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Biden, NATO set to announce Ukraine aid, stress membership pledge at summit

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By Trevor Hunnicutt, Idrees Ali, Sabine Siebold and John Irish

WASHINGTON (Reuters) -U.S. President Joe Biden and leaders of other NATO member states are set to announce new aid and stress a membership pledge for Ukraine at a summit in Washington after Biden promised to defend Kyiv against the Russian invasion.

As Biden welcomed NATO leaders, the United States and Germany announced that the U.S. would start deploying longer-range missiles in Germany in 2026 in an effort to demonstrate its commitment to NATO and European defense.

A joint U.S.-German statement said the “episodic deployments” were in preparation for longer-term stationing of such capabilities that would include SM-6, Tomahawk and developmental hypersonic weapons with a greater range than current capabilities in Europe.

A draft communique prepared for the meeting of the 32-nation alliance said the allies intend to provide Ukraine with minimum funding of 40 billion euros ($43.28 billion) in military aid within the next year, but stopped short of the multi-year commitment NATO Secretary General Jens Stoltenberg had sought.

The draft, seen by Reuters, also strengthened past NATO language on China, calling it a “decisive enabler” of Russia’s war effort in Ukraine and saying Beijing continues to pose systemic challenges to Euro-Atlantic security.

Biden said in a speech on Tuesday that NATO was “stronger than it’s ever been” and that Ukraine can and will stop Russian President Vladimir Putin “with our full, collective support.”

However, November’s U.S. presidential election could presage a sharp change in Washington’s support for Ukraine and NATO. Republican candidate Donald Trump, 78, has questioned the amount of aid given to Ukraine to fight Russia’s invasion, and U.S. support for allies generally.


Biden, 81, has faced questions about his fitness for office after fumbling a June 27 debate and hopes the NATO spotlight will help him stage a comeback of sorts, surrounded by allied leaders he has spent his three years in office cultivating.

Uncertainty about U.S. leadership has unsettled NATO allies.

“If there’s one thing that I’m concerned about with the United States, it’s the polarization of the political climate – it is, I have to admit, very toxic,” Alexander Stubb, president of new NATO ally Finland, told reporters on Wednesday.

“But when I meet 15 senators, as I just did at the Senate, there’s strong bipartisan support for Ukraine and also for NATO.”

While Biden has been seeking to rally allies and domestic support, several high-ranking European officials met a top foreign policy adviser to Trump during the summit.

Stoltenberg told reporters he expected allies will agree a “substantial” package for Ukraine would involve a new NATO command for Ukraine to provide security assistance and training, and a long-term pledge to continue and sustain support for Kyiv.

There would be new announcements of immediate military support, he said, including air defense and moves to ensure full interoperability between Ukrainian forces and NATO forces.

NATO members have already announced the delivery of five additional Patriot and other strategic air defense systems to help Ukraine.

The draft declaration, which needs to be agreed by all NATO states, says the alliance will continue to support Ukraine “on its irreversible path to full Euro-atlantic integration, including NATO membership”.

It also reaffirms that NATO will “be in a position to extend an invitation to Ukraine to join the alliance when allies agree and conditions are met.”

The standoff with Russia over Ukraine, which Moscow invaded in 2022, heads the NATO agenda. The summit also gives leaders a chance to address other vexing security issues, including the Israel-Hamas war in Gaza and deepening bonds between Russia, Iran, China and North Korea.

The draft summit statement called on China to cease all material and political support for Russia’s war effort. It expressed concern about China’s space capabilities, referenced the rapid expansion of its nuclear arsenal, and urged Beijing to engage in strategic risk reduction discussions.


On Wednesday, Ukrainian President Volodymyr Zelenskiy is expected to meet with leaders of the U.S. Senate and House of Representatives and some of the committees involved in defense, spending, diplomacy and national security who will vote on future aid for his country. He is expected to thank them for $175 billion already approved since Russia invaded in February 2022 and to call for more.

