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Israel Accepts Biden’s Deal, Delays Northern Front Readiness; Khamenei Calls for Bloodshed 

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TOP HEADLINES:

  • Israel Backs Biden’s Deal; Coalition Objects, Hamas Demands Written Guarantees
  • Khamenei Calls for Bloodshed, Rejects Peace with Israel
  • Hezbollah Drones Hit Nahariya; Israel Prepares for Expanded War
  • Iraq Connected to Europe Through Turkiye Challenging Iran’s Efforts
  • Israeli Airstrike in Aleppo Kills 16 Pro-Iranian Militia Members

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★ ISRAEL & PALESTINIAN TERRITORIES

  1. Biden’s Three-Phase Plan for Gaza Ceasefire and New Governance

President Joe Biden detailed a three-phase proposal to Hamas militants for a Gaza ceasefire. The plan includes a six-week truce with the release of elderly, sick, and female hostages; negotiations for an open-ended cessation of hostilities and the release of remaining hostages; and broader talks to establish new governance in Gaza without Hamas. Biden emphasized Hamas cannot launch another large-scale attack on Israel and urged both sides to agree to the deal. He called it “a road map to an enduring cease-fire and the release of all hostages.”

  1. Gallant’s Response: Dismantling Hamas, New Gaza Government, Securing Borders

Israeli Defense Minister Yoav Gallant emphasized that any Gaza agreement must dismantle Hamas as a ruling and military authority during discussions with US Secretary of State Antony Blinken. Gallant said, “We are steadily choking Hamas, preparing an alternative government.” After securing control over the Philadelphi Corridor, the IDF uncovered at least 20 tunnels used by Hamas for smuggling weapons and other resources. Gallant stated that Israel is cutting off Hamas from its supply routes along the Gaza-Egypt border and working on establishing an alternative government in Gaza.

  1. Israel Backs Biden’s Deal; Coalition Objects, Hamas Demands Written Guarantees

Israel agreed to President Biden’s hostage release framework, aiming to secure the release of hostages and ensure Israel’s security. Ophir Falk, senior adviser to Prime Minister Netanyahu, confirmed the agreement but stressed no permanent ceasefire would occur until Hamas is destroyed. President Isaac Herzog supported Netanyahu’s move. However, far-right coalition members, Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben-Gvir, threatened to dissolve the government, arguing the deal contradicts Israel’s war objectives. Opposition leader Yair Lapid offered political support to Netanyahu, and Benny Gantz called for further discussion. Netanyahu urged Smotrich and Ben-Gvir to reconsider their stances, emphasizing the importance of the deal for Israel’s security. Meanwhile, Hamas announced its demands of the United States requesting a written U.S. guarantee for Israel’s compliance with the new deal. Additionally, Egypt has requested a Hamas delegation in Cairo for further discussions, emphasizing that any deal must include a permanent ceasefire and unconditional Israeli withdrawal from the Rafah crossing. CIA Director William Burns has been involved in facilitating these discussions.

  1. Efforts to Classify UNRWA as a “Terrorist Organization” Face Global Condemnation

The Israeli Knesset has preliminarily approved a law to classify the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) as a terrorist organization, sparking global condemnation. Israel accuses UNRWA of ties to Hamas, but humanitarian groups insist there is no alternative to UNRWA’s vital services. Former Knesset member Sami Abu Shehadeh explains the legislative process, noting the government’s determination. Critics argue the move aims to undermine Palestinian refugee rights. International officials, including UN Secretary-General António Guterres and European Union foreign policy chief Josep Borrell, have voiced strong opposition, emphasizing UNRWA’s crucial humanitarian role.

  1. Israel’s Military Investigations: Ongoing and Unresolved

Throughout the seven-month war with Hamas, Israel pledged to investigate alleged military misconduct. The Israeli army reported findings from a high-profile case, acknowledging misconduct and dismissing two soldiers. However, other investigations remain unresolved. Israel’s military advocate general stated that about 70 cases are under investigation, but details are scarce. High-profile cases include a deadly strike on a Rafah tent camp, civilian casualties near a flour convoy, an explosion at Al-Ahli hospital, and the deaths of Palestinians in various incidents. The ongoing probes are handled by an independent fact-finding group, with outcomes still pending.

