Fitch cuts Israel’s credit rating to ‘A’ as Middle East tensions rise

A general view shows Haifa Port. (REUTERS)
A general view shows Haifa Port. (REUTERS)
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Updated 13 August 2024
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Fitch cuts Israel’s credit rating to ‘A’ as Middle East tensions rise

A general view shows Haifa Port. (REUTERS)
  • Israel’s shekel fell as much as 1.7 percent against the dollar on Monday and stocks ended over 1 percent lower in Tel Aviv as investors fret over a possible attack on Israel

NEW YORK: Credit ratings agency Fitch downgraded Israel’s credit rating to “A” from “A-plus” on Monday, citing worsening geopolitical risks as the war in Gaza drags on, and kept the rating outlook negative, meaning a further downgrade is possible.
Israel’s war on Gaza, triggered by the Islamist group Hamas-led cross-border attack on Oct. 7, has cost thousands of lives and unfolded into a humanitarian crisis.
“In our view, the conflict in Gaza could last well into 2025 and there are risks of it broadening to other fronts,” the ratings agency said in a statement. “The downgrade following the war and the geopolitical risks it creates is natural,” Israeli Finance Minister Bezalel Smotrich said on X.
Fears that the conflict in Gaza could turn into a broader Middle East war have escalated after the killing of Hamas leader Ismail Haniyeh in Iran and top Hezbollah military commander Fuad Shukr in Beirut.
Israel’s shekel fell as much as 1.7 percent against the dollar on Monday and stocks ended over 1 percent lower in Tel Aviv as investors fret over a possible attack on Israel.
Heightened tensions between Israel and Iran and its allies could imply significant additional military spending, destruction of infrastructure and damage to economic activity and investment, Fitch said.
The ratings agency expects the Israeli government to permanently increase military spending by close to 1.5 percent of GDP versus pre-war levels as the country strengthens its border defenses.
“Public finances have been hit and we project a budget deficit of 7.8 percent of GDP in 2024 and debt to remain above to 70 percent of GDP in the medium term,” Fitch said. It forecast the country’s debt will remain on an upward trend beyond 2025 if higher military spending and economic uncertainties continue.

 


Israeli forces demolish Palestinian Al-Bustan community center in Jerusalem

Israeli forces demolish Palestinian Al-Bustan community center in Jerusalem
Updated 19 sec ago
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Israeli forces demolish Palestinian Al-Bustan community center in Jerusalem

Israeli forces demolish Palestinian Al-Bustan community center in Jerusalem
  • Al-Bustan Association functioned as a primary community center in which Silwan’s youth and families ran cultural and social activities

LONDON: Israeli forces demolished the office of the Palestinian Al-Bustan Association in occupied East Jerusalem’s neighborhood of Silwan, whose residents are under threat of Israeli eviction orders. 

The Palestinian Authority’s Ministry of Culture condemned on Thursday the demolition of Al-Bustan by Israeli bulldozers and a military police force. 

The ministry said that “(Israeli) occupation’s arrogant practices against cultural and community institutions in Palestine, and specifically in Jerusalem, are targeting the Palestinian identity, in an attempt to obliterate it.” 

Founded in 2004, the Al-Bustan Association functioned as a primary community center in which Silwan’s youth and families ran cultural and social activities alongside hosting meetings for diplomatic delegations and Western journalists who came to learn about controversial Israeli policies in the area. 

Al-Bustan said in a statement that it served 1,500 people in Silwan, most of them children, who enrolled in educational, cultural and artistic workshops. In addition to the Al-Bustan office, Israeli forces also demolished a home in the neighborhood belonging to the Al-Qadi family. 

Located less than a mile from Al-Aqsa Mosque and Jerusalem’s southern ancient wall, Silwan has a population of 65,000 Palestinians, some of them under threat of Israeli eviction orders.  

In past years, Israeli authorities have been carrying out archaeological digging under Palestinian homes in Silwan, resulting in damage to these buildings, in search of the three-millennial “City of David.” 


