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Israel ready to put boots on the ground in Hizbollah’s backyard of southern Lebanon

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In the three days since Israel assassinated Hizbollah’s leader Hassan Nasrallah, the country has used its unrivalled air superiority to launch wave after wave of strikes on Lebanon.

But now it appears set to move to a new stage of its offensive: the far riskier land operation that will put Israeli boots on the ground in Hizbollah’s backyard of southern Lebanon.

Equipment and heavy combat divisions have been deployed to Israel’s north.

And in recent days, Israeli forces have also carried out small-scale raids targeting artillery posts and other Hizbollah infrastructure in Lebanon and gathering intelligence ahead of a possible broader ground operation, according to a person familiar with the situation.

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“The next stage in the war against Hizbollah will begin soon,” defence minister Yoav Gallant told mayors from northern Israel on Monday.

“It will be a significant factor in changing the security situation and will allow us to complete the important part of the war’s goals: returning residents to their homes.”

Israel has long insisted that returning the roughly 60,000 people displaced from the country’s north by rockets from the Iran-backed Hizbollah — which began firing at Israel in support of Hamas the day after its October 7 attack — is one of its key objectives.

For the past year, Israeli officials have said they would prefer to do so by diplomatic means, but have also threatened to use military force as their belligerent rhetoric has intensified.

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Shortly, after Hizbollah began firing at Israel last year, the US had to convince Israel not to launch a pre-emptive offensive against the militants.

In the 12 months since, Israeli forces have pounded southern Lebanon with air and artillery strikes, forcing more than 110,000 people to flee their homes and causing massive damage across the southern border region.

But in recent weeks, Israel has stepped up its preparations for a ground operation, leaving US officials scrambling to contain the situation, and the region on edge over how far Israel will go in its confrontation with Iran and its proxies — and where it will stop.

Israeli army tanks and armoured vehicles deployed in the Upper Galilee region of northern Israel near the border with Lebanon
Israeli army tanks and armoured vehicles deployed in the Upper Galilee region of northern Israel near the border with Lebanon © Menahem Kahana/AFP/Getty Images

Yaakov Amidror, a former national security adviser to Israeli Prime Minister Benjamin Netanyahu and fellow at the Jewish Institute for National Security of America in Washington, said after 11 months of combat in Gaza, Israel’s military was “a little bit exhausted” and so unlikely to attempt an operation of the scale it had launched against Hamas.

Instead, he said Israel’s operations were more likely to focus on pushing Hizbollah forces north of Lebanon’s Litani river — as envisaged by a UN resolution passed in the wake of Israel’s last war with Hizbollah in 2006 — and degrading its firepower “to a level where, after the war, we can continue to destroy its facilities . . . and stop the flow of weapons systems from Syria into Lebanon”.

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Itamar Yaar, former deputy head of the Israeli National Security Council, said that while he did not expect Israel to attempt a full-scale invasion of Lebanon as the price would be “higher than we are willing to pay”, it was likely to carry out operations near the border to deal with the threat posed by Hizbollah’s anti-tank missiles.

“I think that there is a good chance Israel will try to take control of some points along the [demarcation line] to make sure that at least some of our villages will not be under direct fire from Hizbollah,” he said.

“It’s easier to do on the western part of the Israeli-Lebanese border, it’s more difficult to do in the area of Metula [because of the topography].”

Netanyahu is betting that holding Lebanese territory whenever a ceasefire is reached would also give Israel options in the negotiations over the new status quo, a person who has previously worked with Netanyahu said.

“It gives us leverage. It also gives Hizbollah a fig leaf to agree [to a deal in which it remained north of the Litani] because they can say that by agreeing not to go back they’re getting the Israelis off Lebanese territory,” the person said. “It creates political cards to play.”

However, officials acknowledge that a ground operation in Lebanon would also bring a slew of risks.

Even if officials attempt to wage a limited campaign, Israeli forces could end up being drawn into protracted combat in terrain that Hizbollah’s fighters know inside out, and where Israel’s technological and intelligence advantages count for less.

It would also raise the risk of a direct confrontation with Iran, which has spent years building Hizbollah’s capabilities and views the Lebanese group as the linchpin of the alliance of militants known as the axis of resistance that it has built to buttress its fight with Israel.

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Some in Israeli security circles believe that, with Hizbollah in disarray, Israel is unlikely to have a better opportunity to strike the Islamic republic, whose pursuit of nuclear weapons is Israel’s main strategic concern.

Over the past two weeks, Israel has dramatically stepped up its bombardment across Lebanon, killing more than 1,000 people, assassinating Hizbollah commanders, and displacing up to 1mn people, according to Lebanese authorities.

