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Benjamin Netanyahu, Israel’s emboldened wartime leader

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In the days after Hamas’s devastating October 7 attack, Benjamin Netanyahu’s political career looked finished. Israel’s prime minister and self-styled “Mr Security” had just overseen the country’s worst-ever security failure, and the deadliest day for Jews since the Holocaust.

But as Israelis marked the grim anniversary of Hamas’s assault this week, after a tumultuous year in which the Middle East slid ever deeper into conflict, Israel’s most ruthless political operator was still at the helm.

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Over the past 12 months, he has turned Israel’s fire on foes from Gaza and the occupied West Bank to Lebanon and Iran, and defied calls from the US and his own security chiefs for a ceasefire. Channelling the rage of a traumatised nation, he now pledges not just “total victory” over Hamas, but to “change the balance of power in the region for years”.

“Netanyahu has always had a sort of messianic belief that he is the only one who can save Israel from the dangers it faces,” says Aviv Bushinsky, who served as his chief of staff in the early 2000s. “That’s what drives him. Period.”

October 7 destroyed that image. Hamas’s attack was a catastrophic refutation of Netanyahu’s years-long approach of attempting to tame the militant group through a mix of military deterrence and economic inducements. It shook Israelis’ faith in their country’s security apparatus. Netanyahu’s long refusal to apologise for the failures that preceded it enraged his compatriots.

Ministers were heckled when they appeared in public. On streets not far from Netanyahu’s Jerusalem residence, “Fuck Bibi” — a reference to his childhood nickname — was repeatedly scrawled, scrubbed away and re-scrawled. Had there been a mechanism in his Likud party to replace him in the days after October 7, insiders say he might well have been removed.

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Instead, Israel’s longest-serving prime minister clung on. He launched a ferocious bombardment and offensive in Gaza. But in the early days of the war, under US pressure and wary of opening a second front, he opted against colleagues’ calls for an all-out strike on Hizbollah, which had begun firing at Israel in support of Hamas.

Now, after devastating Gaza, Israel is ramping up its attacks elsewhere. In July, senior Hizbollah and Hamas figures were assassinated in Beirut and Tehran. In recent weeks, Israel has dramatically escalated its campaign against Hizbollah, killing its leader, Hassan Nasrallah, bombing thousands of targets and invading Lebanon.

For some, the shift is less a change in Netanyahu’s approach than the result of the evolving dynamics of the war, and a belated implementation of plans long advocated by security chiefs. “These moves up north . . . are things the [military] and Mossad were pushing for a year,” says Anshel Pfeffer, author of a biography of Netanyahu and journalist at The Economist. “Netanyahu remains someone who usually does not want to take action.”

But others say the successes against Hizbollah have emboldened the 74-year-old as Israel’s leaders weigh one of the war’s most consequential decisions: how to respond to the 180-missile barrage that Iran unleashed at Israel in retaliation for the Beirut and Tehran assassinations. “The more success there has been on the battlefield, the more he has gained confidence,” says Bushinsky. “As we say in Hebrew, when the food comes, the appetite grows.”

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Abroad, the multifront campaign has deepened Israel’s isolation. The Gaza offensive has sparked international legal moves against Israel and Netanyahu. His refusal to agree a ceasefire deal in exchange for the release of Israeli hostages still held by Hamas has infuriated the Biden administration.

At home, even as many Israelis believe Netanyahu is paying as much heed to his own political calculations as strategic imperatives, the spiralling conflict has been accompanied by a revival of his political fortunes. Likud once again tops opinion polls. The same surveys still suggest Netanyahu’s coalition would lose an election tomorrow. But given the scale of the October 7 debacle, few expected any recovery. “It’s the mother and father of resurrections,” says Bushinsky.

It is not the first time Netanyahu has surprised his critics. After serving in one of Israel’s elite commando units, Netanyahu became prime minister for the first time in 1996. Ousted in 1999, he bounced back in 2009. Defeated again in 2021, he returned in 2022, outmanoeuvring mainstream parties that shunned him over graft charges — which he denies — by assembling the most hard-right government in Israel’s history.

Over the past year, the coalition has wobbled. Two far-right parties have repeatedly threatened to quit if he makes concessions to the Palestinians. Netanyahu has also feuded with defence minister Yoav Gallant, with whom he is barely on speaking terms, according to people with knowledge of the relationship. Ever the arch-manipulator, he has bolstered his majority by adding the party of Gideon Sa’ar — his ally-turned-enemy-turned ally — to the coalition.

