How the Israel-Iran War Could Reshape the Economic Landscape
The Middle East Institute's Karen Young breaks down the dynamics between Israel and Iran and how extended conflict will economically affect other countries in the Middle East. Young believes that although Iran is 'weakened,' it still has the ability to 'lash out." Former US Treasury Secretary Lawrence H. Summers explains why the war has had little effect on global markets. (Source: Bloomberg)
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Yahoo
36 minutes ago
- Yahoo
US did not use bunker-buster bombs on one of Iran's nuclear sites, top general tells lawmakers, citing depth of the target
The US military did not use bunker-buster bombs on one of Iran's largest nuclear sites last weekend because the site is so deep that the bombs likely would not have been effective, the US' top general told senators during a briefing on Thursday. The comment by Joint Chiefs of Staff Chairman Gen. Dan Caine, which was described by three people who heard his remarks and a fourth who was briefed on them, is the first known explanation given for why the US military did not use the Massive Ordnance Penetrator bomb against the Isfahan site in central Iran. US officials believe Isfahan's underground structures house nearly 60% of Iran's enriched uranium stockpile, which Iran would need in order to ever produce a nuclear weapon. US B2 bombers dropped over a dozen bunker-buster bombs on Iran's Fordow and Natanz nuclear sites. But Isfahan was only struck by Tomahawk missiles launched from a US submarine. The classified briefing to lawmakers was conducted by Caine, Defense Secretary Pete Hegseth, Secretary of State Marco Rubio and CIA Director John Ratcliffe. A spokesperson for Caine declined to comment, noting that he cannot comment on the chairman's classified briefing to Congress. During the briefing, Ratcliffe told lawmakers that the US intelligence community assesses that the majority of Iran's enriched nuclear material is buried at Isfahan and Fordow, according to a US official. Democratic Sen. Chris Murphy told CNN on Thursday night after receiving the briefing that some of Iran's capabilities 'are so far underground that we can never reach them. So they have the ability to move a lot of what has been saved into areas where there's no American bombing capacity that can reach it.' An early assessment produced by the Defense Intelligence Agency in the day after the US strikes said the attack did not destroy the core components of the country's nuclear program, including its enriched uranium, and likely only set the program back by months, CNN has reported. It also said Iran may have moved some of the enriched uranium out of the sites before they were attacked. The Trump officials who briefed lawmakers this week sidestepped questions about the whereabouts of Iran's stockpile of already-enriched uranium. President Donald Trump again claimed Friday that nothing was moved from the three Iranian sites before the US military operation. But Republican lawmakers emerged from the classified briefings on Thursday acknowledging that the US military strikes may not have eliminated all of Iran's nuclear materials. But they argued that doing so was not part of the military's mission. 'There is enriched uranium in the facilities that moves around, but that was not the intent or the mission,' Republican Rep. Michael McCaul of Texas told CNN. 'My understanding is most of it's still there. So we need a full accounting. That's why Iran has to come to the table directly with us, so the (International Atomic Energy Agency) can account for every ounce of enriched uranium that's there. I don't think it's going out of the country, I think it's at the facilities.' 'The purpose of the mission was to eliminate certain particular aspects of their nuclear program. Those were eliminated. To get rid of the nuclear material was not part of the mission,' GOP Rep. Greg Murphy told CNN. 'Here's where we're at: the program was obliterated at those three sites. But they still have ambitions,' said Republican Sen. Lindsey Graham of South Carolina. 'I don't know where the 900 pounds of highly enriched uranium exists. But it wasn't part of the targets there.' '(The sites) were obliterated. Nobody can use them anytime soon,' Graham also said. Weapons expert and professor at the Middlebury Institute of International Studies Jeffrey Lewis told CNN that commercial satellite images show that Iran has accessed the tunnels at Isfahan. 'There were a moderate number of vehicles present at Isfahan on June 26 and at least one of the tunnel entrances was cleared of obstructions by mid-morning June 27,' Lewis said. 'If Iran's stockpile of (highly enriched uranium) was still in the tunnel when Iran sealed the entrances, it may be elsewhere now.' Additional satellite imagery captured on June 27 by Planet Labs show the entrance to the tunnels were open at the time, according to Lewis. The preliminary DIA assessment noted that the nuclear sites' above ground structures were moderately to severely damaged, CNN has reported. That damage could make it a lot harder for Iran to access any enriched uranium that does remain underground, sources said, something that Graham alluded to on Thursday. 'These strikes did a lot of damage to those three facilities,' Murphy, the Connecticut Democrat, told CNN on Thursday night. 'But Iran still has the know-how to put back together a nuclear program. And if they still have that enriched material, and if they still have centrifuges, and if they still have the capability to very quickly move those centrifuges into what we call a cascade, we have not set back that program by years. We have set it back by months.' Caine and Hegseth on Thursday said the military operation against Fordow went exactly as planned but did not mention the impacts to Isfahan and Natanz. CNN's Manu Raju contributed to this report.
