What to Know about the Ceasefire Deal between Israel and Lebanon's Hezbollah

People gather as cars drive past rubble from damaged buildings in Beirut's southern suburbs, after a ceasefire between Israel and Iran-backed group Hezbollah took effect at 0200 GMT on Wednesday after US President Joe Biden said both sides accepted an agreement brokered by the United States and France, in Lebanon, November 27, 2024. REUTERS/Mohamed Azakir
People gather as cars drive past rubble from damaged buildings in Beirut's southern suburbs, after a ceasefire between Israel and Iran-backed group Hezbollah took effect at 0200 GMT on Wednesday after US President Joe Biden said both sides accepted an agreement brokered by the United States and France, in Lebanon, November 27, 2024. REUTERS/Mohamed Azakir
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What to Know about the Ceasefire Deal between Israel and Lebanon's Hezbollah

People gather as cars drive past rubble from damaged buildings in Beirut's southern suburbs, after a ceasefire between Israel and Iran-backed group Hezbollah took effect at 0200 GMT on Wednesday after US President Joe Biden said both sides accepted an agreement brokered by the United States and France, in Lebanon, November 27, 2024. REUTERS/Mohamed Azakir
People gather as cars drive past rubble from damaged buildings in Beirut's southern suburbs, after a ceasefire between Israel and Iran-backed group Hezbollah took effect at 0200 GMT on Wednesday after US President Joe Biden said both sides accepted an agreement brokered by the United States and France, in Lebanon, November 27, 2024. REUTERS/Mohamed Azakir

A ceasefire deal that went into effect on Wednesday could end more than a year of cross-border fighting between Israel and Lebanon's Hezbollah militant group, raising hopes and renewing difficult questions in a region gripped by conflict.
The US- and France-brokered deal, approved by Israel late Tuesday, calls for an initial two-month halt to fighting and requires Hezbollah to end its armed presence in southern Lebanon, while Israeli troops are to return to their side of the border. It offers both sides an off-ramp from hostilities that have driven more than 1.2 million Lebanese and 50,000 Israelis from their homes.
An intense bombing campaign by Israel has left more than 3,700 people dead, many of them civilians, Lebanese officials say. Over 130 people have been killed on the Israeli side.
But while it could significantly calm the tensions that have inflamed the region, the deal does little directly to resolve the much deadlier war that has raged in Gaza since the Hamas attack on southern Israel in October 2023 that killed 1,200 people.
Hezbollah, which began firing scores of rockets into Israel the following day in support of Hamas, previously said it would keep fighting until there was a stop to the fighting in Gaza. With the new cease-fire, it has backed away from that pledge, in effect leaving Hamas isolated and fighting a war alone.
Here’s what to know about the tentative ceasefire agreement and its potential implications:
The terms of the deal
The agreement reportedly calls for a 60-day halt in fighting that would see Israeli troops retreat to their side of the border while requiring Hezbollah to end its armed presence in a broad swath of southern Lebanon. President Joe Biden said Tuesday that the deal is set to take effect at 4 a.m. local time on Wednesday (9 p.m. EST Tuesday).
Under the deal, thousands of Lebanese troops and U.N. peacekeepers are to deploy to the region south of the Litani River. An international panel led by the US would monitor compliance by all sides. Biden said the deal “was designed to be a permanent cessation of hostilities.”
Israel has demanded the right to act should Hezbollah violate its obligations, but Lebanese officials rejected writing that into the proposal. Israeli Prime Minister Benjamin Netanyahu said Tuesday that the military would strike Hezbollah if the UN peacekeeping force, known as UNIFIL, does not enforce the deal.
Lingering uncertainty
Hezbollah indicated it would give the ceasefire pact a chance, but one of the group's leaders said the group's support for the deal hinged on clarity that Israel would not renew its attacks.
“After reviewing the agreement signed by the enemy government, we will see if there is a match between what we stated and what was agreed upon by the Lebanese officials,” Mahmoud Qamati, deputy chair of Hezbollah’s political council, told the Qatari satellite news network Al Jazeera.
“We want an end to the aggression, of course, but not at the expense of the sovereignty of the state” of Lebanon, he said.
The European Union’s top diplomat, Josep Borrell, said Tuesday that Israel’s security concerns had been addressed in the deal.
Where the fighting has left both sides After months of cross-border bombings, Israel can claim major victories, including the killing of Hezbollah’s top leader, Hassan Nasrallah, most of his senior commanders and the destruction of extensive militant infrastructure.
A complex attack in September involving the explosion of hundreds of walkie-talkies and pagers used by Hezbollah was widely attributed to Israel, signaling a remarkable penetration of the militant group.
The damage inflicted on Hezbollah has hit not only in its ranks, but the reputation it built by fighting Israel to a stalemate in the 2006 war. Still, its fighters managed to put up heavy resistance on the ground, slowing Israel’s advance while continuing to fire scores of rockets, missiles and drones across the border each day.
The ceasefire offers relief to both sides, giving Israel’s overstretched army a break and allowing Hezbollah leaders to tout the group’s effectiveness in holding their ground despite Israel’s massive advantage in weaponry. But the group is likely to face a reckoning, with many Lebanese accusing it of tying their country’s fate to Gaza’s at the service of key ally Iran, inflicting great damage on a Lebanese economy that was already in grave condition.
No answers for Gaza Until now, Hezbollah has insisted that it would only halt its attacks on Israel when it agreed to stop fighting in Gaza. Some in the region are likely to view a deal between the Lebanon-based group and Israel as a capitulation.
In Gaza, where officials say the war has killed more than 44,000 Palestinians, Israel’s attacks have inflicted a heavy toll on Hamas, including the killing of the group’s top leaders. But Hamas fighters continue to hold scores of Israeli hostages, giving the militant group a bargaining chip if indirect ceasefire negotiations resume.
Hamas is likely to continue to demand a lasting truce and a full Israeli withdrawal from Gaza in any such deal, while Netanyahu on Tuesday reiterated his pledge to continue the war until Hamas is destroyed and all hostages are freed.
Palestinian Authority President Mahmoud Abbas, whose forces were ousted from Gaza by Hamas in 2007 and who hopes to one day rule over the territory again as part of an independent Palestinian state, offered a pointed reminder Tuesday of the intractability of the war, demanding urgent international intervention.
“The only way to halt the dangerous escalation we are witnessing in the region, and maintain regional and international stability, security and peace, is to resolve the question of Palestine,” he said in a speech to the UN read by his ambassador.



COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
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COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)

Countries agreed at the UN's COP29 climate conference to spend $300 billion on annual climate finance. Here are some ways of understanding what that sum is worth:

MILITARY MIGHT

In 2023, governments around the globe spent $6.7 billion a day on military expenditure, according to the Stockholm International Peace Research Institute.

That means the $300 billion annual climate finance target equates to 45 days of global military spending.

BURNING OIL

$300 billion is currently the price tag for all the crude oil used by the world in a little over 40 days, according to Reuters calculations based on global crude oil demand of approximately 100 million barrels/day and end-November Brent crude oil prices.

ELON MUSK

According to Forbes, Elon Musk's net worth stood at $321.7 billion in late November. The world's richest man and owner of social media platform X has co-founded more than half a dozen companies, including electric car maker Tesla and rocket producer SpaceX.

STORM DAMAGE

Hurricane Katrina, one of the most devastating and deadliest cyclones in US history, caused $200 billion in damage alone in 2005.

This year's climate-fueled Hurricane Helene could end up costing up to $250 billion in economic losses and damages in the US, according to estimates by AccuWeather. While preliminary estimates by Morningstar DBRS suggest Hurricane Milton, also supercharged by ocean heat, could cost both the insured and uninsured nearly $100 billion.

BEAUTY BUYS

The global luxury goods market is valued at 363 billion euros ($378 billion) in 2024, according to Bain & Company.

COPPER PLATED

The GDP of Chile - the world's largest copper producing country - stood at $335.5 billion in 2023, according to World Bank data.

GREECE'S BAIL OUT

Euro zone countries and the International Monetary Fund spent some 260 billion euros ($271 billion) between 2010 and 2018 on bailing out Greece - the biggest sovereign bailout in economic history.

BRITISH BONDS

Britain's new government needs to borrow more to fund budget plans. Gilt issuance is expected to rise to 296.9 billion pounds ($372.05 billion) for the current financial year.

TECH TALLY

A 10% share of tech giant Microsoft is worth just over $300 billion, according to LSEG data. Meanwhile the market cap for US oil major Chevron stood at $292 billion.

CRYPTO

The annual climate finance target amounts to 75% of the total value of the global market for crypto currency Ether, the world's second-largest cryptocurrency.

Alternatively, 3 million Bitcoin would cover the annual climate finance target as the world's largest cryptocurrency closes in on the $100,000 mark following a rally fueled by Donald Trump winning the Nov. 5 US presidential election.