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Israel strikes heart of Beirut, killing at least six

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Smoke rises after a strike amid ongoing hostilities between Hezbollah and Israeli forces, in Beirut’s southern suburbs and its surroundings, as seen from Hadath, Lebanon October 3, 2024. REUTERS/Mohamed Azakir © Thomson Reuters
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By Timour Azhari and Ari Rabinovitch

BEIRUT/JERUSALEM (Reuters) -Israel bombed Beirut early on Thursday, killing at least six people, after its forces suffered their deadliest day on the Lebanese front in a year of clashes with Iran-backed Hezbollah.

Israel said it had conducted a precise air strike on the Lebanese capital. Reuters witnesses reported hearing a massive blast, and a security source said it targeted a building in the district of Bachoura near parliament, the closest an Israeli strike has come to the central downtown district of Beirut.

At least six people were killed and seven wounded, Lebanese health officials said. A photo circulating on Lebanese WhatsApp groups, which Reuters could not immediately verify, showed a heavily damaged building with its first floor on fire.

“Another sleepless night in Beirut. Counting the blasts shaking the city. No warning sirens. Not knowing what’s next. Only that uncertainty lies ahead. Anxiety and fear are omnipresent,” U.N. special coordinator in Lebanon, Jeanine Hennis-Plasschaert, said on X on Thursday.Three missiles also hit the southern suburb of Dahiyeh, where Hezbollah leader Hassan Nasrallah was killed last week, and loud blasts were heard, Lebanese security officials said.

Smoke rises after a strike amid ongoing hostilities between Hezbollah and Israeli forces, in Beirut’s southern suburbs and its surroundings, as seen from Hadath, Lebanon October 3, 2024. REUTERS/Mohamed Azakir
© Thomson Reuters

 

The elimination of Nasrallah dealt a major blow to the movement and removed Iran’s most powerful proxy in the Middle East.

A man looks at a damaged building at the site of an Israeli strike on central Beirut’s Bachoura neighbourhood, amid ongoing hostilities between Hezbollah and Israeli forces, in Beirut, Lebanon October 3, 2024. REUTERS/Emilie Madi
© Thomson Reuters

 

Hezbollah and Iran’s other regional allies, Yemen’s Houthis and armed groups in Iraq, have launched attacks in the region in support of Hamas in its war with Israel in Gaza.

The Houthis, who have been carrying out attacks in shipping lanes in and around the Red Sea that have disrupted international trade, said on Thursday they attacked Israel’s commercial capital Tel Aviv with drones.

“The operation achieved its goals successfully by the arrival of the drones without being detected or shot down by the enemy,” the group’s military spokesperson Yahya Saree said.

Israel said it intercepted a suspicious aerial target in the area of central Israel early on Thursday.

The Israel Defense Forces (IDF) urged residents of Lebanese villages who have evacuated their homes not to return until further notice. “IDF raids are continuing,” spokesperson Avichay Adraee said on X on Thursday.

Fire and smoke rise over Beirut’s southern suburbs after a strike, amid ongoing hostilities between Hezbollah and Israeli forces, as seen from Sin El Fil, Lebanon, October 3, 2024. REUTERS/Amr Abdallah Dalsh © Thomson Reuters

 

A day after Iran fired more than 180 missiles into Israel, Israel said on Wednesday eight soldiers were killed in ground combat in south Lebanon as its forces thrust into its northern neighbour.

‘IRAN’S AXIS OF EVIL’

The Israeli military said regular infantry and armoured units joined ground operations in Lebanon on Wednesday as Iran’s missile attack and Israel’s promise of retaliation fanned concern of a wider conflict in the oil-producing Middle East.

Hezbollah said its fighters engaged Israeli forces inside Lebanon. The movement reported ground clashes for the first time since Israeli forces pushed over the border on Monday. Hezbollah said it had destroyed three Israeli Merkava tanks with rockets near the border town of Maroun El Ras.

Israeli Prime Minister Benjamin Netanyahu, in a condolence video, said: “We are at the height of a difficult war against Iran’s Axis of Evil, which wants to destroy us.

“This will not happen because we will stand together and with God’s help, we will win together.”

Iran said on Wednesday its missile volley – its biggest ever assault on Israel – was over, barring further provocation, but Israel and the United States promised to hit back hard.

