprehensive long-term strategic plan of the two countries on their agenda and will continue this path in the official interactions of the two countries until concrete practical achievements are reached.

Also, in a meeting with Iran’s Trade Promotion Organization (TPO) Head Mohammad-Ali Dehghan Dehnavi on October 28, Chinese Ambassador to Tehran Cong Peiwu emphasized that his country is willing to strengthen trade ties with Iran in all fields.

The ambassador emphasized the importance of enhancing trade cooperation between Iran and China.

He highlighted the necessity of developing trade relations across all economic sectors and expressed China's willingness to strengthen trade exchanges with Iran in every field.

Dehghan Dehnavi, for his part, emphasized that trade cooperation between Iran and China is at its highest level, adding that the Trade Promotion Organization of Iran is keen to enhance and grow constructive trade relations between the two countries.

Additionally, he highlighted that Iran's membership in regional agreements like BRICS and the Shanghai Cooperation Organization will facilitate trade cooperation.

Dehnavi also underscored the importance of developing bilateral ties through international exhibitions, technology transfer, and commercial advancements in the industrial and mining sectors.

It is worth mentioning that Mohammad Aghajanlou, the head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), was also present at the meeting and shared his insights on developing joint cooperation between Iran and China in the mining and mineral industries.

He emphasized the importance of transferring modern technologies from China to Iran, noting that this updated knowledge would enhance productivity in mining and enable the processing of mineral products with higher added value.

Moreover, he pointed out that sharing knowledge and experiences between mining experts and engineers from both countries could help improve skills and standards in the industry.

Iran and China officially signed the document for 25-year comprehensive cooperation in March 2021.

The document was signed between Iran’s former Foreign Minister Mohammad Javad Zarif and Chinese Foreign Minister Wang Yi at the Iranian Foreign Ministry.

Back in December 2022, Iran and China finalized 16 MOUs under the framework of the two countries’ strategic 25-year agreement.

The MOUs were signed in an Iran-China comprehensive cooperation program summit which was held in Tehran on December 13 in the presence of Iran’s former First Vice President Mohammad Mokhber and China’s Vice Premier Hu Chunhua.

The summit was focused on four areas explored by four committees between the two countries with the aim of paving the way for the implementation of the 25-year agreement.

Iran and China also signed 20 memoranda of understanding in the presence of the presidents of the two countries in Beijing in mid-February, 2023.

 

Karoline Leavitt to be youngest ever White House press secretary

US President-elect Donald Trump has announced that Karoline Leavitt, his campaign press secretary, will serve as his White House press secretary, making her the youngest person ever to hold the position. Ronald Ziegler, who was 29 when he became press secretary during Richard Nixon’s administration in 1969.

“Karoline Leavitt did a phenomenal job as the National Press Secretary on my Historic Campaign, and I am pleased to announce she will serve as White House Press Secretary,” Trump said in a statement.

“Karoline is smart, tough, and has proven to be a highly effective communicator. I have the utmost confidence she will excel at the podium and help deliver our message to the American people as we Make America Great Again.”

In response, Leavitt posted on X (formerly Twitter): “Thank you, President Trump, for believing in me. I am humbled and honored. Let’s MAGA.”

As press secretary, Leavitt will become the public face of the administration, a role historically involving daily press briefings.

However, Trump disrupted these norms during his first term, often preferring to communicate directly with the public through rallies, social media posts, and personal briefings.

When asked in August whether regular press briefings would be held in his new administration, Trump stated, “I will give you total access, and you’ll have a lot of press briefings and you’ll have, uh, from me.”

He added, “Probably they’ll do something. If it’s not daily, it’s going to be a lot. You’ll have more than you want.”

Leavitt, a New Hampshire native, is known for her strong defense of Trump and her quick-witted responses in television interviews. Before joining his 2024 campaign, she worked as a spokesperson for MAGA Inc., the super PAC supporting Trump.

In 2022, she ran for Congress in New Hampshire, winning a crowded Republican primary before losing to incumbent Democratic Rep. Chris Pappas.

Leavitt also served in the White House press office during Trump’s first term and later worked as communications director for Republican Rep. Elise Stefanik, whom Trump has nominated as US ambassador to the United Nations.

Trump’s previous press secretaries, including Sean Spicer, Sarah Huckabee Sanders, and Stephanie Grisham, each faced varying levels of public scrutiny, with Grisham notably never holding a briefing. Kayleigh McEnany, who succeeded Grisham, frequently took a combative stance with the media during her appearances.

