The major Qatari-based news channel Al Jazeera is about to be shut down in Israel, Gaza and the West Bank by Israeli authorities. It has been accused of "helping Hamas" and encouraging violence against Israel. The ban is likely to include a raid on its offices in Israel.

The Israeli government on Friday approved "emergency regulations" giving it the power to shut down foreign news agencies which are deemed to be acting against the "security of the state". 

The first target for shutdown is believed to be Al Jazeera, given its staunchly pro-Palestinian news coverage, which has also rejected Israel's denial of the Al Ahli Arab Hospital bombing and mass casualties. Media outlets ranging from i24 News to Times of Israel are reporting that Al Jazeera is the prime target.

The channel is the largest Arabic language news outlet in the world, and also is a prime global source for English-language updates from within Gaza. 

Israeli Communications Minister Shlomo Karhi has emphasized that Israel was at war on "land, in the air, at sea, and on the public diplomacy front".

According to The Times of Israel, "The regulations are retroactive, meaning broadcasts by the Qatari network since the war started can now be used as the basis for a decision to shut down the staunchly pro-Palestinian news outlet’s local branch."

Karhi called out the major Middle East news outlet by name in his fresh comments. "We will not allow in any way broadcasts that harm the security of the state… The broadcasts and reports of Al Jazeera constitute incitement against Israel, help Hamas-ISIS and the terror organizations with their propaganda, and encourage violence against Israel."

Israel's communications and defense ministers have reportedly agreed to the following sweeping emergency powers:

• Israel will be able to order TV providers to stop broadcasting the news outlet in question;
• close its offices in Israel, seize its equipment, and
• shut down its website or restrict access to its website, depending on the location of its server.

Al Jazeera has frequently alleged that Israel's military targets its correspondents in the field, as was the case with slain Al Jazeera journalist Shireen Abu Akleh, who had been shot in the head by Israeli forces while covering a raid on Jenin in the West Bank in May 2022.

????JUST IN: Al Jazeera Network Condemns Israel's Attack on the Press:

"We condemn the new Israeli attack on the press that targeted Al Jazeera and international media."

"We extend our condolences to the journalistic family worldwide and wish a speedy recovery to all the… pic.twitter.com/5mYy97FB1w

— Mario Nawfal (@MarioNawfal) October 13, 2023

Some online commentators have noticed the parallels with the Zelensky government in Ukraine, who early in the war with Russia moved strongly against media outlets deemed as 'opposition' or 'pro-Russian'. This included a crackdown on Russian-speaking media in general, despite a huge portion of Ukrainian citizens speaking Russian as either a first or second language.

Al Jazeera's live, English-language broadcasts can be accessed via the web. 

Update (1402ET): House GOP members have voted by secret ballot to remove Jim Jordan as candidate for speaker, according to Punchbowl News' Jake Sherman, who added that House Republicans are headed home for the weekend and will hold a candidate forum Monday night.

Margin was large, sources tell me.

— Jake Sherman (@JakeSherman) October 20, 2023

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Update (1212ET): Jim Jordan lost his third ballot for speaker after 25 Republicans came out against him.

THIRD BALLOT

JORDAN -- 194
JEFFRIES -- 210
MCHENRY -- 6
DONALDS -- 2
EMMER -- 1
ZELDIN -- 4
SCALISE -- 8
GARCIA -- 1
MCCARTHY -- 2
WESTERMAN -- 1

— Jake Sherman (@JakeSherman) October 20, 2023

Republicans will now hold a closed meeting at 1PM ET to discuss whether Jordan should remain the party's nominee for speaker, according to Punchbowl News' Jake Sherman.

Stay tuned for more...

*  *  *

Jim Jordan (R-OH) has apparently called his party's bluff. After losing two votes for speaker (by at least 20 votes), Jordan threatened to take his ball and go home, leaving interim speaker (and Democrat darling) Patrick McHenry (R-NC) in charge until January.