Israeli strike kills 12 after hitting civil defense center in Lebanon’s Baalbek, governor tells Reuters

Israeli strike kills 12 after hitting civil defense center in Lebanon’s Baalbek, governor tells Reuters
Updated 13 min 49 sec ago
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Israeli strike kills 12 after hitting civil defense center in Lebanon’s Baalbek, governor tells Reuters

Israeli strike kills 12 after hitting civil defense center in Lebanon’s Baalbek, governor tells Reuters
  • Eight others, including five women, were also killed and 27 wounded in another Israeli attack

CAIRO: An Israeli strike killed 12 people after it hit a civil defense center in Lebanon’s city of Baalbek on Thursday, the regional governor told Reuters adding that rescue operations were ongoing.
Eight others, including five women, were also killed and 27 wounded in another Israeli attack on the Lebanese city, health ministry reported on Thursday.
Meanwhile, Lebanese civil defense official Samir Chakia said: “The Civil Defense Center in Baalbek has been targeted, five Civil Defense rescuers were killed.”
Bachir Khodr the regional governor said more than 20 rescuers had been at the facility at the time of the strike.


‘A symbol of resilience’ — workers in Iraq complete reconstruction of famous Mosul minaret

‘A symbol of resilience’ — workers in Iraq complete reconstruction of famous Mosul minaret
Updated 14 November 2024
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‘A symbol of resilience’ — workers in Iraq complete reconstruction of famous Mosul minaret

‘A symbol of resilience’ — workers in Iraq complete reconstruction of famous Mosul minaret
  • Workers complete reconstruction of 12th-century minaret of Al-Nuri Mosque
  • Tower and mosque were blown by Daesh extremists in 2017

High above the narrow streets and low-rise buildings of Mosul’s old city, beaming workers hoist an Iraqi flag into the sky atop one of the nation’s most famous symbols of resilience.

Perched precariously on scaffolding in high-vis jackets and hard hats, the workers celebrate a milestone in Iraq’s recovery from the traumatic destruction and bloodshed that once engulfed the city.

On Wednesday, the workers placed the last brick that marked the completed reconstruction of the 12th-century minaret of Al-Nuri Mosque. The landmark was destroyed by Daesh in June 2017 shortly before Iraqi forces drove the extremist group from the city.

Known as Al-Hadba, or “the hunchback,” the 45-meter-tall minaret, which famously leant to one side, dominated the Mosul skyline for centuries. The tower has been painstakingly rebuilt as part of a UNESCO project, matching the traditional stone and brick masonry and incorporating the famous lean.

“Today UNESCO celebrates a landmark achievement,” the UN cultural agency’s Iraq office said. “The completion of the shaft of the Al-Hadba Minaret marks a new milestone in the revival of the city, with and for the people of Mosul. 

“UNESCO is grateful for the incredible teamwork that made this vision a reality. Together, we’ve created a powerful symbol of resilience, a true testament to international cooperation. Thank you to everyone involved in this journey.”

The restoration of the mosque is part of UNESCO’s Revive the Spirit of Mosul project, which includes the rebuilding of two churches and other historic sites. The UAE donated $50 million to the project and UNESCO said that the overall Al-Nuri Mosque complex restoration will be finished by the end of the year.

UNESCO Director-General Audrey Azoulay celebrated the completion of the minaret by posting “We did it!” on social media site X.

She thanked donors, national and local authorities in Iraq and the experts and professionals, “many of whom are Moslawis,” who worked to rebuild the minaret.

“Can’t wait to return to Mosul to celebrate the full completion of our work,” she said.

The Al-Nuri mosque was built in the second half of the 12th century by the Seljuk ruler Nur Al-Din. 

After Daesh seized control of large parts of Iraq in 2014, the group’s leader, Abu Bakr Al-Baghdadi, declared the establishment of its so-called caliphate from inside the mosque.

Three years later, the extremists detonated explosives to destroy the mosque and minaret as Iraqi forces battled to expel them from the city. Thousands of civilians were killed in the fighting and much of Mosul was left in ruins.


