By Moira Warburton, David Morgan and Katharine Jackson

WASHINGTON (Reuters) -Representative Jim Jordan won the Republican nomination to lead the U.S. House of Representatives on Friday, but the hardline conservative appeared to be well short of the support he would need to seize the speaker’s gavel.

Successive closed-door votes left Jordan with the backing of a majority of House Republicans, but still shy of the 217 votes he would need to win the job.

Republicans then said they would go home for the weekend, ensuring the House would remain without a leader until at least Monday.

Republican infighting has left the House paralyzed for close to two weeks, as lawmakers have deadlocked over a successor to Kevin McCarthy, who was forced out by a small group of Republicans on Oct. 3.

In an initial vote, Jordan won the endorsement over Austin Scott, a Georgia lawmaker who has kept a relatively low profile in his 12 years in Congress. The vote was 124-81, according to a Republican aide who spoke on condition of anonymity.

Jordan did not pick up much more support in a second round of voting, which he won 152-55, according to lawmakers, meaning that about one in four House Republicans cast a ballot purely against Jordan.

That left him short of the votes he would need to become speaker, a powerful role second in line to the presidency after the vice president.

Republicans control the chamber by a narrow 221-212 margin, meaning they can afford to lose no more than four votes if Democrats vote against him, as they are expected to do.

Jordan narrowly lost the nomination on Wednesday to Steve Scalise, the No. 2 House Republican who was seen as the heir apparent to McCarthy. But Scalise abandoned his bid on Thursday after it became clear he could not consolidate Republicans behind him.

Some Republicans said their problems ran deeper than a simple lack of leadership.

“Republicans have forgotten how to work as a team,” Representative Dusty Johnson told reporters. “I think it is a terribly corrosive trend.”

Jordan, 59, would be a departure from past Republican leaders like McCarthy, who have focused on raising money and balancing competing ideological groups.

He has been a vocal presence on the party’s right wing and tormentor of party leaders since he was first elected in 2006. A close ally of Donald Trump, he helped amplify the former president’s false claims of fraud in the 2020 election and secured Trump’s endorsement last week.

As chair of the Judiciary Committee, Jordan is helping to lead an impeachment investigation into Democratic President Joe Biden that Democrats characterize as baseless.

“I think I can unite the conference, I think I can tell the country what we’re doing and why it matters,” Jordan told reporters before the vote.

‘CHAOS CAUCUS’

Democrats who have suggested working with Republicans on a consensus speaker pick said Jordan was not what they had in mind.

“House Republicans have selected as their nominee to be the speaker of the people’s House the chairman of the chaos caucus, a defender in a dangerous way of dysfunction and an extremist extraordinaire,” House Democratic Leader Hakeem Jeffries said.

Without a speaker, the House is at a deadlock as war expands in the Middle East, Russia continues to pound Ukraine and the government faces a Nov. 17 partial shutdown deadline without additional funding from Congress.

Republicans have been hoping to avoid a repeat of the embarrassing spectacle that occurred in January, when hardline conservatives forced McCarthy to endure 15 floor votes over four days before winning the gavel.

Jordan backers said his confrontational style could help in negotiating with Biden and the Democratic-controlled Senate.

“We need someone who is tough, who’s smart and can negotiate in that room. I think Jim Jordan can do it,” said Representative Nicole Malliotakis.

But the second vote made clear that many Republicans were still reluctant to line up behind him.

“You’ve got a very, very thin margin and he’s going to have to basically get all of those no’s – including some people who swore up and down they never would support him,” said Representative Kat Cammack.

While McCarthy was the first speaker in U.S. history ousted by a vote of the chamber, the last two Republicans to hold the job – John Boehner and Paul Ryan – also left under pressure from their right flanks.

(Reporting by Moira Warburton, David Morgan and Katharine Jackson; Writing by Andy Sullivan; Editing by Scott Malone, Jonathan Oatis and Grant McCool)

(Reuters) -More than 1 million Palestinians in northern Gaza faced an Israeli deadline on Saturday to flee south, and Prime Minister Benjamin Netanyahu said Israel had only just begun to retaliate for last week’s Hamas rampage across southern Israel.

U.S. President Joe Biden said consultations were under way with regional governments on the humanitarian crisis in Gaza as trapped Palestinians faced shortages of power, food and water amid Israeli bombing.

The situation in Gaza has reached a “a dangerous new low,” U.N. Secretary General Antonio Guterres said.

CONFLICT

*Israel has warned nearly half of the population of the Gaza Strip to relocate as it plans an assault.

*Tens of thousands in Gaza are estimated to have fled south after Israel gave Palestinians 24 hours notice to evacuate from the enclave’s north, U.N. humanitarian office OCHA said on Friday.

*The Palestinian United Nations envoy appealed to Guterres on Friday to do more to stop a “crime against humanity.”

