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Israel Braces for Possible Iranian Retaliation Amid Regional Tensions

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Israel is on high alert as it prepares for potential retaliatory attacks from Iran and regional militias following the recent assassinations of senior Hezbollah and Hamas officials.

Prime Minister Benjamin Netanyahu, speaking at a cabinet meeting on Sunday, declared that Israel is in a multifront war against what he termed Iran’s “axis of evil,” and stressed that the country is ready to confront any scenario, both offensively and defensively.

In response to these escalating threats, the United States has bolstered its support for Israel by moving a fighter jet squadron to the region and keeping an aircraft carrier nearby.

The US is also urging Netanyahu to intensify negotiations for a Gaza cease-fire to prevent the nearly 10-month-long conflict from further escalating.

The cease-fire, if achieved, is expected to alleviate regional tensions, especially with Hezbollah already launching attacks on Israel in solidarity with Gaza.

During a video call on Sunday, the Group of Seven (G-7) foreign ministers expressed deep concerns about the risk of a broader regional crisis.

US Secretary of State Antony Blinken emphasized the urgent need for de-escalation in the Middle East, warning that an attack on Israel by Iran and Hezbollah could commence as early as Monday.

Blinken’s caution came amid intelligence indicating that the attacks could begin within the next 24 to 48 hours.

The financial markets have reacted to these developments, with the Israeli shekel falling for the sixth consecutive day to its weakest level since November.

Israeli stocks experienced their worst decline since October, further reflecting the growing anxiety over potential conflict.

In a rare diplomatic move, Jordan’s Foreign Minister Ayman Safadi visited Tehran on Sunday, underscoring the gravity of the situation.

Meanwhile, US Deputy National Security Advisor Jon Finer called for all parties to return to negotiations, highlighting that a Gaza cease-fire could delay any retaliatory actions.

Netanyahu blamed Hamas for complicating the cease-fire negotiations by constantly changing their demands, although some sources claim that Israel has also shifted its positions, making an agreement more elusive.

Leaders of both Iran and Hezbollah have vowed to respond to the assassinations, stating that red lines have been crossed and retaliation is imminent.

Israeli officials anticipate that any assaults will likely be simultaneous and could involve Hezbollah in Lebanon, the Houthis in Yemen, and potentially Iran itself.

This follows an incident in April where Iran launched over 300 projectiles at Israel after the killing of two Iranian generals in Syria, most of which were intercepted by Israel and its allies.

The Israeli government is taking precautionary measures, including scrambling GPS systems in Tel Aviv to make it harder for attacks to succeed.

Cabinet members have also been equipped with satellite phones to maintain communication should conventional phone lines be disrupted by shelling or cyberattacks.

The escalating conflict has disrupted travel, with major airlines such as Delta, United, and Lufthansa suspending flights to and from Israel.

El Al, Israel’s national carrier, is working to add flights to bring home Israelis stranded abroad, and the transport ministry has plans to use navy boats to ferry citizens from Cyprus if necessary.

Adding to the tensions, a Palestinian assailant from the West Bank stabbed and killed two elderly Israelis in Holon, near Tel Aviv, on Sunday morning before being shot dead by police.

In Gaza, Israeli military strikes targeted two schools in Gaza City, which they claimed housed Hamas command-and-control centers.

Palestinian officials reported that the schools were shelters for displaced individuals, resulting in at least 30 deaths.

Despite the intense situation, diplomatic efforts continue. An Israeli delegation visited Egypt over the weekend to discuss Gaza war talks, though no immediate breakthrough was achieved.

John Kirby, spokesperson for the White House’s National Security Council, expressed optimism that the gaps in negotiations are narrow enough to close.

President Joe Biden has reiterated to Netanyahu that achieving a cease-fire deal is critical, especially given the heightened risk of regional conflict.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Ukraine Strikes Russian Fuel Depot, Sparking Fires in Belgorod Region

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Russian Mercenaries

The governor of Russia’s southern Belgorod region said on Sunday Ukrainian forces attacked a fuel depot, triggering a series of fires after Moscow and Kyiv accused each other of launching overnight attacks on border regions.

“The Ukrainian military, aided by lethal drones, attacked a fuel storage site in Volokonovsky district,” Vyacheslav Gladkov wrote on Telegram, referring to an area near the border.

“Several reservoirs caught fire in an explosion. Firefighting crews are putting out the blaze.”

Gladkov also reported drone attacks on three other localities. There were no casualties reported in the incidents.

In the overnight air attacks, Ukrainian officials said two people died and four were injured in Sumy region. Gladkov reported three civilians were injured in Belgorod.

Two children were among those injured in Sumy, the military administration of the northeastern Ukrainian region said on Sunday on Telegram. Several homes and cars were damaged.

In Belgorod region, three civilians, including two children, were injured. Gladkov said two residential buildings were destroyed and more than 15 buildings in total were damaged.

The Russian defence ministry said it had destroyed one drone over Belgorod region and another over Kursk region, where Ukrainian forces launched a cross-border incursion last month. It said two drones were intercepted over Belgorod overnight.

Border regions on both sides have been subject to frequent attacks. Both Moscow and Kyiv deny targeting civilians, saying the attacks are aimed at destroying each other’s infrastructure critical to war efforts.