Israel on Sunday also sent its jets to bomb sites controlled by Iran-backed Houthi rebels 1,800km away in Yemen who have launched numerous drones and missiles at Israel since October 7.

It was the second time Israel has carried out such a strike, and a former official said the strike was a signal that Israel had the capability to launch long distance operations against Iran as well.

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Map showing missile ranges of Israel’s cruise and ballistic missiles. Israel can strike up to 6,500km from it’s borders and is estimated to be in possession of 24 nuclear warheads

“Many Israelis think . . . if we have such an achievement versus Hamas and Hizbollah, now is the time to deal with the head of the dragon. Not just with the proxies,” said Amidror, who is still regarded as close to Netanyahu.

“In Lebanon [a war would be] about ground forces, who have been called up three times in the last year. In Iran, it would be about an exchange of missile fire, and everything that was prepared by Israel in Tehran. So this a different kind of an effort that basically wasn’t used yet.”

However, others argue a confrontation with such a heavily armed enemy would have huge costs for Israel, and a person familiar with the situation said that despite ratcheting up its operations in Lebanon, Israel was not seeking an escalation with Iran.

“Netanyahu doesn’t want Iran involved,” the person said.

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Yaar said he believed Israel was also very unlikely to attack Iran’s nuclear facilities without support from the US, given the complexity of the task, and the likelihood that it would provoke a massive response from Tehran.

“The Americans aren’t willing to do it, at least for the coming few months. So in the next few months I don’t see it,” he said.

“What happens after that will depend on Iran’s activities on the nuclear issue, and the other different fields where the Iranians are acting, such as Syria and Iraq.”

Cartography by Jana Tauschinski and Steven Bernard

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PFS members urged to vote in upcoming AGM

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PFS members urged to vote in upcoming AGM

Personal Finance Society (PFS) members have been urged to vote in next week’s annual general meeting, which will take place in Manchester and online on Monday 11 November.

The deadline for registering a vote in the PFS AGM is Thursday (7 November).

In a post on LinkedIn, managing director of Syndaxi Financial Planning and former PFS president, Robert Reid, wrote: “The people standing for election or re-appointment are the nominees of the PFS not the CII. Your support is vital.”

Chartered financial planner Alasdair Walker – who set up a group called Our PFS to “protect the future” of the professional body – sent out an email to members, urging them to vote.

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“My understanding from people close to the PFS is that the CII are trying to quietly dismantle any semblance of independence from the inside,” he said.

“You should have received a proxy vote form and notification of the PFS AGM.

“Regardless of how you plan to attend, it is so important to vote and make the member voice heard.”

Last month, the CII appointed four of its executive directors – chief executive Matthew Hill, along with Trevor Edwards, Mathew Mallett and Gill White – to the board of the PFS with immediate effect.

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The CII would not elaborate on the exact reasons why when asked, but simply said it was clear that the PFS would “benefit” from having more CII executives.

It added that the appointments would bring “additional strength” to the PFS board.

During the CII AGM last month, CII chair Helen Phillips said: “If there was a strong feeling among the members that the process hadn’t been handled properly, I believe members would express that by voting against one or more individuals.

“It wouldn’t be because they disliked them personally, as they might not know them, but rather as a way to signal concerns about the approach to nominations, recruitment and appointments.

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“I think that would serve as an important check and balance in this situation.”

Some critics have expressed concern about the way the situation was handled.

Chartered financial planner and former PFS member director Vanessa Barnes posted on LinkedIn, saying: “I like the CII’s Helen Phillips view on members’ providing a check and balance.

“PFS members cannot vote against CII executives parking their tanks on our lawn, but we can adapt her advice.

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“The first vote asks the members to receive and consider the accounts. Vote no. It won’t change anything but it will register your protest.

“When I was on the PFS board, the word I heard most frequently employed by CII execs to describe PFS members was apathetic.

“If you are not apathetic and you are concerned that CII execs are now running the PFS and record levels of membership reserves are being paid to the CII, vote No to number one.”

This morning, the PFS announced that its interim CEO Don MacIntyre had decided to step down.

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It said it will be securing “permanent arrangements” to ensure the “continued high quality of leadership that its members deserve”.

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Hyde Dubai achieves Green Key certification

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Hyde Dubai achieves Green Key certification

The Hyde Dubai hotel has achieved Greek Key certification – a prestigious recognition of its efforts and commitment towards environmental responsibility and sustainable practices. The internationally-acclaimed certification is awarded to hotels and establishments that meet the highest environmental standards

Continue reading Hyde Dubai achieves Green Key certification at Business Traveller.

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Donald Trump and Kamala Harris spend $3.5bn in most expensive presidential election

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Democrat Kamala Harris and Republican Donald Trump have together spent $3.5bn in their race for the White House, making the 2024 presidential campaign the most expensive US general election in history.

