Bank

Smotrich told Ynet News that Israel needs to “go to war in Judea and Samaria, to do there what we did in Gaza’.

Far-right Finance Minister Bezalel Smotrich says the Israeli military should “go to war” in the occupied West Bank and repeat what it “did in Gaza”.

Using a biblical term for the occupied West Bank, the minister told Ynet News in an interview published on Sunday that Israel needs to “go to war in Judea and Samaria, to do there what we did in Gaza, to dismantle the Palestinian Authority, which is a terror authority”.

Smotrich was responding to a question on how Israel should combat the increasing “security tensions” in the occupied West Bank, where Israeli violence against Palestinians has been steadily growing since the eruption of Israel’s genocidal war on Gaza in October 2023, but the attacks have intensified significantly this year.

“We need to tell” Israeli forces, he said, “Just as you dismantled Hamas in Gaza, there won’t be terror infrastructure in Judea and Samaria”. “No terrorists, no weapons, no tunnels.”

The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) recorded more than 1,330 settler-related attacks on Palestinians in the West Bank from January to late July, averaging six a day, the highest rate in about 20 years.

Various settler groups, often supported or protected by Israeli soldiers, have attacked Palestinians in several ways, including shootings, besieging homes and engaging in other forms of communal violence that experts have described as “pogroms“.

Rights groups warn that settlers are increasingly armed with military-issued weaponry and wear military uniforms during attacks, blurring the line between settler and soldier.

Military closure

The comments come as Israeli authorities announced a comprehensive military closure across the occupied West Bank, citing the Jewish holiday of Sukkot. The heightened restrictions on the movement of Palestinians are set to remain in place until October 3.

Meanwhile, in occupied East Jerusalem, hundreds of Israelis stormed the courtyards of Al-Aqsa Mosque under heavy protection from Israeli police on Sunday.

Palestinian news agency Wafa reported that the Israelis entered the compound through the Moroccan Gate and performed Talmudic rituals, as Israeli forces increased restrictions around the mosque and across Jerusalem’s Old City.

Europe’s central banks now have a working bridge into tokenised markets.

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Launched on Monday, Pontes lets wholesale transactions in tokenised assets, meaning stocks, bonds and other instruments recorded as digital tokens on distributed ledgers, to settle in the safest form of money available — reserves held at the central bank itself.

It matters because the absence of a risk-free settlement asset has been one of the main barriers holding blockchain technology back. Without it, tokenised trades have typically settled in commercial bank money or stablecoins, carrying credit risk that large institutions are reluctant to accept.

“The Eurosystem is working to enable a more integrated, innovative and resilient European financial market in the digital age,” said ECB President Christine Lagarde.

Thirteen institutions have completed onboarding and are ready to use the system immediately, including Deutsche Bank, Santander, Société Générale, KfW and the European Investment Bank, alongside four ledger operators including Clearstream.

The ECB also intends to become a user itself.

In a separate announcement, it said it has begun preparatory work to invest a small portion of its own funds in tokenised securities, with purchases settled through Pontes.

The initial focus will be euro-denominated debt issued by euro area governments, regional authorities, agencies and European supranational institutions.

The own-funds portfolio sits outside monetary policy and generates income to cover the bank’s running costs. No amount was specified, and the Executive Board will decide on timing once the groundwork is done.

“Pontes brings tokenised markets another step closer to the core of the euro area’s financial infrastructure,” said Richard Baker, founder and CEO of Tokenovate, which builds technology to help financial institutions automate post-trade processing, collateral management and tokenised settlement.

Baker noted the service will initially run within existing market hours, but that “the longer-term opportunity is to support more continuous, potentially 24/7, settlement.”

That gap is where Europe is playing catch-up.

American markets have moved faster as the New York Stock Exchange is building a blockchain-based venue for trading tokenised shares and funds around the clock, and BlackRock has run a tokenised money market fund since 2024.

Pontes itself will only reach full capability, with longer operating hours and enhanced features, by 2028.

The two sides are also taking different routes.

