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Iran gambles with Israel attack after humiliating blows to allies

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A banner proclaiming “The beginning of the end of Zionism" was hung from a building in Tehran shortly after the attack © Wana/Reuters
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The commander-in-chief of Iran’s Islamic Revolution Guard Corps (IRGC), Maj-Gen Hossein Salami, stood in front of a large banner in a war room as he used a telephone to order the launch of about 200 ballistic missiles at Israel on Tuesday night, according to a video clip published by Iranian media.

The banner featured photos of the three men whose deaths he said Iran was seeking to avenge with the major attack – Hamas political leader Ismail Haniyeh, who was killed in Tehran in July in an attack that Iran blamed on Israel, and Hezbollah leader Hassan Nasrallah and IRGC Quds Force operations commander Brig-Gen Abbas Nilforoushan, who were killed in an Israeli air strike in Beirut last week.

The IRGC claimed the barrage included Fattah hypersonic missiles that took 12 minutes to reach Israel and that they successfully hit targets including three Israeli airbases and the headquarters of the Mossad spy agency.

However, the Israel Defense Forces (IDF) said most of the missiles were “intercepted by Israel and a defensive coalition led by the United States”, and that there were a “small number of hits” in central and southern Israel.

Shortly after the attack, a massive banner was raised in Tehran’s Palestine Square, featuring missiles flying towards buildings shaped like a Star of David and the words “The beginning of the end of Zionism”.

Iran had appeared to show restraint after Haniyeh’s assassination – but this inaction became a source of humiliation when Israel dealt a series of devastating blows to Iran’s closest and most longstanding regional ally Hezbollah, culminating in the air strike on Friday that killed Nasrallah and Nilforoushan.

Iranian weapons, training and funding have been pivotal to Hezbollah’s transformation into Lebanon’s most powerful armed force and political actor since the IRGC helped establish the group in the 1980s.

Before this month, Iranian leaders had hoped that a war of attrition with Hezbollah would help wear down the Israeli military, which is still fighting a war against Hamas in Gaza.

They also relied on Hezbollah and its massive arsenal of rockets and missiles to serve as a major deterrent against direct Israeli attacks on their country’s nuclear and missile facilities.

President Masoud Pezeshkian, who was elected in July, accused Israel of trying to provoke Iran into a regional war that would also draw in the US.

“We also want security and peace. It was Israel that assassinated Haniyeh in Tehran,” he was quoted by Iranian media as saying during a visit to Qatar on Wednesday.

“Europeans and the US said that if we do not act, there will be a peace in Gaza in one week. We waited for them to have peace but they increased their killing.”

Many hardline conservatives in Iran had been growing uneasy about the country’s lack of action against Israel.

Several commentators on state TV – which is controlled by the Supreme Leader, Ayatollah Ali Khamenei, and the IRGC – argued that the decision to hold back from seeking revenge for Haniyeh’s killing had emboldened Israeli Prime Minister Benjamin Netanyahu to attack Iran’s interests and allies in Lebanon.

After Tuesday’s missile attack, the chief of staff of the Iranian Armed Forces Maj Gen Mohammad Baqeri stated that the time for “patience and restraint” was over.

“We targeted military and intelligence sites in Israel and deliberately refrained from hitting economic and industrial locations,” he said. “However, if Israel retaliates, our response will be more forceful.”

The missile attack reflects a growing concern among Iranian leaders that remaining silent after Israel’s attacks would portray them as weak and vulnerable – both domestically and in the eyes of their regional allies in the so-called “Axis of Resistance” which includes Hezbollah and Hamas.

Maj-Gen Hossein Salami (2nd right) was filmed ordering Iran’s missile attack on Israel from a war room
© IRIB

 

Iran and Israel have pursued a shadow war for decades, adhering to a policy of “no war, no peace”. However, it now appears that this status quo is ending.

Israel has vowed to respond severely, with Netanyahu warning that “Iran made a big mistake and it will pay for it”.

There are also indications of a shift in tone and strategy from the US.

In April, President Joe Biden urged restraint after Israeli and US-led forces shot down most of the 300 drones and missiles that Iran launched at Israel in retaliation for an air strike on the Iranian consulate in Syria that killed several top IRGC commanders. Israel heeded the US call and responded by launching a missile that hit an Iranian air defence battery in central Iran.

But this time, Biden’s National Security Adviser Jake Sullivan warned there would be “severe consequences” for the Iranian attack and that the US will “work with Israel to make that the case”.

Israeli media cited Israeli officials as saying on Wednesday that Israel was preparing for retaliatory strikes on Iran “within days”, and that they would target “strategic sites”, including the country’s vital oil facilities.

The officials also warned that Iran’s nuclear facilities would be hit if it made good on its threat to strike back at Israel.

Senior Iranian officials have asserted that they consider their retaliation for the killing of Haniyeh, Nasrallah and Nilforoushan to be over unless they are provoked further.

Foreign Minister Abbas Araghchi also said he had conveyed a message to the US through the Swiss embassy in Tehran warning it “not to intervene”.

He cautioned: “Any third country that assists Israel or allows its airspace to be used against Iran will be considered a legitimate target.”

The US has approximately 40,000 troops stationed in the Middle East, with many deployed in Iraq and Syria. These troops could be threatened by Iran-backed Shia militias in both countries.

Iran must now brace itself for the Israeli response and hope its gamble pays off.

Business

“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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Business

How to Construct a Poultry House

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Commercial chicken farming demands expertise, understanding, and unwavering commitment for success. Getting your poultry housing right is crucial for laying a solid foundation for your venture. Here’s a handy checklist to guide you through poultry house construction:

Provide Comfort: Ensure your poultry house offers a comfortable environment shielding birds from weather extremities like rain, wind, and direct sunlight.

Spaciousness: Allocate adequate space based on stocking density:

Layers: 1m² for 6 birds
Broilers: 1m² for 11 birds

Ventilation: Opt for an open-sided house with east-west orientation to allow natural airflow. Avoid direct sunlight exposure.

Structure: Construct a rectangular-shaped house with a wall not exceeding three feet in height on the longer side. Opt for materials like stones, iron sheets, or bricks for durability.

Mesh Matters: Use a small gauge chicken wire mesh to prevent entry of wild birds, dogs, and rodents. Consider a plastic-coated mesh for longevity.

Roofing: Choose a reflective surface for the roof and ensure proper pitch for ventilation. Maintain adequate gap between birds and roof to prevent heat stress.

Flooring: floors should be ideal for easy cleaning and disinfection.

Hygiene Measures: Install a foot-bath at the entrance and clear vegetation around the pen to deter rodents. Keep the feed store separate to minimize rodent attraction.

Isolation: Construct the house in isolated areas to minimize contamination risks.

Ventilation Management: Optimal ventilation is crucial for heat and moisture regulation, oxygen supply, and air quality improvement. Open curtains for airflow during warm weather and close them for warmth during cold spells.

Safety: Fence the area and keep doors locked to prevent entry of stray animals and visitors.

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