Connect with us

News

Israel attacks Hizbollah-linked financial institutions in Lebanon

Published

on

Israel attacks Hizbollah-linked financial institutions in Lebanon

Unlock the Editor’s Digest for free

Israel has launched a wave of air strikes across Lebanon after its military said it would target Hizbollah-affiliated financial institutions, widening its offensive against the militant group.

An Israeli intelligence official said the strikes were intended to attack Hizbollah’s economic “system and strongholds”, with a focus on branches of the al-Qard al-Hassan association. Lebanese state media reported on Monday that Israel had struck 11 times in Beirut’s already heavily bombed southern suburbs, where Hizbollah had its headquarters, and in other locations across the country.

The strikes came ahead of an expected visit to Beirut by White House envoy Amos Hochstein on Monday and were heard across the capital overnight. Footage posted on social media showed one of the strikes causing a large fire and at least one building collapsing.

Advertisement

The attacks will confirm Lebanese fears that Israel is expanding its offensive against Hizbollah beyond military infrastructure. The Iranian-backed movement is also Lebanon’s dominant political force and has a large network of economic, social and political interests across the country.

Many ordinary Lebanese, mostly from the Shia community, use the al-Qard al-Hassan (AQAH) financial network, which has branches countrywide.

Israel has issued orders to Lebanese people to evacuate areas in Beirut and other parts of the country close to Hizbollah-affiliated financial institutions.

“We will strike several targets in the coming hours and additional targets throughout the night,” said Israel’s military spokesperson Rear Admiral Daniel Hagari.

The Israeli intelligence official said Israel would be attacking “different branches of al-Qard al-Hassan all over Lebanon”.

Advertisement

But they hinted that Israel could broaden its campaign against Hizbollah’s financial network, saying the group received funding from Iran through Syria and from Lebanese businesses affiliated with the group, as well as donations from individuals.

“The purpose of these strikes is to target the ability of Hizbollah to function both during the war but also afterwards, to rebuild and to rearm the organisation on the day after, and [to target] the grip Hizbollah has on large parts of the Lebanese society,” the official said.

AQAH, officially a non-profit, was hit with sanctions by the US in 2007. Washington said the organisation’s affiliation with Hizbollah allowed the US-designated terror group access to the “international banking system”.

Experts say it is one of Lebanon’s largest financial institutions in terms of its client base and reach. In 2021, then-Hizbollah leader Hassan Nasrallah said about 300,000 people had loans with AQAH, adding that it had provided loans worth $3.7bn to 1.8mn people since being founded in the 1980s.

It offers small, interest-free loans in US dollars, backed by a guarantor or by gold deposits. Many people use these loans to pay for school and university fees, weddings and small businesses. It is also one of Hizbollah’s main tools in its patronage networks and social services, which helps sustain its popularity. The system gained popularity after Lebanon’s economic crisis left many banks insolvent.

Advertisement

Israel stepped up its offensive against Hizbollah last month, initially saying its goal was to push the group back from the Lebanese border to ensure that about 60,000 people displaced from northern Israel by rocket fire would be able to return.

But since Israel assassinated Nasrallah and other top officials in the group last month, it appears to have expanded its goals, launching air strikes across the country and invading the south.

The Israeli military has acknowledged mistakenly killing three Lebanese soldiers on Sunday after firing on a Lebanese army vehicle in the Hanine area of south Lebanon. The Lebanese army confirmed that the soldiers were killed, without offering further details.

The Israeli army said it had misidentified the truck, following an earlier incident in the same area involving what it said was a Hizbollah vehicle, and apologised for the “unwanted circumstances”. Five Lebanese soldiers have now been killed by the Israeli military in the past 10 days.

The conflict with Hizbollah erupted after the Lebanese group fired rockets towards Israel a day after Hamas’s October 7 attack. Fighting was mainly contained to the border region before Israel escalated its offensive last month.

Advertisement

Israel’s offensive in Lebanon has killed more than 2,400 people and forced more than 1.2mn to flee their homes, mostly in the past three weeks. About 80 Israeli civilians and soldiers have been killed by Hizbollah fire in northern Israel and during the ground offensive into southern Lebanon.

Despite the blows to its leadership, Hizbollah has continued to launch drones, rockets and missiles. Last week, it vowed that “a new and escalating phase in its confrontation” would begin.

On Saturday, it fired a drone that hit a structure in the northern seaside town of Caesarea, where Netanyahu has his private residence, causing the prime minister to accuse the group of trying to assassinate him.

His office confirmed the home was targeted but said Netanyahu and his wife were not present and no one was hurt.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

News

Crews race to contain LA wildfires as menacing winds may ramp up: Live updates

Published

on

Crews race to contain LA wildfires as menacing winds may ramp up: Live updates
play

LOS ANGELES − Fire crews on Sunday were racing to gain an upper hand against infernos that have ignited across the Los Angeles area amid ominous new wind warnings as flames threatened additional Southern California communities.

