Stock Markets

Exclusive-Iranian and Hezbollah commanders help direct Houthi attacks in Yemen, sources say

Published

11 months ago

January 21, 2024

Exclusive-Iranian and Hezbollah commanders help direct Houthi attacks in Yemen, sources say

© Reuters. FILE PHOTO: Supporters of the Houthi movement rally to denounce air strikes launched by the U.S. and Britain on Houthi targets, in Sanaa, Yemen January 12, 2024. REUTERS/Khaled Abdullah/File Photo

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By Samia Nakhoul and Parisa Hafezi

DUBAI (Reuters) – Commanders from Iran’s Islamic Revolutionary Guards Corps (IRGC) and Lebanon’s Hezbollah group are on the ground in Yemen helping to direct and oversee Houthi attacks on Red Sea shipping, four regional and two Iranian sources told Reuters.

Iran – which has armed, trained and funded the Houthis – stepped up its weapons supplies to the militia in the wake of the war in Gaza, which erupted after Iranian-backed militants Hamas attacked Israel on Oct. 7, the four regional sources said.

Tehran has provided advanced drones, anti-ship cruise missiles, precision-strike ballistic missiles and medium-range missiles to the Houthis, who started targeting commercial vessels in November in solidarity with Palestinians in Gaza, the sources said.

IRGC commanders and advisers are also providing know-how, data and intelligence support to determine which of the dozens of vessels travelling through the Red Sea each day are destined for Israel and constitute Houthi targets, all the sources said.

Washington said last month that Iran was deeply involved in planning operations against shipping in the Red Sea and that its intelligence was critical to enable the Houthis to target ships.

In response to a request for comment for this story, the White House pointed to its previous public comments about how Iran has been supporting the Houthis.

In his weekly news conferences, Iran’s Foreign Ministry spokesman Nasser Kanaani has repeatedly denied Tehran is involved in the Red Sea attacks by the Houthis. The IRGC public relations office did not respond to request for comment.

Houthi spokesperson Mohammed Abdulsalam denied any Iranian or Hezbollah involvement in helping to direct the Red Sea attacks. A Hezbollah spokesperson did not respond to a request for comment.

The Houthis, who emerged in the 1980s as an armed group in opposition to Saudi Arabia’s Sunni religious influence in Yemen, say they are supporting Hamas by striking commercial ships they say are either linked to Israel or are heading to Israeli ports.

Their attacks have affected global shipping between Asia and Europe through the Bab al-Mandab strait off Yemen. That has triggered U.S. and British air strikes on Houthi targets in the country, opening a new theatre of conflict linked to the war in Gaza.

The Gaza conflict has also sparked clashes between Israel and Hezbollah militants along the Lebanese border, as well as attacks by Iran-linked groups on U.S. targets in Iraq and Syria.

“The Revolutionary Guards have been helping the Houthis with military training (on advanced weapons),” an Iranian insider told Reuters. “A group of Houthi fighters were in Iran last month and were trained in an IRGC base in central Iran to get familiar with the new technology and the use of missiles.”

The person said Iranian commanders had travelled to Yemen as well and set up a command centre in the capital Sanaa for the Red Sea attacks which is being run by the senior IRGC commander responsible for Yemen.

REGIONAL STRATEGY

The Red Sea attacks fit in with Iran’s strategy of expanding and mobilising its regional Shi’ite network of armed militias to project its influence and show its ability to threaten maritime security in the region and beyond, two analysts said.

They said Tehran wanted to show that the Gaza war could be too costly for the West if it drags on – and could have catastrophic consequences in the region as things escalate.

“The Houthis are not acting independently,” said Abdulaziz al-Sager, director of the Gulf Research Center think-tank, who based his conclusion on a close analysis of the capabilities of the group, which has an estimated 20,000 fighters.

“The Houthis, with their personnel, expertise and capabilities are not that advanced. Dozens of vessels cross through Bab al-Mandab daily, the Houthis don’t have the means, resources, knowledge or satellite information to find the specific target and attack,” he said.