Washington, under US President Donald Trump, abandoned plans for a Federal Reserve digital currency and backed privately issued stablecoins instead. On the other hand, Frankfurt is betting that public central bank money should sit at the centre.

Where the digital euro stands

Pontes is aimed at banks and markets, not consumers. The retail equivalent, the digital euro, would let the public make everyday payments directly in central bank money.

That project is further from reality.

The European Parliament’s economic committee approved its position in June, opening negotiations with member states, and final legislation is targeted for the end of this year.

If that holds, a pilot involving 36 payment providers will begin in September 2027, with first issuance possible in 2029.

The Iranian lender has faced years of Western sanctions over alleged ties to Tehran’s nuclear programme.

Turkiye’s banking watchdog has revoked the operating licence of Iranian lender Bank Mellat’s branch in the Turkish city of Istanbul.

“It has been decided to revoke the operating licence of Bank Mellat, Head Office in Tehran, Istanbul Turkey Central Branch,” read the decision by the Banking Regulation and Supervision Agency (BDDK), published in the Official Gazette on Saturday.

The regulator said the decision was taken under a clause of Turkiye’s banking law allowing a bank’s licence to be revoked or withdrawn if its continued operation is deemed to pose a risk to depositors’ rights or to the security and stability of the financial system.

Bank Mellat has been subject to Western sanctions for years over accusations that Tehran was pursuing a nuclear weapon under the cover of a civil nuclear programme.

Those sanctions were lifted as part of a landmark 2015 deal between Tehran and world powers to curb Iran’s nuclear ambitions. However, the United States unilaterally pulled out of the agreement in May 2018, reimposing economic sanctions on the country.

Bank Mellat was hit by further US and Gulf sanctions in 2019 after being named as one of 25 entities linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The Turkish notice did not cite the US measures or specify operational issues.

Earlier this month, the US Treasury Department imposed sanctions on a small Turkish investment bank and two subsidiaries over alleged ties to Iran.

The Treasury Department accused Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) of facilitating “tens of millions of dollars’ worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force” and providing the Iranian government with banking access to move its funds internationally.

Golden Global Bank has denied the accusations.

Bank of Japan raises benchmark interest rate from 1 to 1.25 percent, pledging to help counter inflation risks.

The Bank of Japan (BoJ) has raised interest rates by 0.25 to 1.25 percent, pushing borrowing costs to their highest level in 31 years, amid rising inflation and wages, and pressure from Washington.

The move on Friday marked the first hike since June, and takes interest rates closer to levels the BoJ deems neutral to the economy, marking another step away from decades of ultra-low rates that cemented the yen’s status as a cheap global funding currency.

Japan is grappling to contain inflation, which is being driven by factors including rising energy prices, global supply pressures and domestic inflation exceeding the 2 percent target.

Core consumer inflation held steady near the target in August, data showed on Friday, as companies continued to pass on rising costs for a wide range of food and grocery items.

The country also faced a “slow-moving demographic shock” with a shrinking labour pool lifting wages, a structural factor that ⁠cannot be dismissed as temporary, BoJ Executive Director Koji Nakamura said on Monday.

The Federal Reserve’s rate hike on Wednesday, and the prospect of another one later this year, have added pressure on the BoJ to keep pace.

Further widening of the United States-Japan rate gap risks weakening the yen and lifting inflation through higher import costs, analysts told the Reuters news agency.

Its policy rate also remains lower than the European Central Bank, which raised its key rate to 2.5 percent last week.

Such pressure could affect the tone of BoJ Governor Kazuo Ueda’s post-meeting briefing, which will be closely watched by markets for clues on the timing and pace of further increases.

Published on
17/09/2026 – 13:17 GMT+2

The ‘Old Lady of Threadneedle Street’ has chosen to wait, though not unanimously.

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The Monetary Policy Committee voted by a majority of six to three on Thursday to leave borrowing costs unchanged, with the dissenting trio pushing for a quarter-point increase to 4%.

The decision puts the Bank of England at odds with the Federal Reserve and the European Central Bank, both of which have tightened within the past week.