Aircraft unloaded water and fire retardant on hills where the Palisades Fire − the most destructive in the history of Los Angeles − ballooned another 1,000 acres to a total of 23,654, destroying more homes. The expansion of the fire, which was 11% contained, to the north and east spurred officials to issue more mandatory evacuations to the west of the 405 freeway as the blaze put parts of Encino and Brentwood in peril.

Cal Fire official Todd Hopkins said the Palisades Fire had spread into the Mandeville Canyon neighborhood and threatened to jump into the upscale Brentwood community and the San Fernando Valley.

Advertisement

The Palisades Fire is one of six blazes that have erupted since Tuesday, leaving at least 16 people dead. Four of the six fires remained active on Sunday.

Santa Ana winds that have fueled the blazes for the past week were expected to strengthen Sunday morning in Los Angeles and Ventura counties and again late Monday through Tuesday morning. Sustained winds could reach 30 mph, with gusts up to 70 mph possible , forecasters said.

“Critical fire-weather conditions will unfortunately ramp up again … for southern California and last through at least early next week as periodic enhancements of off-shore winds continue,” the National Weather Service said. “This may lead to the spread of ongoing fires as well as the development of new ones.”

Advertisement

Developments:

∎ About12,000 structures have been damaged or destroyed from the wildfires, which have consumed about 38,000 acres of land total, according to CalFire.

∎ Evacuation orders throughout the Los Angeles area now cover 153,000 residents. Another 166,000 residents have been warned that they may have to evacuate, Los Angeles County Sheriff Robert Luna, said.

∎ Gov. Gavin Newsom announced an investigation into water supply issues that may have impeded firefighters’ efforts.

Advertisement

At least 16 people have died between the Eaton and Palisades fires, the Los Angeles County Medical Examiner said Saturday.

The Palisades Fire had at least five deaths, according to medical examiner records, and 11 people have died in the Eaton Fire.

Of the 16 total deaths in both fires, the only victim identified by officials was Victor Shaw, 66, who died Wednesday protecting his home in Altadena. Another victim was man in his 80s, but authorities did not release his name, pending notification of next of kin.

To the northeast, the Eaton Fire stood at 14,117 acres and was 15% contained after ripping through parts of Altadena and Pasadena. More than 7,000 structures were damaged or destroyed,  Fire Chief Anthony Marrone said.

In Altadena, California official Don Fregulia said managing the Eaton Fire and its impact will be a “huge, Herculean task” that he said will take “many weeks of work.”

Advertisement

Progress was reported Saturday in bringing electrical power back to some Los Angeles neighborhoods.

Southern California Edison CEO Steven Powell said there are now about 48,000 customers without power, “down from over half a million just a couple days ago.”

Yes fire officials warned public safety power shutoffs were again likely to prevent new fires being ignited.

“They help save lives,” Marrone said. “Yes, they’re a challenge to deal with, but it’s certainly better than having another fire start.”

Richard and Cathryn Conn evacuated from the Pacific Palisades neighborhood earlier this week, only to find out that much of their neighborhood had been decimated. But they still aren’t sure about their four-bedroom house where they’d lived for over a quarter-century.

Advertisement

“You can visualize every room,’’ Richard Conn, 75, said, “and then you know there’s a 50% chance it doesn’t exist anymore.”

“If you have ever wondered what it was like living in Dresden after the World War II firebombing, you should come to the Palisades,” he said.

They also don’t know what’s going to happen next as dangerous weather conditions have made it difficult to contain the fires, and more brush fires seem to keep popping up all over the county.

“I feel like people are panicking,” said Gary Baseman, 64. Read more.

As California fire officials are still getting to the bottom of what sparked the wildfires raging across Los Angeles, and politicians point fingers at one another, climate change is helping drive an increase in large wildfires in the U.S.

Advertisement

“Climate change is leading to larger and more severe wildfires in the western United States,” the latest National Climate Assessment previously reported. These fires have “significant public health, socioeconomic, and ecological implications for the nation.”

But is climate change the main factor in California? It’s not quite that simple. Reporters from the Arizona Republic, part of the USA TODAY Network, dive into this topic. Read more here

Contributing: Jeanine Santucci, Eduardo Cuevas; Reuters

Continue Reading

News

Video: Community L.A. Fire Brigade Steps In to Help Evacuate Residents

Published

on

Video: Community L.A. Fire Brigade Steps In to Help Evacuate Residents

new video loaded: Community L.A. Fire Brigade Steps In to Help Evacuate Residents

transcript

transcript

Community L.A. Fire Brigade Steps In to Help Evacuate Residents

Deep into the evacuation zone, volunteers are stepping in to evacuate L.A. residents from encroaching wildfires. Armed with radios, hoses and knowledge of the area, this brigade offers help to overextended fire departments as they try to reach people who have yet to flee.

