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Israel and Hezbollah in major missile exchange as escalation fears grow

Published

4 weeks ago

August 26, 2024

By Maytaal Angel and Maya Gebeily

JERUSALEM/BEIRUT (Reuters) -Hezbollah launched hundreds of rockets and drones at Israel early on Sunday, as Israel’s military said it struck Lebanon with around 100 jets to thwart a larger attack, in one of the biggest clashes in more than 10 months of border warfare.

Missiles were visible curling up through the dawn sky, dark vapour trails behind them, as an air raid siren sounded in Israel and a distant blast lit the horizon, while smoke rose over houses in Khiam in southern Lebanon.

Any major spillover in the fighting, which began in parallel with the war in Gaza, risks morphing into a regional conflagration drawing in Hezbollah’s backer Iran and Israel’s main ally the United States.

With three deaths confirmed in Lebanon and one in Israel, both sides indicated they were happy to avoid further escalation for now, but warned that there could be more strikes to come.

Hezbollah leader Sayyed Hassan Nasrallah said the Iranian-backed group’s barrage, a reprisal for the assassination of senior commander Fuad Shukr last month, had been completed “as planned”.

However, the group would assess the impact of its strikes and “if the result is not enough, then we retain the right to respond another time”, he said.

Israel’s foreign minister said the country did not seek a full-scale war, but Prime Minister Benjamin Netanyahu warned: “This is not the end of the story.”

Earlier, Netanyahu had said: “We are determined to do everything we can to defend our country … whoever harms us – we harm him”.

The two sides have exchanged messages that neither wants to escalate further, with the main gist being that the exchange was “done”, two diplomats told Reuters.

Expectations of an escalation had risen since a missile strike in the Israeli-occupied Golan Heights last month killed 12 youngsters and the Israeli military assassinated Shukr in Beirut in response.

Hezbollah had delayed its retaliation to give time for ceasefire talks, and had calibrated its attack to avoid triggering a full-scale war, a Hezbollah official said.

DENSE BOMBARDMENT

Israel’s air strikes started before Hezbollah began its barrage, Nasrallah said. Netanyahu said these “pre-emptive” strikes had foiled a much larger Hezbollah barrage but Nasrallah said they had had little impact.

Hezbollah’s own rocket and drone strikes were focused on an intelligence base near Tel Aviv, Nasrallah said. Netanyahu said all the drones targeting what he called a strategic location in central Israel were intercepted.

A security source in Lebanon said at least 40 Israeli strikes had hit various towns in the country’s south in one of the densest bombardments since hostilities began in October.

Hezbollah said the strikes killed two of its fighters in al-Tiri. The Hezbollah-allied Shi’ite Muslim group Amal said a strike on Khiam killed one of its fighters.

Israel’s military said a naval soldier was killed and two wounded.

Lebanon’s caretaker prime minister Najib Mikati met cabinet ministers at a session of the national emergency committee.

Flights to and from Ben Gurion airport in Tel Aviv were suspended for around 90 minutes.

Some flights to and from Beirut were also halted, stranding passengers. “I just want to get out of here by any means possible,” said Rana Saade, a Lebanese woman living in New Jersey.

WARNING SIRENS

In northern Israel, warning sirens sounded and explosions were heard in several areas as Israel’s Iron Dome aerial defence system shot down rockets coming from southern Lebanon.

“Israel should, as it did this morning, deliver a pre-emptive strike. But if Hezbollah continues Israel should strike very hard to remove the threat from Hezbollah once and for all,” said Yuval Peleg, 73, from Haifa.

A resident of the southern Lebanese town of Zibqeen told Reuters he had awakened “to the sound of planes and the loud explosions of rockets – even before the dawn prayer. It felt like the apocalypse.”

The White House said U.S. President Joe Biden was following events. “We will keep supporting Israel’s right to defend itself, and we will keep working for regional stability,” National Security Council spokesperson Sean Savett said.

The United States was not involved in Israel’s strikes on Sunday, but provided some intelligence about incoming Hezbollah attacks, a U.S. official said.