Despite holding, the central bank expects the situation to worsen before it improves.

Inflation “is likely to rise further over coming quarters,” the committee said, pointing to crude and refined energy prices that have climbed again since its last meeting and remain “more volatile and higher than pre-conflict.”

Watching for second-round effects

The case for holding rests on what has not yet happened.

“There has been little evidence so far of material second-round effects in price and wage-setting,” the statement read, meaning expensive energy is not yet feeding into broader wages and prices.

However, that reprieve may be temporary.

The risk of such effects “is greater the longer higher energy prices persist or are more volatile,” the committee warned, adding that risks to the inflation outlook are “tilted to the upside, and more so than at the time of the July Monetary Policy Report.”

Brent crude and UK wholesale gas prices have risen 36% and 78% respectively since July, with Brent at $106 a barrel and gas at 207 pence per therm on 14 September.

Refinery pressures have kept crack spreads, the gap between refined fuel prices and crude, well above pre-conflict levels.

Economic activity has held up slightly better than expected, while a soft labour market and the higher borrowing costs households and businesses have faced since the conflict began should bring inflation down over time.

A crowded week for central banks

The Fed raised its benchmark on Wednesday to a range of 3.75% to 4%, its first increase since 2023 and a unanimous decision, while signalling more to come.

The ECB lifted its deposit rate to 2.5% last week.

The sequence concludes on Friday with the Bank of Japan, where markets expect a hike.

That would leave the Bank of England as the only major central bank to have stood still this week, though on Thursday’s evidence not by much.

Additional sources • AP

Israeli troops opened fire Saturday at a group of Palestinians who did not appear to be posing a threat in the occupied West Bank, wounding one man, according to video obtained by The Associated Press.

The video, shot by an eyewitness, showed the man falling to the ground near the Palestinian village of Faqqua, north of the West Bank.

At least 14 shots in total were fired during the duration of the video. They continued as several men rushed to move the injured man to safety before setting him down and tying a tourniquet around his leg in an apparent attempt to stop the bleeding.

Mahmoud Shahin, a resident of the village, said the Palestinians had rushed to the area after receiving reports that Israeli settlers had arrived there with a flock of sheep. He said Israeli soldiers then came and began firing in the air and toward the Palestinians.

He added that the wounded man was undergoing surgery at a hospital in Jenin.

Israel’s military said the video was authentic and confirmed its forces had fired toward the Palestinians, wounding one man, and said commanders would review the incident.

Under the ultranationalist government of Israeli Prime Minister Benjamin Netanyahu, settler violence in the West Bank has surged. The international community largely considers Israeli settlements to be illegal and obstacles to peace.

Over 700,000 Israelis now live in the West Bank and east Jerusalem, areas captured by Israel in the 1967 Mideast war and claimed by the Palestinians as parts of a future state.

NEW YORK CITY: About 4,100 Palestinians have been displaced across the West Bank so far this year as a result of demolitions and settler violence, UN deputy spokesperson Farhan Haq said on Thursday.

He warned of a sharp rise in demolitions in the Masafer Yatta area of the southern West Bank in recent days. The Office for the Coordination of Humanitarian Affairs said Israeli authorities demolished 20 homes and other structures, including a water cistern and solar panels, in two Palestinian herding communities there on Tuesday.

This activity, and demolitions in a nearby third community on Wednesday, displaced nearly 60 people, half of them children, and affected a further 30 seasonal residents. Many of the destroyed properties were built with donor support, Haq said.

Masafer Yatta is home to about 1,200 Palestinians in 13 communities, all of whom have been under pressure to leave after Israeli authorities designated the area a “firing zone.”

Haq said humanitarian officials have reported increased violence by Israeli settlers targeting those communities following the establishment in recent years of settlement outposts nearby.

Representatives of the UN and its humanitarian partners visited Masafer Yatta on Tuesday to speak with displaced residents who are receiving emergency shelter, food, hygiene items, baby products and psychosocial support, Haq said.

