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Israeli planes bomb southern Lebanon after radio blasts

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By Walid Saleh and James Mackenzie

BEIRUT/JERUSALEM (Reuters) -Israel bombed southern Lebanon on Thursday and said it had thwarted an Iranian-led assassination plot, a day after explosions of Hezbollah radios that came on the heels of blasts in booby trapped pagers, setting the foes hurtling towards war.

The sophisticated attacks on armed group Hezbollah’s communications equipment, which killed 37 people and wounded around 3,000 over two days, sowed disarray in Lebanon, with panicked residents abandoning their mobile phones.

“This isn’t a small matter, it’s war. Who can even secure their phone now? When I heard about what happened yesterday, I left my phone on my motorcycle and walked away,” said Mustafa Sibal on a street near central Beirut.

A distant roar in the skies could be heard in Beirut from what Lebanese state media said was Israeli jets breaking the sound barrier – a sound that has grown increasingly common in recent months.

Israel said its warplanes struck villages in southern Lebanon overnight, and a security source and Hezbollah’s al-Manar TV reported airstrikes near the border resumed on Thursday just after midday.

Hand-held radios used by Hezbollah detonated on Wednesday across Lebanon’s south. The Lebanese health minister raised the death toll, saying 25 people had been killed and 608 injured in the country’s deadliest day since cross-border fighting erupted between the militants and Israel in parallel with the Gaza war last year.

The previous day, hundreds of pagers – used by Hezbollah to evade mobile phone surveillance – exploded at once, killing 12 people including two children, and injuring more than 2,300.

In a post on X, Lebanese Prime Minister Najib Mikati called on the United Nations Security Council to take a firm stand to stop Israel’s “aggression” and “technological war” against his country.

Israel has not commented directly on the booby-trapped walkie-talkies and pagers, but multiple security sources have said the attacks were carried out by its spy agency Mossad.

Israel says its conflict with Hezbollah, like its war in Gaza against Palestinian militant group Hamas, is part of a wider regional confrontation with Iran, which sponsors both groups as well as armed movements in Syria, Yemen and Iraq.

On Thursday Israeli security forces announced that an Israeli businessman had been arrested last month after attending at least two meetings in Iran, where he discussed assassinating Prime Minister Benjamin Netanyahu, the defence minister or the head of the Shin Bet spy agency.

Last week, Shin Bet uncovered what it said was a plot by Hezbollah to assassinate former Defence Minister Moshe Ya’alon.

Israel has been accused of assassinations including a blast in Tehran that killed the leader of Hamas and another in a Beirut suburb that killed a senior Hezbollah commander within hours of each other in July.

Despite the events of the past few days, a spokesperson for the U.N. peacekeeping mission in southern Lebanon said the situation along the frontier had “not changed much in terms of exchanges of fire between the parties”.

“There was an intensification last week. This week it is more or less the same. There are still exchanges of fire. It is still worrying, still concerning, and the rhetoric is high,” the spokesperson, Andrea Tenenti, told Reuters.

Israel and Hezbollah have been exchanging fire across the Israeli-Lebanon border in parallel with the war Israel has waged in Gaza against Hamas, the Palestinian militant group whose fighters attacked Israel on Oct. 7.

Tens of thousands of people have had to flee the Israel-Lebanon border area on both sides. Netanyahu vowed on Wednesday to return the evacuated Israelis “securely to their homes”.

SHIFTING FOCUS

The Israeli military said its overnight air strikes hit Hezbollah targets in Chihine, Tayibe, Blida, Meiss El Jabal, Aitaroun and Kfarkela in southern Lebanon, as well as a Hezbollah weapons storage facility in the area of Khiam.

Israeli media reported that a number of Israeli civilians had been wounded by anti-tank missile fire from Lebanon, but there was no official confirmation.

On Wednesday, Israeli Defence Minister Yoav Gallant said the war was moving into a new phase, with more resources and military units now being shifted to the northern border.

According to Israeli officials, the forces being deployed there include the 98th Division, an elite formation including commando and paratroop elements that has been fighting in Gaza.

Hezbollah launched missile barrages on Israel on the day after the Oct. 7 attack by Hamas, and since then there has been a constant exchange of fire that neither side has allowed to escalate into a full-scale war.

However, tens of thousands have been evacuated on both sides of the border, and there has been mounting pressure in Israel for the government to get the evacuees back home.