White House national security spokeswoman Adrienne Watson also said last month that Iranian-provided tactical intelligence had been critical in enabling the Houthis to target ships.

According to two former Yemeni army sources, there is a clear presence of IRGC and Hezbollah members in Yemen. They are responsible for supervising military operations, training and reassembling missiles smuggled into Yemen as separate pieces, the two people said.

Abdulghani Al-Iryani, a senior researcher at the Sana’a Center for Strategic Studies, an independent think-tank, said: “It is clearly the case that the Iranians are helping identify the target and the destination. There is no local Houthi capacity to do that.”

One senior regional source who follows Iran and who spoke on condition of anonymity said: “The political decision is in Tehran, the management is Hezbollah, and the location is the Houthis in Yemen.”

WEAPONS AND ADVICE

Houthi spokesperson Abdulsalam said the group’s aim was to target Israeli ships heading to Israel without causing any human or significant material losses. U.S. and British strikes on Yemen would not force them to back down, he said.

“We don’t deny that we have a relationship with Iran and that we have benefited from the Iranian experience in training and military manufacturing and capabilities but the decision taken by Yemen is an independent one that has nothing to do with any other party,” he said.

But a security official close to Iran said: “The Houthis have drones, missiles and everything needed for their fight against Israel but they needed guidance and advice on shipping routes and ships, so it has been provided to them by Iran.”

When asked what kind of advice Tehran offered, he said it was similar to the advisory role taken by Iran in Syria, ranging from training to overseeing operations when needed.

“A group of Iranian Guards members are in Sanaa now to help the operations,” the security official said.

Iran sent hundreds of Revolutionary Guards to Syria, alongside thousands of Hezbollah fighters, to help train and organise Shi’ite militia fighters from Afghanistan, Iraq and Pakistan to prevent the downfall of President Bashar al-Assad during the Sunni-led insurgency that erupted in 2011.

Washington and Gulf Arab states have repeatedly accused Iran of arming, training and financing the Houthis, who follow an offshoot of Shi’ite Islam and are aligned with Tehran as part of its anti-Western, anti-Israel “Axis of Resistance” alongside Lebanon’s Hezbollah and groups in Syria and Iraq.

While Iran has denied having any direct role in the Red Sea attacks, Supreme Leader Ali Khamenei has praised the Houthis, whose Zaidi sect is an offshoot of Shi’ism, saying he hoped their strikes would last “until victory”.

TRAIN AND EQUIP

A leader within the coalition of pro-Iranian groups denied there were any commanders from the IRGC or Hezbollah on the ground in Yemen right now.

He said a team of Iranian and Hezbollah military experts had gone to Yemen earlier in its civil war to train, equip and build the manufacturing military capability of the Houthis.

“They came and helped the Houthis and left, just as they did with Hezbollah and Hamas,” he said, adding that the military capabilities of the Houthis should not be underestimated.

The person said the Houthis knew the terrain and the sea well and already had the systems in place for attacking ships, including high-precision equipment from Iran.

During the chaotic years after the 2011 Arab Spring uprising in Yemen, the Houthis tightened their grip on the country’s north and seized the capital Sanaa in 2014, pushing a Saudi-led coalition to intervene militarily months later.

When Hamas attacked Israel, Iran had little choice but to demonstrate support for the Palestinian group after years of anti-Israel rhetoric but was worried that using Hezbollah would trigger massive Israeli retaliation, analysts said.

Iryani at the Sana’a Center for Strategic Studies said a major war between Israel and Hezbollah would be disastrous for Lebanon – and endanger the future of the group that has become the most important in Iran’s “Axis of Resistance”.

By contrast, the Houthis were in a unique strategic position to have a huge impact by disrupting global maritime activity with little effort, he said.

Stock Markets

14 lessons from 2024 to remember in 2025: BofA

Published

20 hours ago

December 22, 2024

Investing.com — In a recent note, Bank of America outlined 14 key lessons from 2024 that investors should keep in mind as they head into 2025, warning that market momentum and stretched valuations could face headwinds in the year ahead.