*Calls for an escape route for Palestinians from Gaza have been rebuffed by Arab neighbours. “It is important that the (Palestinian) people remain steadfast and present on their land,” Egyptian President Abdel Fattah al-Sisi said.

*U.S. Secretary of State Antony Blinken and Netanyahu discussed establishing safe areas in Gaza where civilians could relocate.

*The first U.S. State Department-organized charter flight taking Americans out of Israel landed in Athens, as U.S. airlines ramped up connecting flights to help people get home.

*Biden said he was making a priority of the humanitarian crisis in Gaza, while being committed to returning Americans taken hostage by Hamas.

*Israeli security forces killed nine Palestinians and wounded dozens in confrontations across the West Bank on Friday, the Palestinian health ministry said. The Israeli military has said it is prepared for an escalation in the West Bank and is on high alert.

*A Reuters news videographer was killed while working in southern Lebanon.

*Israel’s military said early on Saturday it had struck a Hezbollah target in southern Lebanon in response to the “infiltration of unidentified aerial objects into Israel.”

*Human Rights Watch accused Israel of using white phosphorus munitions in its military operations in Gaza and Lebanon. The Israeli military denied it.

*Blinken said the Israeli government showed him photographs and videos of Hamas atrocities.

*The Hamas attack last Saturday killed more than 1,300 Israelis. More than 1,500 Palestinians have been killed in retaliatory attacks.

HUMAN IMPACT

*”We have no track of her since then.” A brother is determined to find his sister missing after Hamas’ kibbutz raid.

*Supporters of the Palestinians and of Israel protested and prayed in countries around the world on Friday.

*Israeli air strikes have made major cemeteries in Gaza dangerous to reach so mourning families are burying their dead in informal graveyards dug in empty lots.

*An Israeli family fears for an ailing grandmother driven off by Hamas gunmen.

*When Israel called up its reservists this week, the response was swift and overwhelming.

INTERNATIONAL

*The White House said it has not seen any indications that other actors were considering joining and widening the conflict.

*Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, sources said, signalling a rapid rethinking of its foreign policy priorities.

*The International Criminal Court has jurisdiction over potential war crimes carried out by Hamas in Israel and Israelis in the Gaza Strip, even though Israel is not a member state, the ICC’s top prosecutor told Reuters.

*Hezbollah deputy chief Naim Qassem said the group would not be swayed by calls for it to stay on the sidelines of the conflict, saying the party was “fully ready” to contribute to the fighting.

*Jordanian riot police forcibly dispersed hundreds of pro-Palestinian protesters trying to reach a border zone with the Israeli-occupied West Bank.

*Republican infighting in the U.S. House of Representatives has left the chamber unable to act to support Israel’s war and pass government spending bills before funding runs out.

INSIGHTS

*Israeli forces poised to invade Gaza on a mission to wipe out Hamas will confront an ever-more capable opponent trained for years by a clandestine support network.

*Biden is facing little pressure at home to rein in Israel. But a ground offensive and higher civilian death toll could force the president to rethink that approach.

*A factbox on the Gaza Strip, devastated by conflict and economic blockade.

*The war falls under a complex international system of justice that has emerged since World War Two.

*The conflict hinges on statehood, land, Jerusalem and refugees, pitting Israeli demands for security against Palestinian aspirations for a state of their own.

*”He is elusive. He is the man in the shadows.” The secretive Hamas mastermind behind last weekend’s assault: Mohammed Deif.

*The Israel-Hamas war upends Biden’s two-pronged Mideast strategy: brokering Israeli-Saudi detente and containing Iran’s nuclear ambitions.

MARKETS AND BUSINESS

*What impact can the Israel/Hamas war have on oil?

*Hamas’ cash-to-crypto global finance maze is in Israel’s sights, to cut support from charities and friendly nations.

*As big U.S. corporations kicked off corporate earnings, executives addressed the Israel-Hamas conflict and some companies launched fundraising efforts.

*Airlines wrestled with the safety risk of evacuation operations.

*What are global firms with a presence in Israel doing after the Hamas attack?

(Compiled by Stephen Farrell, Lisa Shumaker, Lincoln Feast and Diane Craft)

By Lewis Krauskopf

NEW YORK (Reuters) – Investors in the coming week will get a look at the state of U.S. consumers – whose spending drives around two-thirds of the economy – with a U.S. retail sales report and earnings due from Procter & Gamble, Netflix and a slew of banks.

Durable consumer spending has been a key reason for the economy’s resilience in the face of higher interest rates, with a better-than-expected economy supporting stocks this year. The S&P 500 is up about 13% year-to-date, though it has retreated roughly 6% from highs reached in late July.

Retail sales data, due out on Tuesday, may have to walk a tightrope to satisfy investors. A number that is far stronger than expected could stir fears of a rebound in inflation and bolster worries that the Federal Reserve will need to keep rates elevated for longer.

Conversely, a weak number could reignite concerns of an economic downturn that the U.S. has so far managed to avoid, despite the Fed raising borrowing costs to their highest levels in decades.