Across the West Bank, he added, about 1,500 Palestinians have been displaced so far this year as a result of demolitions, and more than 2,600 have been displaced by settler violence and related access restrictions.

Frankfurt will almost certainly move on Thursday.

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Market odds put a quarter-point hike at close to certainty, which would lift the European Central Bank’s deposit rate from 2.25% to 2.5%.

What makes this a difficult call is not whether the ECB acts, but why, and whether the reasoning survives contact with the data.

The path here has been compressed as the ECB raised rates on 11 June for the first time in three years, lifting the deposit rate from 2% to 2.25% in response to the energy shock from the Iran war, and then held rates in July while Christine Lagarde pointed hawkishly towards September.

August’s inflation figures removed any remaining doubt with eurozone inflation hitting 3.3%, up from 2.9% in July and the highest since September 2023, as energy inflation surged to 14.3% from 10.3%.

The inflation is not spreading

Look beneath the headline inflation and the picture inverts.

Core inflation, which strips out energy, food, alcohol and tobacco, actually fell to 2.4% from 2.5%. Services inflation, the component most closely tied to wages and domestic demand, dropped to 3% from 3.3%.

In other words, there is still little evidence that expensive energy is feeding through into everything else. That is what economists mean by “second-round effects”, and their absence is the strongest argument against tightening.

The ECB’s own research also supports the distinction.

In a paper published on Tuesday, ECB economists found that adverse energy supply factors, driven by geopolitical tensions, accounted for around 90% of the rise in energy inflation between January and May.

“This time the energy supply shock dominates, while demand and public policy stimulus have minor roles,” the economists wrote, adding that “these differences are key to explaining why monetary policy responses differ.”

The 2021-22 surge, by contrast, came from “a combination of large and unprecedented supply and demand-side factors,” which is why the ECB then “raised interest rates forcefully and persistently” rather than gradually.

The national spread across the EU further underlines how uneven this is.

August inflation ran at 4.5% in Spain, 2.9% in Germany and 2.7% in France, three economies facing the same energy shock with very different results, all governed by one interest rate.

Economic growth is the other complication.

The eurozone has proved more resilient than expected, which ING attributes partly to luck, partly to Asian competitors suffering more from the closure of the Strait of Hormuz and partly to fiscal stimulus. However, resilience does not mean the growth could not, or should not, accelerate.

ING characterises Thursday’s expected move as “another insurance rate hike”, or “a dovish rate hike,” noting that even at 2.5% the deposit rate sits within the range the ECB itself considers neutral.

Going further would mean deciding restrictive policy is required, which would be a different judgement entirely.

Everyone is looking to hike at the same time

The ECB is not acting alone, and that matters for the euro.

The Federal Reserve meets on 15 and 16 September, with Chair Kevin Warsh having used his first Jackson Hole address to argue that financial conditions are not restrictive and underlying inflation has not improved.

Investors had put the odds of a US hike at roughly one in three before those remarks, but now price a 60% chance the Fed hikes the target range from 3.5%-3.75% to 3.75%-4%.

The Bank of Japan follows on 17 and 18 September, with markets pricing an 80% to 90% chance of a move to 1.25%.

On the other hand, the Bank of England is expected to hold rates at 3.75% on 17 September as it currently maintains a much higher interest rate than the rest.

If the Fed were to hike while the ECB held, the dollar would strengthen against the euro and that would cut both ways for Frankfurt.

A weaker euro makes European exports more competitive, but it also makes imports dearer, and since oil and gas are priced in dollars, it would push up precisely the energy costs driving the inflation problem in the first place.

Overall, we can assume a September rate hike is a done deal for the ECB but we can also project that it won’t solve the central bank’s current dilemma of raising borrowing costs against an inflation it cannot reach, while withdrawing support an economy could still use.

RIYADH: Al Rajhi Bank has completed a $600 million Tier 2 social sukuk offering, with the 10.5-year certificates carrying an annual return of 6.23 percent. 

Settlement is scheduled for Sept. 10, according to the bank’s Saudi Exchange filing. 