  1. Islamic Resistance in Iraq Attacks Israeli City of Eilat

The Islamic Resistance in Iraq announced that it had launched drones targeting a vital location in the Israeli city of Eilat. The group released footage showing the drone launch and stated that the operation occurred on Saturday.

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★ IRAN

  1. Khamenei Calls for Bloodshed, Rejects Peace with Israel

On June 3, 2024, Iranian Supreme Leader Ali Khamenei urged Palestinian factions to reject any ceasefire with Israel, fueling ongoing violence. He praised the October 7 Hamas terror operation, which he claimed shifted regional dynamics. Khamenei condemned the U.S. and Western support for Israel, asserting Israel is trapped in Gaza. He celebrated conflicts like those in Rafah, where clashes with Israeli forces have led to casualties and destruction. Khamenei’s rhetoric, inciting continued bloodshed, underscores his relentless pursuit of violence, disregarding the immense human suffering and undermining efforts for peace and stability in the region.

  1. Iran’s Election Chaos: Khamenei Struggles to Find Strong Candidate

Iran’s upcoming presidential elections, scheduled for June 28, 2024, have plunged the country into political chaos, with Supreme Leader Ali Khamenei struggling to find a strong candidate amid intense internal and external pressures. The recent entries of former President Mahmoud Ahmadinejad and Khamenei ally Vahid Haqqanian have heightened tensions. Ahmadinejad’s return, following the helicopter crash that killed President Ebrahim Raisi, directly challenges Khamenei’s authority, as Ahmadinejad has a history of defying the Supreme Leader. Haqqanian, a long-time security figure known as “Hajj Wahid,” is seen as Khamenei’s attempt to retain control, yet his hardline stance may not resonate with the public. Adding to the turmoil, Zohreh Elahian’s bid as a potential first female candidate tests the Guardian Council’s conservative interpretation of the law. The elections come amid escalating tensions with the West over Iran’s nuclear program and support for Russia, making the political landscape even more precarious. As Khamenei scrambles to maintain his grip, the list of qualified candidates will be announced on June 11, marking a critical juncture in Iran’s fraught political journey.

  1. Henry Jackson Society Wants Direct Attacks on Iran

The Henry Jackson Society, a British think-tank, has controversially called for the UK to launch direct attacks on Iran, claiming current international policies and sanctions have failed. The report criticizes the West’s approach to Iran, highlighting its support for Russia’s war on Ukraine, nuclear advancements, and backing of Middle Eastern militias. It advocates targeting Iran’s military and oil infrastructure. This aggressive stance overlooks the complexities of international diplomacy and risks escalating regional conflicts. The think-tank’s recommendations reflect a disregard for the potential catastrophic consequences of direct military action.

  1. Iran’s Collaboration with Global Criminal Networks Intensifies

On June 2, 2024, Shahram Kholdi reported that Iran has been using criminal networks in Sweden to target Jewish and Israeli individuals, as confirmed by Swedish security services. This revelation highlights Iran’s long standing pattern of collaborating with global criminal syndicates for arms trafficking and money laundering. Despite international sanctions and pressure, Iran’s Revolutionary Guard Corps (IRGC) continues to expand its terror networks globally, recruiting gangsters from Latin America to East Asia. The recent involvement of Swedish crime syndicates is part of Iran’s broader strategy to use local gangsters for executing terror plots, particularly against Israeli targets. This malign network, operating under the guise of religious and economic activities, poses a significant threat to global security.

  1. Iran Threatens Response to EU Sanctions and IAEA Censure

Iran has threatened a strong response if European nations propose a censure resolution at the International Atomic Energy Agency (IAEA) Board of Governors meeting, coinciding with Iran’s presidential elections. Ali Shamkhani, a senior aide to Iran’s Supreme Leader, criticized the E3 (France, Germany, and Britain) for plans to rebuke Iran’s nuclear activities, citing the differing approaches between Europe and the U.S. on Iran’s nuclear advancements. The IAEA report reveals Iran’s uranium stockpile nearing weapons-grade levels, heightening concerns. Contrastingly, Iran condemned the EU’s new sanctions on Iranian individuals and entities as appeasement to the US and Israel, criticizing the EU’s inaction on Gaza and Palestine crises, and affirming its right to retaliate.