“It’s hyper-important to us because that’s really what has been resilient in this economy,” said Art Hogan, chief market strategist at B Riley Wealth. “We really want to see what consumers are doing versus what they’re saying.”

Retail sales are expected to have risen 0.3% on a monthly basis in September, according to economists polled by Reuters.

As third quarter earnings season heats up, investors are also on guard for signs that the conflict between Israel and Hamas is widening. Investors headed to safe-haven assets such as Treasuries and gold on Friday amid worries the conflict could intensify over the weekend.

There have been some signs that consumer strength may be wavering. A survey on Friday showed U.S. consumer sentiment deteriorated in October, with households expecting higher inflation over the next year. The third straight monthly decline in sentiment reported by the University of Michigan was nearly across all demographic groups.

Major U.S. banks on Friday warned the economy was slowing as customers depleted their savings.

“There are a lot of questions around how the consumer is holding up,” said Walter Todd, chief investment officer at Greenwood Capital.

As earnings reports arrive, investors will also focus on comments from bank executives about whether Americans are defaulting on loans and paying back credit card debt. Bank of America reports results on Tuesday, with a number of regional banks expected in the coming week as well.

Earnings reports from other industries will also offer views on consumer behavior. They include consumer products giant Procter & Gamble, electric vehicle maker Tesla, streaming company Netflix, casino operator Las Vegas Sands and America Airlines Group.

Todd, of Greenwood Capital, is focused on insight from companies about the cumulative effect of “higher inflation and higher rates on the consumer.”

“Throw on top of that the student loan payments kicking back up, that should all put incremental pressure on their ability to potentially spend,” he said.

To be sure, a strong retail sales number could also spark concerns, potentially renewing worries that a too-hot economy will push the Fed to take a more hawkish interest rate stance.

Such an outcome could extend a rise in Treasury yields that has pressured stocks in recent weeks. The U.S. 10-year benchmark yield currently stands at 4.65%, after hitting a 16-year high earlier this month. Jack Ablin, chief investment officer at Cresset Capital, said he is looking for the benchmark Treasury yield to come “off the boil” and fall to around 4.5%, boosting investors’ appetite for risk. “If indeed we see waning strength in consumer spending, that will likely take some of the pressure off interest rates and the Fed,” Ablin said. “The conclusions from the consumer next week, I think, is going to be bad news is good news.”

(Reporting by Lewis Krauskopf; Editing by Ira Iosebashvili and Jonathan Oatis)

(Reuters) -A Reuters video journalist was killed and six other journalists injured in southern Lebanon on Friday when missiles fired from the direction of Israel struck them, according to a Reuters videographer who was at the scene.

The group of journalists, including from Al Jazeera and Agence France-Presse, were working near Alma al-Shaab, close to the Israel border, where the Israeli military and Lebanese militia Hezbollah have been trading fire in border clashes.

Lebanese Prime Minister Najib Mikati and a Hezbollah lawmaker blamed the incident on Israel.

The Israel Defense Forces did not immediately respond to a request for comment. Israel’s U.N. envoy, Gilad Erdan, said in a briefing on Friday: “Obviously, we would never want to hit or kill or shoot any journalist that is doing its job. But you know, we’re in a state of war, things might happen.” He added that the country would investigate.

Reuters said in a statement that Issam Abdallah had been killed while providing a live video signal for broadcasters. The camera was pointed at a hillside when a loud explosion shook the camera, filling the air with smoke, and screams were heard.

“We are deeply saddened to learn that our videographer, Issam Abdallah, has been killed,” Reuters said.

“We are urgently seeking more information, working with authorities in the region, and supporting Issam’s family and colleagues.”

Two other Reuters journalists, Thaer Al-Sudani and Maher Nazeh, were wounded in the incident and released from a hospital after receiving medical care, Reuters said.

Nazeh said Reuters and the two other news organizations were filming missile fire coming from the direction of Israel when one struck Abdallah as he was sitting on a low stone wall near the rest of the group. Seconds later, another missile hit the car being used by the group, setting it aflame.

While other news outlets, including the Associated Press and Al Jazeera, said the shells were Israeli, Reuters could not establish whether the missiles had actually been fired by Israel.

Agence France-Presse said two of its journalists were wounded.

Qatari funded broadcaster Al Jazeera said two of its journalists were also wounded in the incident and had been clearly distinguishable as press. It blamed Israel for the incident, saying all those behind “this criminal act” should be held accountable.

“The broadcast vehicle was bombed and completely burned despite the presence of our team close to/side by side with the rest of the international media crews in an agreed-upon location,” Al Jazeera said in a statement.

The village of Alma Al-Shaab has been the site of repeated clashes since war erupted further south between Israel and Hamas, a Palestinian militia with close ties to Hezbollah.

