Lebanon state media says Israeli strikes hit central Beirut

Lebanon state media says Israeli strikes hit central Beirut
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Updated 10 October 2024
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Lebanon state media says Israeli strikes hit central Beirut

Lebanon state media says Israeli strikes hit central Beirut

Beirut - LBN
Beirut, Lebanon, Oct 10, 2024 (AFP) -State media said two Israeli strikes hit the central area of Lebanon's capital on Thursday, the third such attacks on Beirut since Israel escalated its air campaign last month.
Israel has repeatedly pounded southern Beirut suburbs, the bastion of Lebanon's Hezbollah movement, for more than two weeks but strikes have rarely hit in the city's centre.
"The Israeli enemy launched a strike in Beirut, targeting a building near the Khatam al-Anbiya complex in Nweiri, with another strike targeting the Ras al-Nabaa area near the al-Amiliyah building," the National News Agency said.
It earlier said ambulances had rushed to the targeted sites.
An AFP journalist in Beirut heard three loud explosions.
AFP live footage showed two plumes of smoke billowing in between densely-packed buildings where lights were still on in the windows.
Earlier this month, Israel carried out a deadly air raid in Beirut, hitting an emergency services rescue facility run by Hezbollah, killing seven workers, the service said.
On September 30, an Israeli drone strike on a building in Beirut's busy Cola district killed three members of the Popular Front for the Liberation of Palestine (PFLP), the leftist armed group said.
Lebanon's Iran-backed Hezbollah movement and its foe Israel have been exchanging near-daily cross-border fire for nearly a year in fallout from the Gaza war.
But since September 23, Israel has escalated its air strikes on targets in Lebanon, killing more than 1,200 people and forced more than one million to flee their homes, according to official figures.
sbh-aya/it


Smog drops from hazardous to unhealthy in Pakistan’s Lahore

Smog drops from hazardous to unhealthy in Pakistan’s Lahore
Updated 9 min 57 sec ago
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Smog drops from hazardous to unhealthy in Pakistan’s Lahore

Smog drops from hazardous to unhealthy in Pakistan’s Lahore
  • The city’s AQI index reached a daily average of 243, still considered ‘very unhealthy’
  • Current pollution level is 10 times higher than what is deemed acceptable by WHO

ISLAMABAD: The air quality in Pakistan’s smog-choked city of Lahore on Sunday fell below the threshold considered “hazardous” for humans for the first time in two weeks.
The AQI index reached a daily average of 243, still “very unhealthy” but below the highest level of 300 considered “hazardous.”
The level of PM2.5 particles was also more than 10 times higher than the level deemed acceptable by the World Health Organization.
The city of 14 million people close to the border with India peaked at a record AQI of 1,110 on November 14.
Punjab, home to more than half of Pakistan’s 240 million people, closed schools in its major cities on November 6, and on Friday extended the closure to November 24.
It has also banned all outdoor sports in schools until January, and cracked down on polluting tuk-tuks, barbecues and construction sites in pollution hot spots across Lahore.
Seasonal crop burn-off by farmers on the outskirts of the city also contributes to toxic air the WHO says can cause strokes, heart disease, lung cancer and respiratory diseases.


Casa Riyadh win Silver Cup polo championship  

Casa Riyadh win Silver Cup polo championship  
Updated 18 min 22 sec ago
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Casa Riyadh win Silver Cup polo championship  

Casa Riyadh win Silver Cup polo championship  
  • Polo teams show ‘good technical performance and strong competition’ in first championship of the season

RIYADH: Casa Riyadh won the Silver Cup polo tournament after beating the Tuwaiq Team 5-4 in the final match at the Nova Equestrian Resort field, west of the capital Riyadh.  

On Saturday, Casa Riyadh’s captain, Prince Salman bin Sultan bin Salman, accepted the championship trophy from Amr Zidane, the president of the Saudi Polo Federation. Ibrahim Al-Harbi, Salman bin Haif and Mohammed Nafeed won golden medals alongside Prince Salman. 

Zidane said that the third edition of the Silver Cup was the first championship of the polo season in Saudi Arabia and that teams delivered a “good technical performance and strong competition” in the latest tournament. 

The Tamam team of Hashem Al-Alawi, Abdulmohsen Al-Hokair, Faisal Abunyan, and the Argentine Marcelo Antonio came second, while Tuwaiq players Khaled bin Muammar, Mudhar Al-Zoubi, Asif Shah and Britain’s George Amor secured third place. 

The Silver Cup is played using a points system. In the event of a tie, the team with the most goals wins.  

Zidane said that there are six local competitions in the current polo season that “will enhance the technical performance and readiness” for the Saudi national polo team’s international competition.


Pakistan’s finance chief says PM Sharif will soon unveil ‘home-grown’ economic agenda

Pakistan’s finance chief says PM Sharif will soon unveil ‘home-grown’ economic agenda
Updated 41 min 54 sec ago
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Pakistan’s finance chief says PM Sharif will soon unveil ‘home-grown’ economic agenda

Pakistan’s finance chief says PM Sharif will soon unveil ‘home-grown’ economic agenda
  • Muhammad Aurangzeb calls the recent IMF visit part of ongoing talks, enhancing mutual trust
  • The visit came weeks after the $7 billion loan approval, making observers think it was unusual

