Stock Markets

Israel intensifies offensive in Gaza, Lebanon after Hamas leader’s death

Published

1 month ago

October 21, 2024

By Amina Ismail and Nidal al-Mughrabi

BEIRUT/CAIRO (Reuters) -Israel said it hit Hezbollah’s intelligence headquarters in its latest strikes on the Lebanese capital Beirut on Sunday, while officials in Gaza said rescuers were still recovering people from the rubble after an Israeli attack that killed dozens.

At least 87 people were dead or missing following the air strike on Beit Lahiya in northern Gaza late on Saturday, the health ministry in the Palestinian territory said, one of the highest death tolls for months from a single attack. Israel said it was investigating reports of the incident.

It marked an intensification of Israel’s offensives against Palestinian militant group Hamas in Gaza and Iranian-backed Hezbollah in Lebanon, days after the killing of Hamas leader Yahya Sinwar raised hopes of an opening for ceasefire negotiations to end more than a year of conflict.

With U.S. elections approaching, officials, diplomats and other sources in the region say Israel is seeking through military operations to try to shield its borders and ensure its rivals cannot regroup.

Israel is also preparing to retaliate for an Iranian missile barrage earlier this month, though Washington has pressed it not to strike Iranian energy facilities or nuclear sites.

Prime Minister Benjamin Netanyahu said he was the subject of an assassination attempt by “Iran’s proxy, Hezbollah” on Saturday when a drone was directed at his holiday home. In a call with former U.S. President Donald Trump, the prime minister reiterated that Israel would make decisions based on its own interests, according to a statement from Netanyahu’s office.

Israel’s government has spurned several attempts by the United States, its main ally and military backer, to broker ceasefires in Gaza and Lebanon.

BEIRUT STRIKES

In Beirut, Israel said its air force had followed strikes on Saturday with an attack on Hezbollah’s intelligence headquarters there as well as an underground weapons workshop.

Fighter jets killed three Hezbollah commanders, the Israeli military said.

Reuters witnesses saw smoke rising from Beirut’s southern suburbs, once a densely populated zone that also housed Hezbollah offices and underground installations.

On a visit near the border, Israeli Defence Minister Yoav Gallant said forces were dismantling Hezbollah tunnels, weapons stores and infrastructure. “Our goal is to completely ‘clean’ the area so that Israel’s northern communities may return to their homes,” he added.

Hezbollah made no immediate comment on the strikes, but said it had fired missiles at Israeli forces in Lebanon and at a base in northern Israel.

Cross-border fighting between Israel and Hezbollah erupted a year ago when the group began launching rockets in support of Hamas.

At the start of October, Israel launched a ground assault inside Lebanon in an attempt to stabilise the border region for its citizens who had fled rocket attacks in northern Israel.

On Sunday in southern Lebanon, security and civil defence sources said two aid workers were killed in an Israeli strike on a house being used as a clinic, while the Lebanese military said three of its soldiers were killed in a strike on an army vehicle.

Over the last year, Lebanese officials estimate that more than 2,400 people have been killed and more than 1.2 million people displaced. Fifty-nine people have been killed in northern Israel and the occupied Golan Heights over the same period, say Israeli authorities.

Hamas-led militants killed 1,200 people and took 250 hostages in the attack that sparked the war, according to Israeli tallies. Israel’s military response in Gaza has left more than 42,500 people dead, Palestinian officials say.

EVACUATION ORDERS

A 41-year-old Israeli colonel was killed, and another officer was wounded in combat in northern Gaza on Sunday, the Israeli military said. Israel’s Channel 12 and public broadcaster Kan reported an explosive device had gone off under a tank.

Gaza’s health ministry said rescue operations following the strike in Beit Lahiya were being hindered by communications problems and by ongoing Israeli military operations.

The strike came two weeks into a major assault around Jabalia, just south of Beit Lahiya, where Israel says its troops backed by tanks have been trying to root out remaining Hamas fighters.

Israel said the strike hit a Hamas target, questioning an earlier death toll of 73 released by the Hamas media office.

As the fighting has continued, two of the three remaining hospitals in northern Gaza have been hit and patients, medical staff and displaced people injured, according to the United Nations. The U.N. has been urgently seeking access.

Israel says militants use civilian areas including schools and hospitals for cover, a charge Hamas denies.

