Stock Markets
Saudi Arabia’s Gaza aid threatened by Rafah closure, aid official says
By Suleiman Al-Khalidi
AMMAN (Reuters) – Saudi Arabia’s main humanitarian agency said on Thursday the Israeli closure of Rafah and other crossings into Gaza was hampering its aid efforts to send lifesaving food, some of which was in danger of spoiling.
“We have hundreds of trucks now piling in Rafah because of the closure of Rafah and other corridors. We are facing big restrictions to reach the people of Gaza,” said Abdullah al Rabeeah, the head of the state-run King Salman Humanitarian Aid and Relief Centre (KSRelief).
Rabeeah, whose agency has provided over $6 billion in aid worldwide in the last few years, said food on hundreds of trucks waiting to enter Gaza and stored in warehouses could be approaching expiry with the closure of the crossing since May 7, when Israel stepped up its offensive.
Food and medicine for Palestinians in Gaza are piling up in Egypt while sporadic supplies are now sent through Jordan and the West Bank to Gaza’s Kerem Shalom crossing, U.N. officials say.
Some officials say as many as 2,500 trucks were waiting, with Egyptian warehouses nearly full.
“We are worried that food items will lose their expiry date because the corridor is closed and we are checking those food items … So it is a big burden on us,” Rabeeah, who is also Saudi royal palace advisor and former minister of health, told Reuters.
The war in Gaza began when Hamas gunmen burst into southern Israel on Oct. 7, killed 1,200 people and took around 250 hostages back into Gaza, according to Israeli tallies. Israel’s offensive in retaliation has killed 38,000 people, according to the Gaza health ministry.
Rabeeah signed agreements with top Palestinian health and aid officials in Amman to treat some of Gaza’s cancer patients in the kingdom. He said another multi-million-dollar project would fund artificial prosthetics for the thousands of Gazan victims who lost body parts.
Rabeeah echoed sentiment by U.N. bodies and nongovernmental organizations that Israel should immediately lift restrictions and stop the use of food aid as a weapon of war.
“All corridors should be opened without any restriction in order to salvage the life of children, women and elderly people,” he said.
COGAT, an Israeli Defense Ministry agency tasked with coordinating aid deliveries into Palestinian territories, has said it is enhancing efforts to boost aid into Gaza.
The Saudi government’s humanitarian arm launched an “air and sea bridge” from Riyadh to Al Arish and Rafah, has flown more than 54 civilian and military planes and sent eight ships through Jeddah port relief operations in partnership with the U.N., Rabeeah said.
“The need is way, way above what is getting in for the people of Gaza,” he added, saying the agency had contingency plans to scale up aid, including temporary homes, once the war ends.
“Should there be a ceasefire and long-lasting ceasefire, you cannot leave people living in tents,” Rabeeah said, adding that his country would play a major role in reconstruction of the enclave. He did not elaborate.
Stock Markets
Billionaire hedge fund manager Loeb shifts portfolio, eyes possible Republican U.S. election wins
By Svea Herbst-Bayliss
NEW YORK (Reuters) – Billionaire investor Daniel Loeb adjusted his portfolio to capture a potential boom in corporate activity after the Nov. 5 U.S. election where he expects the Republican Party will chalk up wins.
Loeb believes the Republican presidential candidate, Donald Trump, is more likely to win the White House and that his party’s policies could help boost financial markets.
“The likelihood of a Republican victory in the White House has increased, which would have a positive impact on certain sectors and the market overall,” Loeb wrote to investors in his hedge fund Third Point on Thursday. Reuters obtained a copy of the letter.
Third Point has made stock and option purchases and increased positions that “could benefit from such a scenario” while also shifting the “portfolio away from companies that will not,” the letter said. He did not elaborate on what trades the firm has been making.
A Reuters/Ipsos poll this week found that Democratic Vice President Kamala Harris held a marginal lead of three percentage points over Trump as the two stayed locked in a tight race.
Even if Trump loses, Loeb expects the Republican Party will establish a majority in the U.S. Senate which he expects can limit the “economic downside of a “Blue Sweep” by the Democratic party.
Many large investors have expressed concern about the Democrats’ economic and fiscal proposals and Loeb wrote that the party’s plans could result in “crushing taxes,” and “stifling regulations” that could hurt growth.