ISLAMABAD: Prime Minister Shehbaz Sharif will soon unveil a “home-grown agenda” for economic development, Finance Minister Muhammad Aurangzeb said on Sunday, as he informed that his interaction with a visiting International Monetary Fund (IMF) delegation last week went well, providing both sides an opportunity to enhance mutual trust.
The IMF delegation, led by Pakistan mission chief Nathan Porter, completed a five-day trip to the country during which it held wide-ranging conversations with the government.
The international lending organization approved a $7 billion loan for Pakistan in September, though it explicitly stated that the delegation’s visit was not part of the first review of the loan program, which is scheduled for the first quarter of 2025.
The IMF visit, which came just weeks after the loan’s approval, surprised observers who considered it unusual, though the finance minister described it as part of an ongoing dialogue between the two sides, noting that it resulted in a positive IMF statement.
Aurangzeb also said the government would specify its overall economic game plan in the next few days.
“The prime minister will soon share a home-grown agenda about how we are going to take forward our overall economic roadmap,” he said, without disclosing its details. “It has been very well syndicated with all the stakeholders.”
The minister emphasized that dealings between Pakistan and the IMF were completely transparent, with all agreed details available in the public domain. He noted the recent discussions with the IMF covered taxation and energy reforms, along with the privatization plan for state-owned enterprises and public finances.
“I welcomed this visit because this is an ongoing dialogue to ensure mutual credibility and trust,” he added. “We have shared our roadmap with them and explained how we are taking things forward.”
The finance minister said the two sides would continue to hold virtual talks, though he noted that he appreciated every opportunity to meet IMF officials face-to-face.
He also mentioned that discussions with the international lender included climate resilience and decarbonization, emphasizing that these issues had to be addressed alongside broader economic challenges rather than sequentially.
Pakistan has faced a prolonged economic crisis marked by rapid currency devaluation and dwindling foreign exchange reserves, which forced it to seek external financial assistance from friendly nations and global financial institutions.
The country has seen an improvement in its macroeconomic indicators in recent months, though it has yet to fully recover from its financial difficulties.
Reflecting on his visit to Washington for the World Bank and IMF meetings earlier this year, Aurangzeb described the discussions as productive.
“They gave us a platform to share with the comity of nations about how we turned the economy around in 14 months,” he said. “We also got an important message, which is that there is no room for complacency and we must stay the course [of stringent economic reforms].”
 


Closing Bell: Saudi main index rises to close at 11,811

Closing Bell: Saudi main index rises to close at 11,811
Updated 43 min 1 sec ago
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Closing Bell: Saudi main index rises to close at 11,811

Closing Bell: Saudi main index rises to close at 11,811
  • Parallel market Nomu gained 9.64 points, or 0.03%, to close at 29,477.35
  • MSCI Tadawul Index also gained 4.49 points, or 0.30%, to close at 1,485.85

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 20.80 points, or 0.18 percent, to close at 11,811.98. 

The total trading turnover of the benchmark index was SR4.22 billion ($1.12 billion), as 115 of the stocks advanced and 116 retreated. 

The Kingdom’s parallel market Nomu gained 9.64 points, or 0.03 percent, to close at 29,477.35, with 41 listed stocks advancing and 41 declining. 

The MSCI Tadawul Index also gained 4.49 points, or 0.30 percent, to close at 1,485.85. 

The best-performing stock of the day was The Mediterranean and Gulf Insurance and Reinsurance Co., whose share price rose 9.96 percent to SR20.98. 

Other top performers included Saudi Reinsurance Co. and Thimar Development Holding Co., with their share prices increasing by 6.89 percent to SR38.80, and 6.04 percent to SR43.90, respectively. 

The share prices of Saudi Cable Co. and The Co. for Cooperative Insurance also surged by 5.39 percent and 5.08 percent to SR97.70 and SR132.40, respectively. 

The worst performer was Arriyadh Development Co., whose share price dropped by 5.27 percent to SR26.05. 

Other notable decliners included Alistithmar AREIC Diversified REIT Fund and Red Sea International Co., whose share prices fell by 3.68 percent to SR9.43, and 3.34 percent to SR66.50, respectively. 

Zamil Industrial Investment Co. and The National Co. for Glass Industries also saw declines, with their share prices falling by 3.33 percent to SR26.15, and 3.14 percent to SR49.40, respectively. 

On the announcements front, Amwaj International Co. disclosed its board of directors’ recommendation to distribute SR6 million in cash dividends to shareholders for the fiscal year ending Dec. 31. 

According to a statement on Tadawul, the dividends will cover 6 million eligible shares, with a payout of SR1 per share, representing 10 percent of the share’s par value. 

Amwaj International Co. concluded the trading session at SR42, marking an impressive 18.57 percent increase. 

Arab Sea Information Systems Co. announced updates regarding its project with the Al-Madinah Region Development Authority for managed IT services. 

The company was notified of the decision to cancel the competition due to procedural violations identified following a grievance by a competitor, according to a filing on Tadawul.

The grievance was filed before the award decision or in opposition to it and the company clarified that no costs are associated with the development. 

Arab Sea Information Systems Co. closed the session at SR7.13, down 0.84 percent. 


Safa Investment launches SR1.1bn real estate fund

Safa Investment launches SR1.1bn real estate fund
Updated 48 min 22 sec ago
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Safa Investment launches SR1.1bn real estate fund

Safa Investment launches SR1.1bn real estate fund

Safa Investment Company announced the launch of the “Flow MENA 1st Residential Fund,” an income-generating fund with a total value of SR1.1 billion ($292 million), during its participation in Cityscape Global 2024 in Riyadh. This initiative, launched in partnership with Flow MENA and SICO Capital, marks a strategic step by Safa Investment to boost value in the residential sector and offer unique investment opportunities.

The fund has successfully acquired five newly developed residential complexes, designed to the highest global standards, to furnish, operate, and lease them. The fund aspires to provide a high-quality residential experience in rental communities, focusing on maximizing returns and enhancing income throughout its operational duration.

In its statement, Safa Investment said that the fund is based on an innovative global model, aimed at delivering a unique residential experience and increasing the appeal of residential investment opportunities in the Kingdom.