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Since Iran’s barrage, hawks have demanded he seize the chance to attack Tehran’s nuclear programme, widely seen as the most serious strategic threat to Israel. The US is pushing for a lesser response, such as hitting Iranian military targets.

“Netanyahu has talked about Iran for years and years . . . and sees it as the biggest threat. And now there is domestic support and from the US for him to do something. That is a big shift in the game,” says Nadav Shtrauchler, a political strategist who has worked with Netanyahu. “It’s not a question of whether he will act, but how.”

james.shotter@ft.com

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Korean Air launches first class pre-order meal service

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Korean Air launches first class pre-order meal service

This will initially be available on eight international routes departing from Korea only

Continue reading Korean Air launches first class pre-order meal service at Business Traveller.

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Volatility to provide opportunity for US equity investors

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Volatility to provide opportunity for US equity investors

USA-America-New-York-NYC-Statue-of-Liberty-700x450.jpgAs we approach the end of 2024, the outlook for the US stock market – which makes up almost 65% of the global equity benchmark – appears finely balanced.

Headwinds such as slowing growth, high market concentration, full valuations and election uncertainty are offset by several supportive tailwinds, including robust corporate earnings, moderating inflation and continued monetary policy easing.

Given these competing forces, a higher level of overall market volatility is expected moving forward. While this can be unsettling, it is a positive backdrop for active stockpicking, as company valuations and fundamental quality come into focus.

Currently, the S&P 500 is trading at 20x forward 12-month earnings. This still feels lofty

With corporate balance sheets still looking healthy and further room for manoeuvre on interest rates as the Federal Reserve is less fearful of inflationary pressures, a soft-landing scenario still looks like the most likely outcome.

From here, we expect a slow, steady grind forward, with periods of heightened volatility as markets react to macro data and earnings.

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While many of the drivers behind the sharp correction we witnessed in August have been diluted, they have not disappeared. Given most of this year’s market rally has been driven by stocks becoming more expensive – with little change in their earnings potential – it is not surprising valuations remain elevated in the US, although they have slightly moderated. Currently, the S&P 500 is trading at 20x forward 12-month earnings. This still feels lofty.

The most recent earnings season proved positive for the most part, with the breadth of upside surprises looking strong versus previous quarters. For example, within the S&P 500, 80% of companies beat expectations versus the long-term average of 76%.

One of the more surprising features of the August correction was that markets overall behaved quite rationally

However, markets are forward looking, and there are some concerns surrounding the outlook for earnings. The magnitude of upside surprises across most sectors has generally weakened. Across technology, for example, the size of earnings per share was the lowest for a number of quarters.

One of the more surprising features of the August correction was that markets overall behaved quite rationally – most sectors performed in line with their respective earnings per share revisions. Stocks that missed expectations were punished severely.

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With a potentially weaker growth environment ahead, and the prospect of more muted market returns, the importance of consistent, process-driven, stock selection increases. This year has already presented favourable opportunities for adding value, and this trend appears likely to continue, particularly as stock correlation – or the degree to which stock prices move together – decreases. As you might expect, stock correlations picked up noticeably during the recent August volatility but remain below medium-term averages.

Markets will likely continue to have bouts of volatility in the short term as sentiment shifts and markets move on emotions. In the long term, however, a company’s stock price tends to accurately reflect what it is economically worth.

Trump has repeatedly floated a 10% border tax on all goods coming to the US from abroad and a tariff as high as 60% on imports from China

While absolute returns may be pressured in the near term, this environment moving into 2025 should yield some good opportunities for stockpickers who stay anchored to fundamentals and reject false narratives.

Finally, when discussing the outlook for US stocks, it is also important to consider the upcoming election – the differing approaches of the candidates could have important implications for markets, industries and geopolitics during the next president’s time in office and beyond.

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Former president Donald Trump and some of his key advisers have tended to regard significant trade deficits with other countries as potential signs of unfair competition and a detriment to the US economy.

In the run-up to the election, Trump has repeatedly floated a 10% border tax on all goods coming to the US from abroad and a tariff as high as 60% on imports from China. Setting aside feasibility and the specific numbers, these pronouncements signal that a second Trump administration would likely take an aggressive stance on trade policy that would extend beyond China.

