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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.

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Prices to fall as NNPC plans 12 more filling stations to sell N230 fuel.

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Prices to fall as NNPC plans 12 more filling stations to sell N230 fuel.
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NNPC (Nigerian National Petroleum Corporation) is planning to open 12 more filling stations to sell fuel at a lower price of N230 per liter. This move is expected to increase competition in the market and potentially lead to a decrease in fuel prices.

Ekwutosblog gathered that with these  more filling stations selling fuel at a lower price, consumers may benefit from:

1. Increased competition: More filling stations selling fuel at a lower price can encourage other marketers to reduce their prices.
2. Lower fuel prices: As more fuel is available at a lower price, the overall market price may decrease.
3. Improved accessibility: More filling stations can make fuel more accessible to consumers, especially in areas with limited options.

However, it’s essential to consider the following factors:

1. Sustainability: Will NNPC be able to maintain the lower price point, or is this a temporary measure?
2. Market dynamics: How will other marketers respond to NNPC’s move, and will they also reduce their prices?
3. Supply and demand: Will the increased supply of fuel at a lower price lead to increased demand, and how will this affect the market?

Keep an eye on the developments and see how the market responds to NNPC’s plans!

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Bitcoin soars past US$81,000 as Trump’s pro-crypto stance fuels buying spree

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Bitcoin reached a record high on Monday. Photo: Reuters
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The token climbed to an unprecedented US$81,497 early in the Asian day on Monday

Bitcoin rallied past US$81,000 for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.

Trump’s decisive victory in the presidential election has prompted celebratory chest-thumping from the digital-asset industry, which spent over US$100 million backing a range of crypto-friendly candidates.

The largest token climbed as much as 6.1 per cent on Sunday, before extending the gain to an unprecedented US$81,497 early in the Asian day on Monday. Bullish sentiment lifted smaller coins too, including a surge in Dogecoin, a meme-crowd favourite promoted by Trump supporter Elon Musk.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” said Le Shi, Hong Kong managing director at market-making firm Auros.

Trump vowed on the campaign trail to put the US at the centre of the digital-asset industry, including creating a strategic bitcoin stockpile and appointing regulators enamoured with digital assets. Jubilant traders for the moment are paying little heed to questions such as the speed of likely implementation or whether a strategic stockpile is a realistic possibility.

His broader agenda of stoking domestic economic growth, tax cuts and reducing red tape has fuelled a buying spree across stocks, credit and crypto. The S&P 500 stock index last week hit its 50th record this year.

Bitcoin has added about 92 per cent so far in 2024, helped by robust demand for dedicated US exchange-traded funds (ETFs) and interest-rate cuts by the Federal Reserve. The rise in the token, which scaled fresh records after Tuesday’s US vote, exceeds the returns from investments such as stocks and gold.

The ETFs, powered by BlackRock’s $35 billion iShares Bitcoin Trust, posted a record daily net inflow of almost US$1.4 billion on Thursday, according to data compiled by Bloomberg. A day earlier, the iShares ETF’s trading volume jumped to an all-time peak – all signs of how Trump’s victory is reshaping crypto.

Trump’s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities & Exchange Commission Chairman Gary Genslerrepeatedly labelled the sector as rife with fraud and misconduct. The agency turned the screws on crypto following a 2022 market rout and a litany of collapses, notably the bankruptcy of Sam Bankman-Fried’s fraudulent FTX exchange.

Digital-asset companies spent heavily during the election campaign to boost candidates viewed as favourable to their interests. Against that backdrop, Trump did an about-face, becoming a supporter of an industry he once labelled a scam.

“Trump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter.

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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.

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Philippine hotel named world’s largest chicken-shaped building by Guinness World Records

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A 15-room hotel at the Campuestohan Highland Resort in the Philippines was named the largest building in the shape of a chicken by Guinness World Records. Photo courtesy of Guinness World Records
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Philippine hotel named world’s largest chicken-shaped building by Guinness World Records

A hotel in the Philippines has been recognized by Guinness World Records as the largest chicken-shaped building in the world.

The hotel measures 12 meters in width, 28 meters in length, and stands 35 meters tall, approximately the height of a 13-story building, with each floor around 2.6 meters high, according to the Guinness World Records website.

Designed by businessman Ricardo “Cano” Gwapo Tan, the chicken-shaped building is part of Campuestohan Highland Resort, a popular tourist destination in the Philippines.

The hotel features 15 air-conditioned rooms equipped with televisions and large beds, suitable for families or groups. Additionally, it boasts a viewing deck that offers visitors a bird’s-eye view of the surrounding area, as reported by Philstar.

Room rates start at 4,500 pesos (US$77) per night.

When asked about the rooster-inspired design, Tan explained that it reflects the gamefowl industry in Negros Occidental. He added that the “calm and commanding, imposing and strong” figure of the rooster represents the local spirit, according to Guinness World Records.

Construction of the hotel began on June 10, 2023, and completed on Sept. 8 this year despite challenges of frequent storms in the area.

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