However, U.S. President Joe Biden said he would not support any Israeli strike on Iran’s nuclear sites in response to its ballistic missile attack and urged Israel to act “proportionally” against its regional arch-foe.

Biden joined a call with other leaders of the Group of Seven major powers to coordinate a response, including new sanctions against Tehran, the White House said.

G7 leaders voiced “strong concern” over the Middle East crisis but said a diplomatic solution was still viable and a region-wide conflict was in no one’s interest, a statement said.

China urged the United Nations Security Council to take “urgent actions” to de-escalate the situation in the Middle East.

Western nations have drafted contingency plans to evacuate citizens from Lebanon after Tuesday’s dramatic escalation, but none have launched a large-scale military evacuation yet, though some are chartering aircraft as Beirut airport stays open.

1.2 MILLION LEBANESE DISPLACED

Israel’s addition of infantry and armoured troops from the 36th Division, including the Golani Brigade, the 188th Armoured Brigade and 6th Infantry Brigade, suggested that the operation might expand beyond limited commando raids.

People inspect damage at the site of an Israeli strike on central Beirut’s Bachoura neighbourhood, amid ongoing hostilities between Hezbollah and Israeli forces, in Beirut, Lebanon October 3, 2024. REUTERS/Emilie Madi
© Thomson Reuters

 

The military has said its incursion is largely aimed at destroying tunnels and other infrastructure on the border and there were no plans for a wider operation targeting Beirut to the north or major cities in the south.

A person stands at the site of an Israeli strike on central Beirut’s Bachoura neighbourhood, amid ongoing hostilities between Hezbollah and Israeli forces, in Beirut, Lebanon October 3, 2024. REUTERS/Emilie Madi
© Thomson Reuters

 

Nevertheless, it issued new evacuation orders for about two dozen towns along the southern border, telling residents to head north of the Awali River, which flows east to west some 60 km (40 miles) north of the Israeli frontier.

More than 1,900 people have been killed and over 9,000 wounded in Lebanon in almost a year of cross-border fighting, with most of the deaths occurring in the past two weeks, according to Lebanese government statistics.

Fire and smoke rise over Beirut’s southern suburbs after a strike, amid ongoing hostilities between Hezbollah and Israeli forces, as seen from Sin El Fil, Lebanon, October 3, 2024. REUTERS/Amr Abdallah Dalsh
© Thomson Reuters

 

Caretaker Prime Minister Najib Mikati said about 1.2 million Lebanese had been displaced by Israeli attacks.

(Reporting by James Mackenzie and Steven Scheer in Jerusalem; Maya Gebeily and Timour Azhari in Beirut; Parisa Hafezi in Istanbul; Phil Stewart, Jeff Mason and Idrees Ali in Washington; Michelle Nichols in New York; Adam Makary, Jaidaa Taha and Enas Alashray in Cairo; and Tala Ramadan, Jana Choukeir and Jack Kim in Seoul and Matthias Williams in Berlin, Elwely Elwelly and Clauda Tanios in Dubai and Angelo Amante and Giuseppe Fonte in Rome and Parisa Hafezi in Dubai; Writing by Cynthia Osterman and Michael Perry and Michael Georgy; Editing by Deepa Babington, William Mallard and Gareth Jones)

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Nigerians aren’t making so much noise about 1000/litre petrol due to improved power supply – Minister Adelabu

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The Minister of Power, Adebayo Adelabu, says that Nigerians have ‘stopped’ complaining about the hike in petrol price because they no longer need it to run their generators due to constant electricity supply.

 

The minister stated this while speaking in Abuja on Tuesday, October 15. Last week, the NNPCL increased the pump price of petrol at its retail outlets from N868 per litre to N968 per litre in Lagos and above N1000 in some other regions. The astronomical rise in the price of petrol led to the sharp increase in the cost of transportation, food items and other essential household commodities in Nigeria.

 

During the conference, Adelabu said;

 

“People don’t need to buy petrol again as much as they used to do for them to have power. That’s why the noise is even at this level. If they had to be going to the filling stations to buy N1000 per litre of petrol to generate electricity, we would have even had louder noise from the public.

So, what we intend to do is to make sure that all the generators are replaced in line with Lagos State Policy of Replacement of 1 Million Generators in One Year. I saw that. We must replace all the generators.”

In the same breathe, the minister lamented Nigeria’s abysmal performance in the area of power generation, stating that the country added only 2000 megawatts of power to the national grid in the last 40 years dating back to 1984.