Understanding companies’ exposure to overseas supply chains and their potential to increase prices in response to rising costs will be critical

A Kamala Harris presidency would likely take its cues from Joe Biden’s trade policies. During his presidential term, Biden left in place the tariffs that Trump levied on Chinese imports. His administration also took targeted actions on trade that tended to be informed by national security considerations and efforts to strengthen domestic industry.

In addition to focusing on strategically important industries, a Harris administration would probably favour a multilateral approach to trade policy, seeking to engage traditional US allies.

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For investors, understanding companies’ exposure to overseas supply chains and their potential to increase prices in response to rising costs will be critical.

Justin White is portfolio manager of the T. Rowe Price US All‑Cap Opportunities Equity strategy

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JPMorgan and Wells Fargo beat forecasts as US consumers show resilience

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JPMorgan and Wells Fargo beat forecasts as US consumers show resilience

Earnings from two of the biggest US banks point to ‘soft landing’ for economy

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Aldi launches new glow-in-the dark wine just in time for Halloween

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Aldi launches new glow-in-the dark wine just in time for Halloween

ALDI has launched a new glow-in-the-dark wine just in time for Halloween – and shoppers can’t wait to get their hands on it.

The latest spooky Specialbuy is in-stores now for only £7.19.

Aldi has launched their new glow-in-the dark wine

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Aldi has launched their new glow-in-the dark wineCredit: Aldi
Aldi has unveiled the limited-edition version of its already-popular Rebrobates Red Wine

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Aldi has unveiled the limited-edition version of its already-popular Rebrobates Red WineCredit: Getty

Aldi has unveiled the limited-edition version of its already-popular Rebrobates Red Wine just in time for Halloween.

The Reprobates Ghouliburra Red has a new glow-in-the-dark label – perfect for any spooky party.

By day it may look like your average bottle of wine, but at night, a vibrant, glowing skeleton is visible – ready to light up the room.

According to the supermarket giant, the red wine is “a smooth, medium-bodied Australian blend” with red berry aromas, complemented by oaky vanilla and chocolate notes.

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And for those who are fans of the original Reprobates, Aldi has introduced a 1.5L box version – the equivalent of two bottles.

It’s priced at only £13.99 and is ideal for a Halloween party this year.

It comes as Aldi launched their “most divisive product of 2024” just in time for Halloween.

The supermarket uploaded a video showing off their new Monster Munch Mayo that has arrived in stores ahead of Halloween.

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The limited edition bottles of pickled onion-flavoured sauce is available to buy now and will set you back £1.99.

In a clip, an Aldi staff member said: “The most divisive product of 2024 has landed at Aldi.

Inside Arthur Gourounlian’s home

“We’ve got our new, scarily good Heinz Monster Munch Mayo.”

They then asked team members whether they were “Team Monster Munch Mayo or Team Absolutely No Wayo?”

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One said: “Pickled onion flavour is my favourite Munch Munch crisps, so I’m going to give this a go just because they’re my favourite crisps.”

Another said: “Oh, my God—10 out of 10. I need to try this!”

However, others weren’t as sold.

One said: “It’s an interesting concept, and I’d probably try it once, but maybe not again.”

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A second added:” I think I’ll stick with normal mayo.”

Aldi shoppers also took to the comments to share their views on the launch.

One said: “Has anyone tried this? I’m tempted but scared.”

And one wrote: “This sounds rank.”

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Some Aldi shoppers who had already tried it raved about the taste.

One commented: “Brought it today, was shocked, it’s tastes just like the crisps, will be great with chips or on a ham sarnie.”

And one agreed: “It’s absolutely lush.”

How to save on Halloween

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CUT-OUTS WON’T KEEP: Once carved, pumpkins last just three to five days before they start to rot. So wait until a day or two before Halloween to carve yours, to ensure you won’t have to buy a replacement.

CHILLING CARVINGS: Carve your pumpkin right first time. Download free templates from Hobbycraft to help ensure no slip-ups.

DEVILISHY CHEAP DECORATIONS: Create spooky spider webs using old string or rope.

PAY LESS FOR FACE PAINTS: Cut costs by using your old eyeliners and eyeshadows, and dab on some talc when you need a ghostly white shade.

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CUT-PRICE CANDY: Before you buy sweets to give out as treats, clear out your cupboards and see what you have. If you need more, shop bulk deals and compare the price per kilo before you buy.

PETRIFYING POT LUCK: Ask your guests to each bring a delicious themed dish to your party to keep hosting costs down.