  1. IRGC Chief Declares War Against Iran Unlikely

IRGC Chief Major General Hossein Salami stated that military action against Iran is now considered improbable by its enemies. He emphasized that Iran’s growing economic progress and influential role in regional security demonstrate the failure of hostile attempts to isolate the nation. Salami pointed out that the US, Israel, and parts of Europe are experiencing political and moral decline. He echoed Ayatollah Khamenei’s remarks on Iran’s strengthened relations with Asian countries despite weakened ties with the West, asserting that hostile plots against Iran have backfired.

  1. Iran Expands Transit Trade with New Ports in Six Provinces

Iran has launched maritime and port projects across six coastal provinces, aiming to boost its transit trade and logistics services and bypass international sanctions through illegal ports, as confirmed by Minister of Roads and Urban Development Mehrdad Bazarbash. Speaking at the inauguration ceremony, Bazarbash highlighted the strategic importance of developing infrastructure, emphasizing the necessity of private sector participation. He noted that the late President Ebrahim Raisi prioritized rapid implementation of sea-oriented development policies to circumvent economic restrictions. The newly inaugurated projects, located in Mazandaran, Gilan, Khuzestan, Bushehr, Sistan, and Baluchestan, rely heavily on private sector investments, which are crucial for accelerating work and attracting further capital. Bazarbash also announced the commencement of 23 additional projects, underscoring Iran’s relentless efforts to leverage its unique and attractive investment opportunities along its coastlines to evade sanctions and sustain its economic activities. This initiative marks a significant step in enhancing Iran’s position as a logistical and transit hub, exploiting its geographical advantages to facilitate trade and economic growth despite ongoing sanctions.

  1. Meta Deletes Dozens of Fake Accounts Linked to Iran for Misinformation Activities

Meta announced the deletion of dozens of accounts affiliated with Iran for violating its rules on fake accounts and coordinated deceptive activities. These accounts targeted Israeli citizens and included 22 Facebook avccounts, 8 pages, 8 groups, and 23 Instagram accounts, linked to fictitious personalities posing as Israeli citizens. Meta reported that these deceptive practices extended to Telegram, YouTube, X (formerly Twitter), and TikTok. Last year, Meta removed a similar network aimed at influencing Turkish citizens. Recently, TikTok and OpenAI also identified and removed Iranian-affiliated accounts. OpenAI reported that these accounts used AI technology to propagate Tehran’s policies, managed by a media group called the International Virtual Media Consortium. TikTok found Iranian accounts attempting to influence audiences in Britain and the United States.

  1. Iran Summons Chinese Ambassador Over Statement on Disputed Islands

Iran’s Foreign Ministry summoned the Chinese ambassador to Tehran to protest a joint Chinese-UAE statement on the sovereignty of three disputed islands: Abu Musa, Greater Tunb, and Lesser Tunb. Iran has controlled these islands since 1971, despite the UAE’s claims. The statement, issued after a meeting between UAE President Sheikh Mohammed bin Zayed Al Nahyan and Chinese President Xi Jinping, expressed China’s support for a peaceful resolution through bilateral negotiations. Iran objected to this stance, emphasizing its sovereignty over the islands.

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★ LEBANON

  1. Hezbollah Drones Hit Nahariya; Israel Prepares for Expanded War

Hezbollah drones reached the Nahariya settlement for the first time, causing fires and bypassing Israeli air defenses. In response, the Israeli army conducted raids on eastern Lebanon, including the Bekaa region, and carried out military exercises to expand the war’s scope. Cross-border exchanges escalated as Hezbollah targeted 11 Israeli sites, including the Yarden barracks and Kiryat Shmona. Fires and injuries were reported in several areas, including the Golan Heights. Israeli airstrikes in southern Lebanon resulted in two civilian deaths. Hezbollah’s attacks on Israeli military sites, including those in Jabal Adathar, led to Israeli bombings in southern Lebanon and military exercises to increase readiness on the northern front. Israeli officials, such as Education Minister Haim Biton, called for a campaign to expel Hezbollah and residents from southern Lebanon. The conflict has caused significant displacement and damage, with many Israelis moving to central Israel, signaling preparations for a larger conflict.

  1. Former Mossad Chief Claims Capability to Assassinate Hezbollah Leader

Former Mossad chief Yossi Cohen asserted that Israeli intelligence knows the whereabouts of Hezbollah leader Hassan Nasrallah and can assassinate him at any moment. Speaking on Israeli army radio, Cohen stated that Israel is monitoring Nasrallah’s movements and can decide to eliminate him when deemed necessary. Cohen, who is expected to enter politics soon, criticized the Israeli army’s efforts to deter Hezbollah, highlighting recent intensified attacks on Israeli cities, including Nahariya. Military commentator Amos Harel noted that the ongoing confrontation with Hezbollah, coupled with the war on Gaza, has strained Israel’s military resources and impacted settler security, raising concerns about a broader conflict’s repercussions.