Hamas fighters burst out of the Gaza Strip a week ago and launched a deadly assault on Israeli civilians and soldiers, triggering heavy bombardment of Gaza.

In an interview with Reuters, Fatima Kanso, Abdallah’s mother, blamed Israel for the death of her son.

“Israel deliberately killed my son. They were all wearing journalists’ gear and the word ‘press’ was visible. Israel cannot deny this crime,” she added.

Shortly before Abdallah was killed, he posted on social media a photograph of himself wearing a helmet and a flak jacket with the word “press” visible on it.

The Israel Defense Forces did not immediately respond to a request for comment on Kanso’s remarks.

“We always try to mitigate and avoid civilian casualties,” Erdan, Israel’s UN envoy, said to reporters in a briefing.

“We regret them. We feel sorry. And we will investigate it. Right now, it’s too early to call what happened there,” he said.

The United Nations Interim Force in Lebanon, a peacekeeping unit that patrols Lebanon’s border with Israel, said it was saddened by the news and called for the firing to stop.

“The potential for this escalation to spiral out of control is clear, and it must be halted,” it said in a statement.

(Editing by Mark Bendeich and Edward Tobin)

By Moira Warburton, David Morgan and Katharine Jackson

WASHINGTON (Reuters) -Republicans in the U.S. House of Representatives on Friday nominated hardline conservative Jim Jordan to lead the chamber, a move that will test whether the longtime critic of Republican leadership can win enough support to seize the speaker’s gavel.

Republican infighting has left the House paralyzed for 10 days, as lawmakers have deadlocked over a successor to Kevin McCarthy, who was forced out by a small group of Republican insurgents on Oct. 3.

Jordan prevailed in a closed-door vote over Austin Scott, a Georgia lawmaker who has kept a relatively low profile in his 12 years in Congress. The vote was by 124-81, according to a Republican aide who spoke on condition of anonymity.

To become speaker, a powerful role second in line to the presidency after the vice president, Jordan must still win a majority vote on the House floor, and it is not clear whether he would be able to unite his fellow Republicans behind his bid.

Republicans control the chamber by a narrow 221-212 margin, meaning they can afford to lose no more than four votes if Democrats vote against him, as they are expected to do.

After Jordan’s victory, Republicans readied a second round of voting to see if he could muster the 217 votes needed to prevail in a floor vote.

Jordan narrowly lost the nomination on Wednesday to Steve Scalise, the No. 2 House Republican who was seen as the heir apparent to McCarthy. But Scalise abandoned his bid on Thursday after it became clear he could not consolidate Republicans behind him.

Some Republicans their problems ran deeper than a simple lack of leadership.

“There’s a lack of trust. There’s a lack of transparency,” said Representative Kat Cammack. “That’s what we need to address before we can even really get to the speaker.”

Jordan, who serves as House Judiciary Committee chair, tormented Republican leaders for years as a vocal advocate for the party’s right wing. He has the endorsement of McCarthy and former President Donald Trump, the frontrunner for the 2024 Republican presidential nomination.

“I think I can unite the conference, I think I can tell the country what we’re doing and why it matters,” Jordan told reporters before the vote.

HOUSE PARALYZED

Without a speaker, the House is at a deadlock as war expands in the Middle East, Russia continues to pound Ukraine and the government faces a Nov. 17 partial shutdown deadline without additional funding from Congress.

Republicans have been hoping to avoid a repeat of the embarrassing spectacle that occurred in January, when hardline conservatives forced McCarthy to endure 15 floor votes over four days before winning the gavel.

Jordan backers said he would eventually be able to consolidate support even if he does not win in the first few rounds of voting. They said his confrontational style could help in negotiating with Democratic President Joe Biden and the Democratic-controlled Senate.

“We need someone who is tough, who’s smart and can negotiate in that room. I think Jim Jordan can do it,” said Representative Nicole Malliotakis.

But Jordan faced skepticism from those who were angry that his supporters had failed to unite behind Scalise.

“I just think that Steve got a raw deal,” said Representative Vern Buchanan.

While McCarthy was the first speaker in U.S. history ousted by a vote of the chamber, the last two Republicans to hold the job – John Boehner and Paul Ryan – also left under pressure from their right flanks.

(Reporting by David Morgan, Katharine Jackson, Moria Warburton and Richard Cowan; Writing by Andy Sullivan; Editing by Scott Malone, Gerry Doyle and Jonathan Oatis)

By Hadeel Al Sayegh, John O’Donnell and Elizabeth Howcroft

LONDON/DUBAI (Reuters) – Palestinian militant group Hamas uses a global financing network to funnel support from charities and friendly nations, passing cash through Gaza tunnels or using cryptocurrencies to bypass international sanctions, according to experts and officials.

However, Hamas, which governs the Gaza Strip, will face even more obstacles accessing funds after the rampage by the group’s gunmen that killed hundreds of Israelis, mainly civilians. Israel has responded with the heaviest bombardment of Gaza in 75 years of conflict.