Forbes
41 minutes ago
- Forbes
Dubai Watch Week Announces Show Dates For Open-To-The Public Event
The Horology Forum, with multiple round table discussions, is a big part of Dubai Watch Week. It is a big year for Dubai Watch Week, one of the largest independently run regional watch shows in the world. Founded and operated by watch retailer Ahmed Seddiqi, the show celebrates 10 years of existence this year. To mark its growth, the venue is moving to a much larger 200,000-square-foot space more centrally located (than the previous financial district) in the city and increasing the number of exhibitors by 46 percent to a massive 90 brands. The show organizers are also reformatting its classes, immersive programs, round table discussions and other aspects. The change coincides with the 75th anniversary of Seddiqi retail stores, which was founded in 1950, even before the UAE was formed. Since its inception, the family-owned business has steadily built its reputation as leaders in the luxury watch and jewelry world. Four generations later, just in time for the 75th anniversary, Ahmed Seddiqi is launching a refreshed marketing concept and campaign. The company has built up from a single location in 1950 to 40 stores across the UAE in 2025. The new Ressence watch created to honor 75 years of Ahmd Seddiqi features a dial made from sand from ... More each of the seven Emirates. Additionally, Ahmed Seddiqi is partnering all year long with various watch brands for special, commemorative editions – many of which will be on display during the show. In fact, just this past week, Belgian watch brand Ressence unveiled its Type 9 S75 limited edition watch created in partnership with Ahmed Seddiqi for the anniversary. It features a dial filled with sand sourced from the dunes of all seven Emirates of the UAE. Just 20 pieces will be made. Dubai Watch Week offers immersive classes and programs. DWW 2025 The 7th edition of the show (it is not an annual event) will take place at the Burj Park at Dubai Mall, under the patronage of Sheikha Latifa Bint Mohammed, Chairperson of the Dubai Culture & Arts Authority (partner of DWW). In addition to dedicated space for globally renowned brands, the organizers are setting space for many micro and independent brands to offer its clients and visitors depth and variety. The previous event, which took place in November of 2023, attracted 23,000 visitors from around the world. That number is expected to increase exponentially now that the show has nearly doubled in number of exhibitors and space allotment. Among the big brands exhibiting are Audemars Piguet, Breitling, Bulgari, Chanel, Chopard, Jacob & Co., Rolex, TAG Heuer, Tudor, Ulysse Nardin, Van Cleef & Arpels and others. In terms of niche and micro brands, visitors can expect to see outstanding horology from companies such as Armin Strom, Bell & Ross, Biver, Bovet, F.P. Journe, Greubel Forsey, H. Moser &Cie, Ming, MB&F, Parmigiani Fleurier, and many more. 'The increasing interest from brands and partners ahead of this year's edition has been rewarding and humbling as we further establish the Dubai Watch Week platform and continue to propel Dubai as a global destination,' said Hind Seddiqi, CEO of Dubai Watch Week in a statement issued about the has been the case with all Dubai Watch Week events, the 10th version is free and open to the public. It will run from November 19 to 23, 2025.
