Israel confirmed the assassination of Hezbollah's Hashem Safieddine, presumed successor to Hassan Nasrallah. AP
Israel confirmed the assassination of Hezbollah's Hashem Safieddine, presumed successor to Hassan Nasrallah. AP

Hashem Safieddine: Israel confirms killing of likely Hezbollah successor



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Israel confirmed the death of Hashem Safieddine, a top Hezbollah official who was presumed to succeed Hassan Nasrallah as leader of the group, saying he was assassinated in an air strike. There was no immediate statement from Hezbollah.

Mr Safieddine, leader of Hezbollah's Executive Council, was reportedly killed alongside Ali Hussein Hazima, commander of the group's intelligence headquarters. The army said they were “eliminated” in a strike carried out in early October on Beirut's southern suburb of Dahieh, with “a precise, intelligence-based strike on Hezbollah's main intelligence headquarters”.

A cousin of Nasrallah, Mr Safieddine was widely presumed to have taken over leadership of the militant group after the chief's killing in an Israeli air strike on Dahieh on September 27. He enjoyed good relations with Hezbollah's main backer, Iran, and was the “most likely candidate” to replace his cousin, a Hezbollah source told AFP earlier this month.

Hezbollah officials reportedly lost contact with Mr Safieddine after an Israeli air strike on Dahieh on October 4.

On October 8, Israeli Prime Minister Benjamin Netanyahu said that the military had “taken out” Mr Safieddine, without specifically naming him. Mr Netanyahu said Israeli troops “took out thousands of terrorists, including Nasrallah himself and Nasrallah’s replacement, and the replacement of his replacement”.

As a relative of the group's long-time chief, he “greatly influenced decision-making in the organisation on a variety of issues and at times when Nasrallah was absent from Lebanon, filled his place and served as Hezbollah's secretary general”, the army added.

More than 25 members of the group's intelligence division were present at the time of the strike, the army said, including the leader of aerial collection and the leader of the group's intelligence headquarters in Syria.

Much of Hezbollah's top leadership has now been assassinated by Israel, including Ibrahim Aqil, said to be Mr Nasrallah's second-in-command after the July killing of Fouad Shukr.

Israel launched an all-out war on Lebanon in late September, and a ground invasion on October 1, claiming to target the group in order to return displaced people from northern Israel to their homes. Entire families, paramedics, firefighters and other civil defence workers have all been killed in ensuing Israeli attacks, which have destroyed entire residential buildings in Beirut's suburbs and across Lebanon.

More than 2,500 people have been killed in Israeli attacks across the country since cross-border fighting began last year, according to the health ministry.

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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

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In the box: iPad mini, USB-C cable, 20W USB-C power adapter

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Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Company%20Profile
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COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A
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Power: 268bhp / 536bhp
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The Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

COMPANY%20PROFILE
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Company%20profile
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Updated: October 23, 2024, 6:00 AM