More than 5,000 Palestinians left Jabalia via designated routes, Israeli military spokesperson Avichay Adraee said on social media platform X.

Evacuation orders have fuelled fears among many Palestinians that the operation is intended to clear them from northern Gaza to enable Israeli control of the area after the war.

Israel has denied this, saying it is trying to protect civilians and separate them from Hamas fighters.

Palestinians were also shocked by footage appearing to show people in a street in Jabalia being hit by a strike as they approached to rescue someone who had already been hit. Reuters verified the location of the footage, but not the date. Israeli officials had no immediate comment.

The Israeli offensive, triggered by the Oct. 7, 2023 Hamas attack on Israel, has made most of Gaza’s 2.3 million people homeless, caused widespread hunger and destroyed hospitals and schools.

Stock Markets

Needham initiates coverage on On Holding with buy rating

Published

19 hours ago

November 23, 2024

Investing.com — Needham on Friday initiated its coverage on On Holding AG (NYSE:) with a “buy” rating and a target price of $64.

Brokerage said On has shown industry-leading growth, with impressive revenue increases and healthy margin expansion. The company is likely to keep growing as it increases brand awareness and gains space with top sneaker retailers worldwide.

“We believe the company has a continued runway for strong growth, as they increase brand awareness and gain shelf space with the biggest and best sneaker retailers in the world,” analyst Tom Nikic wrote in the note.

Needham analyst noted that Roger Federer-backed On was valued at 5 times its expected 2025 revenues, which make stock may seem expensive but strong fundamentals could support continued stock momentum.

“Although valuation metrics are lofty, we believe the shares can continue to exhibit momentum as long as fundamentals”

ON is the fastest growing company in Needham’s coverage, with expected 32% revenue growth in 2024. Its Direct-to-Consumer (DTC) growing 43% year-to-date, compared to 24% growth for wholesale sales.

Brokerage highlighted despite this growth, the brand’s awareness is still relatively low. In major markets like the U.S., U.K., France, and Australia, awareness was under 10% a year ago. However, it’s increasing rapidly, with U.S. awareness doubling to around 20%, and tripling in France.

Stock Markets

Toll Brothers Announces Final Opportunity at Verona Estates Community in Chatsworth, California

Published

19 hours ago

November 23, 2024

CHATSWORTH, Calif., Nov. 22, 2024 (GLOBE NEWSWIRE) — Toll Brothers , Inc. (NYSE:), the nation’s leading builder of luxury homes, today announced the final opportunity to own a new home at Verona Estates, an exclusive gated community in Chatsworth, California. Only a few homes remain available for sale in this prestigious community, including the professionally decorated Siena Modern Farmhouse model home.

The intimate gated enclave of Verona Estates is a rare find showcasing award-winning architecture and innovative home designs. Nestled in an established Chatsworth neighborhood south of the Santa Susana Mountains and adjacent to the Vineyards at Porter Ranch, this exceptional community offers a serene and relaxed atmosphere with the convenience of nearby shopping and easy access to freeways, entertainment, and recreation.

Toll Brothers residents in Verona Estates will enjoy distinctive architecture, quality craftsmanship, luxurious home designs with open floor plans, expansive home sites, and proximity to the future 50-acre Porter Ranch community park. Verona Estates offers generous two-story home designs ranging from 4,700 to 6,000+ square feet, with 5 to 6 bedrooms, 4.5 to 6.5 bathrooms, and 3-car garages. The homes also feature popular floor plan options including prep kitchens, guest suites, floating staircases, indoor and outdoor fireplaces, and more. Move-in ready homes in the community are priced from $1,979,995.

We are thrilled to offer the final opportunity to own a home in the exclusive Verona Estates community, said Nick Norvilas, Division President of Toll Brothers in Los Angeles. The Siena model home is a showcase of luxury and design, and we encourage interested home buyers to visit and experience this exceptional home along with the final few quick move-in homes remaining in the community firsthand.

The Siena Modern Farmhouse model home features designer upgrades throughout, including fully landscaped and furnished interiors, offering an unparalleled living experience. The professionally decorated model home is priced at $2,999,995.

For more information, call 844-700-8655 or visit TollBrothers.com/LA. The Sales Center for Verona Estates is located at 20508 Edgewood Court in Chatsworth and is open by appointment only.

