International
Oil prices increase as Hamas-Israel attacks fuel supply fears
Oil prices increase as Hamas-Israel attacks fuel supply fears
Oil prices rose on Monday, while the dollar and yen rose after Hamas conducted a surprise strike on Israel over the weekend, raising new concerns about Middle East hostilities.
The situation heightened fears about petroleum supplies from the region at a time when supply concerns were already high due to Saudi Arabia and Russia’s output restrictions.
It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.
The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.
“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes.
“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”
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Both main contracts surged more than five percent in early Asian business before easing back as the day wore on.
However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.
“Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilises.
“But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario.”
A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.
The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.
Gold, another key haven, gained around one percent.
Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.
There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose in shortened trade, having been closed in the morning owing to a typhoon.
Sydney and Jakarta eked out gains. Tokyo was closed for a holiday.
London edged up while Paris and Frankfurt were lower.
The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing.
The “Goldilocks” figures neither too strong nor too weak lifted optimism the world’s top economy can avoid a recession even as the Federal Reserve keeps rates elevated.
Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target.
Oil prices increase as Hamas-Israel attacks fuel supply fears
AFP
International
Israel ejects Gaza hospital, detains medical personnel
Israel ejects Gaza hospital, detains medical personnel
The last major functioning hospital in northern Gaza was forcibly evacuated by the Israeli military on Friday after dozens of people were reportedly killed in Israeli strikes targeting the area.
Medical staff, including the director of the Kamal Adwan Hospital, have also been detained, Gaza health officials said on Saturday.
The hospital director, Dr Hussam Abu Safiya, was among the first to report that about 50 people had been killed in Israeli air strikes targeting the vicinity of the hospital on Friday.
The IDF had said it was carrying out an operation in the area, alleging the hospital was a “Hamas terrorist stronghold”.
On Friday, patients at the hospital were forcibly moved to the nearby Indonesian Hospital which doctors warn is damaged and unsuitable due to a lack of power generators and water.
Eid Sabbah, head of the nursing department at Kamal Adwan, told the BBC the military had ordered the evacuation around 07:00 on Friday, giving the hospital about 15 minutes to move patients and staff into the courtyard.
Israeli troops then entered the hospital and removed the remaining patients, he said.
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The IDF said it had “facilitated the secure evacuation of civilians, patients and medical personnel” before beginning the operation.
Seriously ill patients were moved to the nearby Indonesian Hospital, itself evacuated earlier in the week, which medics have described as non-functional.
“You can’t call it a hospital, it’s more of a shelter. It’s not equipped for patients,” Gaza’s deputy minister of health, Dr Abu-Al Rish, told the BBC on Friday.
Dr Sabbah, from Kamal Adwan Hospital, said: “It’s dangerous because there are patients in the ICU department in a coma and in need of ventilation machines and moving them will put them in danger.”
He had said critically ill patients needed to be moved in specialised vehicles.
The World Health Organization said the raid “has put this last major health facility in north Gaza out of service”.
“Initial reports indicate that some key departments were severely burnt and destroyed during the raid,” it posted on X on Friday.
Nadav Shoshani, international spokesman for the Israel Defense Forces (IDF), said in a post on Friday evening on X that a “small fire broke out in an empty building inside the hospital that is under control”.
This was when IDF troops were not inside the hospital, he said, adding that “after preliminary examination, no connection was found between IDF activity to the fire”.
The director of Kamal Adwan hospital had said on Friday that approximately 50 people had been killed, including five medical staff, in a series of Israeli air strikes targeting the vicinity of the hospital.
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The statement from Dr Hussam Abu Safiya said a building opposite the hospital was targeted by Israeli warplanes, leading to the death of a paediatrician and a lab technician, as well as their families.
He said a third staff member who worked as a maintenance technician was targeted and killed as he rushed to the scene of the first strike.
Two of the hospital’s paramedics were 500m (1,640ft) away from the hospital when they were targeted and killed by another strike, the statement continued, with their bodies remaining in the street with no-one able to reach them.
The Israeli military said on Friday morning that it was “unaware of strikes in the area of Kamal Adwan hospital” and was looking into the reports that staff had been killed.
Kamal Adwan hospital in Beit Lahia has been under a tightening Israeli blockade imposed on parts of northern Gaza since October, when the military said it had launched an offensive to stop Hamas from regrouping there.
The UN has said the area is under a “near-total siege” as the Israeli military heavily restricts access of aid deliveries to an area where an estimated 10,000 to 15,000 people remain.
In recent days, the hospital’s administrators have issued desperate pleas appealing to be protected, as they say the facility has become a regular target for Israeli shelling and explosives.
