Live updates: Follow the latest on Israel-Gaza
Hezbollah confirmed the death of its leader Hassan Nasrallah on Saturday, hours after the Israeli military announced he had been killed in a strike targeted at the central headquarters of the Lebanese militant group in Beirut on Friday.
In a statement, the group vowed to continue its battle against Israel “in support of Gaza and Palestine, and in defence of Lebanon”.
Earlier, the Israeli army said: “Yesterday, September 27, 2024, Hassan Nasrallah, the leader of the Hezbollah terrorist organisation and one of its founders, was eliminated by the IDF.” Its statement, added that the attack also killed Ali Karaki, the Commander of Hezbollah’s Southern Front, and another Hezbollah commander.
Iran's Islamic Revolutionary Guard Corps deputy commander for operations Brig Gen Abbas Nilforooshan was also killed in Friday's strike on Beirut, Iranian media reported.
The Israeli army said its fighter jets conducted a targeted strike on the central headquarters of Hezbollah “which was located underground embedded under a residential building” in Dahieh. Six buildings were almost entirely destroyed in the attack, leaving huge craters behind.
At least six people were killed and 91 wounded in the attack in Beirut's southern suburbs, Lebanon’s Health Ministry said, but the death toll is likely to rise significantly as rescue teams comb through the rubble.
“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,” the Israeli army said in the statement.
The death of Hezbollah's leader marks a significant Israeli blow to the group and to the Iran-backed “Axis of Resistance.” Iran's supreme leader Ali Khamenei said on Saturday that all the resistance forces in the region stand by Hezbollah and support it. He called on all Muslims to support the people of Lebanon in confronting Israel.
“The Zionist criminals must know that they are too small to cause significant harm to the strong structure of the Lebanese Hezbollah,” he said shortly after the Israeli announcement.
The Iranian foreign ministry said Hezbollah would carry on despite the death of its leader. “The glorious path of the leader of the resistance, Hassan Nasrallah, will continue and his sacred goal will be realised in the liberation of Quds [Jerusalem], God willing,” the ministry's spokesman Nasser Kanani said in a post on social media platform X.
Israel launches wave of strikes on Hezbollah targets – in pictures
Thousands of people have fled the area of the attack, congregating in squares, parks and on pavements in downtown Beirut and seaside areas.
Mr Nasrallah became the leader of Hezbollah following the assassination of his mentor Sheikh Abbas Al Musawi by Israel in 1992, 10 years after the Israeli invasion of Lebanon that sparked the group's inception. Hezbollah has since become the strongest political power in Lebanon, arguably better armed than the country's own forces, and a foe of the Israeli military in the south, notably during the month-long 2006 war. Israel tried and failed to assassinate Mr Nasrallah in 2006, destroying his offices and home.
He had become an increasingly elusive figure, despite appearing regularly on television to give briefings. He had not been spotted in public for years.
Hezbollah began low-intensity attacks across the border a day after its Palestinian ally Hamas staged an unprecedented attack on Israel on October 7, killing 1,200 people and kidnapping 251, taking them into Gaza.
Israel has bombarded the Gaza Strip daily in the year since, killing more than 41,500 people and displacing millions multiple times. Hezbollah has said it will not end its assaults over the border – which have been reaching further into Israeli territory – until Israel stops its attacks on Gaza.
It has in the past days shifted the focus of its operation from Gaza to Lebanon, where heavy bombing has killed more than 1,000 people and sparked an exodus of around 118,000. The bombing followed an Israeli operation which blew up thousands of walkie talkies and radios owned by the group, killing 42 and injuring thousands.
According to figures released by the Lebanese Health Ministry on Saturday, between September 16 and 27, Israeli strikes killed 1,030 people, including 56 women and 87 children. More than 6,300 people have been injured.
In a statement, Hamas condemned the Israeli attacks on residential buildings in the southern Beirut suburb and the killing of Mr Nasrallah. “We consider this a cowardly terrorist act, a massacre and a heinous crime that proves once again the bloodiness and brutality of this [Israeli] occupation.”
Yemen's Houthis said Mr Nasrallah's death would strengthen their determination to confront “the Israeli enemy”.
The Israeli army's chief of staff said it had not emptied its “toolbox” with his killing. “This is not the end of our toolbox. The message is simple, anyone who threatens the citizens of Israel – we will know how to reach them,” Herzi Halevi said in a statement.
US President Joe Biden called Israel's killing of Nasrallah "a measure of justice for his many victims", including Americans, Israelis and Lebanese people, "over a four-decade reign of terror".
In his statement, Mr Biden called for the region to "de-escalate" through diplomatic resolutions the US and other allies are pushing.
Strikes continued into Saturday morning on dozens of Hezbollah targets in the area of Bekaa in eastern Lebanon and across the south, its military said, adding it had targeted launchers aimed at Israeli civilians, weapons storage and Hezbollah's infrastructure.
The Israeli military said it carried out another round of strikes on Dahieh on Saturday afternoon.
Strikes hit two storage areas near Beirut airport on Saturday evening, a Lebanese security source told The National. "Strikes, presumably carried out by Israel, hit two storage areas that were reportedly used to store ceramics and steel," said the source. "They are located near the airport," added the source.
Hezbollah had launched a surface-to-surface missile from Lebanese territory into central Israel, which fell in an open area, the Israeli military said, adding it had called up three reserve battalions for operational activities and to strengthen the defence in the central command.
Hezbollah on Saturday claimed a rocket attack on northern Israel, the first after heavy Israeli strikes pounded Beirut's southern suburbs overnight. Its fighters targeted Kibbutz Kabri in northern Israel “with a salvo of Fadi-1 rockets”, the group said in a statement.
Israel has approved battle plans for its campaign on the northern border with Lebanon, its military chief said. Lt Gen Herzi Halevi did not give details about the plans but said in a statement that “challenging days await us”. He added that the military is at “peak readiness” and that Israeli is “determined to continue destroying the Hezbollah terrorist organisation and to keep fighting”.
The escalation has sharply increased fears the conflict could spiral out of control, potentially drawing in Iran, Hezbollah's principal backer, as well as the US.
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THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
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Man of the match: Juan Mata (Man Utd)
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
UAE currency: the story behind the money in your pockets
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)