With the two candidates running neck and neck as voters headed to the polls on election day, final filings in mid October show that the campaigns, outside groups and party committees have collectively raised almost $4.2bn.

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Harris outraised her Republican opponent, with groups including the Democratic National Committee and affiliated fundraising vehicles — among them Super Pacs, which can raise unlimited amounts from individuals — attracting more than $2.3bn and spending $1.9bn.

Trump groups and the Republican National Committee took in just over $1.8bn and spent $1.6bn.

Roughly half of all spending during the presidential race has gone towards advertising and the media, according to a Financial Times analysis of campaign finance filings.

The bulk of this has been lavished on the seven swing states that are likely to decide the election. Harris groups alone have shelled out more than $1bn on traditional and social media advertisements there.

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Overall, the two campaigns and outside groups have spent nearly $1.5bn on ads in the seven critical states, according to ad tracking group AdImpact. More than $400mn has been spent in the state of Pennsylvania alone, where 19 electoral college votes are up for grabs — more than the $358mn spent in all 43 non-swing states combined.

Trump campaign groups have spent a disproportionately large amount on the former president’s recent and ongoing court cases, with more than $100mn — or 14 per cent of all spending — going towards his legal expenses. This has left a large chunk of other expenditures to be covered by the party, Pacs and Super Pacs, such as the Elon Musk-funded America Pac.

Musk has contributed $118mn to America Pac after helping to found the group this summer, around the time that he publicly voiced support for Trump.

The Super Pac has taken over the bulk of canvassing and field operations related to increasing voter turnout, which are typically handled by the campaign and party.

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America Pac has recruited paid canvassers for door-knocking, a job usually done by volunteers in presidential campaigns, in an arrangement that has come under scrutiny.

Investigations have revealed some dysfunction and chaos in the group’s outreach efforts. A large number of door-knocks logged in the operation’s canvassing app were revealed to have been faked and some canvassers reported poor working conditions or confusion over who they had been hired to canvass on behalf of.

Harris’s field operations and voter outreach have been handled in a more traditional way by her campaign and the DNC. The main Harris-aligned Super Pac, Future Forward, has focused its money on advertising and has spent nearly $300mn on ads in swing states.

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Which WHSmith stores are closing? Full list of locations affected and where branches are opening

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Which WHSmith stores are closing? Full list of locations affected and where branches are opening

WHSmith is closing a number of branches in the UK as it moves into the travel sector.

The retail brand, which runs over 1,100 stores, has closed down eight shops since March 2023, including in Manchester and Bicester.

WHSmith's is closing high street branches as it looks to expand elsewhere in the UK

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WHSmith’s is closing high street branches as it looks to expand elsewhere in the UKCredit: Dan Jones Images

The stationery retailer has also bid farewell to branches in Oban, Scotland, and Ramsgate, Kent.

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It comes as the chain is set to expand in travel hotspots, with 15 new branches opening at airports and train stations in 2024.

Here’s everything you need to know…

Which UK stores are closing down?

Locals in Crewe, Cheshire were disappointed when WHSmith shut down its branch in early 2023.

The location in the Victoria Shopping Centre welcomed visitors for the last time in March.

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In the same month, the WHSmith store in Newcastle-under-Lyme, Staffordshire was shut down.

Then in August, a store closed in Bicester, Oxfordshire, and a further site in Manchester shuttered for good on December 2, 2023.

In 2024, so far WHSmith has closed seven shops, including in Bournemouth, this month.

Back in January, sites in Alfreton, Derbyshire, and Ramsgate, Kent were closed down.

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In February, two further branches shut in Oban, Scotland, and Nantwich in South Cheshire.

Shopping discounts – How to make savings and find the best bargains

This is the full list of stores and their closure dates:

  • Crewe, Cheshire – March, 2023
  • Newcastle-under-Lyme, Staffordshire – March, 2023
  • Bicester, Oxfordshire – August, 2023
  • Manchester – December 2, 2023
  • Alfreton, Derbyshire – January, 2024
  • Ramsgate, Kent – January, 2024
  • Oban, Argyll and Bute, Scotland – February, 2024
  • Nantwich, South Cheshire – February, 2024
  • Margate, Kent – April 20, 2024
  • Sale, Manchester – September 2024
  • Bournemouth – October, 2024

In June 2023, WHSmith confirmed it would NOT be opening any more high street branches in a blow for shoppers.

It’s been announced that it’s Basingstoke branch will close down in early 2025.

The retailer said opening more high street stores would “just be a duplication”.

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It added it intended to focus on expanding its portfolio outside the sector.

What about openings?