Reuters reported last month that two Trump advisers had presented Zelenskiy with a plan to end Russia’s war in Ukraine – if Trump wins the election – that involves telling Kyiv it will get more U.S. weapons only if it enters peace talks.

Any such talks appear a long way off. In a speech in Washington on Tuesday evening, Zelenskiy said the losses from the war were “difficult” and that seeing dead children “you want to kill Putin at this moment.”

In Congress, dozens of Trump’s closest allies have voted repeatedly against assisting Zelenskiy’s government, although Democrats and more internationally focused Republicans have worked together to approve the existing aid levels.

A senior NATO official said this week that Russia lacks the munitions and troops to start a major offensive in Ukraine, but that it could sustain its war economy for three to four more years. Ukraine also has not yet amassed the munitions and personnel it needs to mount its own large-scale offensive operations, the official said.

© Reuters. Spanish Prime Minister Pedro Sanchez, Sweden's Prime Minister Ulf Kristersson, Turkish President Tayyip Erdogan, U.S. President Joe Biden, Britain's Prime Minister Keir Starmer, Nato Secretary General Jens Stoltenberg and other world leaders attend NATO's 75th anniversary summit in Washington, U.S., July 10, 2024. REUTERS/Evelyn Hockstein

On the sidelines of the meeting, Biden is expected to meet new British Prime Minister Keir Starmer for their first face-to-face talks since Starmer’s Labour Party won a landslide election victory that ended 14 years of Conservative rule. The countries are key trans-Atlantic allies.

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Stock Markets

Citi maintains Neutral on Terex shares, cites ESG business purchase

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On Monday, Terex Corporation (NYSE:) maintained its Neutral rating with a steady stock price target of $60.00, as announced by Citi. Terex disclosed it has signed an agreement to purchase Dover’s Environmental Solutions Group (ESG) business, which includes refuse vehicles and compaction equipment.

The deal is valued at $2 billion in gross terms, with a net purchase price of approximately $1.725 billion after accounting for the present value of roughly $275 million in tax benefits.

The net purchase price is approximately 9.6 times ESG’s projected 2024 EBITDA, with the multiple decreasing to around 8.4 times after factoring in the expected synergies of about $25 million. Terex anticipates the acquisition will be accretive to its adjusted earnings per share (EPS) by double digits in 2025. The acquisition is seen as beneficial, enhancing Terex’s business narrative and providing clear cost and revenue synergies.

Despite the premium paid over Terex’s current enterprise value to EBITDA multiple, the acquisition is considered potentially advantageous for Terex.

Success hinges on the company’s ability to realize the targeted synergies, the promised accretion to EPS, and ESG’s ability to deliver the forecasted mid-single-digit long-term compound annual growth rate (CAGR) with minimal business cyclicality. The transaction is slated for completion in the fourth quarter of 2024.

In other recent news, Terex Corporation has acquired Environmental Solutions Group (ESG) from Dover Corporation (NYSE:) in a deal valued at $2.0 billion, expanding its market reach. The acquisition, expected to close in the second half of 2024, will enhance Terex’s position in the waste and recycling sector. ESG’s integration will create a new Environmental Solutions segment within Terex, combining it with Terex’s existing Utilities business.

In other developments, Dover Corporation’s first-quarter earnings exceeded analyst estimates, with an adjusted EPS of $1.95, surpassing the expected $1.87. Revenue for the quarter also surpassed expectations, reaching $2.09 billion against the consensus estimate of $2.04 billion.

In analyst notes, Mizuho Securities has revised its outlook on Dover, raising its price target to $185 from the previous $180. The firm also revised its earnings per share estimates for Dover for 2024 and 2025, increasing them to $9.10 and $9.75, respectively. These recent developments indicate a positive outlook for Dover’s financial future.

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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Israeli parliament votes to label UN relief agency a terror organisation

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JERUSALEM (Reuters) – The Israeli parliament gave preliminary approval on Monday to a bill that declares the main United Nations relief organization for Palestinians a terrorist organisation and proposes to sever relations with the body.