U.S. General C.Q. Brown, the chairman of the Joint Chiefs of Staff, arrived in Israel on Sunday as part of a regional tour aimed at preventing escalation. He is expected to meet senior Israeli military officials.

The U.N. peacekeeping force in Lebanon and the U.N.’s special coordinator’s office in the country called on all sides to cease fire, calling the developments “worrying”.

Egypt, one of the mediators in Gaza ceasefire talks, warned against the dangers of a new war front opening in Lebanon. Jordan also warned against more escalation.

Hezbollah fired missiles at Israel immediately after the Oct. 7 attacks by Hamas gunmen on Israel. Hezbollah and Israel have been exchanging fire constantly ever since, while avoiding a major escalation as war rages in Gaza to the south.

That precarious balance appeared to shift after the strike in the Golan Heights, for which Hezbollah denied responsibility, and the subsequent assassination of Shukr, one of Hezbollah’s most senior military commanders.

Shukr’s death in an air strike was quickly followed by the assassination of Hamas political leader Ismail Haniyeh in Tehran, which led to vows of reprisals against Israel by Iran.

Stock Markets

Consumers Energy Expanding Community Solar Program with 30-Acre Solar Project in Jackson County

Published

21 hours ago

September 20, 2024

JACKSON, Mich., Sept. 19, 2024 /PRNewswire/ — Consumers Energy plans to break ground next spring on Blackman Solar, a new 30-acre community solar array in its home Jackson County that will provide local clean energy to customers through its Solar Gardens program.

Consumers Energy this week received approval from Blackman Township for the community solar project, which is slated to start generating electricity by the end of 2025.

“Blackman Solar is a great example of a partnership with a community to develop a project that delivers reliable, clean energy as well as local tax and economic benefits,” said David Hicks. Consumers Energy’s vice president of renewable energy development. “We’re grateful for the reception we’ve received from Blackman Township leaders and are excited to continue developing solar projects like this on our path to a carbon-neutral electric grid.”

Blackman Solar will generate power for Consumers Energy’s Solar Gardens community solar program, in which customers choose to support new solar projects without having to own solar arrays.

The new community solar facility will be the fourth that Consumers Energy owns and operates, joining other Solar Gardens projects in Cadillac, at Western Michigan University and at Grand Valley State University. Blackman Solar will include nearly 5,000 solar panels and will generate up to 2.5 megawatts of renewable electricity for 2,500 future Solar Gardens customers.

Blackman Solar also will provide new capacity to expand Consumers Energy’s income-qualified Solar Gardens program MI Sunrise. MI Sunrise is an efficient, easy, cost-effective way for municipalities, nonprofits and tribal governments to deploy federal grant dollars, providing access to clean, reliable renewable energy and measurable financial benefits to offset energy bills.

“Blackman Solar will help meet increased demand for community solar and offers shared solar infrastructure, accessibility and inclusivity, as well as financial and environmental benefits for all customers,” Hicks said.

Consumers Energy is committed to Michigan’s clean energy future. The energy provider is closing its final three coal-burning units next summer, one of the nation’s most aggressive timetables. The company is developing solar projects as part of its Clean Energy Plan to be carbon-neutral by 2040.

Consumers Energy is Michigan’s largest energy provider, providing and/or electricity to 6.8 million of the state’s 10 million residents in all 68 Lower Peninsula counties. Consumers Energy’s Clean Energy Plan calls for eliminating coal as an energy source in 2025, achieving net-zero carbon emissions and meeting 90% of customers’ energy needs through clean sources, including wind and solar.

For more information about Consumers Energy, go to ConsumersEnergy.com.

Check out Consumers Energy on Social Media

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Stock Markets

First Horizon Is Now the Official Bank of the Ragin’ Cajuns

Published

21 hours ago

September 20, 2024

MEMPHIS, Tenn., Sept. 19, 2024 /PRNewswire/ — First Horizon (NYSE:) Corp. (NYSE: FHN or “First Horizon“) is proud to announce that First Horizon Bank is now the Official Bank of the University of Louisiana at Lafayette Ragin’ Cajuns.