Wall Street has long held out for a rebound in mergers and acquisitions activity and Loeb wrote that fewer regulations and the elimination of the current administration’s “activist antitrust stance” will “unleash productivity and a wave of corporate activity.”
Since January, Loeb’s flagship fund has returned roughly 14% with the broader stock market index gaining about 23.6%.
Turning to the broader economy, Loeb said that interest rates still need to come down, at a time there is no evidence of a looming recession and as inflation is slowing.
But he also thinks markets should remain underpinned by healthy consumer spending and active levels of individual investing.
In a robust display of market confidence, New York Mortgage (NASDAQ:) Trust Inc Preferred (NYMTM) stock has soared to a 52-week high, reaching a price level of $24.55. This milestone underscores a significant period of growth for the company, which has witnessed an impressive 1-year change with an increase of 13.71%. Investors have shown increased interest in NYMTM, rallying behind the stock as it climbs to new heights, reflecting a strong performance in the face of market dynamics. The 52-week high serves as a testament to the company’s resilience and the positive sentiment surrounding its financial prospects.
InvestingPro Insights
New York Mortgage Trust Inc Preferred (NYMTM) has reached a significant milestone with its stock price hitting a 52-week high. This achievement is particularly noteworthy given the company’s current financial landscape. According to InvestingPro data, NYMTM boasts a substantial dividend yield of 8.07%, which aligns with one of the InvestingPro Tips highlighting that the company “pays a significant dividend to shareholders.” This attractive yield may be a key factor driving investor interest and contributing to the stock’s recent performance.
Despite the stock’s strong showing, it’s important to note that NYMTM faces some challenges. The company’s revenue for the last twelve months stands at $151.99 million, with a concerning operating income margin of -32.06%. This negative margin correlates with another InvestingPro Tip indicating that “analysts do not anticipate the company will be profitable this year.”
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide valuable insights into NYMTM’s financial health and future prospects. These additional tips could be particularly useful for understanding the stock’s potential trajectory beyond its current 52-week high.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
In a recent transaction, Jill Bourland, a director at Isabella Bank Corp (OTC:ISBA), acquired additional shares of the company’s common stock. The transaction, dated October 16, 2024, involved the purchase of 9.5238 shares at a price of $21 per share, totaling approximately $199.
Following this acquisition, Bourland’s total direct ownership in Isabella Bank increased to 4,872.5363 shares. This figure includes shares acquired through the company’s quarterly dividend reinvestment program, as noted in the filing.
Isabella Bank Corp, headquartered in Mount Pleasant, Michigan, operates as a state commercial bank. The bank continues to focus on providing financial services to its local community and beyond.
In other recent news, Isabella Bank Corp revealed a potential loss of around $1.6 million due to negative balances in deposit accounts linked to a single customer. The total exposure to this customer, including loans and lines of credit, amounts to $4.0 million. Piper Sandler maintained a Neutral rating on the bank’s shares following this disclosure. The bank also declared a third-quarter cash dividend of $0.28 per common share. In addition, Piper Sandler raised its price target for Isabella Bank from $20.00 to $22.00 and increased its earnings per share estimates for 2024 and 2025 to $1.80 and $2.10, respectively. These recent developments underscore the bank’s commitment to enhancing shareholder value and its resilience in navigating challenging situations.
InvestingPro Insights
As Jill Bourland increases her stake in Isabella Bank Corp (OTC:ISBA), investors may find additional context in the company’s financial metrics and market performance. According to InvestingPro data, Isabella Bank currently boasts a market capitalization of $158.11 million and trades at a price-to-earnings ratio of 9.81, suggesting a potentially attractive valuation relative to earnings.
The bank’s dividend policy stands out as a key strength. An InvestingPro Tip highlights that Isabella Bank has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the current dividend yield of 5.27%, which may be particularly appealing to income-focused investors in the current market environment.
Despite a challenging economic backdrop, Isabella Bank remains profitable, with an operating income margin of 26.1% for the last twelve months as of Q2 2024. However, another InvestingPro Tip indicates that net income is expected to drop this year, which investors should monitor closely.
It’s worth noting that Isabella Bank’s stock is trading near its 52-week high, with the current price at 95.51% of that peak. This performance aligns with the company’s recent positive price returns, including a 20.91% total return over the past six months.
For investors seeking a deeper understanding of Isabella Bank’s financial health and market position, InvestingPro offers additional insights with over 10 more tips available for this stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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