(Additional reporting by Tom Perry and Walid Saleh in BeirutWriting by Michael GeorgyEditing by Peter Graff)

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VP Shettima Leaves For Abidjan, To Attend SIREXE 2024 Opening Ceremony

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VP Shettima Leaves For Abidjan, To Attend SIREXE 2024 Opening Ceremony
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Vice President Kashim Shettima, Wednesday morning, departed Abuja for Abidjan, Côte d’Ivoire to attend the opening ceremony of the International Exhibition of Extractive and Energy Resources (SIREXE) 2024 conference.

The SIREXE conference is an international event organised by the Government of Côte d’Ivoire that focuses on “Policies and Strategy for the Sustainable Development of the Extractive and Energy Industries”.

The conference will be held from November 27 to December 2, 2024, at the Abidjan Exhibition Centre.

At the invitation of Côte d’Ivoire’s Vice President Tiémoko Meyliet Koné, VP Shettima will utilize the event to share Nigeria’s experience in the hydrocarbon exploration and production sectors.

The Vice President is expected to return to Abuja later today.

Stanley Nkwocha
Senior Special to The President on Media & Communications
(Office of The Vice President)
27th November 2024

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Tinubu, Wife Jet Out To France

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Tinubu, Wife Jet Out To France
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#StateofImo has gathered that President Bola Tinubu will on Wednesday depart Abuja to France for a three-day state visit.

The visit is “in honour of an invitation from President Emmanuel Macron,” Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, said in a statement Tuesday.

The statement is titled ‘President Tinubu honours invitation for a state visit to France.’

He said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”

Tinubu and his wife, Mrs. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.

During the visit, Tinubu and Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

Onanuga said both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication.

They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.

Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative.

Tinubu and his wife will be hosted at a state dinner by the French leader before their departure.

“Top government officials will accompany President Tinubu on the trip,” said the Presidency.

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Stop Interest Hiking, Experts Tell CBN As Apex Bank Raises Rate Again

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Stop Interest Hiking, Experts Tell CBN As Apex Bank Raises Rate Again
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By Chris UGWU, Kasarahchi ANIAGOLU Nov 27 2024

Some financial experts have said that the CBN’s 25 basis points rate hike signals a potential pause in interest rate increases starting next year, emphasizing the need for relief for small businesses facing high financing costs.

The Central Bank of Nigeria (CBN) had raised its interest rate by 25 basis points, increasing it from 27.25 per cent to 27.50 per cent, in response to the country’s rising inflation.

This decision was announced by CBN Governor Mr. Yemi Cardoso, who also chairs the Monetary Policy Committee (MPC), following their meeting in Abuja.

The MPC unanimously agreed to the hike as part of ongoing efforts to address inflationary pressures in the economy.

The analysts in an exclusive interview with THE WHISTLER noted that despite the CBN’s tightening measures, inflation remains high, with benefits mainly seen in exchange rate stability due to foreign portfolio inflows.

They agreed that the rate hike was expected due to rising inflation, warning that it will increase business financing costs, which could be passed to consumers and further strain household budgets.

Reacting to the development, Nigeria’s first Professor of Capital Market, Uche Uwaleke indicated that the move might signal an imminent pause in the CBN’s aggressive monetary tightening cycle.

Uwaleke noted that the marginal increase aligns with analysts’ expectations, suggesting a potential shift in the CBN’s strategy.

“The marginal rate increase is a signal that the CBN may completely pause or apply the brake on interest rate hikes starting from the first quarter of next year,” he explained.

The professor emphasized the necessity of a pause, citing the rising cost of funds and its adverse impact on credit access, particularly for small businesses. “This needs to happen so that small businesses can breathe,” he remarked.

Despite the CBN’s sustained tightening measures, headline inflation remains stubbornly high, reversing recent gains and rising further.

Uwaleke observed that the benefits of the rate hikes have been most apparent in the foreign exchange market, where increased foreign portfolio inflows have contributed to exchange rate stability in the official window.

However, the broader economic picture remains concerning. The Q3 2024 GDP report released by the National Bureau of Statistics (NBS) showed weak performance in the agriculture and manufacturing sectors, a development Uwaleke attributed to rising interest and exchange rates.

He stressed the need for coordinated efforts between monetary and fiscal authorities to navigate the country’s macroeconomic challenges effectively.

“The current macro-economic challenges make it imperative for a proper synergy between monetary and fiscal policies,” he advised.