Boston Globe
an hour ago
- Boston Globe
Hundreds of thousands mourn top Iranian military commanders and scientists killed in Israeli strikes
State media reported more than 1 million people turned out for the funeral procession, which was impossible to independently confirm, but the dense crowd packed the main Tehran thoroughfare along the entire 4.5 kilometer (nearly 3 mile) route. There was no immediate sign of Iran's Supreme Leader, Ayatollah Ali Khamenei, in the state broadcast of the funeral. Khamenei, who has not made a public appearance since before the outbreak of the war, has in past funerals held prayers for fallen commanders over their caskets before the open ceremonies, later aired on state television. Advertisement Iranian Foreign Minister Abbas Araghchi was on hand, and state television reported that Gen. Esmail Qaani, who heads the foreign wing of the Revolutionary Guard, the Quds Force, and Gen. Ali Shamkhani were also among the mourners. Shamkhani, an adviser to Khamenei who was wounded in the first round of Israel's attack and hospitalized, was shown in a civilian suit leaning on a cane in an image distributed on state television's Telegram channel. Advertisement Later on Saturday night, state TV showed Shamkhani saying he and other generals knew they would be targets before Israel initiated the war earlier this month. The morning of the strike on his residence, he said he woke up for dawn prayer when suddenly everything around him had become ruins. He initially thought that an earthquake had taken place, and it took search and rescue teams at least three hours to find him in the rubble. Shamkhani said most of his injuries were internal, including a chest fracture. Iran's Revolutionary Guard was created after its 1979 Islamic Revolution. Since it was established, it has evolved from a paramilitary, domestic security force to a transnational force that has come to the aid of Tehran's allies in the Middle East, from Syria and Lebanon to Iraq. It operates in parallel to the country's existing armed forces and controls Iran's arsenal of ballistic missiles, which it has used to attack Israel twice during the Israel-Hamas war in the Gaza Strip. Over 12 days before a ceasefire was declared on Tuesday, Israel claimed it killed around 30 Iranian commanders and 11 nuclear scientists, while hitting eight nuclear-related facilities and more than 720 military infrastructure sites. More than 1,000 people were killed, including at least 417 civilians, according to the Washington-based Human Rights Activists group. Iran fired more than 550 ballistic missiles at Israel, most of which were intercepted, but those that got through caused damage in many areas and killed 28 people. Saturday's ceremonies were the first public funerals for top commanders since the ceasefire, and Iranian state television reported that they were for 60 people in total, including four women and four children. Advertisement Authorities closed government offices to allow public servants to attend the ceremonies. Many in the crowd expressed feelings of anger and defiance. 'This is not a ceasefire, this is just a pause,' said 43-year-old Ahmad Mousapoor, waving an Iranian flag. 'Whatever they do, we will definitely give a crushing response.' State media published images of an open grave plot at Tehran's sprawling Behesht-e-Zahra cemetery where army chief of staff, Gen. Mohammad Bagheri, who was killed on the first day of the war, was to be buried beside his brother, a Guards commander killed during the 1980s Iran-Iraq war. Many of the others were to be buried in their hometowns. The Iranian judiciary's Mizan news agency confirmed that the top prosecutor at the notorious Evin prison had been killed in an Israeli strike on Monday. It reported that Ali Ghanaatkar, whose prosecution of dissidents, including Nobel Peace Prize winner Narges Mohammadi, led to widespread criticism by human rights groups, would be buried at a shrine in Qom. Iran has always insisted its nuclear program is only for peaceful purposes. But Israel views it as an existential threat and said its military campaign was necessary to prevent Iran from building an atomic weapon. Khamenei's last public appearance was June 11, two days before hostilities with Israel broke out, when he met with Iranian parliamentarians. On Thursday, however, he released a pre-recorded video, in his first message since the end of the war, filled with warnings and threats directed toward the United States and Israel, the Islamic Republic's longtime adversaries. Advertisement The 86-year-old downplayed U.S. strikes on three Iranian nuclear sites as having not achieved 'anything significant' and claimed victory over Israel. The head of the United Nations nuclear watchdog agency, Rafael Grossi, has characterized the damage done by American bunker-buster bombs to Iran's Fordo nuclear site, which was built into a mountain, as 'very, very, very considerable.' U.S. President Donald Trump has said that he expects Iran to open itself to international inspection to verify it doesn't restart its nuclear program, and White House officials have said they expect to restart talks soon with Iran, though nothing has been scheduled. Iran's parliament has voted to suspend collaboration with Grossi's International Atomic Energy Agency for the time being. In a post on X on Saturday, Araghchi indicated that Iran might be open to talks, but criticized Trump's remarks from Friday in which the president scoffed at a warning from Khamenei against further U.S. attacks, saying Iran 'got beat to hell.' 'If President Trump is genuine about wanting a deal, he should put aside the disrespectful and unacceptable tone towards Iran's Supreme Leader, Grand Ayatollah Khamenei and stop hurting his millions of heartfelt followers,' Araghchi wrote.