In January, WHSmith said that the new stores opening up would be found in airports and train stations.

It followed the high street favourite revealing that revenue across the business had risen by 8% over the 20 weeks to January 20, in comparison to the same period the previous year.

Yet its UK travel sales grew by 15% over the same time frame. That’s compared to a 3% fall in revenue for its high street portfolio.

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When updating investors in late January, the retailer said it was due to open 15 stores in 2024, with an addition 15 after that “each year over the medium term.”

The retailer hasn’t revealed the locations where it is opening branches or when customers will be able to shop in the news stores.

It’s part of the company’s broader plans to open 110 new shops across the world.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Labour hedge fund donor’s profits drop 76% after restructure

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The hedge fund manager that made the largest single donation to the UK Labour party in the run-up to its election victory this year has reported a sharp fall in profits following a restructuring.

Quadrature Capital Limited, a UK-based investment firm with a fund based in the Cayman Islands, posted a 76 per cent fall in pre-tax profit for the year to January, from £231mn in 2023 to £56mn in 2024, company filings show.

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The fall was the result of a corporate restructuring which meant QCL’s investment holding in its offshore fund was shifted to an offshore entity, according to a person close to the process. This transfer of assets means QCL’s published results reflect a smaller portion of group profits than previous years.

The restructuring was aimed at allowing the business to set up offices in Singapore and New York, the person said, noting that all trading profits were still subject to UK corporate tax. Quadrature declined to comment.

Quadrature, which focuses on electronic trading rather than using stockpickers, came under the spotlight earlier this year when it made the £4mn donation in May, after the UK general election was called.

Daniel Luhde-Thompson, a strategic adviser to Quadrature, also donated £250,000 to the party.

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The investment firm said at the time of the donation that it was backing Labour for its policies on climate change. “In May 2024, we came to the view that a UK government with a commitment to the green transition of the economy would have the ability to drive change that is so urgently needed,” the firm said.

Quadrature, which also bets against companies through short positions, was founded in 2010 by billionaires Greg Skinner and Suneil Setiya, who previously managed money at De Putron Fund Management.

Its flagship fund trades using algorithms to decide which stocks to buy with a “market-neutral trading strategy” that does not involve holding stocks for long periods of time.

The company paid £351mn in salaries for its 143 employees, up from £343mn paid in 2023 for 113 staff at the time, its filings show. The average salary fell to £2.45mn from £3mn.

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Other millionaires gave more to Labour in total in the run-up to its historic election victory in July: Gary Lubner, Lord David Sainsbury and Dale Vince each donated more than £5mn apiece, but in a series of payments.

But Quadrature’s large single donation has placed the business firmly in the political spotlight.

Quadrature said it had paid more than £2bn in UK tax since the company launched. “Since the funds have historically been managed exclusively from the UK by Quadrature Capital Limited, all of the trading profits of the funds have been subject to UK corporation tax,” the firm said.

Its founders have also set up a charitable organisation called the Quadrature Climate Foundation which — according to an announcement in September — has so far given more than $1bn in philanthropic grants since it was founded in 2019.

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Charitable grants from the foundation jumped from £120mn in 2022 to £247mn in 2023, according to filings on the Charity Commission website

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Dynamic Planner partners with CRM firm Salesforce

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Dynamic Planner partners with CRM firm Salesforce

Fintech provider Dynamic Planner has partnered with CRM firm Salesforce to deliver financial planning at scale

The partnership makes Dynamic Planner the first and only UK-based wealth-planning partner for Salesforce.

The firm is an American cloud-based software company headquartered in San Francisco.

It provides customer relationship management software and applications focused on sales, customer service, marketing automation, e-commerce, analytics, artificial intelligence and application development.

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Dynamic Planner has now launched on the Salesforce AppExchange. It said the collaboration will allow firms using Salesforce to underpin their financial-planning process with Dynamic Planner.

They will also be able to scale their businesses, drive conversion and evidence suitability within a single system, reducing the risk of miscalibration and unsuitable investment recommendations.

Dynamic Planner, founded in 2003, enables wealth and financial planning firms to match people with suitable solutions through engaging financial planning.

It is a risk-based system – combining intuitive financial-planning technology with a trusted asset risk model.

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It said this latest integration is the continuation of its commitment to solving industry wide inefficiencies, a strategy at the heart of the firm’s vision.

Yasmina Siadatan, chief revenue officer at Dynamic Planner, said: “’This collaboration provides financial planning and wealth management firms who use Salesforce with the ability to underpin their entire financial-planning process with Dynamic Planner.

“It will boost productivity gains and efficiencies, while delivering seamless and engaging wealth and financial planning for Salesforce customers. We look forward to working with Salesforce to provide an enhanced experience for firms.”

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