Looks like Jordan's haters hate the idea of 'Speaker McHenry' even more, so Jordan is now holding a 3rd vote, today, right now.

Aaaand he's already got 15 'no's' - so it's another bust. Jordan can lose just 4 Republican votes.

TOM KEAN goes for MCCARTHY

NEW VOTE against Jordan

15 against Jordan

— Jake Sherman (@JakeSherman) October 20, 2023

The move comes after former Speaker Kevin McCarthy (R-CA) nominated Jordan for the 3rd round - suggesting that fences have been mended between Jordan and his Freedom Caucus supporters, and McCarthy's centrist camp - which can't wait to give more money to Ukraine (and now Israel).

McCarthy called Jordan an "effective legislator," prompting laughter from Democrats. McCarthy then fired back at them, calling them ineffective on border policy and other issues.

Watch:

By Jane Foley, Senior FX Strategist at Rabobank

In a televised address last night, President Biden laid out the case for US taxpayers to continue supporting both Israel and Ukraine. He stressed that the success of both partners was vital for the US’s national security.  Referencing Putin’s war with Ukraine and the Hamas attack on Israel, he warned that when dictators and terrorists do not pay a price for their aggression and terror, that more chaos, death and destruction is created so that the costs to America and the world keep rising.

According to the US Pentagon, yesterday a US Navy warship operating in the Red Sea shot down three land-cruise missiles fired by Houthi rebels in Yemen which could “potentially” have been headed towards Israel, though there appeared to be some uncertainty about this. US bases in Iraq and in Syria were also repeatedly targeted by drone attacks. This morning, reports are indicating that there has been a rocket attack on US and coalition forces at a diplomatic support centre near Baghdad International Airport. Initial assessments indicate that one rocket was intercepted while another hit an empty storage facility. Additionally, frequent exchanges of fire have been reported along the Lebanese border with Israel between armed militants in Lebanon and the Israeli army which have prompted fears of a larger confrontation. It is widely assumed that a ground offensive by Israel into Gaza remains imminent, though there is no clear consensus as to what is planned after this operation is complete.

Fear of an escalation in the crisis has been reflected in asset prices. Oil prices again pushed higher with Brent crude moving to within a whisker of the USD93.50 level this morning. Gold prices are higher and stock markets are down across the board with futures also in the red. A little comfort was drawn from comments from Fed Chair Powell yesterday in his address to the Economic Club of New York. These promoted the view that rates are likely to remain on hold at the Fed’s next policy meeting on November 1. He highlighted that the committee “is proceeding carefully” and reinforced the data dependency of policy decisions. That said, the door to further rate hikes was not closed. The Fed Chair referenced the strength of demand in the US economy and that of the labour market, but he also spoke about the lags and lack of precision involved in monetary policy.

In China, the PBOC offered a record sum of cash to lenders via a short-term liquidity tool aimed at reversing an increase of funding costs. This should help to boost loans and also potentially demand for government bond issues. 

While the positive growth implications is, in theory, a positive factor for the outlook for Chinese stocks, the CSI 300 has remained on its downtrend this morning reflecting the continuation of fragile sentiment and market demands for further policy support. Bloomberg has reported that overseas investors are on track for a third straight month of selling stocks in Shanghai and Shenzen, with the CSI poised for its worst week in the year. At the same time the FT is reporting that Chinese investors dumped the most US stocks and bonds in four years in August, according to data from the US Treasury. This is likely linked with efforts by Beijing to support the value of the renminbi.  USD/CNY has gained 5.73% in the year to date on the back of widening interest rate differentials.

10 year treasury yields are positioned a little below yesterday’s high this morning as the market continues to speculate about the timing of a breach of the 5% level. Some volatility was injected into the market yesterday afternoon as Chair Powell spoke.  US economic data releases yesterday brought an improvement in the Philly Fed business outlook, though this was still softer than market expectations. That said, the index is well above the 3-year low registered in April. The moderately softer than expected reading for US initial jobless claims brought it to a 9 -month low, though continuing claims rose to a 3-month high.