SPINE-CHILLING TUNES: Turn to YouTube for a frighteningly good free playlist. There are dozens of channels with hour-long music mixes.

HOLD A SPOOKY SWISH: Swishing — or clothes-swapping with friends — is an easy way to get a new wardrobe. Hold a spooky swish before Halloween to trade cos­tumes for kids and adults.

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FRIGHTENING FREEBIES: Sign up for a free local Halloween event. Check your local Nextdoor or Facebook pages, or search eventbrite.co.uk for ideas.

BLOODY GOOD DEAL: Don’t fork out for expensive fake blood. Make your own edible version instead. You can use it for cakes and to decorate costumes. 

SHOP ON NOV 1: Be organised and bag the bargains for next year by hitting the shops the day after Halloween. Remember to buy your kids’ costumes a size larger to allow for growth.

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P&O Ferries row puts £1bn London port expansion at risk

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P&O Ferries row puts £1bn London port expansion at risk

Discussions about a London port expansion worth £1bn are ongoing as the government tries to resolve a row with the investor.

DP World planned to reveal the expansion of its London Gateway port, which it said would create hundreds of jobs, at the government’s investment summit next week.

However, reports suggested the plan was at risk after Transport Secretary Louise Haigh criticised P&O Ferries, which is part of DP World, for its treatment of staff.

Downing Street has now distanced itself from those comments as it tries to resolve the spat.

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PensionBee vs Penfold? – Finance Monthly

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Are you a director of a Ltd company who is keen to save towards your retirement? Well, Self-Invested Personal Pensions (SIPPs) offer a variety of ways in which you can invest for later life. When considering long-term investments such as pensions savings, key considerations should include your needs, level of risk, accessibility of pension pots, fees involved, and how to withdraw your pension. Let’s explore the ins and outs of Pensionbee and Penfold which are popular SIPPs options available.

 

PensionBee Penfold 
Accessibility of accounts Founded in 2014, it offers an easy and convenient way to set up a personal pension online and via an app that is very easy to navigate.

Ability to consolidate existing pension pots from other providers such as Aviva, NEST and Aon within minutes.

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User friendly interface that allows 24/7 access to your pension balance. You can change or cancel contributions at any time.

You will be assigned a personal account manager (BeeKeeper) who will provide ongoing customer support.

 

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Launched in 2019, it also offers a digital platform to set up and access personal pension plans.

 

The consolidation of old pension pots also supported.

 

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Ability to access, manage and track pensions with control over where your money is invested.

 

Offers the ability to change or pause contribution at any time.

Investment Offers the flexibility to set up an account with no minimum cap to the initial investment.
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Flexible contributions – you have the ability to save any amount and whenever you like.

Wider range of investment options available but popular ones include:

Tracker (low cost), Tailored (default option) and Impact (ethical)

 

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Also offers the flexibility to set up accounts with just £1.

Range of payment options offered with no restrictions on amount or frequency of money paid in.

Fewer investment options but plans are tailored to personal circumstances of individuals. Popular plans include:

Lifetime, Standard and Sustainable (ethical)

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Fees Annual fees generally start from 0.50% of your pension balance but can vary from 0.25% to 0.95% (depending on the chosen plan and amount of investment) with no hidden costs. Annual fees are generally 0.75% for savings up to £100,000 but can range from 0.40% to 0.88% (depending on the plan chosen and the amount of investment)
Accessing your pension (pension drawdown) Free withdrawal policy of 7-10 working days from age 55 (set to rise to age 57 from 2028). Lump sum, drawdown and annuity allowed.

Withdrawal requests are easy and straightforward and can be done online or via the app.

Free withdrawal in the form of a lump sum, drawdown or annuity

Withdrawal request includes no paperwork and can also be done online or via the app.

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Both Pensionbee and Penfold provide contemporary and efficient ways to access and engage with personal pensions. Despite the subtle differences between both providers, PensionBee has a higher overall customer rating and is more user friendly. But, whichever option you choose as your investment provider, bear in mind that pension investments fluctuate so your initial capital may be at risk of loss of value. The great news however, is that SIPPs attract a minimum of 25% government bonus on each contribution (depending on tax band) and they also offer generous tax savings – first 25% of your pension drawdown is tax free! Investments in Pensionbee and Penfold are also protected by the Financial Services Compensation Scheme (FSCS) so up to £85,000 of your investment is protected by the government in the event that these regulated financial providers fail.

 

 

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