Earlier this week, Israeli police said they froze a Barclays bank account the authorities said was linked to Hamas fundraising and blocked cryptocurrency accounts used to gather donations, without specifying how many accounts or the value of the assets.

The move provided a glimpse of a complex financial web, some legitimate, much hidden, that underpins Hamas, or the Islamic Resistance Movement, and its government in the Gaza Strip, which it has run since 2007.

Matthew Levitt, a former U.S. official specialised in counterterrorism, estimated the bulk of Hamas’ budget of more than $300 million came from taxes on business, as well as from countries including Iran and Qatar or charities.

Last February, the State Department said that Hamas raises funds in other Gulf countries and gets donations from Palestinians, other expatriates and its own charities.

Reuters was unable to reach Hamas officials for comment for this story. In the past, Hamas has said financial restrictions placed on its donors were an attempt to neutralise legitimate resistance against Israel.

Hamas, sanctioned as a terrorist organization by the United States and countries such as Britain, had increasingly used cryptocurrencies, credit cards or contrived trade deals to avoid mounting international restrictions, Levitt said.

“Hamas has been one of the more successful users of crypto for the financing of terrorism,” said Tom Robinson, co-founder of blockchain research firm Elliptic.

However, this year Hamas said it would back away from crypto, after a spate of losses. Cryptocurrency’s ledger system can make such transactions traceable.

Blockchain researchers TRM Labs said this week in a research note that crypto fundraising has previously increased following rounds of violence involving Hamas. After fighting in May 2021, Hamas-controlled crypto addresses received more than $400,000, TRM Labs said.

However, since last weekend’s violence, prominent Hamas-linked support groups had moved just a few thousands dollars through crypto, TRM noted.

“One likely reason for the low donation volume is that Israeli authorities are targeting them immediately,” TRM said, adding that Israel had seized cryptocurrency worth “tens of millions of dollars” from Hamas-linked addresses in recent years.

Between Dec. 2021 and April this year, Israel seized almost 190 crypto accounts it said were linked to Hamas.

SHIPS AND SHELLS

Whether through crypto or other means, Hamas’ allies have found ways to get money to Gaza. The U.S. State Department has said that Iran provides up to $100 million annually in support to Palestinian groups including Hamas, and has cited methods of moving the money through shell companies, shipping transactions and precious metals.

Iranian authorities did not immediately respond to a request for comment.

By last year, Hamas had established a secret network of companies managing $500 million of investments in companies from Turkey to Saudi Arabia, the U.S. Treasury has said, announcing sanctions on the firms in May, 2022.

Israel has long accused Iran’s clerical rulers of stoking violence by supplying arms to Hamas. Tehran, which does not recognise Israel, says it gives moral and financial support to the group.

Backing the Palestinian cause has been a pillar of the Islamic Republic since the 1979 revolution and a way for the country to fashion itself as a leader of the Muslim world.

Gas-rich Qatar too has paid hundreds of millions of dollars to Gaza since 2014, at one point spending $30 million per month to help operate the enclave’s sole power plant and to support needy families and public servants in the Hamas-run government.

“Qatari aid provides 100 dollars to the poorest Palestinian families and extends the period of electricity during a day in Gaza,” a Qatari official said in response to a request for government comment, adding that it had helped “maintain stability and quality of life for … Palestinian families”.

Qatar walks a foreign policy tightrope, hosting the region’s largest U.S. military base, the Taliban and other groups, often allowing it to mediate.

CASH RULES

Qatar’s funding for Gaza actually passes through Israel, a source familiar with the process said.

The funds are transferred electronically from Qatar to Israel. Israeli and U.N. officials hand-carry cash over the border to Gaza.

The cash is distributed directly to needy families and public servants in Gaza and each family or individual must sign next to their name that they’ve received the cash. One copy of that sheet goes to Israel, one goes to the UN and one goes to Qatar.

“Qatari aid to the Gaza Strip is fully coordinated with Israel, the UN and the U.S.,” the Qatari government official said.

In recent years, Qatar bought fuel from Israel for Gaza’s sole power station. It also sent Egyptian fuel that Hamas can resell, using the proceeds for salaries.

Stephen Reimer of the think tank, Royal United Services Institute, predicted fresh attempts to fully restrict the group’s access to formal financial channels would have limited success. “Their financing tactics have grown to circumvent these.”

(Additional reporting by Saeed Azhar in New York, Sinead Cruise, Tom Wilson and Tommy Wilkes in London, Andrew Mills in Doha and Parisa Hafezi in Dubai, writing by John O’Donnell; Editing by Frank Jack Daniel)

By Hadeel Al Sayegh, John O’Donnell and Elizabeth Howcroft

LONDON/DUBAI (Reuters) – Palestinian militant group Hamas uses a global financing network to funnel support from charities and friendly nations, passing cash through Gaza tunnels or using cryptocurrencies to bypass international sanctions, according to experts and officials.

