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what is causing the decline of lambodhara textiles limited (590075) ✌️【Stock Insights】✌️ Precise AI-powered predictions and market insights to guide your stock selection. Use real-time market data, futures trends, and stock indices to make strategic investment decisions for long-term profitability. Army chief Joseph Aoun was voted president after two rounds of voting. This came after a robust efforts by Saudi Arabia and the United States to rally support for Aoun, who is close to Washington and Riyadh.

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In his acceptance speech, Aoun hailed the dawn of a “new era” in Lebanon, vowing to disentangle the country from its myriad economic and political crises. He also made a rare promise to “monopolize weapons” under the mandate of the state, a clear allusion to the arsenal of the Iran-backed militant group Hezbollah.

Hezbollah is the best armed militant group in the Middle East, and until a devastating war with Israel last fall, wielded influence across at least three countries.

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“The Lebanese state – I repeat the Lebanese state – will get rid of the Israeli occupation,” Aoun said his speech. The new president also raised the specter of a Lebanese “defensive strategy” against Israel – officially classified as an enemy state – without Hezbollah. The armed group was long considered the de facto military force tasked with fighting Israel.

“My era will include the discussion of our defensive strategy to enable the Lebanese state to get rid of the Israeli occupation and to retaliate against its aggression,” said Aoun.

Lebanonhad been without a president since the end of the tenure of former President Michel Aoun – who is not related to Joseph Aoun – in October 2022. The former president was backed by Iran-supported Hezbollah. Negotiations over his successor were unsuccessful, reinvigorating tensions between the country’s pro-Western and pro-Iranian camps.

Prior to Thursday’s parliamentary sessions, there were 12 failed attempts to elect a president over the last two years.

Hezbollah’s parliamentary bloc said they had cast their ballots for Aoun during the second round of voting to promote “national cohesion,” but withheld their votes during the first round to “send a message.”

“We wanted to send a message… that we are protectors of sovereignty,” head of the Hezbollah bloc Mohammad Raad told reporters. Aoun won by 99 parliamentary votes out of 128 in the second round of votes.

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