Source: Reuters
Security & Justice
Lebanon’s Probe into Israeli Raid Expected to Take Days as Security Officials Weigh Theories
Lebanese authorities are ramping up investigations into an Israeli commando raid last week in the northern coastal city of Batroun, during which Imad Amhaz, a Hezbollah official, was snatched.
Monday, November 4, 2024
Watch: Israeli Army Blows Up Village Near the Border
The Israeli army is still blowing up entire villages or neighborhoods, especially those near the border.
Monday, November 4, 2024
Opinion
The Emptying of Baalbek Is a Moment to Take Stock
“Large numbers of people continue to flee their homes every day, as Israel’s military operations in Lebanon have been going on unabated.” These disturbing words could be from almost any news report about Israel’s invasion of its northern neighbour over the past month. However, they can be found in a report by the Norwegian Refugee Council’s Internal Displacement Monitoring Centre issued on July 27, 2006.
Saturday, November 2, 2024
A Future Without Hezbollah
At the end of September, when Israel’s campaign to destroy Hezbollah was reaching its height, I met one of the group’s supporters in a seaside café in western Beirut. He was a middle-aged man with a thin white beard and the spent look of someone who had not slept for days. He was an academic of sorts, not a fighter, but his ties to Hezbollah were deep and long-standing.
Thursday, October 31, 2024
Sports
Tottenham Forward Son Heung-min Crowned Asia’s International Player of the Year
Tottenham forward Son Heung-min was crowned as Asia’s International Player of the Year for the fourth time by the Asian Football Confederation at its annual awards ceremony Tuesday.
Wednesday, October 30, 2024
Real Madrid Launch Investigation into Racist Insults After El Clasico Defeat
Real Madrid has launched an investigation into racist insults directed at players during Saturday’s 4-0 home loss to Barcelona in LaLiga, it said on Sunday.
Monday, October 28, 2024
Thursday 18 July 2024 14:22:01
Suez Canal Revenue Drops as Some Shippers Shun Red Sea
The Suez Canal’s annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by Iran-aligned Houthis in the Red Sea.
Osama Rabie, the head of the Egyptian canal’s authority said on Thursday revenues fell to $7.2 billion in its 2023-24 financial year from $9.4 billion the year before.
Since November, the Houthis have been attacking commercial vessels in the Red Sea and Indian Ocean to show support for the Palestinian militant group Hamas in its fight against Israel.
Rabie said the number of ships using the canal fell to 20,148 in 2023-24 from 25,911 the year before.
The Suez Canal is a key source of foreign currency for Egypt, and authorities have been trying to boost its revenues in recent years, including via an expansion in 2015.
The canal is vital for global trade, handling a large portion of goods like oil and gas, with its tolls and services crucial to Egypt’s income, supporting infrastructure, jobs, and economic stability.
About 15 percent of world shipping traffic transits via the Suez Canal, the shortest shipping route between Europe and Asia.
A statement issued by the Egyptian Cabinet in May revealed that the Suez Canal Economic Zone had secured 144 projects worth $3.2 billion between July 2023 and April 2024, down from $4.9 billion recorded between July 2022 and May 2023.
This happened as there was a 50 percent drop in Suez Canal trade and a 32 percent decrease in trade through the Panama Canal during the first two months of 2024 compared to the previous year, as reported by the International Monetary Fund in a March blog post.
At that time, Walid Gamal El-Din, chairman of the General Authority for the Suez Canal Economic Zone, disclosed that out of the 144 projects in its industrial zones and ports, 67 had received final approvals, with 77 securing initial approvals.
He added that more than 25,000 direct and indirect job opportunities would be created upon the completion and operation of these projects.
Furthermore, the chairman disclosed that the implementation rates of investment projects within the industrial zones had reached 77 percent, while those in ports had reached 71 percent.