US hands Lebanon draft truce proposal -two political sources

US hands Lebanon draft truce proposal -two political sources
Updated 14 November 2024
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US hands Lebanon draft truce proposal -two political sources

US hands Lebanon draft truce proposal -two political sources
  • The US has sought to broker a ceasefire that would end hostilities between its ally Israel and Hezbollah

BEIRUT: The US ambassador to Lebanon submitted a draft truce proposal to Lebanon’s speaker of parliament Nabih Berri on Thursday to halt fighting between armed group Hezbollah and Israel, two political sources told Reuters, without revealing details.
The US has sought to broker a ceasefire that would end hostilities between its ally Israel and Iran-backed Hezbollah, but efforts have yet to yield a result. Israel launched a stepped-up air and ground campaign in late September after cross-border clashes in parallel with the Gaza war.


UN inquiry member warns Gaza conflict becoming ‘factory for terrorism’

UN inquiry member warns Gaza conflict becoming ‘factory for terrorism’
Updated 14 November 2024
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UN inquiry member warns Gaza conflict becoming ‘factory for terrorism’

UN inquiry member warns Gaza conflict becoming ‘factory for terrorism’
  • Chris Sidoti warned conflict was likely to worsen further
  • Despite diminishing hope, he remained committed to the work of investigation and advocating for accountability

NEW YORK: Former Australian human rights commissioner, Chris Sidoti, expressed deep concerns on Thursday over the escalating conflict in Gaza, describing it as an “Israeli terrorism creation factory.”

Speaking at the UN headquarters in New York, Sidoti said ongoing violence was planting seeds for future hostilities and emphasized the disproportionate impact on children.

“Kids aren’t terrorists,” Sidoti said, repeating the statement to journalists.

“On Oct. 7, 38 Israeli children were killed, one of them under the age of two years. Since then, at least … 13,319 children have been killed in Gaza, of whom 786 were under the age of one. In addition, 165 children have been killed in the West Bank.”

Sidoti, one of three members of the UN’s Independent International Commission of Inquiry on the Occupied Palestinian Territory and Israel, warned that without intervention, the conflict was likely to worsen further.

“When the current Israeli Prime Minister (Benjamin) Netanyahu talks about finishing off Hamas, I wonder about what the 1 million children in Gaza will be doing in 20 years’ time. The conflict in Gaza is an Israeli terrorism creation factory and there is no sign of it finishing,” he told The Guardian Australia.

“People are still being killed, in particular, kids are still being killed in very large numbers, and the likelihood is it will get worse before it gets better.

“There is no end in sight. To help these kids, to help Israel, it’s got to stop. Then, there is a possibility, but until it stops, there is no chance,” he added.

He expressed concern over the long-term trauma faced by children affected by the conflict.

“The kids who are traumatised by the loss of parents, siblings, aunties, uncles, grandparents, cousins, can’t go through what they have had to experience without this having a severe impact on them and their lives forever.”

The commission’s latest report, delivered on Oct. 30, painted a dire picture of the situation on the ground, citing systematic destruction of Gaza’s healthcare system, attacks on medical personnel, and the targeting of children.

“Israeli security forces have deliberately killed, wounded, arrested, detained, mistreated, and tortured medical personnel and targeted medical vehicles, constituting the war crimes of willful killing and mistreatment,” the report stated.

The inquiry also documented abuses of Israeli and Palestinian hostages, with Sidoti adding: “The commission finds that the majority of hostages were subjected to mistreatment, and that some were subjected to physical violence.

“The commission received credible information about some hostages being subjected to sexual and gender-based violence while in captivity, including sexualised torture and abuse against men and women when they were held in tunnels. One released female hostage reported that she had been raped in an apartment,” he said.

“We found there was strong evidence of torture, of significant mistreatment, and a wide variety of human rights abuses that, in both cases, constituted war crimes. The practices were clear and systematic on both sides,” Sidoti added.

Reflecting on the broader conflict, Sidoti said the violence “started long before Oct. 7, 2023, it’s been going on for 85 years ... The parties are not willing to find a way to resolve it.”

Despite diminishing hope, he remained committed to the work of investigation and advocating for accountability.

“We just have to keep at our work — investigating, reporting, encouraging and enabling accountability — and know that at some point in the future, there will be accountability, that those who have committed war crimes and crimes against humanity will be brought to justice,” he said.

“A resolution requires a willingness from parties to sit down and solve this. But one thing this fighting has done over the last 13 months has been to cement the position of extremists on all sides, and even the outside.”