“Top is Yankee.” “Victor’s your side. Yankee is the other side of Topanga, OK?” Community fire brigade volunteers are on the streets of Topanga, California. The Palisades fire was encroaching on this home, and Keegan Gibbs and his team were working to evacuate the owner. “OK, hi. So I gotta do this fast, so.” “I honestly just kind of want you to leave, because it’s getting bad.” “No we’re out of here in five minutes.” The brigade works to back up the fire department when resources are stretched thin. “L.A. County and the other supporting agencies are the best in the world at what they do. Events like this, it’s not enough.” The Palisades fire has now been burning for several days, and has destroyed tens of thousands of acres. “It makes no sense for somebody to try to stay here. It’s so unbelievably dangerous.” “I walked kind of with Keegan a little bit. We were going to stay, probably going to stay for a little while, but we walked the property and it’s just almost like, I just don’t think it’s safe. Can you just open that? I’m want to throw some more stuff in here, and then we’ll be good. Just going to put pictures, important memorabilia.” “There’s a huge denial that people won’t be affected by fire, and we have to be advocates for people to realize and accept that risk.” With firefighters still unable to contain two of the region’s largest fires, more L.A. residents are expected to join the tens of thousands who have already been forced to evacuate. “Our mission is to make sure people are safe, just full stop.”

Advertisement

Recent episodes in Wildfires

Continue Reading

News

Malaysia expects surge of Chinese investment, economy minister says

Published

on

Malaysia expects surge of Chinese investment, economy minister says

Unlock the Editor’s Digest for free

Chinese chipmakers and technology companies are heading to Malaysia in droves, its economy minister Rafizi Ramli said, as Beijing prepares to face more tariffs when Donald Trump returns as US president this month.

The moves by Chinese companies, which are expected to result in billions of dollars of investment in Malaysia in the coming years, would rival the US companies that have dominated the country’s market, he said.

“Chinese [companies] are very keen to go outside and expand beyond their domestic market,” Rafizi told the Financial Times in an interview. “Those companies are now looking at relocating or expanding into Malaysia.”

Advertisement

Trump has threatened to impose 60 per cent tariffs on Chinese imports when he re-enters the White House on January 20, rattling investors and putting companies on alert to restructure their supply chains.

Malaysia has been a big beneficiary over the past decade of such “China-plus-one” strategies, where multinational companies complement their Chinese operations with investments in regional countries to diversify risk and lower costs.

It has also positioned itself as a crucial player in global supply chains for high-tech industries such as artificial intelligence, with long-standing semiconductor manufacturing operations in Penang in the north and a burgeoning hub for data centres in the southern state of Johor.

US companies have dominated these sectors in Malaysia, but Rafizi said he expected a wave of Chinese investment on the back of initiatives his government was putting in place to develop the industries further.

Joe Biden’s administration has restricted sales of advanced chips by US companies to China, posing a potential threat to their investments in Malaysia, where many of the products are manufactured, and opening the door for Chinese competitors.

Advertisement

Rafizi said he made a 10-day trip in June to China, where he met 100 AI, tech and biomedical companies to assess their appetite for investing in Malaysia. He added that these efforts had resulted in two investment delegations from China in the past few months.

“Chinese investments usually come with their own ecosystem,” he said. “We will be seeing more and more, especially if we can secure the first two or three anchor investors from China.”

He added that many companies were also seeking to increase exposure to the fast-growing south-east Asian market as China’s economic momentum slows and trade with the US faces additional barriers.

This week, Malaysia signed an agreement with Singapore to create a vast special economic zone between the two countries. Malaysia hopes the initiative will add $26bn a year to its economy by 2030, bringing in 20,000 skilled jobs and 50 new projects.

Between 2019 and 2023, Malaysia attracted $21bn of investment into its semiconductor industry and $10bn into data centres — the storage facilities that enable fast-growing technologies such as AI, cloud computing and cryptocurrency mining. In the past year alone, US tech companies Amazon, Nvidia, Google and Microsoft committed nearly $16bn, mostly for data centres in Johor.

Advertisement

TikTok owner ByteDance is the largest Chinese group to invest in Johor, with a $2bn commitment last year.

Rafizi said that while historically, Malaysia had been happy to accept any foreign investment, it was becoming more selective as it sought to contribute more value to the products and services it produced.

He added that while increasing US-China tensions would harm global trade, it could prompt Chinese companies to give Malaysia a bigger role in chip design, rather than just manufacturing, which would generate more income as the country climbed the value chain.

“The unintended consequence of some tariff measures targeted at Chinese companies basically helps countries like Malaysia to weed out the more genuine and long-term investments from China compared to the ones that just look to use Malaysia as a manufacturing outpost,” he said.

Advertisement
Continue Reading
Advertisement

Trending