  1. Lebanon, Iran Align on Gaza War and Regional Stability

Lebanese Foreign Minister Abdullah Bouhabib and acting Iranian Foreign Minister Ali Bagheri Kani held a press conference in Beirut, highlighting their shared perspective on the dangers of the ongoing Israeli war on Gaza. Bouhabib emphasized that the continuation of the war and crimes against Palestinians undermine regional peace prospects. Both ministers discussed southern Lebanon’s security and sustainable solutions, with Bagheri affirming Iran’s commitment to Lebanon’s stability and resilience. They agreed to call for an emergency meeting on Gaza for the Organization of Islamic Cooperation member states. Bagheri expressed gratitude for Lebanon’s solidarity following the recent helicopter crash that killed Iranian leaders. Bagheri also highlighted the importance of Iranian-Lebanese relations as a major indicator of regional stability and met with Lebanese Parliament Speaker Nabih Berri and Prime Minister Najib Mikati to discuss bilateral relations and regional issues.

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★ SYRIA

  1. Italian Intelligence Chief Meets Assad for Syria Crisis Talks

Italian intelligence chief General Gianni Carvelli visited Damascus, meeting with President Bashar al-Assad and intelligence director Hossam Louqa to discuss ongoing coordination between European countries reconsidering their approach to Syria. According to a Western diplomatic source, Carvelli informed Assad about meetings among Austria, the Czech Republic, Cyprus, Denmark, Greece, Italy, Malta, Poland, and Romania, focusing on re-evaluating strategies for dealing with Syrian refugees. Discussions included establishing a safe zone in the Homs countryside and possibly lifting some sanctions if humanitarian guarantees are met. This visit signals a contentious shift towards engaging more realistically with the Assad regime despite its controversial history.

  1. Israeli Airstrike in Aleppo Kills 16 Pro-Iranian Militia Members

An Israeli airstrike on a copper smelting plant and weapons depot between Hayyan and Tamoura in northern Aleppo resulted in the deaths of 16 pro-Iranian militia members, both Syrian and non-Syrian, according to the Syrian Observatory for Human Rights. The strike caused significant explosions, overwhelming the Syrian air defense system, and led to fires, material losses, and several severe injuries. The Syrian Ministry of Defense confirmed the airstrike, reporting casualties and material damage. This attack follows a pattern of increased Israeli strikes in Syria since October, targeting Iranian-backed positions. The ongoing conflict in Syria has resulted in over half a million deaths and millions displaced since 2011.

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★ IRAQ

  1. Iraq Connected to Europe Through Turkiye Challenging Iran’s Efforts

Iraq’s Transport Minister Razzaq Muhibis Al-Saadawi announced that the Development Road Project, connecting Iraq to Europe via Türkiye, aims for economic integration beyond railways and highways. Speaking to a delegation from Türkiye, he emphasized plans for industrial cities along the route from Basra to Faysh Khabur. The project, starting at the Grand Faw Port, includes residential and industrial zones and will enhance global trade by mid-2025. Al-Saadawi highlighted the project’s international support, potential to lower transportation costs, and efforts to involve neighboring countries like Iran.

  1. Iraq’s Oil Exports Drop to 3.41 Million Barrels Per Day

Iraq’s crude oil exports decreased to 3.41 million barrels per day in April from 3.42 million barrels per day in March, with total exports reaching 102.38 million barrels. The Iraqi Oil Ministry reported these figures, noting that March’s exports were 106.11 million barrels, and February’s were 99.59 million barrels. Despite a normal average daily production of 4.6 million barrels, Iraq has voluntarily reduced its production by 220,000 barrels per day since July 2023. OPEC+ recently extended oil production cuts until the end of 2025 to support the market amidst weak global demand growth and other economic factors.