However, Hamas, which governs the Gaza Strip, will face even more obstacles accessing funds after the rampage by the group’s gunmen that killed hundreds of Israelis, mainly civilians. Israel has responded with the heaviest bombardment of Gaza in 75 years of conflict.

Earlier this week, Israeli police said they froze a Barclays bank account the authorities said was linked to Hamas fundraising and blocked cryptocurrency accounts used to gather donations, without specifying how many accounts or the value of the assets.

The move provided a glimpse of a complex financial web, some legitimate, much hidden, that underpins Hamas, or the Islamic Resistance Movement, and its government in the Gaza Strip, which it has run since 2007.

Matthew Levitt, a former U.S. official specialised in counterterrorism, estimated the bulk of Hamas’ budget of more than $300 million came from taxes on business, as well as from countries including Iran and Qatar or charities.

Last February, the State Department said that Hamas raises funds in other Gulf countries and gets donations from Palestinians, other expatriates and its own charities.

Reuters was unable to reach Hamas officials for comment for this story. In the past, Hamas has said financial restrictions placed on its donors were an attempt to neutralise legitimate resistance against Israel.

Hamas, sanctioned as a terrorist organization by the United States and countries such as Britain, had increasingly used cryptocurrencies, credit cards or contrived trade deals to avoid mounting international restrictions, Levitt said.

“Hamas has been one of the more successful users of crypto for the financing of terrorism,” said Tom Robinson, co-founder of blockchain research firm Elliptic.

However, this year Hamas said it would back away from crypto, after a spate of losses. Cryptocurrency’s ledger system can make such transactions traceable.

Blockchain researchers TRM Labs said this week in a research note that crypto fundraising has previously increased following rounds of violence involving Hamas. After fighting in May 2021, Hamas-controlled crypto addresses received more than $400,000, TRM Labs said.

However, since last weekend’s violence, prominent Hamas-linked support groups had moved just a few thousands dollars through crypto, TRM noted.

“One likely reason for the low donation volume is that Israeli authorities are targeting them immediately,” TRM said, adding that Israel had seized cryptocurrency worth “tens of millions of dollars” from Hamas-linked addresses in recent years.

Between Dec. 2021 and April this year, Israel seized almost 190 crypto accounts it said were linked to Hamas.

SHIPS AND SHELLS

Whether through crypto or other means, Hamas’ allies have found ways to get money to Gaza. The U.S. State Department has said that Iran provides up to $100 million annually in support to Palestinian groups including Hamas, and has cited methods of moving the money through shell companies, shipping transactions and precious metals.

Iranian authorities did not immediately respond to a request for comment.

By last year, Hamas had established a secret network of companies managing $500 million of investments in companies from Turkey to Saudi Arabia, the U.S. Treasury has said, announcing sanctions on the firms in May, 2022.

Israel has long accused Iran’s clerical rulers of stoking violence by supplying arms to Hamas. Tehran, which does not recognise Israel, says it gives moral and financial support to the group.

Backing the Palestinian cause has been a pillar of the Islamic Republic since the 1979 revolution and a way for the country to fashion itself as a leader of the Muslim world.

Gas-rich Qatar too has paid hundreds of millions of dollars to Gaza since 2014, at one point spending $30 million per month to help operate the enclave’s sole power plant and to support needy families and public servants in the Hamas-run government.

“Qatari aid provides 100 dollars to the poorest Palestinian families and extends the period of electricity during a day in Gaza,” a Qatari official said in response to a request for government comment, adding that it had helped “maintain stability and quality of life for … Palestinian families”.

Qatar walks a foreign policy tightrope, hosting the region’s largest U.S. military base, the Taliban and other groups, often allowing it to mediate.

CASH RULES

Qatar’s funding for Gaza actually passes through Israel, a source familiar with the process said.

The funds are transferred electronically from Qatar to Israel. Israeli and U.N. officials hand-carry cash over the border to Gaza.

The cash is distributed directly to needy families and public servants in Gaza and each family or individual must sign next to their name that they’ve received the cash. One copy of that sheet goes to Israel, one goes to the UN and one goes to Qatar.

“Qatari aid to the Gaza Strip is fully coordinated with Israel, the UN and the U.S.,” the Qatari government official said.

In recent years, Qatar bought fuel from Israel for Gaza’s sole power station. It also sent Egyptian fuel that Hamas can resell, using the proceeds for salaries.

Stephen Reimer of the think tank, Royal United Services Institute, predicted fresh attempts to fully restrict the group’s access to formal financial channels would have limited success. “Their financing tactics have grown to circumvent these.”

(Additional reporting by Saeed Azhar in New York, Sinead Cruise, Tom Wilson and Tommy Wilkes in London, Andrew Mills in Doha and Parisa Hafezi in Dubai, writing by John O’Donnell; Editing by Frank Jack Daniel)

By Stephanie Kelly

NEW YORK (Reuters) -Oil prices leapt nearly 6% on Friday, with Brent posting its highest weekly gain since February, as investors priced in the possibility that the conflict in the Middle East could widen as Israel began ground raids inside the Gaza Strip.