Oxfam said that attempts by aid agencies to deliver supplies to the area since October had been unsuccessful because of “deliberate delays and systematic obstructions” by the Israeli military.
Additional reporting by Shaimaa Khalil
Israel ejects Gaza hospital, detains medical personnel
BBC
International
Trump asks Supreme Court to suspend law for TikTok ban
Trump asks Supreme Court to suspend law for TikTok ban
US President-elect Donald Trump filed a brief Friday urging the Supreme Court to pause a law that would ban TikTok the day before his January 20 inauguration if it is not sold by its Chinese owner ByteDance.
“In light of the novelty and difficulty of this case, the court should consider staying the statutory deadline to grant more breathing space to address these issues,” Trump’s legal team wrote, to give him “the opportunity to pursue a political resolution.”
Trump was fiercely opposed to TikTok during his 2017-21 first term, and tried in vain to ban the video app on national security grounds.
The Republican voiced concerns — echoed by political rivals — that the Chinese government might tap into US TikTok users’ data or manipulate what they see on the platform.
US officials had also voiced alarm over the popularity of the video-sharing app with young people, alleging that its parent company is subservient to Beijing and that the app is used to spread propaganda, claims denied by the company and the Chinese government.
Trump called for a US company to buy TikTok, with the government sharing in the sale price, and his successor Joe Biden went one stage further — signing a law to ban the app for the same reasons.
– Reversing course –
Trump has now, however, reversed course.
At a press conference last week, Trump said he has “a warm spot” for TikTok and that his administration would take a look at the app and the potential ban.
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Earlier this month, the president-elect met with TikTok CEO Shou Zi Chew at his Mar-a-Lago residence in Florida.
Recently, Trump told Bloomberg he had changed his mind about the app: “Now (that) I’m thinking about it, I’m for TikTok, because you need competition.”
“If you don’t have TikTok, you have Facebook and Instagram — and that’s, you know, that’s Zuckerberg.”
International
Romeo and Juliet actress Olivia Hussey dies at 73
Romeo and Juliet actress Olivia Hussey dies at 73
Actress Olivia Hussey, who shot to international prominence as a teenager for her role in the acclaimed 1968 film version of Romeo and Juliet, has died aged 73.
The Argentinian-born actress, who grew up in London, died on Friday surrounded by her loved ones, a statement posted on her Instagram said.
Hussey won the best new actress Golden Globe for her part as Juliet, but decades later she sued Paramount Pictures for sexual abuse as she was aged just 15 when she filmed the movie’s nude scene.
Her other most notable screen role was as Mary, mother of Jesus, in 1977 TV miniseries Jesus of Nazareth.
“As we grieve this immense loss, we also celebrate Olivia’s enduring impact on our lives and the industry,” the statement said.
Hussey was born in Buenos Aires, Argentina, in 1951, before moving to London aged seven and studying at the Italia Conti Academy drama school.
1968’s Romeo and Juliet was nominated for best picture and director Oscars
She was 15 when Romeo and Juliet director Franco Zeffirelli discovered her onstage, playing opposite Vanessa Redgrave in the play The Prime of Miss Joan Brodie
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Zeffirelli was looking for someone who was young enough to be a convincing Juliet in what he intended to be the definitive cinematic version of the Shakespeare play.
He cast Hussey alongisde British 16-year-old Leonard Whiting as Romeo in the film.
The film was nominated for an Oscar for best picture and director. Hussey missed out on an Oscar nomination herself in a strong year in which Barbra Streisand won the main award for Funny Girl.
But at that year’s Golden Globes Hussey won the award for best new star.
Decades later, she and Whiting sued Paramount Pictures alleging Zeffirelli – who died in 2019 – had encouraged them to film nude scenes despite previous assurances they would not have to.
The pair sought damages of more than $500m (£417m), based on suffering they said they had experienced and the revenue brought in by the film since its release.
But last year a judge dismissed the case, finding the scene was not “sufficiently sexually suggestive”.
In 1977, Hussey had reunited with Zeffirelli for Jesus of Nazareth to play the Virgin Mary, before appearing in Death on the Nile a year later based on Agatha Christie’s novel.
Her roles in early slasher film Black Christmas (1974) and TV film Psycho IV: The Beginning earned her recognition as a scream queen. In the latter, she p[layed Norman Bates’s mother in a prequel storyline.
In later years she also took on work as a voice actress, appearing frequently in video games.
But she did have one final reunion with her former Romeo – as she and Whiting appeared together in the 2015 British film Social Suicide, which was loosely based on Romeo and Juliet, albeit set in the social media era.
Romeo and Juliet actress Olivia Hussey dies at 73
BBC
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