A military drone is launched from an unknown location in Yemen in February. Reuters
A military drone is launched from an unknown location in Yemen in February. Reuters
A military drone is launched from an unknown location in Yemen in February. Reuters
A military drone is launched from an unknown location in Yemen in February. Reuters

Houthi drones in 'warning strike' on tanker in first attack since Yemen truce expired


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Yemen’s Houthi rebels claimed they attacked a cargo ship at an oil terminal in the south of the country as a “warning strike” on Friday.

It was the first military action announced by the Iran-backed Houthis since a truce between Yemen's warring sides expired on October 2.

The Houthis said the attack by explosive-laden drones was meant to prevent pro-government forces from using the port for oil exports.

The Marshall Islands-flagged tanker Nissos Kea was the target. The Greek owners said it was undamaged.

The incident happened in Ash Shihr, near the Yemeni city of Mukalla, about 585 kilometres east of the rebel-held capital of Sanaa in territory held by pro-government forces for years.

The Nissos Kea’s owner, Okeanis Eco Tankers Corp in Athens, said there were “two drone-driven explosions in proximity” as it tried to load at the port.

The attack happened near the Yemeni city of Mukalla, about 585 kilometers east of the rebel-held capital of Sanaa.
The attack happened near the Yemeni city of Mukalla, about 585 kilometers east of the rebel-held capital of Sanaa.

Ash Shihr’s port has a crude oil pipeline that has a capacity of 300,000 barrels a day.

“Neither explosion impacted the vessel. All crew is safe and unharmed,” the company said. “There was no damage to the vessel and no pollution.”

Satellite data analysed by AP showed the Nissos Kea far off Yemen’s coast in the Gulf of Aden in international waters and sailing away towards Oman on Saturday.

The British military’s United Kingdom Maritime Trade Operations, which monitors Middle East sea traffic, acknowledged “an incident” off Ash Shihr on Friday, but only said the ship and its crew were safe. The US Navy’s Middle East-based 5th Fleet did not respond to questions about the attack.

Attack could damage peace talks

The Yemeni government denounced the attack and said “all options are open in dealing with this terrorist action”.

It said the attack could affect any further peace talks.

The government said the strike was the third in recent days by Houthi drones on shipping in their territory after another ship was targeted on Tuesday and Wednesday night in the port of Radoum, in the central part of Yemen’s coast on the Gulf of Aden.

The UAE strongly condemned the attack, calling it a dangerous escalation and blatant defiance to the international community and efforts made to end the Yemeni crisis.

The Ministry of Foreign Affairs and International Co-operation called the attack a flagrant violation of international laws and norms, which required a deterrent response to all that threatens the security, safety, and lives of civilians, Yemeni economic interests, and global energy supplies and pathways.

The ministry urged the international community to unite efforts and take a decisive stance to stop the crimes committed by the Iran-backed Houthis, paving the way for a comprehensive ceasefire in Yemen and a return to a political process that leads to achieving peace, security, and stability in the country.

UN Special Envoy for Yemen Hans Grundberg condemned the attack as “a deeply worrying military escalation”, and called for renewing the truce.

“At this critical juncture, I call on the parties to show utmost restraint and double their efforts to renew and expand the truce and lay the groundwork for a permanent ceasefire, and activating a political process to end the conflict,” Mr Grundberg said.

“I reiterate that all parties must abide by their obligations under international humanitarian law to protect civilians and civilian infrastructure,” he said.

Saudi Arabia has condemned the attack, calling it a blatant violation of the Security Council Resolution number 2216 and international laws and norms.

“This attack is an escalation from the Iran-backed Houthi militia after the expiry of the UN-brokered deal in Yemen,” the Saudi Foreign Ministry said in a statement.

The ministry said the kingdom supports Yemen’s internationally recognised government and UN efforts aimed at extending the truce and reaching a political solution to the crisis.

Egypt said that the Houthis must immediately respond to international and regional efforts to renew the truce in Yemen.

The war in Yemen, between the Houthis and pro-government forces backed by a Saudi-led coalition, has raged since 2015.

The Houthis occupied northern Yemen and the country’s capital in 2014 and forced the internationally recognised government to flee into exile to Saudi Arabia the following year.

Members of Houthi military forces parade in the Red Sea port city of Hodeida in Yemen in September. Reuters
Members of Houthi military forces parade in the Red Sea port city of Hodeida in Yemen in September. Reuters

Since then, more than 150,000 people have been killed in the violence and three million have been displaced. Two-thirds of the population requires food assistance.

The initial two-month truce agreed to on April 2 by the government and the Houthis was extended twice, until October 2.

Since then, the US and UN have blamed the Houthis for a breakdown in efforts to extend the ceasefire yet again.

One of the main obstacles to a truce is the use of Yemen’s resources. The Houthis maintain that oil produced in Yemen should not be allowed to be exported by the cash-strapped government side.

Napoleon
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Ridley%20Scott%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Joaquin%20Phoenix%2C%20Vanessa%20Kirby%2C%20Tahar%20Rahim%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

Nancy 9 (Hassa Beek)

Nancy Ajram

(In2Musica)

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Results

2pm: Handicap (PA) Dh80,000 1,600m; Winner: AF Al Baher, Bernardo Pinheiro (jockey), Ernst Oertel (trainer).

2.30pm: Handicap (TB) Dh100,000 1,600m; Winner: Talento Puma, Xavier Ziani, Salem bin Ghadayer.

3pm: Handicap (TB) Dh90,000 1,950m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.

3.30pm: Jebel Ali Stakes Listed (TB) Dh500,000 1,950m; Winner: Mark Of Approval, Patrick Cosgrave, Mahmood Hussain.

4pm: Conditions (TB) Dh125,000 1,400m; Winner: Dead-heat Raakez, Jim Crowley, Nicholas Bachalard/Attribution, Xavier Ziani, Salem bin Ghadayer.

4.30pm: Jebel Ali Sprint (TB) Dh500,000 1,000m; Winner: AlKaraama, Antonio Fresu, Musabah Al Muhairi.

5pm: Handicap (TB) Dh100,000 1,200m; Winner: Wafy, Richard Mullen, Satish Seemar.

5.30pm: Handicap (TB) Dh90,000 1,400m; Winner: Cachao, Tadhg O’Shea, Satish Seemar.

MOTHER%20OF%20STRANGERS
%3Cp%3EAuthor%3A%20Suad%20Amiry%3Cbr%3EPublisher%3A%20Pantheon%3C%2Fp%3E%0A%3Cp%3EPages%3A%20304%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Results

Stage seven

1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24

2. Adam Yates (GBR) Ineos Grenadiers, at 1s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s

General Classification

1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16

2. Adam Yates (GBR) Ineos Grenadiers, at 22s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s

Meydan race card

6.30pm: Maiden; Dh165,000; (Dirt) 1,200m
7.05pm: Handicap; Dh170,000; (D) 1,200m​​​​​​​
7.40pm: Maiden; Dh165,000; (D) 1,900m​​​​​​​
8.15pm: Handicap; Dh185,000; (D) 2,000m​​​​​​​​​​​​​​
8.50pm: Handicap; Dh185,000; (D) 1,600m​​​​​​​
9.25pm: Handicap; Dh165,000; (D) 2,000m

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

Updated: October 23, 2022, 4:09 AM