While this year resembled the steady gains of 1996-97, rather than the bubble peaks of 1998-99, risks are mounting—from geopolitical tensions and rising debt to market fragility highlighted by the VIX.

BofA points to opportunities in Europe, China, and Japan but cautions that volatility, trade disputes, and macroeconomic uncertainty will shape the next leg of the market cycle.

Below are the 14 lessons that BofA highlighted.

1. 2024 was a strong year for markets, but it might only be the beginning.

2. The market’s performance in 2024 looked more like the steady gains of 1996-97 than the bubble peaks of 1998-99.

3. In a bubble environment, market leadership can persist for longer than investors can afford to stay underweight.

4. However, the combination of strong momentum and high valuations is already too stretched to avoid a potential bust.

5. The has shown that markets remain fragile, and a major shock may be overdue.

6. August 2024 suggests buying market dips and locking in volatility spikes; using smarter strategies like skewed delta positioning may be key for 2025.

7. Rising debt levels and persistent inflation mean bond vigilantes remain the most visible macroeconomic tail risk.

8. Market fragility, faster reactions, and elevated valuations suggest a repeat of the calm volatility seen in 2017 is unlikely.

9. A Trump election victory has reignited concerns around tariffs, with European companies favored by dollar strength potentially becoming the next trade targets.

10. European equities remain cheap and unloved—investors should be cautious about being caught short, as fewer crowded trades mean less volatility pain.

11. China’s outperformance over Japan in 2024 could continue if U.S. interest rates decline.

12. VIX options data indicates that positioning risks in the market have not gone away.

13. Eurozone bank dividends have outperformed the for much of the past year; investors may need to hedge against a different outcome in 2025.

14. The risk of sharp movements in the Japanese yen, driven by volatility, could cause instability for the in 2025.

Stock Markets

Class Action Lawsuit Reminder WOLF: Kessler Topaz Meltzer & Check, LLP Reminds Wolfspeed, Inc. (WOLF) Investors – A Securities Fraud Class Action Lawsuit Has Been Filed

Published

20 hours ago

December 22, 2024

RADNOR, PA. – (NewMediaWire) – December 21, 2024 – The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Wolfspeed (NYSE:), Inc. (Wolfspeed) (NYSE: WOLF) on behalf of those who purchased or otherwise acquired Wolfspeed securities between August 16, 2023, and November 6, 2024, inclusive (the Class Period). The lead plaintiff deadline is January 17, 2025.

CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:

If you suffered Wolfspeed losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/wolfspeed-inc?utm_source=PR&utm_medium=link&utm_campaign=wolf&mktm=r

You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at info@ktmc.com .

DEFENDANTS ALLEGED MISCONDUCT:

The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Wolfspeeds optimistic claims of potential growth of its Mohawk Valley fabrication facility and general demand for Wolfspeeds 200mm wafers in the electronic vehicle market fell short of reality; and (2) Wolfspeed had overstated demand for its key product and placed undue reliance on purported design wins while the Mohawk Valley facilitys growth had begun to taper before recognizing the $100 million revenue per quarter allegedly achievable with only 20% utilization of the fabrication, let alone the promised $2 billion revenue purportedly achievable by the facility.

Please CLICK HERE to view our video or copy and paste this link into your browser: https://youtu.be/zMLfnSRjg2Y

THE LEAD PLAINTIFF PROCESS:

Wolfspeed investors may, no later than January 17, 2025, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages Wolfspeed investors who have suffered significant losses to contact the firm directly to acquire more information.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaints in this action were not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com .

CONTACT:

Kessler Topaz Meltzer & Check, LLP

Jonathan Naji, Esq.

(484) 270-1453

280 King of Prussia Road

Radnor, PA 19087

info@ktmc.com

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

View the original release on www.newmediawire.com

Stock Markets

Starbucks workers’ union strikes across US as talks hit impasse

Published

20 hours ago

December 22, 2024

By Savyata Mishra, Gursimran Mehar and Renee Hickman

(Reuters) -Some members of the Starbucks (NASDAQ:) workers’ union that represents more than 10,000 baristas walked off their jobs in multiple U.S. cities on Friday, citing unresolved issues over wages, staffing and schedules.

