Fighters from Hezbollah on a training exercise in the Jezzine district of southern Lebanon in May 2023. AP Photo
Fighters from Hezbollah on a training exercise in the Jezzine district of southern Lebanon in May 2023. AP Photo
Fighters from Hezbollah on a training exercise in the Jezzine district of southern Lebanon in May 2023. AP Photo
Fighters from Hezbollah on a training exercise in the Jezzine district of southern Lebanon in May 2023. AP Photo

Hezbollah threatens Israeli ports amid drone attacks and air strikes


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Israeli forces and Iran-backed Hezbollah exchanged drone attacks and air strikes on Sunday, after warnings from the Lebanese militia that they were ready to attack Israeli oil infrastructure.

Hezbollah claimed a drone attack on Beit Hillel, northern Israel, while Israeli air strikes hit Kafr Kila and Taybeh, two villages in southern Lebanon.

The latest violence comes after Israeli strikes deep inside Lebanon and warnings from Israel that a wider war is imminent.

On Saturday, there was an air strike on a vehicle in Beqaa valley in northern Lebanon, with the Israelis claiming to have killed a Hamas commander in the attack.

The Jamaa Islamiya group later announced the death of one of its commanders, Ayman Ghotmeh, saying he was killed "in a treacherous Zionist raid" in Khiara in Lebanon's eastern Bekaa area.

Israel later confirmed it had carried out the strike, saying Ghotmeh was responsible for supplying the Fajr Forces, Jamaa Islamiya's armed wing, and Hamas with weapons in the area.

Hezbollah on Sunday said its fighters launched a strike "with an attack drone" on a military leadership position in the Beit Hillel barracks "in response to the assassination carried out by the Israeli enemy in the town of Khiara".

The Israeli military meanwhile said in a statement that a drone had "crossed from Lebanon and fell in the area of Beit Hillel", adding that "no injuries were reported".

Last week, Israeli Foreign Minister Israel Katz said his country was “very close to the moment of decision to change the rules against Hezbollah and Lebanon. In an all-out war, Hezbollah will be destroyed and Lebanon will be severely hit.”

Damage to houses in Khiam, a town near the Lebanese-Israeli border, that was hit by Israeli air strikes on Friday June 21, seen from the Lebanese town of Marjayoun. AP Photo
Damage to houses in Khiam, a town near the Lebanese-Israeli border, that was hit by Israeli air strikes on Friday June 21, seen from the Lebanese town of Marjayoun. AP Photo

Mr Katz was repeating a long-standing Israeli policy, which threatens that civilian infrastructure across Lebanon will be hit in the event of war.

Hezbollah leader Hassan Nasrallah returned the threat on Friday, warning Israel that “everything you see we can see and everything we can strike – we are not sparing in this battlefront.”

The group released a video on Saturday night titled, To Whom It May Concern, which featured satellite imagery of critical infrastructure in Israel including energy storage at the ports of Haifa and Ashdod.

Israel and Hezbollah have exchanged fire since October 8, when the Lebanese armed group opened what it calls a pressure front against Israel, in support of Hamas following the Gaza war which erupted the previous day.

But analysts said that the daily air strikes in Lebanon and rocket and drone attacks by the armed group are small compared to what a full-scale conflict would look like.

About 350 Hezbollah fighters and more than 90 Lebanese civilians have been killed in the conflict so far, while in Israel, 15 soldiers and 10 civilians have been killed.

In the last full scale war in Lebanon, in 2006, about 1,200 Lebanese were killed, including around 250 fighters. Forty-four Israeli civilians and 121 Israeli soldiers also lost their lives.

Warning of catastrophe

Amid fears of a wider war, UN Secretary-General Antonio Guterres said on Friday that, “one rash move – one miscalculation – could trigger a catastrophe that goes far beyond the border, and frankly, beyond imagination.”

“Let’s be clear: The people of the region and the people of the world cannot afford Lebanon to become another Gaza.”

The UN special coordinator for Lebanon, Jeanine Hennis-Plasschaert, and the commander of the UN peacekeeping force deployed along Lebanon’s southern border, Lt. Gen. Aroldo Lázaro, also said in a joint statement that “the danger of miscalculation leading to a sudden and wider conflict is very real.”

Israel said any escalation would be the fault of Hezbollah.

Daniel Hagari, Israel’s military spokesman, said in a televised statement this past week that since Hezbollah started its attacks on Israel on October 8, it has fired more than 5,000 rockets, anti-tank missiles and drones toward Israel.

The group is thought to have anywhere between 100,000 and 150,000 rockets and missiles, some of which can strike deep within Israel.

“Hezbollah’s increasing aggression is bringing us to the brink of what could be a wider escalation, one that could have devastating consequences for Lebanon and the entire region,” Mr Hagari said. “Israel will continue fighting against Iran’s axis of evil on all fronts.”

Hezbollah officials have said they don’t want an all-out war with Israel but if it happens they are ready.

“We have taken a decision that any expansion, no matter how limited it is, will be faced with an expansion that deters such a move and inflicts heavy Israeli losses,” Hezbollah’s deputy leader, Naim Kassem, said in a speech this past week.

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Griselda
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Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

SPECS
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PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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While you're here
Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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COMPANY%20PROFILE
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Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

Updated: June 23, 2024, 11:53 AM