Stock Markets
US relists Houthis as terrorists in response to Red Sea attacks
By Simon Lewis and Steve Holland
WASHINGTON (Reuters) -The U.S. government on Wednesday returned the Yemen-based Houthi rebels to a list of terrorist groups in the latest attempt by Washington to stem attacks on international shipping.
Officials said the “Specially Designated Global Terrorist” (SDGT) designation, which hits the Iran-aligned group with harsh sanctions, was aimed at cutting off funding and weapons the Houthis have used to attack or hijack ships in vital Red Sea shipping lanes.
“This designation is an important tool to impede terrorist funding to the Houthis, further restrict their access to financial markets, and hold them accountable for their actions,” White House National Security Advisor Jake Sullivan said in a statement.
“If the Houthis cease their attacks in the Red Sea and Gulf of Aden, the United States will immediately reevaluate this designation.”
President Joe Biden’s administration also issued “carve outs” aimed at avoiding an impact on Yemen’s population, which relies on food imports and humanitarian aid, and pledged to conduct outreach to groups including aid agencies before the designation comes into effect in 30 days.
The Houthis’ campaign has disrupted global commerce, stoked fears of inflation and deepened concern that fallout from the Israel-Hamas war could destabilize the Middle East.
Biden last week called the Houthis a “terrorist” group. American and British warplanes, ships and submarines have launched dozens of airstrikes targeting the Houthis, who control the most populous parts of Yemen.
The U.S. military on Tuesday carried out its latest strike against four Houthi anti-ship ballistic missiles, two U.S. officials told Reuters.
On Wednesday, Houthi spokesperson Mohammed Abdulsalam told Reuters the designation would not affect operations, which the group says are in support of the Palestinians and target Israeli ships or ships heading to Israel.
The attacks are part of a broad response to the Gaza conflict by a so-called Axis of Resistance – including the Houthis alongside Palestinian militants Hamas, Lebanon-based Hezbollah and Iraq’s Shiite militias – with ties to U.S. adversary Iran.
“We will continue to counter and blunt Iranian malign influence wherever we can. So of course the choice to move away from Iran is now in the hands of the Houthis,” said one of three administration officials who briefed reporters ahead of the announcement on condition of anonymity.
HUMANITARIAN SITUATION
A Saudi Arabia-led military coalition intervened in Yemen in 2015, backing government forces fighting the Houthis in a war widely seen as a proxy conflict between U.S. ally Saudi Arabia and Iran.
Former President Donald Trump’s administration added the Houthis to two lists designating them as terrorists a day before its term ended. The United Nations, aid groups and some U.S. lawmakers expressed fears that sanctions would disrupt flows of food, fuel and other commodities into Yemen.
U.S. Secretary of State Antony Blinken on Feb. 12, 2021, revoked the designations in “recognition of the dire humanitarian situation in Yemen.”
On Wednesday the Houthis were relisted as a SDGT group, but not as a “foreign terrorist organization,” which includes stricter prohibitions on providing material support to those on the list and would mean automatic travel bans. U.S. officials said this would make it easier to exempt humanitarian goods from sanctions.
The U.N. describes the humanitarian crisis in Yemen as “severe” with more than 21 million people — two thirds of the population — in need of aid. It says more than 80% of the population struggles to access food, safe drinking water and adequate health services.
Asked about the U.S. move, UN spokesman Stephane Dujarric said the United Nations was committed to continuing its work in the country “in line with our principles of impartiality, neutrality and independence.”
“Unilateral sanctions, in any context, can have an impact – often unintended – on the well-being of civilians,” he added.
The U.S. Treasury Department also issued licenses authorizing certain transactions involving the Houthis, including transactions related to agricultural commodities, medicine, medical devices, telecommunications and personal remittances. Also authorized were transactions involving the Houthis related to port and airport operations and transactions related to refined petroleum products in Yemen.
“The Houthis must be held accountable for their actions, but it should not be at the expense of Yemeni civilians,” Blinken said in a statement.