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★ YEMEN

  1. US Intercepts Houthi Missiles, Incident Off Yemen Coast

The British Maritime Trade Operations Authority reported an incident off Yemen’s coast on Saturday, 48 nautical miles southwest of Hodeidah, urging caution. On Sunday, the US Central Command intercepted two Houthi ballistic missiles and destroyed a drone targeting the USS Greeley in the southern Red Sea. No injuries or damage occurred. The Houthis in Yemen claimed responsibility for six military operations targeting  the US aircraft carrier Eisenhower, an American destroyer, and four ships. According to the Houthi spokesperson, Yahya Saree, another operation targeted a US destroyer, reportedly hitting it with drones. The remaining operations targeted ships belonging to companies allegedly violating the ban on entry to ports in Israel, including the MAINA ship. This Monday, the Israeli army announced intercepting a surface-to-surface missile launched from the Red Sea using an Arrow interceptor. Sirens in Eilat warned residents, but no damage or injuries were reported. The source of the missile was not identified.

  1. Yemenis Expose Alleged Operations by US and Israeli Firms Backing Houthi Militia

Activists and human rights advocates have revealed that dozens of American and Israeli companies are operating in logistical fields within areas controlled by Houthi militias, allegedly with support and facilitation from Houthi leadership. Among these companies is Development Monitors, LLC, founded in 2017 and headquartered in Virginia, USA. The company, owned by James Weeks with project manager Victor Odegard, employs Americans and Indians and has undertaken various development projects, including agreements with the World Bank for work in Yemen, particularly in Sana’a. Dr. Abdulqader Al-Kharaz reported that the Houthis provide significant support to this company through a Houthi leader based in Europe, facilitating agreements and commissions between American companies and the militias. The latest project by Development Monitors, LLC involved social surveys and detailed mapping in Ibb and Sana’a using satellite images.

  1. Houthi Court Sentences 44 Yemenis to Death for Espionage

A Houthi court in Sanaa sentenced 44 Yemenis to death on charges of espionage for the coalition supporting Yemen’s legitimate government. According to Akhbar Al-Youm, the Specialized Criminal Court issued these sentences in a case involving 49 defendants. Sixteen were sentenced in absentia, and four received prison terms. A defense lawyer revealed that those detained endured severe physical and mental torture, remaining in solitary confinement for nine months without visits or contact.

  1. Israeli Army Intercepts Missile Launched from Red Sea

The Israeli army announced the interception of a surface-to-surface missile launched from the Red Sea region. The missile was shot down by an Arrow ballistic interceptor missile after sirens alerted residents in Eilat. There were no reported damages or casualties, and the origin of the missile remains unspecified. Over the past eight months, Eilat has faced repeated long-range attacks by the Yemeni Houthi group, supporting Hamas in Gaza. These attacks have heightened concerns about regional stability, especially following recent escalations between Israel and Iran.

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★ THE GULF

  1. Aramco’s $12B Offering Fully Subscribed; Signs $786M Steel Contracts

Saudi Aramco quickly received orders for its entire $12 billion secondary share offering within hours of opening on Sunday, despite the stock falling 2.9% to 28.30 riyals, valuing the company at around $1.8 trillion. This marks a 14% decline from earlier this year, driven by the government’s announcement to sell a stake. The 2019 IPO attracted $106 billion in orders, but foreign investor interest remains uncertain, leaving the government to rely on local buyers. Additionally, Saudi Aramco signed contracts worth 2.95 billion riyals ($786 million) with private Saudi Group Five and Orient Pipes to manufacture and supply steel pipes. Group Five Pipe Company secured a 1.3 billion riyal ($346.5 million) contract for spiral-welded steel pipes, with financial impact starting in Q3 2025. Orient Pipe Company signed contracts worth over 1.65 billion riyals ($440.8 million), with financial impact expected from Q4 2024-2025 to Q4 2025-2026.

  1. Saudi Arabia Partners with Alibaba to Market Dates Globally

The National Center for Palms and Dates in Saudi Arabia has formed a partnership with China’s Alibaba Group to market Saudi dates worldwide. During a six-day visit, 23 Saudi date companies were qualified to use Alibaba’s e-commerce platform. The visit included a consensus forum, dialogue sessions, and agreements to boost date exports. The Saudi delegation also visited Alibaba’s headquarters and received training on e-commerce strategies and customer attraction in the food sector. This partnership aims to enhance the Kingdom’s date exports in line with the National Center’s strategy.

