Houthi Missile Attacks Damage Ship in the Red Sea

Houthi supporters hold up their weapons during a protest in solidarity with the Palestinian people, in Sanaa, Yemen, 24 May 2024. EPA/YAHYA ARHAB
Houthi supporters hold up their weapons during a protest in solidarity with the Palestinian people, in Sanaa, Yemen, 24 May 2024. EPA/YAHYA ARHAB
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Houthi Missile Attacks Damage Ship in the Red Sea

Houthi supporters hold up their weapons during a protest in solidarity with the Palestinian people, in Sanaa, Yemen, 24 May 2024. EPA/YAHYA ARHAB
Houthi supporters hold up their weapons during a protest in solidarity with the Palestinian people, in Sanaa, Yemen, 24 May 2024. EPA/YAHYA ARHAB

Missile attacks by Yemen’s Houthi militias twice damaged a Marshall Islands-flagged, Greek-owned ship Tuesday in the Red Sea off the coast of Yemen.

The Houthis have launched a number of attacks targeting ships over Israel's war on Hamas in the Gaza Strip.

The first attack on the bulk carrier Laax happened off the port city of Hodeidah in the southern Red Sea, near the Bab el-Mandeb Strait that links it to the Gulf of Aden, according to the British military’s United Kingdom Maritime Trade Operations center. The vessel “sustained damage” in the assault and later reported an “impact in the water in close proximity to the vessel,” the UKMTO said.

“The crew are reported safe and the vessel is proceeding to its next port of call,” the center said.

The private security firm Ambrey said the vessel reported by radio of having “sustained damage to the cargo hold and was taking on water.”

Late Tuesday night, the UKMTO reported the Laax “sustained further damage” in a second missile attack near Mokha in the Bab el-Mandeb.

The US military’s Central Command also identified the targeted ship as the Laax.

“Iranian-backed Houthis launched five anti-ship ballistic missiles (ASBM) from Houthi-controlled areas of Yemen into the Red Sea,” it said.

The ship “reported being struck by three of the missiles, but continued its voyage,” USCENTCOM added.

Central Command separately said it destroyed five Houthi drones over the Red Sea amid the attacks.

“It was determined the systems presented an imminent threat to merchant vessels in the region,” it added.



World Bank Looking to Free up Emergency Funds for Lebanon, Managing Director Says

 A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
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World Bank Looking to Free up Emergency Funds for Lebanon, Managing Director Says

 A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)

The World Bank is looking to free up emergency funds for Lebanon, potentially including up to $100 million through the use of special clauses in existing loan deals, its managing director of operations told Reuters.

The Washington-based development lender currently has $1.65 billion in loans to the country including a $250 million loan approved this week to help connect dispersed renewable energy projects in the country.

Amid fighting across southern Lebanon, the bank was currently discussing ways in which it could help support the economy, including through the use of so-called Contingent Emergency Response Component (CERCs) clauses.

"We can use our existing portfolio and free up some money for really critical, short-term liquidity needs," Anna Bjerde said.

CERCs are present in around 600 of the bank's existing projects, globally, and allow it to redirect funds that have yet to be disbursed, if requested to by a government, for example after a health or natural disaster, or during conflict.

Lebanon has yet to make such a request, Bjerde said.

After a year of exchanges of fire between Hezbollah and Israel mostly limited to the frontier region, the conflict has significantly escalated in Lebanon.

Hezbollah fired rockets at Israel's third largest city Haifa on Monday, while Israeli forces looked poised to expand ground raids into south Lebanon on the first anniversary of the Gaza war, which has spread conflict across the Middle East.

Lebanon's government could choose to use an existing social protection program that was put in place during the COVID-19 pandemic that allows for financial support to be sent to individuals, Bjerde said.

"It has the benefit of being totally digital so you can reach people, plus it can be verified a bit... so we will also probably use that to top up the social safety net for those that are particularly affected."

Up to 1 million people have been internally displaced in the country, she added: "So it's important we focus on that".

Lebanon's finance ministry and economy ministry did not immediately respond when asked for comment.