The latest offering comprises 3,000 trust certificates, each with a par value of $200,000. The instruments are callable after 5.25 years. 

The transaction marks the Saudi lender’s second international Tier 2 social sukuk issuance, following a $1 billion offering completed in September 2025. 

The issuance comes as Saudi banks increasingly tap international debt markets to diversify their funding sources and bolster regulatory capital, while strong credit growth and the kingdom’s economic transformation continue to drive demand for financing. 

“The Trust Certificates may be redeemed in certain cases as detailed in the offering circular in relation to the Trust Certificates,” the statement said. 

The certificates will be listed on the London Stock Exchange’s International Securities Market and may be sold in reliance on Regulation S under the US Securities Act of 1933. 

The offering was directed at eligible investors in Saudi Arabia and international markets. Al Rajhi Bank announced its intention to issue the certificates and commenced the offering on Sept. 3. 

Al Rajhi Capital, Arqaam Capital, Banco Bilbao Vizcaya Argentaria and Citigroup were among the joint lead managers and bookrunners for the offering. Intesa Sanpaolo’s London branch, Morgan Stanley, SMBC Bank International, Standard Chartered and Warba Bank also held the role. 

Previous issuance  

Al Rajhi Bank’s $1 billion Tier 2 social sukuk issued in September 2025 marked its first Tier 2 transaction in international debt markets, according to the lender’s 2026 allocation and impact report.  

That issuance carried a 5.65 percent annual return, had a 10.5-year maturity and was callable after five years. It was also listed on the London Stock Exchange’s International Securities Market.  

The bank said the earlier instrument was issued under its sustainable finance framework and structured to support capital adequacy while advancing social objectives.  

The latest transaction follows a 14.2 percent annual increase in Al Rajhi Bank’s first-half net profit to SR13.76 billion ($3.67 billion), according to a separate Saudi Exchange disclosure.  

The lender reported assets of SR1.05 trillion at the end of June, while its financing portfolio reached SR762.1 billion and customer deposits stood at SR688.4 billion.  

US sanctions Turkish bank over alleged IRGC ties, accusing it of facilitating millions in transactions for Iran.

The United States Treasury Department has imposed sanctions on a Turkish bank and its subsidiaries over alleged ties to Iran, as Washington seeks to economically isolate Tehran.

The Treasury Department accused Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank) on Friday of facilitating “tens of millions of dollars’ worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force” and providing the Iranian government with banking access to move its funds internationally.

Washington alleged the bank “was established for the purpose of enabling Iran’s rahbar network [shadow banking system] to transfer oil revenues from China to Turkey” using gold and cash.

Golden Global Bank responded on Friday, saying it fulfilled all local and international banking compliance rules and would take legal action against the US-imposed sanctions.

There are no transactions conducted by Golden Global Bank that could substantiate the claims made by the US, the bank said in a news release.

“We will exercise all our rights of objection and legal recourse in the most effective manner and will take the necessary actions at the earliest against these allegations and the decision,” the Turkish bank added.

“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” said Secretary of the Treasury Scott Bessent in a statement published by the department on Friday.

The sanctions place the bank and its two subsidiaries on the US Office of Foreign Assets Control (OFAC)’s Specially Designated Nationals list, cutting off access to the US financial system.

The bank said individuals and entities named in the OFAC decision “have never been and are not currently customers” of Golden Global.

US Ambassador to Turkiye Tom Barrack said on Saturday that it would be a mistake for Turkish officials “to read [the US’s] narrow measure as a judgement upon Turkiye”.

“The health of the Turkish financial system is not in question; the conduct of one institution was,” Barrack said on X.

Last week, the US took steps towards severing the UAE operations of Egypt’s second-largest bank from financial access after accusing it of processing transactions for companies linked to Iran’s shadow-banking system.

Bessent said on Tuesday on the sidelines of a G20 summit that Washington would likely announce a bank sanction this week and another next week, as it ramps up its economic campaign against Tehran.