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★ EGYPT

  1. Shoukry Reaffirms Egypt’s Stance on Rafah Crossing

Egyptian Foreign Minister Sameh Shoukry reiterated Egypt’s rejection of Israeli presence at the Rafah crossing with Gaza. Speaking in Madrid, he emphasized the need for Palestinian administration at the crossing. Shoukry acknowledged the positive aspects of President Biden’s proposal but highlighted the need for Israel’s response. He stressed Egypt’s commitment to a two-state solution based on 1967 borders with East Jerusalem as the Palestinian capital. Spanish Foreign Minister Jose Manuel Albarez supported ending Israeli military operations in Rafah and discussed reopening land corridors for Gaza aid, highlighting strong Egypt-Spain cooperation for Middle East peace.

  1. Egyptian Government Resigns Following Presidential Elections

The Egyptian government resigned today, with Prime Minister Dr. Mostafa Madbouly meeting President Abdel Fattah El-Sisi. Major General Dr. Tarek Khadr, a Professor of Political Systems and Constitutional Law, explained that this is a routine procedure as per Article 146 of the Constitution. Following presidential elections, the Prime Minister must form a new government. The president has 30 days to present the new government to the House of Representatives for approval.

  1. Turkish Ambassador to Egypt Meets Coptic Pope

On Monday, Turkish Ambassador to Cairo, Salih Mutlu Shen, met with Pope Tawadros II of the Coptic Orthodox Church. They discussed strengthening relations and supporting Palestinian rights. Ambassador Shen emphasized Turkiye’s commitment to positive relations with Egyptian Copts. Pope Tawadros highlighted the freedom of worship for Egyptian Copts in Turkiye and their humanitarian support for Palestine. The meeting reflected mutual respect and a shared call for a ceasefire in Gaza, where ongoing conflict has resulted in significant loss of life and widespread destruction.

  1. Egypt Targets $30 Billion in Foreign Direct Investments for 2024-2025

Egypt aims to attract $30 billion in foreign direct investments in the 2024-2025 fiscal year, starting July 1, and to contain inflation between 19% and 25%. The Egyptian Parliament approved the budget and economic plan, projecting total revenues of 2.6 trillion pounds and expenditures of 3.9 trillion pounds. The budget also allocates 134 billion pounds for food subsidies and 40 billion pounds for the Takaful and Karama program. Additionally, support for exporters will rise to 23 billion pounds. President El-Sisi has tasked Mostafa Madbouly with forming a new government.

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★ TURKIYE

  1. Turkish Foreign Minister Hakan Fidan Visits China to Strengthen Bilateral Ties

Turkish Foreign Minister Hakan Fidan is visiting China today, Monday, in response to an official invitation. Carrying six important dossiers aimed at enhancing bilateral relations between Ankara and Beijing, Fidan will discuss current regional and international developments, with key issues including Gaza and the Uighurs. This marks Fidan’s first official visit to Beijing, scheduled from June 3 to June 5. During his visit, Fidan met with Chen Wenqing, head of the Central Political and Legal Affairs Commission of the Chinese Communist Party, as reported by the Turkish Foreign Ministry on the platform “X”. He is also expected to meet with his Chinese counterpart Wang Yi and Chinese Vice President Han Zheng.

  1. Iraq’s PM Says Baghdad Mediating Potential Assad-Turkiye Reconciliation

Iraqi Prime Minister Mohammed Shia al-Sudani announced that his government is working on reconciling Ankara and Damascus. In an interview with Turkiye’s private Haberturk TV, Sudani mentioned that he is in contact with both Syrian President Bashar al-Assad and Turkish President Recep Tayyip Erdogan to facilitate this reconciliation. He expressed hope that some steps towards this goal would be seen soon.

  1. Turkiye Faces Peak Inflation, Central Bank Holds Interest Rate Steady

Official data released on Monday shows Turkiye’s annual consumer price inflation reached 75.45% in May, slightly exceeding expectations. This surge, driven by higher expenses in education, housing, and restaurants, indicates that inflation has peaked and may soon decline due to interest rate hikes and a relatively stable lira. Despite this, Turkiye’s central bank maintained its key interest rate at 50% for the second consecutive month, emphasizing vigilance regarding inflation risks. This rate was raised from 45% to 50% prior to the March 31 local elections to address the persistent inflation issue challenging President Recep Tayyip Erdogan’s administration.

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📌 In case you missed it,

📰 THE EARLY PHOENIX  May 31, 2024

📰 THE EARLY PHOENIX  May 30, 2024

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