Monday, 9 September 2024

Israel conducts strikes in central Syria killing 7 people, injuring 15 others: Report

Israel conducted airstrikes in central Syria, resulting in the deaths of 5 people and injuring 19 others, according to a report.
The airstrikes targeted Iranian-backed militia positions in the Palmyra region of Syria, with the Syrian Observatory for Human Rights confirming the casualties.
The Israeli military has not commented on the strikes, but it has been known to target Iranian-backed forces in Syria in the past.
The incident is the latest in a series of reported Israeli strikes in Syria, which have been aimed at preventing Iran from establishing a military presence in the country.

Azerbaijan holds snap parliamentary election amid recent territorial gains

Azerbaijan held a snap parliamentary election on February 9, with voters electing a new parliament amid recent territorial gains by the country.
The election was called by President Ilham Aliyev in December, with the ruling Yeni Azerbaijan party expected to maintain its majority in the 125-seat parliament.
The election comes after Azerbaijan's military victory in the Nagorno-Karabakh conflict with Armenia in 2020, which led to the country regaining control of several territories.
The new parliament is expected to focus on rebuilding and developing the recently regained territories, as well as addressing economic and social issues in the country.

The first India-Gulf Cooperation Council (GCC) Foreign Ministers' meeting was held, marking a significant step in strengthening ties between India and the GCC countries.
The meeting resulted in a joint statement promising to deepen cooperation in areas such as trade, energy, security, and counter-terrorism, with a focus on mutual benefit and shared interests.
The GCC countries, which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, are key partners for India in the region, with bilateral trade valued at over $100 billion.
The meeting is seen as a significant development in India's efforts to expand its diplomatic and economic ties with the Gulf region, with potential opportunities for cooperation in areas such as renewable energy, infrastructure development, and people-to-people exchanges.

MSME (Micro, Small, and Medium Enterprises) units in four major manufacturing hubs in India, including Noida, Gurugram, Faridabad, and Surat, are shutting down due to a decline in global orders.
The decline in exports has led to a significant decrease in production, resulting in job losses and financial difficulties for many MSMEs, which are a crucial part of India's export backbone.
The main reasons for the decline in exports include a global economic slowdown, increased competition from other countries, and a rise in raw material costs, making Indian products less competitive in the global market.
The shutdown of MSME units is likely to have a ripple effect on the overall economy, as these units are often the primary source of employment and income for many people, and their closure could lead to a decline in economic growth and increased unemployment.

India's West Asia strategy has evolved from a transactional relationship to a strategic partnership, with frequent high-level exchanges and a focus on energy, economy, and expatriate welfare.
India has successfully de-hyphenated its relationships with Gulf countries, maintaining ties with Israel and Palestine while fostering partnerships with GCC nations like Saudi Arabia and the UAE.
India is working on free trade agreements (FTAs) with the GCC, aiming to build on its success with the UAE and enhance economic cooperation, including bilateral trade in local currencies.
India has joined multilateral platforms like I2U2 and IMEEC, with ambitions to create an ‘India-GCC/West Asia Strategic Forum’ to deepen institutional and strategic collaboration.
India's growing influence in mediating regional conflicts, like the Russia-Ukraine war, and its involvement in initiatives like BRICS are further boosting its stature in West Asia.

Brent crude and US crude futures both rose by about 1% due to concerns that escalating Gaza conflict could disrupt oil supplies.
Weekend clashes between Hezbollah and Israel raised fears of a broader regional conflict that might involve Iran and the US, though no oil output disruptions have occurred yet.
Oil prices were further boosted by expectations of US interest rate cuts, following statements from Federal Reserve Chair Jerome Powell.
Investors remain cautious about OPEC+'s planned production increase, with potential excess supply concerns, especially amid weakening demand in China.
Strong US oil demand and the refilling of the Strategic Petroleum Reserve (SPR) are providing some support to prices against OPEC supply risks.