Funerals have taken place for two Palestinian teenagers who were shot dead this week when settlers and soldiers entered a Palestinian village in the occupied West Bank.

The killing of Omar al-Naasan and Khalil Abu Alia comes amid near-daily attacks by Jewish settlers in the village of al-Mughayyir, south of Nablus.

“We expect that when our sons walk in the street, they are likely to return to you injured or killed,” Mohammed Al-Naasan, Omar’s father, told the BBC.

Israel’s military says it fired on “instigators of a violent riot” and that the incident is under review.

The United Nations says more than 80 Palestinians have been killed by Israeli forces or settlers in the territory since the beginning of the year.

At least 81 Palestinians have been killed by Israeli forces or settlers in the West Bank since the start of the year, according to the UN’s figures. At least 23 of those deaths have occurred in the context of settler attacks.

Three Israelis, both security forces and civilians, have been killed by Palestinians in the West Bank over the same period, the UN says.

The Israeli military has faced mounting criticism for actively participating in settler attacks on Palestinians, standing by, or failing to prosecute those responsible.

On Thursday, Israel’s police force said a 19-year-old settler had been arrested on suspicion of participating in an attack on the Palestinian village of Qusra on Saturday. It marks the first such arrest in weeks of attacks on Qusra.

Dozens of masked settlers descended on the village, surrounding a house while Palestinians were trapped inside, and throwing stones.

Israeli soldiers who were deployed to the scene reportedly detained the trapped Palestinians but not the settlers, allowing them to leave. The Israeli military said troops removed “rioters” and protected residents.

Israel has built about 160 settlements housing 700,000 Jews since it occupied the West Bank and East Jerusalem – land Palestinians want, along with Gaza, for a future state – during the 1967 Middle East war. An estimated 3.3 million Palestinians live alongside them.

The settlements are illegal under international law.

In a separate development on Wednesday, Israeli forces demolished the Palestinian village of Khirbet al-Tabban, in the Masafer Yatta area.

Israeli human rights group B’Tselem said the village’s 70 residents, including 28 children, were given no warning prior to the demolition and were not allowed to remove their property.

It described the demolition as the most significant in Masafer Yatta since May 2025.

In the 1980s, the Israeli military declared about 3,000 hectares in the South Hebron Hills, which includes Masafer Yatta, as a restricted firing zone for training purposes.

The military says the Palestinian homes there have been built illegally.

In 2022, Israel’s Supreme Court ruled to allow the demolition of homes in the firing zone and the expulsion of their residents, who had argued that such a move violated international law and that their families had been living there since before the State of Israel was established.

B’Tselem says Khirbet al-Tabban is the 66th Palestinian community to be expelled by Israeli authorities since the start of the Gaza war in October 2023, which it alleges is part of a campaign of “ethnic cleansing” being carried out in the West Bank.

Israeli forces have fired tear gas into a mosque in the occupied West Bank, leaving worshippers inside struggling to breathe, hours after settlers tried to set fire to a second mosque in the territory.

The Palestinian Ministry of Religious Affairs condemned the continued pogroms on Tuesday, calling them a flagrant violation of the sanctity of places of worship.

Footage, verified by Al Jazeera, showed worshippers at the mosque in Madama, near Nablus, coughing in the aftermath of the tear gas attack.

One elderly man was seen bent over as another tried to help him.

The ministry said Israeli forces “fired tear gas canisters” into the mosque as people gathered for their evening prayers. The attack “resulted in several elderly worshippers suffering from suffocation and caused widespread disruption to the congregation”, it added.

The attack in Madama came hours after Israeli settlers tried to set fire to another mosque in the nearby town of Bazariya.

Photos and videos from Nur al-Din Zanki Mosque showed blackened burn marks around a window of a room and Hebrew phrases sprayed on the exterior walls.

Majed Nasr, who lives near the mosque, said the attack took place early on Tuesday morning. “There was a small explosion that caused a fire inside the mosque building,” he told the AFP news agency. “We managed to contain the blaze before things could get worse and reach the main upper part of the building.”