The five-day strike, which began on Friday and closed Starbucks cafes in Los Angeles, Chicago and Seattle, will expand to Columbus (WA:), Denver, and Pittsburgh through Saturday, the union said in a statement.

This is the latest in a series of labor actions that have picked up pace across service industries following a period when workers at manufacturers in the automotive, aerospace and rail industries won substantial concessions from employers.

At Starbucks, the Workers United union, which represents employees at 525 stores across the U.S., said late on Thursday that walkouts would escalate daily, and could reach “hundreds of stores” nationwide by Christmas Eve.

“It’s estimated that 10 stores out of 10,000 company-operated stores did not open today,” Starbucks said, adding that there was no significant impact to store operations on Friday.

Around 20 people joined a picket line at a Starbucks location on Chicago’s north side, buffeted by snow and wind, but cheering in response to the honking horns of passing cars.

A few confused customers tried to walk into the closed store before strikers began chanting, but union member Shep Searl said the reaction had been mostly positive.

Searl said 100% of the unionized workers at the Starbucks location in Chicago’s Edgewater neighborhood were participating in the strike, and according to the workers, they have been subject to numerous unfair labor practices including write-ups, “captive-audience” meetings and firings.

The union member said they made about $21 an hour and added, “that would have been a great wage in 2013”.

It is an inadequate wage, the baristas said, given inflation and the high cost of living in a large city, especially since they rarely get 40-hour work weeks.

WORKERS SNUB OFFER

Negotiations between the company and Workers United began in April, based on an established framework agreed upon in February, which could also help resolve numerous pending legal disputes.

The company said on Thursday it has held more than nine bargaining sessions with the union since April, and reached more than 30 agreements on “hundreds of topics”, including economic issues.

The Seattle-headquartered firm said it is ready to continue negotiations, claiming the union delegates prematurely ended the bargaining session this week.

The union, however, said in a Facebook (NASDAQ:) post on Friday that Starbucks had yet to present a serious economic proposal with less than two weeks remaining until the year-end contract deadline.

The workers’ group also snubbed an offer of no immediate wage hike and a guarantee of a 1.5% increase in future years.

“Workers United proposals call for an immediate increase in the minimum wage of hourly partners by 64%, and by 77% over the life of a three-year contract. This is not sustainable,” Starbucks said on Friday.

In response to Starbucks’ statement on the proposals, Michelle Eisen, a Starbucks barista and bargaining delegate, said, “Starbucks’ characterization of our proposals is misleading and they know it. We are ready to finalize a framework that includes new investments in baristas in the first year of contracts”.

Separately, the baristas’ union said on Friday that it filed a new labor practice charge against the coffee house, alleging Starbucks “refused to bargain and engaged in bad faith bargaining” over economic issues.

Hundreds of complaints have been filed with the National Labor Relations Board (NLRB), accusing Starbucks of unlawful labor practices such as firing union supporters and closing stores during labor campaigns. Starbucks has denied wrongdoing and said it respects the right of workers to choose whether to unionize.

WORKING ON A TURNAROUND

Last month, the NLRB said that Starbucks broke the law by telling workers at its flagship Seattle cafe that they would lose benefits if they joined a union.

“It’s (the strike) taking place during one of the busiest times of the year for Starbucks, which could magnify its impact while bringing unwanted public scrutiny into the company’s labor practices,” Emarketer analyst Rachel Wolff said.

The coffee chain is working on a turnaround under its newly appointed top boss, Brian Niccol, who aims to restore “coffee house culture” by overhauling cafes and simplifying its menu among other measures.

“Given how much Starbucks is already struggling to win over customers, it can ill afford any negative publicity – or impact to sales – that the strike could bring,” Wolff said.

The Starbucks workers’ strike comes in the same week as Amazon.com (NASDAQ:) workers at seven U.S. facilities walking off the job on Thursday, during the holiday shopping rush.

There were 33 work stoppages in 2023, the most since 2000, though far lower than in past decades, data from the U.S. Bureau of Labor Statistics showed.