Israel’s announcement marked a shift from an air war to ground operations to root out Hamas fighters a week after the militant Palestinian group’s deadly rampage in southern Israel.

Brent futures settled up $4.89, or 5.7%, at $90.89 per barrel. U.S. West Texas Intermediate (WTI) crude gained $4.78, or 5.8%, to $87.69 a barrel.

Both benchmarks posted their highest daily percentage gains since April.

Brent also recorded a weekly gain of 7.5%, its biggest such increase since February. WTI climbed 5.9% for the week.

The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Investors and market observers, however, are assessing how it could escalate and what it might mean for supplies from nearby countries in the world’s top oil producing region.

Some residents in Gaza were abandoning their homes on Friday to escape from the path of an Israeli onslaught, after Israel ordered more than a million people to leave the northern half of the territory within 24 hours. Hamas told them not to go.

Iran’s Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry’s news agency SHANA.

Iran’s Foreign Minister Hossein Amirabdollahian on Friday discussed the Israeli-Hamas conflict with the head of the powerful Tehran-backed Lebanese armed group Hezbollah, which has launched its own cross-border attacks on Israel.

If the U.S. tightens enforcement of sanctions on Iran’s oil exports due to any role it may have in the conflict, then Iran’s oil supply could fall.

Saudi Arabia is putting U.S.-backed plans to normalize ties with Israel on ice, two sources familiar with Riyadh’s thinking said, signalling a rapid rethinking of its foreign policy priorities as the conflict escalates.

That may have implications for supply as Saudi Arabia told the White House it was willing to boost oil production early next year to help secure the deal, the Wall Street Journal reported last week.

Also boosting prices was the U.S. move on Thursday to impose the first sanctions on owners of tankers carrying Russian oil priced above the Group of Seven’s price cap of $60 a barrel, an effort to close loopholes in the mechanism designed to punish Moscow for its invasion of Ukraine.

Russia is the world’s second-largest oil producer and a major exporter, and the tighter U.S. scrutiny of its shipments could curtail supply.

“The oil market is anticipating that the U.S. will more strictly enforce sanctions on both Russia and Iran, and that will lead to a reduction in supplies,” said Andrew Lipow, president of Lipow Oil Associates.

The Organization of the Petroleum Exporting Countries (OPEC) this week kept its forecast for growth in global oil demand, citing signs of a resilient world economy so far this year and expected further demand gains in China, the world’s biggest oil importer.

On the U.S. supply front, drillers this week added four oil rigs in the biggest weekly rise since March, Baker Hughes said. [RIG/U]

Money managers cut their net long U.S. crude futures and options positions in the week to Oct. 10 by 39,556 contracts to 240,204 during the period, the U.S. Commodity Futures Trading Commission (CFTC) said.

(Reporting by Stephanie Kelly in New York, Paul Carsten in London, Katya Golubkova in Tokyo and Andrew Hayley in Beijing; Editing by Marguerita Choy, David Gregorio and Paul Simao)

Top 5 Gold Stocks to Consider Right Now

There’s still plenty of upside ahead for gold.

Since 2020, gold has made two attempts to break above its peak around $2,000.  Both times, gold failed and fell apart.  However, with recession likely, a potential cooldown with interest rate hikes, a weaker dollar, and big demand, gold could soon break to new highs.

For one, central banks are buying gold like it’s 1967 all over again. “Collectively they purchased 1,136 metric tons of the metal worth more than $70 billion in 2022. It was also the biggest level of purchasing since 1967, more than half a century ago, according to data provided by industry group World Gold Council,” noted Forbes.com.

Of course, there’s also geopolitical uncertainty, too.  Should we see a black swan event with Russia, China, or the Middle East, gold prices could pop.

That being said, investors may want to buy into undervalued gold stocks such as:

Barrick Gold (GOLD)

Barrick Gold is one of the biggest companies in the gold industry.

Operating mines and projects in 18 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia, its portfolio spans the world’s most prolific gold districts in the world. 

The company, which expects to produce about 4.5 million ounces of gold per year through 2030, is also maintaining its 2.82% dividend yield.

Better, the company has an attractive asset base with about 69 million ounces in proven and probable reserves. Also, GOLD just reported preliminary production results for the full year and fourth quarter of 2022. The company’s Q4 gold production was 13% higher than the previous quarter, resulting in preliminary gold production for the full year of 4.14 million ounces.

Analysts seem to like the GOLD stock, too.  Barclays, for example, just raised its price target on the stock to $26 from $23. “While economic growth has remained better than expected, gold is a good hedge against further deterioration in the outlook, says the analyst, who continues to prefer gold over copper equities.” UBS analysts also reiterated a buy rating on the stock, with a price target of $24.