 

“But we are over 200 million people, we are still celebrating achieving 5000MW milestone. Why this seems to be an achievement is because it took us almost 40 years to generate additional 2000MW from the 2000MW milestone we achieved in 1984. When we came to the office, we met 4000MW.

Now, we have taken it to average of 5000MW, with a peak of 5,527MW on the third of September. But we are not deterred. If the last best time was 50 years ago, I believe the next best time is today, and this must wake us up. So, it’s an issue I don’t like to remember”, he said

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“I generate about 15% of the electricity used in Nigeria” – Davido’s dad, Adedeji Adeleke, reveals as he announces he is building the largest thermal power plant in the country, valued at $2 billion and set to launch in January 2025.

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Adedeji Adeleke, Davido’s father, is indeed a powerhouse in Nigeria’s business scene. As the CEO of Pacific Holdings Limited, he’s been making waves in various industries.

Now David’s father is taking on the energy sector with an impressive project – building the largest thermal power plant in Nigeria, valued at $2 billion and set to launch in January 2025.

Ekwutosblog gathered that his  new venture will reportedly generate about 15% of the electricity used in Nigeria, significantly contributing to the country’s power needs.

Given Adedeji Adeleke’s track record as a successful entrepreneur, it’s no surprise he’s taking on this ambitious project.

Some of Nigeria’s current top thermal power plants include:

•⁠ ⁠_Egbin Power Station_: a 1,320MW thermal power project located in Lagos
•⁠ ⁠_Alaoji Power Station_: a 1,074MW thermal power project located in Abia
•⁠ ⁠_Afam Power Station I-V_: a 987.20MW thermal project located in Rivers
•⁠ ⁠_Ughelli Delta Power Plant_: a 964.68MW thermal project located in Delta
•⁠ ⁠_Olorunsogo II Power Plant_: a 750MW thermal project located in Ogun

Adedeji Adeleke’s new power plant will likely join this list, further solidifying his impact on Nigeria’s energy landscape.

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Nigeria’s foreign reserves rose to $39bn in October – Cardoso

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Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), announced a notable increase in the country’s foreign reserves, which rose by 12.74% to $39.12 billion as of October 11, 2024.

Ekwutosblog reports that Cardoso shared this development during his appearance before the House of Representatives Committee on Banking Regulation on Tuesday, October 15.

Cardoso revealed that Nigeria’s foreign reserves stood at $34.70 billion at the end of June 2024, reflecting significant growth in a few months. This comes after reserves fell to $32.29 billion on April 15, 2024, the lowest level in over six years.

“The reserves have grown significantly, with remittance flows now contributing 9.4% to total external reserves,” Cardoso explained. He attributed the rise in reserves to foreign capital inflows, crude oil-related taxes, and other third-party receipts.

“In the second quarter of 2024, we maintained a current account surplus and observed substantial improvements in our trade balance,” he added.

Cardoso emphasized the resilience of Nigeria’s external reserves, noting they can finance over 12 months of imports for goods and services or 15 months for goods alone—far exceeding the international benchmark of 30 months, ensuring a robust buffer against external economic shocks.

In discussing reforms in the foreign exchange market, the CBN governor pointed to the unification of exchange rate windows under the “willing buyer, willing seller” model. This strategy was designed to enhance foreign exchange liquidity and improve market transparency and stability.

“This reform has improved transparency, reduced market distortions, and streamlined foreign exchange allocation. The bank resumed FX sales at the NAFEX and Bureau De Change (BDC) segments, driven by increased supply from foreign portfolio investors,” Cardoso said.

The narrowing of exchange rate disparities between the NAFEX and BDC segments has also led to a convergence of rates, boosting market confidence and enabling the CBN to clear existing FX backlogs.

Cardoso further stated, “The settlement of all legitimate backlogs of outstanding FX obligations by the bank has significantly improved Nigeria’s credibility and ratings across the global financial market, helping to boost investor confidence and enhance liquidity in the foreign exchange market.”

“With improved investor confidence, foreign investments have increased, as evidenced by a significant rise in capital importation by 65.56% to $6.49 billion between January and July 2024, compared to $3.92 billion in the corresponding period of 2023.”

Cardoso concluded by noting the broader impacts of these actions: “Collectively, these actions have contributed significantly to the stability of the financial system.”

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