 

World to face oil surplus in 2025

According to the International Energy Agency (IEA), Global oil supply will exceed demand in 2025 even if OPEC Plus cuts remain in place, as rising production from the United States and other outside producers outpaces sluggish demand.

The prospect of a more than one million barrels per day (bpd) excess supply - equal to over 1% of world output - is a headwind for OPEC Plus, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia - in its plan to start raising output

Oil demand growth has been weaker than expected this year in large part because of China. After driving rises in oil consumption for years, economic challenges and a shift towards electric vehicles are tempering oil growth prospects in the world's second largest consumer.

"China's marked slowdown has been the main drag on demand," the IEA said in its monthly oil market report.

"Rapid deployment of clean energy technologies is also increasingly displacing oil in transport and power generation, adding downward pressure to otherwise weak demand drivers," the report added.

The Paris-based agency left its 2025 oil demand growth forecast little changed at 990,000 bpd. At the same time, it expects non-OPEC Plus nations to boost supply by 1.5 million bpd, driven by the United States, Canada, Guyana and Argentina - more than the rate of demand growth.

Next year's surplus, as forecast by the IEA, could make it harder for OPEC Plus to bring back production. Earlier this month, OPEC plus again postponed a plan to start easing output cuts amid falling prices.

"Our current balances suggest that even if the OPEC Plus cuts remain in place, global supply exceeds demand by more than one million bpd next year," the IEA said.

Oil prices traded slightly weaker after the report was released, with Brent crude trading below US$73 a barrel.

 

 

 

 

 

PSX benchmark index closes at record high

Pakistan Stock Exchange (PSX) maintained its bullish momentum throughout the week ended on November 15, 2024, with the benchmark index closing at a record high 94,763 points, marking a 1.6%WoW increase, achieving its highest-ever closing.

The bullish momentum continues on the back of accelerated pace of monetary easing by State Bank of Pakistan (SBP) and IMF’s visit with a focus on structural reforms.

During the visit, the IMF mission held discussions with local authorities, focusing on the external financing gap and the Federal Board of Revenue (FBR) revenue collections. FBR officials assured the IMF that the revenue target would remain unchanged, attributing the shortfall in revenue collection during the first four months of FY25 to inaccurate economic assumptions, particularly regarding GDP growth, imports, and inflation.

Both the sides discussed short-term as well as long-term measures to address the potential revenue shortfall, including raising taxes on sugary drinks and the import of machinery and raw materials.

In the latest T-Bills auctions, the SBP raised PKR776 billion, with bulk of the participation confined to 3-month tenor. The yield on the 3-month bill decreased by 20bps, while the yield on the 12-month bill increased by 10bps.

Auto sector sales for October 2024 was reported at 15,192 units, up 31%YoY.

Foreign exchange reserves held by SBP increased by US$84 million WoW, ending the week at US$11.2 billion as of November 08, 2024.

Average daily traded volume rose by 19.6%WoW to 878.5 million shares, from 734.6 million shares traded a week ago.

PKR largely remained stable against the greenback throughout the week.

Other major news flow during the week included: 1) Gop awaits IMF stance on mini-budget, 2) Solarization plunging power demand upsets IMF, 3) APM Terminals commits to invest in Pakistan, 4) Finance Minister invites Turkish firms for JVs and 5) Russia expresses interest in working with Pakistan on North-South Trade Corridor (NSTC).

Transport, Woollen, Pharmaceuticals, Vanaspati & Allied industries and Glass & Ceramics were amongst the top performing sectors, while Jute, Mutual Funds, Automobile Assembler, Fertilizer & Engineering were the laggards.

Major net selling was recorded by Companies with a net sell of US$11.0 million, while Mutual Funds absorbed most of the selling with a net buy of US$13.9 million.

Top performing scrips of the week were: Searl, EFUG, BNWN, TRG, and ABOT, while laggards included: FCEPL, THALL, MLCF, MUGHAL, and KOSM.

Continuation of monetary easing and improving macroeconomic environment would make investment in equities more appealing, currently trading at P/E of 4.2x and DY of 10.8%.

Aforementioned factors, along with declining external financing requirement under the IMF program, would keep foreigners’ interest alive. We recommend sectors that benefit from monetary easing and structural reforms.

However, modest economic recovery may limit the upside for cyclicals. Top picks of AKD Securities include, OGDC, PPL, MCB, MEBL, FFC, PSO, LUCK, MLCF, FCCL and INDU.