Managing Director of Arthur Steven Asset Management Limited and former President of the Chartered Institute of Stockbrokers (CIS), Mr. Olatunde Amolegbe also shared his views on the Central Bank of Nigeria’s (CBN) decision to raise the Monetary Policy Rate (MPR) by 25 basis points, moving it from 27.25 per cent to 27.50 per cent.

Amolegbe noted that the rate hike was widely anticipated, particularly given the National Bureau of Statistics (NBS) report showing inflation had increased by over 100 basis points in the previous month.

“The truth is that this was somewhat expected,” Amolegbe stated, acknowledging that many analysts had predicted this adjustment, with some even anticipating a higher increase due to ongoing price instability across various sectors of the economy.

He further pointed out that the government’s fiscal and structural measures, aimed at curbing inflation, have yet to yield immediate results.

“These measures typically take time to have the desired impact,” he said, adding that as a result, monetary policy has remained the primary tool available to the CBN in its efforts to stabilize the economy.

“This leaves us with monetary policy as the only effective tool to prevent the economy from spiraling out of control,” he explained.

However, Amolegbe also warned of the potential negative consequences of the rate hike on businesses and consumers.

“The likely impact of this move will be a further increase in financing costs for businesses,” he stated.

These higher costs are expected to be passed on to consumers, potentially raising prices on goods and services and putting additional strain on household budgets.

Amolegbe concluded by emphasizing the delicate balance the CBN faces in managing inflation and ensuring that the economy does not overheat, while acknowledging the challenges that persist in the broader economic landscape.

Managing Director of Highcap Securities Limited, Mr. David Adonri also weighed in on the Central Bank of Nigeria’s continued use of interest rate hikes as a tool to manage inflation, noting that while effective in the short term, it remains insufficient in addressing the underlying economic issues.

In an exclusive interview, Adonri explained that interest rate adjustments are a critical component of monetary policy designed to curb inflation until more sustainable fiscal measures can be implemented to address the structural causes of economic imbalance.

“Interest rates are a potent tool for managing inflation in the short term,” Adonri stated.

“However, their effectiveness is often limited when coupled with expansionary fiscal policies,” he added.

He further emphasized that the ongoing fiscal expansion, alongside factors such as insecurity and currency depreciation, continues to fuel inflation.

These persistent challenges leave the CBN’s Monetary Policy Committee (MPC) with few options but to maintain its contractionary monetary stance.

“As long as fiscal policies remain expansionary and the factors driving inflation persist, the MPC will have no choice but to continue raising interest rates,” he explained.

Adonri also cautioned that allowing inflation to spiral out of control would have devastating consequences for both consumers and producers. “The impact of unchecked inflation would be far more harmful than the effects of higher interest rates,” he warned, underlining the importance of the MPC’s approach in preventing further economic instability.

Despite the negative effects on certain sectors of the economy, Adonri acknowledged that the interest rate hikes provide a silver lining for investors in debt instruments.

“The bonanza for investors in debt assets will continue as the rates rise,” he noted, as higher interest rates typically make fixed-income investments more attractive.

In conclusion, while the CBN’s monetary policy actions are necessary to address the current inflationary pressures, Adonri stressed the need for a coordinated effort between monetary and fiscal policies to tackle the structural issues contributing to inflation and ensure sustainable economic growth in the long term.

Meanwhile, Cardoso called for critical synergy between the monetary and fiscal sectors of the economy to achieve price stability and curtail inflationary pressures on food and other commodities.

According to Cardoso, food prices remain a key driver of inflation, compounded by rising energy costs that affect production factors.

“The recent increase in the price of Premium Motor Spirit (PMS) has also impacted the cost of production and distribution of food items and manufactured goods.

“The Committee was optimistic that the full deregulation of the downstream sub-sector of the petroleum industry would eliminate scarcity and stabilize price levels in the short to medium term.

“Members, thus, reiterated the need to deepen collaboration between the monetary and fiscal authorities to ensure the achievement of our synchronized objectives of price stability and sustainable growth.”

Cardoso highlighted members’ concerns over persistent exchange rate pressures, driven by continued high demand in the market.

Cardoso expressed satisfaction with the resilience and stability of the banking sector despite significant external and internal challenges.

He outlined key financial soundness indicators, stating that the “Capital Adequacy Ratio (CAR), Non-Performing Loan (NPL) ratio, and Liquidity Ratio (LR), among others, remain strong.”

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