This five-year agreement expands First Horizon’s long-term commitment to the University and includes a Ragin’ Cajun Visa (NYSE:) Debit card, prominent in-venue signage, entertainment and hospitality opportunities along with participation in game day fan activations and experiences, including the new Cajun Village.

“This is an exciting time to expand our partnership with ULL and ULL athletics,” said Jerry Prejean, President of Acadiana for First Horizon. “With more than $2.5 million invested in recent years towards academic and athletic excellence, First Horizon is proud to deepen our relationship with the University and work together as two long-standing community leaders dedicated to making Acadiana a great place to call home.”

“As opportunities have grown for businesses to support Ragin’ Cajuns athletics, First Horizon Bank has been right there growing with us every step of the way,” adds Brian Bille, General Manager of LEARFIELD-based Ragin’ Cajuns Sports Properties. “Jerry’s commitment to our community has never wavered, and I’m excited to help First Horizon build affinity with our fans through this enhanced partnership, and encourage our fans to add the all-new Ragin’ Cajuns branded debit card to their wallet.”

About First Horizon
First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of June 30, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation’s best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Stock Markets

Oil prices rise on easing demand worries after jumbo Fed rate cut

Published

21 hours ago

September 20, 2024

Investing.com — Oil prices jumped Thursday, riding on a wave of risk-on sentiment as the Federal Reserve’s outsized interest rate cut on Wednesday eased worries that a slowing US economy would further dent crude demand.

At 2:06 p.m. ET (1906 GMT), rose 1.6% to $74.80 a barrel and rose 1.8% to $71.12 a barrel.

Jobless claims rise by less than expected

The number of Americans filing for first-time unemployment benefits rose by less than anticipated last week, with coming in at 219,000 in the week ended on Sept. 14, compared with an upwardly revised 231,000 in the prior week.

Economists had forecast a consensus figure of 230,000.

This figure was better than expected, and has allayed to a degree concerns over the health of the US economy, particularly after the Federal Reserve started its latest rate-cutting cycle on Wednesday, trimming interest rates for the first time since March 2020 by a hefty 50 basis points to a range of 4.75% to 5%.

While lower rates usually bode well for economic activity, the Fed’s aggressive cut sparked some concerns over a potential slowdown in economic growth.

While Fed Chair Jerome Powell helped soothe some of these concerns, he also said that the Fed had no intention of returning to an era of ultra-low interest rates, and that the central bank’s neutral rate was likely to be much higher than seen in the past.

His comments indicated that while interest rates will fall in the near-term, the Fed was likely to keep rates higher in the medium-to-long term.

US inventories fall, but product stockpiles up

Government data released on Wednesday showed a bigger-than-expected, 1.63 million barrel draw in .

While the draw was much bigger than expectations for a draw of 0.2 mb, it was also accompanied by builds in and inventories.

The builds in product inventories sparked increased concerns that U.S. fuel demand was cooling as the travel-heavy summer season wound to a close.

Looking ahead, some expect further draws in domestic crude stocks as exports reaccelerate.

“We look for a significant rebound in exports across crude and products this week. Among products, our preliminary expectations point to draws in gasoline (-1.5 MM BBL) and distillate (-3.7 MM BBL) with a build in jet (+0.5 MM BBL),” Macquarie said in a recent note.

Crude deficit could boost Brent

Still, prices could be bolstered in the near-term by demand possibly outstripping supply in the fourth quarter, according to analysts at Citi.

A reported decision by the Organization of the Petroleum Exporting Countries and its allies to delay the beginning of a tapering in voluntary output cuts, along with ongoing supply losses in Libya, is predicted to contribute to a oil market deficit of around 0.4 million barrels per day in the final three months of 2024, the Citi analysts said.

They added that such a trend could offer some temporary support to Brent “in the $70 to $75 per barrel range.”

Meanwhile, the benchmark could be further boosted by a potential rebound in recently tepid demand from top oil importer China, the analysts said.

But they flagged that they still anticipate “renewed price weakness” in 2025, with Brent on a path to $60 per barrel due to an impending surplus of one million barrels per day.

(Peter Nurse, Ambar Warrick contributed to this article.)