The Religious Affairs Ministry condemned the “criminal attack” and said some 13 mosques have been “violated” by the Israeli military or settlers since the start of 2026.

Local sources told the Anadolu agency that the racist slogans sprayed at the site included threats against Palestinians and a message to the United States ambassador to Israel, Mike Huckabee, saying: “Huckabee, greetings from the terrorists.”

Last month, Huckabee had described Israeli settlers attacking Palestinians in the town of Qusra and other areas of the occupied West Bank as “terrorists”.

The office of Palestinian President Mahmoud Abbas issued a statement following the Madama attack, warning of “the dangers of the continued and escalating religious war” waged by Israeli forces and settlers against religious sites in the occupied West Bank, including the Al-Aqsa Mosque compound in occupied East Jerusalem.

The “systematic attacks … crossed all red lines and risked triggering a religious conflict with serious consequences for the region and the world”, it said.

Settlers also burned vehicles in the town of Beta, south of Nablus, and set fire to a Palestinian vehicle in Nahalin, west of Bethlehem, on Tuesday, according to media reports and footage posted online.

The attacks come amid a sharp increase in pogroms by Israeli forces and settlers across the occupied West Bank.

The United Nations said in August that at least 76 Palestinians have been killed in the territory this year and that some 3,800 people have been displaced by settler violence, as well as demolitions and evictions.

It also said settler violence had reached “unprecedented levels,” with more than 1,430 attacks resulting in casualties or property damage documented this year.

Elsewhere in the occupied West Bank, Israeli forces arrested at least 14 Palestinians, including five in Rummanah, one at the Anab checkpoint, one in Tammun, three in Hebron, two in Bethlehem and two in Nablus.

Israeli forces also uprooted olive trees near Jenin, demolished greenhouses and issued a demolition notice for a home in the town of Idhna.

Washington has recently stepped up efforts to economically pressure Tehran amid the deadlocked truce talks.

Washington plans to impose sanctions on another bank this week as it steps up its campaign to economically isolate Tehran amid the deadlocked truce talks, the US Treasury chief has said.

In an interview with The Associated Press news agency on Sunday, Treasury Secretary Scott Bessent declined to name the bank to be targeted by sanctions.

The announcement comes just days after Washington said it would cut off the United Arab Emirates’s operations of Basque Misr from the US financial system after accusing Egypt’s second-biggest bank of doing business with the Iranian government.

“This is going to be financial violence if we have to,” Bessent told AP on Sunday. “We are showing people that we know who you are, you know who you are, and this has got to stop.”

⁠In an interview with the Reuters news agency, Bessent said the next step may be cutting off an institution entirely from the dollar-based financial system.

“You’re going ⁠to see a lot ⁠more of these every week,” he said on Sunday, ahead of a Group of 20 finance leaders ⁠meeting in Asheville, North Carolina. “We’re starting with the banks, and we’re telling ⁠the banks it’s not OK ⁠to have Iranian money and to aid the regime.”

The US has stepped up efforts to economically pressure Tehran to submit to Washington’s demands, a campaign dubbed “Operation Economic Outcast”, amid the stalled truce talks between both parties.

Last week, the Treasury Department imposed new sanctions on nearly 60 individuals and entities that Washington accused of being part of networks helping Iran generate oil revenue, procure weapons and conduct cyber-operations.

Iran, however, has rejected the latest US sanctions, with Minister of Finance and Economic Affairs Ali Madanizadeh saying they will fail.

Violence in the conflict resumed on Sunday, the first time since late July, with Iran launching missiles at two US bases in Jordan following a US attack on Larak Island in southern Iran.

Cooperation against Iran

Bessent is preparing to host the meeting of the G20’s finance leaders, where he will huddle individually with his counterparts from the world’s major and developing economies to encourage cooperation against Iran.

The US Treasury chief also told AP that he would speak to his Chinese counterparts at the meeting and “all options are on the table” in terms of sanctioning Beijing for its continued trade with Tehran. 

But he rejected the idea that the US was reluctant to confront China, calling it “a completely false narrative that the media picked up on”.