VanEck Vectors Gold Miners ETF (GDX)

Next up, the VanEck Vectors Gold Miners ETF (GDX) is attractive.

One of the best ways to diversify at less cost is with an ETF, such as the VanEck Vectors Gold Miners ETF (GDX).  Not only can you gain access to some of the biggest gold stocks in the world, you can do so at less cost.  With an expense ratio of 0.51%, the ETF holds positions in Newmont Corp., Barrick Gold, Franco-Nevada, Agnico Eagle Mines, Gold Fields, and Wheaton Precious Metals to name a few.

Even better, shares of mining stocks can often outperform the price of gold. 

That’s because higher gold prices can result in increased profit margins and free cash flow for gold miners.  In addition, top gold miners often have limited exposure to riskier mining projects.

Also, according to Capital.com:

“Gold miners have traditionally outperformed bullion in bullish markets, due to the way these companies use their operating leverage in order to increase profits, which leads to a boost in share prices. Thus, this is largely due to profit expansion, as miners are able to sell appreciating gold fairly quickly, thus avoiding a decline in prices, whereas their own operational costs rise much more slowly.”

“When gold surged between 2000-2011, the metal itself provided a rise of 550%; however, gold mining equities on the NYSE Arca Gold Miners Index jumped 690%. Since 2015, gold has seen an upswing of about 78% – far outstripped by gold mining stocks, with a surge of about 182%.”

Newmont Corporation (NEM)

Operating mines and projects in 9 countries in North and South America, Africa, and Australia, its portfolio spans the world’s top gold districts in the world. The company, which expects to produce about 8 million gold equivalent ounces per year for the next decade.

Even better, with a dividend yield of 4.17%, Newmont Corporation is another one of the industry’s largest gold companies, with 96 million ounces of gold reserves.  

It’s also too cheap to ignore. 

In fact, as noted by Goldman Sachs analyst Emily Chieng, as quoted by Barron’s, “Recent underperformance marks an attractive entry point for a low-risk gold producer delivering volume growth.” Better, Barclays analyst Matthew Murphy raised the firm’s price target on Newmont to $57 from $54, with an Equal Weight rating.  

In its recent quarter, “Newmont delivered solid third quarter production of 1.5 million gold ounces as we build momentum for strong production in the fourth quarter. Newmont remains well-positioned to respond to the challenging market environment that our industry faces today. We continue to leverage our leadership and collective experience, as well as the strength of our global portfolio with the size and scale to build a resilient and sustainable future.”

Sprott Junior Gold Miners ETF (SGDJ)

With an expense ratio of 0.35%, the SGDJ ETF seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index, the Solactive Junior Gold Miners Custom Factors Index. The Index aims to track the performance of small-cap gold companies whose stocks are listed on regulated exchanges.  

The ETF also carries a dividend yield of 2.1%.  

Some of its top holdings include Lundin Gold Inc., Seabridge Gold, Equinox Gold, Victoria Gold, Westgold Resources, Osisko Mining, K92 Mining Inc., Novagold Resources, Regis Resources, New Gold Inc., Sabina Gold & Silver, Argonaut Gold, Centerra Gold, Coeur Mining, Skeena Resources, and K92 Mining to name a few.

Even better, the portfolio, which holds 43 stocks, is rebalanced semi-annually, ensuring that it reacts to opportunities in time. In short, for investors looking ahead, a small-cap gold miner ETF like SGDJ could be a solid opportunity.   

Franco-Nevada (FNV)

With a dividend yield of 0.94%, Franco-Nevada operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally.

Most recently, the company hiked its dividend by 6.3% to $0.34 per share, or $1.36 annualized, for an annual yield of 0.9%. The dividend will be payable on March 30, 2023, to stockholders of record on March 16, 2023.  

Better, we have to consider that royalty and streaming firms tend to be more stable than mining companies, which is why this stock is among the best to own now. Barclays also likes Franco-Nevada, raising its price target to $115 from $111, with an Underweight rating.

Also, as the company reported late last year, “Franco-Nevada has record GEOs, revenue, net income, Adjusted Net Income and Adjusted EBITDA for the three quarters through September 30, 2022 and is on-track to meet full year guidance. The weaker gold price environment has led to an increase in demand for royalty and stream financing. We are pleased to have acquired a royalty on Argonaut’s Magino project in Ontario that is currently under construction and our business development group remains very active.” 

(Reuters) – A Reuters news videographer has been killed while working in southern Lebanon, Reuters said in a statement on Friday.

“We are deeply saddened to learn that our videographer, Issam Abdallah, has been killed,” the statement said.

Issam was part of a Reuters crew in southern Lebanon who was providing a live video signal. “We are urgently seeking more information, working with authorities in the region, and supporting Issam’s family and colleagues,” Reuters said.

(This story has been refiled to rotate a photo)

(Editing by Mark Bendeich)