Stock Markets
Isabella Bank CEO Jerome Schwind buys shares for $400
Jerome E. Schwind, President and CEO of Isabella Bank Corp (OTC:ISBA), recently purchased shares in the company. According to a filing with the Securities and Exchange Commission, Schwind acquired 16.2009 shares of common stock on January 2, 2025, at a price of $24.69 per share, amounting to a total transaction value of approximately $400. The purchase comes as the stock trades near its 52-week high of $26.23, with the company maintaining a solid 4.31% dividend yield and a modest P/E ratio of 13.6. InvestingPro analysis suggests the stock is slightly undervalued at current levels. This purchase increased Schwind’s direct ownership to 28,481.732 shares, which includes shares acquired through quarterly dividend reinvestment. The company has maintained dividend payments for 17 consecutive years, demonstrating strong shareholder commitment. InvestingPro subscribers can access 6 additional key insights about Isabella Bank Corp’s financial health and growth prospects.
In other recent news, Isabella Bank Corp has been in the spotlight due to a range of developments. Piper Sandler has raised the price target for the bank’s shares to $24.00 from $22.00, maintaining a Neutral rating. This decision came after a review of the bank’s third-quarter performance, which showed a 3% pre-provision net revenue (PPNR) upside, driven by net interest margin (NIM) expansion. The bank also experienced strong organic balance sheet growth.
Furthermore, Isabella Bank disclosed a potential loss of approximately $1.6 million due to negative balances in deposit accounts associated with a single customer. The total exposure to this customer, which includes loans and lines of credit secured by various assets, amounts to $4.0 million. The bank is currently assessing the potential credit losses.
In terms of earnings projections, Piper Sandler raised its earnings per share (EPS) estimates for the fourth quarter of 2024 and the full year 2025 to $0.49 and $2.40, respectively. The firm also established an EPS estimate of $2.70 for the year 2026. Lastly, Isabella Bank declared a third-quarter cash dividend of $0.28 per common share, reflecting its commitment to enhancing shareholder value.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Isabella bank’s CFO William Schaefer buys shares worth $3,999
William M. Schaefer, the Chief Financial Officer of Isabella Bank Corp (OTC:ISBA), recently acquired additional shares of the company. According to a recent SEC filing, Schaefer purchased 162 shares of Isabella Bank common stock on January 2, 2025, at a price of $24.69 per share. The stock, currently trading near its 52-week high of $26.23, has shown impressive momentum with a 40% gain over the past six months. InvestingPro analysis suggests the stock is currently undervalued. This transaction amounted to a total value of $3,999. Following this acquisition, Schaefer’s direct ownership in the bank increased to 6,005 shares. It is noted that this includes shares acquired through quarterly dividend reinvestment. The bank maintains a notable 4.31% dividend yield and has consistently paid dividends for 17 consecutive years, according to InvestingPro data.
In other recent news, Isabella Bank Corp has been the subject of several significant developments. Piper Sandler has raised the price target for Isabella Bank shares to $24, maintaining a Neutral rating. This adjustment comes after an analysis of the bank’s third-quarter performance, which showed a 3% pre-provision net revenue (PPNR) upside driven by net interest margin (NIM) expansion. The firm also revised its earnings per share (EPS) estimates for the fourth quarter of 2024 and the full year 2025 to $0.49 and $2.40, respectively, based on higher net interest income (NII) assumptions.
On another note, Isabella Bank faces a potential loss of approximately $1.6 million due to negative balances in deposit accounts associated with a single customer, with the total exposure to this customer amounting to $4.0 million. The bank is currently assessing the potential credit losses. Despite this, Piper Sandler maintained a Neutral rating on the bank’s shares.
Additionally, the bank declared a third-quarter cash dividend of $0.28 per common share, reflecting its commitment to enhancing shareholder value. Piper Sandler highlighted the bank’s attractive 5.6% dividend yield, surpassing the peer average of 3.2%. These recent developments provide insights into the bank’s financial performance and future expectations as per analysts’ projections.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
CME Group Inc. Announces Fourth-Quarter and Year-End 2024 Earnings Release, Conference Call
CHICAGO, Jan. 6, 2025 /PRNewswire/ — CME Group Inc. (NASDAQ:) will announce earnings for the fourth quarter and full year of 2024 before the markets open on Wednesday, February 12, 2025. Written highlights for the quarter will be posted on the company’s website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts’ questions.
A live audio Webcast of the conference call will be available on the Investor Relations section of the company’s website. Following the conference call, an archived recording will be available at the same site. Those wishing to listen to the live conference via telephone should dial 877-918-3040 if calling from within the United States, or +1 312-470-7282 if calling from outside the United States, at least 10 minutes before the call begins. The participant passcode for both telephone numbers is 1944793.
As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data “ empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P ®”, “S&P 500 ®”, “SPY ®”, “SPX ®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones ®, DJIA ® and are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
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