He insisted that Beijing and Washington agreed on the need to reopen the Strait of Hormuz and prevent Iran from developing a nuclear weapon.

Canadian Prime Minister Mark Carney supports a new global defense bank called the Defence, Security and Resilience Bank (DSRB), which aims to help allied countries rearm. The bank is looking to raise around €100 billion ($116 billion) to provide low-cost loans to governments and defense contractors for military projects. It will also guarantee loans for smaller, riskier firms. So far, Canada, along with Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine, has expressed support for the initiative.

As of August, the DSRB had secured about €5 billion in commitments but aims for €20 billion in paid-in capital and an additional €80 billion available when necessary. However, major economies like Germany and Britain have not yet committed, which raises concerns about the DSRB’s ability to achieve the triple-A credit rating necessary for the lowest funding costs. Experts suggest that the participation of larger governments is essential to impress ratings agencies. Some potential members are hesitant about whether the DSRB can offer better financing terms than national governments, given their own budget limitations and existing commitments in similar initiatives.

Canada is actively engaging other countries ahead of the charter signing planned for autumn. DSRB founder Rob Murray emphasized the need for rearmament to address increasing security threats. He noted that many European nations are raising defense spending but are not close to meeting NATO’s targets. Carney has called for cooperation among middle powers to respond to what he sees as a changing world order.

The DSRB aims to provide funding for defense investments separate from current national debts but needs further backing to be impactful. Major European countries already have access to cheap borrowing but joining the DSRB would allow their domestic contractors to benefit from its funding. Some officials have raised concerns about overlap with existing financing programs like the EU’s SAFE program and Britain’s proposed Multilateral Defence Mechanism. There are worries about the upfront capital required for DSRB membership and the selection process for projects, as larger countries might need to contribute around €1 billion.

Murray highlighted that contributions could be spread over three years, and the DSRB could provide a more stable financing avenue for defense than existing programs. He stressed that increasing defense spending could lead to technology improvements, job creation, and economic growth while enhancing deterrence.

Canada hopes that under new Prime Minister Andy Burnham, Britain might reconsider its initial rejection of the DSRB, which was based on concerns over value for money. Burnham’s defense minister has described the DSRB as an innovative mechanism. If Britain joins, it may influence Germany’s decision to participate as well. Currently, Germany has been observing discussions but has not committed.

Industry groups in Britain and Germany are urging their governments to join the DSRB, fearing exclusion from projects financed by the bank. The DSRB has received about $10 million in support from various banks to help establish itself, and its proponents claim it is on track to achieve a high credit rating. Canada is willing to move forward with the current supporters, leaving room for other countries to join later, which could help secure the desired credit rating. The support of core shareholders is crucial for the creditworthiness of multilateral institutions.

With information from Reuters

Aug. 28 (UPI) — Treasury Secretary Scott Bessent announced Friday that the United States is working to cut off bank branches in the United Arab Emirates from the U.S. financial system, part of his campaign to target financial systems that enable Iran.

The Department of the Treasury said it is proposing a rule that will ban U.S. banks from facilitating transactions involving the UAE-based branches of Banque Misr, one of Egypt’s largest banks.

“Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system,” Bessent said in a statement. “Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.”

Bessent on Monday announced a new pressure campaign called Operation Economic Outcast to force countries to sever ties with Iran.

The department accused Manque Misr’s operations in the UAE of being “a significant conduit for Iranian shadow banking.” It said the bank allows Iranian entities access to U.S. dollars, circumventing U.S. sanctions.

Treasury said it had found 103 potential front companies that moved $1.8 billion through Banque Misr UAE accounts from January 2024 to June 2026.

Bessent is invoking powers under the Patriot Act that allow the treasury secretary to take action against foreign banks that are a “primary money-laundering concern” to the U.S.

It also said the Treasury will sanction the general manager of the Dubai branch of Bank Melli and a Hong Kong-based company it alleges is laundering money for Iran.

Earlier this month the UAE said it was suspending all trade with Iran.