Thousands of civilians have died in the war, which Russia started with a full-scale invasion on Ukraine in February 2022. Millions of Ukrainians have also been displaced, while their cities and villages have become piles of rubble

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Ghana Ordered to Pay $111.5M to Power Company After U.S. Court Ruling

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ghana

The government of Ghana has been ordered to pay $111.5 million to Ghana Power Generation Company (GPGC) following a ruling by a District of Columbia Court in the United States.

This ruling was granted in favor of GPGC after Ghana failed to respond to an earlier tribunal ruling from the United Kingdom, which found the country in breach of a power purchase agreement.

The court’s decision comes after Ghana terminated its contract with GPGC on February 18, 2018. The UK tribunal, in its final award dated January 26, 2021, found that Ghana had violated its contractual obligations, resulting in significant financial damages for GPGC.

The tribunal initially awarded GPGC $134.3 million in damages, calculated using the Early Termination Payment formula as specified in the purchase agreement.

Ghana, however, did not comply with the tribunal’s verdict, prompting GPGC to pursue the matter in U.S. courts. On January 19, 2024, GPGC filed a lawsuit in the District of Columbia, citing the Federal Arbitration Act and the New York Convention, which provides for the recognition of international arbitration awards.

Court documents reveal that the petition was formally delivered to Ghana’s Ministry of Foreign Affairs and Regional Integration on January 23, 2024.

Despite receiving the legal documents, Ghana failed to respond to the court proceedings by the March 29, 2024, deadline. This non-response led the U.S. court to grant a default judgment in favor of GPGC.

Chief Judge James E. Boasberg emphasized that the arbitral judgment fell under the New York Convention, which requires member states, including the United States, to recognize and enforce international arbitration awards.

He further noted that Ghana had voluntarily submitted to international arbitration when entering the power purchase agreement, waiving its sovereign immunity in the process.

Although GPGC was not awarded pre-judgment interest, Ghana will be obligated to pay post-judgment interest at rates set by U.S. law.

This adds an additional financial burden to the $111.5 million judgment as the payment accrues further interest over time.

The country narrowly avoided a separate $11 billion arbitration award in the infamous P&ID case, which was eventually overturned due to findings of corruption and bribery.

However, in the GPGC case, multiple European courts have upheld enforcement orders, leaving Ghana with limited legal recourse.

The court’s decision is expected to place added pressure on Ghana as it faces mounting financial obligations related to international arbitration disputes.

GPGC has indicated that it will pursue all available legal avenues to ensure full recovery of the damages awarded by the tribunal, including possible enforcement actions in other jurisdictions.

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Zhongshang Fucheng Moves to Auction Nigerian Properties in UK Following $70M Arbitration Award

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Bola Tinubu

Zhongshang Fucheng Industrial Investment Ltd has escalated its efforts to collect a $70 million arbitration award from Nigeria by putting two residential properties in Liverpool up for sale.

This significant development follows a 2021 arbitration verdict against Nigeria, which remains unsettled.

The Chinese investment group has reportedly listed two buildings linked to the Nigerian government—15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road—on the global online marketplace eBay.

The move is part of a broader strategy to recover the outstanding $70 million, which includes a principal amount of $55,675,000, plus interest and legal costs, as stipulated by the arbitration verdict.

The arbitration stemmed from a dispute between Zhongshang Fucheng and Ogun State over a trade treaty violation.

The company claimed that Ogun State rescinded its rights to a free trade zone in 2016, prompting a legal battle that saw Zhongshang’s executives expelled from Nigeria.

The British court granted Zhongshang the authority to seize Nigerian assets in the UK after the Nigerian government failed to settle the arbitration judgment.

The seizure and subsequent auction of these properties mark a pivotal moment in the ongoing legal conflict.

The properties were confiscated because they were not classified as diplomatic or consular assets, making them subject to seizure under the court’s orders.

According to sources familiar with the situation, the properties are valued at approximately $2.2 million.

Zhongshang Fucheng has opted for an online auction to expedite the sale, aiming to reach a broad pool of potential buyers.

The decision to use eBay highlights the company’s commitment to transparency and swift asset recovery.

“This move is not just about recovering the funds; it’s a demonstration of our commitment to enforcing the arbitration award and ensuring that due process is followed,” said a consultant working with Zhongshang Fucheng, who spoke on condition of anonymity.

The Nigerian government, already grappling with similar arbitration cases, is facing increased scrutiny as European courts have granted enforcement orders in several countries, including the UK, Belgium, and France.

The ongoing conflict with Zhongshang Fucheng has intensified pressure on Nigerian authorities to address these legal and financial challenges more effectively.

In June 2024, the UK High Court, King’s Bench Division, ruled in favor of Zhongshang’s right to seize the Liverpool properties.

Master Lisa Sullivan’s ruling emphasized that the properties were used for commercial purposes, thereby excluding them from sovereign immunity protections.

The case against Nigeria underscores broader issues related to international arbitration and asset recovery, reflecting a growing trend of global legal disputes over state assets.

For Zhongshang Fucheng, the auction of the Liverpool properties represents a critical step in securing the funds awarded by the arbitration panel.

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