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Israel intensifies offensive in Gaza, Lebanon after Hamas leader’s death
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.
On Monday, Keefe, Bruyette & Woods made an adjustment to the price target for MetroCity Bankshares Inc. (NASDAQ: NASDAQ:), raising it to $34 from the previous $32 while maintaining a Market Perform rating on the stock.
The firm’s decision follows MetroCity Bankshares’ consistent demonstration of leading profitability and robust capital levels across various market cycles. The bank’s forward-looking performance indicators are expected to remain strong, with a return on assets (ROA) forecast at 1.8%, return on tangible common equity (ROTCE) at 15%, and an anticipated growth from 11% in the third quarter over the next two years.
MetroCity Bankshares is currently trading at a premium compared to its peers, with a tangible book value (TBV) multiple of 1.9 times versus the 1.5 times median for small to midsize (SMID) banks. This premium reflects the bank’s favorable position and the market’s positive reception of its financial health and growth prospects.
The price target increase also takes into account a slight outperformance in the third quarter of 2024, where MetroCity Bankshares exceeded expectations by $0.01 per share. Despite this beat, the firm’s estimates for the bank’s financial performance remain largely unchanged.
The analyst from Keefe, Bruyette & Woods highlighted the bank’s strong outlook, stating, “MCBS has generated leading profitability while maintaining strong levels of capital through different parts of the cycle. We see this continuing as we look through 2026 with ROA at 1.8%, ROTCE at 15%, and building from 11% in Q3 over the next 2 years.” This view underpins the rationale for the revised price target, signaling confidence in MetroCity Bankshares’ trajectory for the coming years.
In other recent news, MetroCity Bankshares, Inc. has added a new member to its Board of Directors, Mr. John Paek. He is set to bring a vast array of experience to the board, with a professional history that includes roles at Deloitte Tax LLP and Baker McKenzie LLP. Despite his impressive qualifications, it’s been noted that Mr. Paek does not meet the independence criteria under NASDAQ’s listing rules, due to his familial connection to the company’s leadership.
Mr. Paek will join the Asset Liability Committee, the Credit Risk Management Committee, and the Directors’ Loan Committee of the Bank. As for his remuneration, he will receive the same compensation as his fellow board members, as outlined in the company’s Definitive Proxy Statement filed earlier this year.
InvestingPro Insights
Recent data from InvestingPro reinforces Keefe, Bruyette & Woods’ positive outlook on MetroCity Bankshares Inc. (NASDAQ: MCBS). The company’s P/E ratio of 12.94 and PEG ratio of 0.76 suggest that the stock may be undervalued relative to its earnings growth potential, aligning with the bank’s premium trading position noted in the article.
InvestingPro Tips highlight MCBS’s strong financial performance, including its high return over the last year and decade, which corroborates the analyst’s expectations of continued profitability. The company’s dividend growth of 27.78% and a current dividend yield of 2.9% further underscore its financial health and shareholder value creation.
The bank’s revenue growth of 11.66% over the last twelve months and an impressive 33.58% quarterly growth support the article’s projection of continued growth. Moreover, the operating income margin of 60.93% reflects the leading profitability mentioned by the analyst.
For investors seeking a deeper understanding of MCBS’s potential, InvestingPro offers 7 additional tips, providing a comprehensive analysis of the company’s financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Recognition is a testament to Avangrid (NYSE:)’s commitment to sustainability and dedication to advancing the clean energy transition
ORANGE, Conn.–(BUSINESS WIRE)–Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola (OTC:) Group, was recently named to the Newsweek list of America’s Greenest Companies 2025, which recognizes the top 500 U.S. companies for advancements in managing their sustainability footprint.
Companies were evaluated and scored on over 25 parameters across the following four categories: greenhouse gas emissions, water usage, waste generation, and sustainability data disclosure and commitments.
At Avangrid, we pride ourselves on being a leading sustainable company and I am proud to see that reflected in this latest report from Newsweek, said Pedro Azagra, Avangrid CEO. By committing to industry-leading sustainability goals, we are advancing safe and affordable clean energy strategies that help responsibly advance society and strengthen the communities we serve.
Avangrid’s overall success is dependent creating a clean energy future for all. To achieve this, the Company is investing in the reliability and resiliency of its network infrastructure, increasing its generation capacity of renewable energy, and innovating across its operations to create positive outcomes for customers, communities, and the environment.
Our focus on sustainability is core to every decision we make, said Laney Brown, Vice President of Sustainability at Avangrid. As one of the greenest companies in the country, we are dedicated to helping solve critical issues like climate change and protecting biodiversity.
Avangrid has an ambitious carbon neutrality implementation strategy that is aligned with Iberdrola’s SBTi (Science Based Target initiative) goal. Avangrid’s goal is to achieve carbon neutrality for Scope 1 and 2 emissions by 2030.
Newsweek partnered with Plant-A Insights and GIST Impact to highlight U.S. companies committed to reducing their environmental impact. The ranking is determined through a comprehensive analysis of data from both public and private companies operating in the U.S. To ensure the highest standards, only companies that meet the European Union’s stringent sustainability criteria”considered the most advanced globally”were eligible.
This recognition from Newsweek comes on the heels of several other top awards for Avangrid in 2024 related to climate change and sustainability, including being named one of America’s Climate Leaders by USA Today, Climate Change Project of the Year by the Environmental Business Council of New England, and being recognized as the top utility on the 2024 JUST 100 list published by JUST Capital and CNBC.
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $45 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital as one of the JUST 100 companies “ a ranking of America’s best corporate citizens “ in 2024 for the fourth consecutive year. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021546555/en/
Media:
Keaton Thomas
Keaton.thomas@avangrid.com
503-956-9621
Source: AVANGRID, Inc.
DETROIT (Reuters) – Lucid (NASDAQ:) CEO Peter Rawlinson said on Monday that a stock sale announced last week will provide the electric luxury sedan maker with a “cash runway well into 2026.”
Rawlinson said in an interview on the sidelines of a Reuters Next event that the stock sale, which raised about $1.67 billion, “serves to support the future of the company long term” as it prepares to begin building its Gravity SUV in the coming months.
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