About Toll Brothers

Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol TOL. The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

Contact: Andrea Meck | Toll Brothers, Director, Public Relations & Social Media | 215-938-8169 | ameck@tollbrothers.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cbb8cf4a-a018-4df0-955e-3cf4ab63edeb

Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)

Verona Estates by Toll Brothers

Toll Brothers announced the final opportunity to own a new home at Verona Estates, including the designer-decorated Siena model home, in Chatsworth, California.

Source: Toll Brothers, Inc.

Stock Markets

Northvolt crisis may be make or break for Europe’s EV battery ambitions

Published

19 hours ago

November 23, 2024

By Marie Mannes, Alessandro Parodi and Stine Jacobsen

STOCKHOLM/GDANSK (Reuters) – Northvolt’s financial collapse deals a blow to Europe’s plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

Europe’s biggest hope for an electric vehicle battery champion filed for U.S. Chapter 11 bankruptcy protection on Thursday after talks with investors and creditors including Volkswagen (ETR:) and Goldman Sachs for funding failed.

The Swedish company, whose motto is “make oil history”, has received more than $10 billion in equity, debt and public financing since its 2016 start-up. Volkswagen and Goldman Sachs each own about one fifth of its shares.

Northvolt said on Friday it needed $1.0-$1.2 billion in new funds under the restructuring process, which it hopes will end by the end of March.

In recent months, it has shrunk the business and cut jobs in a bid to shore up its finances. But it has struggled to produce sufficient volumes of high-quality batteries, and lost a 2 billion euro ($2.1 billion) contract from BMW (ETR:) in June.

That has left Europe’s ambitions to build its own battery industry looking a distant dream.

In recent years, Northvolt led a wave of European startups investing tens of billions of dollars to serve the continent’s automakers as they switch from internal combustion engines to electric vehicles.

But growth in EV demand is moving at a slower pace than many in the industry projected, and China has taken a huge lead in powering EVs, controlling 85% of global battery cell production, International Energy Agency data shows.

Making batteries and cells, the units that store and convert chemical energy into electricity, is a delicate process and doing so at scale is a challenge for any battery maker.

Northvolt has missed some in-house targets and curtailed production at its battery cells plant in northern Sweden, underscoring the difficulties, Reuters reported on Monday.

“The biggest issue is that batteries are not easy to make and Northvolt haven’t satisfied the supply demands of their customers – that is a management issue,” said Andy Palmer, founder of consultancy Palmer Automotive said.

“The Chinese are technologically 10 years ahead of the West in batteries. That’s a fact,” he said.

At least eight companies have postponed or abandoned EV battery projects in Europe this year, including China’s Svolt and joint venture ACC (NS:), led by Stellantis (NYSE:) and Mercedes-Benz (OTC:).

In 2024, Europe’s battery pipeline capacity out to 2030 has fallen by 176 gigawatt-hours, according to data firm Benchmark Minerals. That’s equivalent to almost all the current installed capacity in Europe, according to Reuters calculations.

RETHINK

Some executives say Europe should do more to attract and support home-grown projects so they can compete with Chinese rivals such as CATL and BYD (SZ:).

“Europe needs to rethink how it supports a nascent sector before China eats up the entire value chain, which is due to smart planning,” said James Frith, European head of Volta Energy Technologies, which specialises in battery and energy storage technology.

Among its $5.8 billion in debts, Northvolt owes the European Investment Bank (EIB) some $313 million.

EIB vice president Thomas Östros said it had been a constructive partner to Northvolt, but it needed to safeguard the EIB and EU’s interests.

“It remains the case that Europe has a strategic interest in a European battery industry for electric cars and we will follow developments very closely. But it is much to early to say what the outcome will be,” he said.

The Swedish government has repeatedly said it does not plan to take a stake in Northvolt.

On Friday, Northvolt’s outgoing CEO and co-founder Peter Carlsson said he was a “little worried” Europe is giving up on its dream of competing with China.

He said Europe would regret it in 20 years time if it retreated.

“It’s not a straight journey and right now, we’re all in a bit of a down in that journey where there’s more hesitations, there’s more questions on the speed of the transition from the carmakers, from policymakers, from the investor community,” he told reporters in a call.