The vote against the United Nations Relief and Works Agency for Palestinian Refugees (UNRWA) is the latest step in a Israeli push against the agency, which Israeli leaders have accused of collaborating with the Islamist movement Hamas in Gaza.

The bill was approved in a first reading and will be returned to the foreign affairs and defence committee for further deliberation, the Knesset information service said.

The bill’s sponsor, Yulia Malinovsky, was quoted as describing UNRWA as a “fifth column within Israel”.

UNRWA provides education, health and aid to millions of Palestinians in Gaza, the West Bank, Jordan, Lebanon and Syria. It has long had tense relations with Israel but relations have deteriorated sharply since the start of the war in Gaza and Israel has called repeatedly for UNRWA to be disbanded.

“It’s another attempt in a wider campaign to dismantle the agency,” UNRWA spokesperson Juliette Touma said. “Such steps are unheard of in the history of the United Nations.”

Israel has said hundreds of UNRWA staff are members of terrorist groups, including Hamas and Islamic Jihad, but has yet to provide evidence to a U.N.-appointed review.

© Reuters. FILE PHOTO: A United Nations Relief and Works Agency (UNRWA) sign lies on the ground, amid the ongoing conflict in Gaza between Israel and the Palestinian Islamist group Hamas,  at the Kerem Shalom crossing in southern Israel, May 30, 2024. REUTERS/Amir Cohen/File Photo

Several donor countries halted funding to UNRWA following the Israeli accusations but many have since reversed the decision, including Britain which said last week it would resume funding.

Both Hamas and the Palestinian Authority condemned the Israeli vote, and Hussein Al-Sheikh, a senior ally of Palestinian President Mahmoud Abbas, called on the international community to resist attempts to dissolve the agency.

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Israel sends tanks back into Khan Younis area, 70 killed after new evacuation order

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By Nidal al-Mughrabi, Ari Rabinovitch and Hatem Khaled

CAIRO/JERUSALEM/GAZA (Reuters) -Israel sent tanks back into the greater Khan Younis area and at least 49 Palestinians were killed by Israeli fire, Gaza medics said on Monday, after ordering evacuations of some districts it said had been used for renewed attacks by militants.

The Palestinians were killed by tank salvoes in the town of Bani Suhaila and other towns fringing the eastern side of Khan Younis, with the area also bombarded by air, they said.

Residents of the densely built-up area of southern Gaza said the tanks advanced for more than two kilometres into Bani Suhaila, forcing residents to flee under fire.

“It is like doomsday,” one resident, who only identified himself as Abu Khaled, told Reuters via chat app. “People are fleeing under fire, many are dead and wounded on the roads.”

The Gaza health ministry said the dead included several women and children and that at least 186 other people had been injured by Israeli fire. The Gaza ministry does not distinguish between militants and civilians in its death tallies.

Around 400,000 people are living in the targeted areas and dozens of families have begun to leave their houses, Palestinian officials said, adding they were not given time to get out of harm’s way before the Israeli strikes began.

Some families fled on donkey carts, others on foot, carrying mattresses and other belongings.

The Palestinian Red Crescent Society said two of its clinics located in eastern Khan Younis had been knocked out of operation because of the new Israeli offensive.

At Khan Younis’ Nasser Hospital, some people stood outside the morgue to bid farewell to dead relatives.

“We are tired, we are tired in Gaza, every day our children are martyred, every day, every moment,” said Ahmed Sammour, who lost several relatives in bombings of eastern Khan Younis.

“No one told us to evacuate. They brought four floors crashing down on civilians… and the bodies they could reach, they brought to the refrigerator (morgue),” Sammour added.

There was no immediate Israeli comment on the strikes on the eastern side of Khan Younis, whose population initially fled their homes when Israeli tanks stormed in several months ago, before returning after they withdrew to rebuild their lives.

In nearby Deir Al-Balah, where hundreds of thousands of Palestinians are sheltering, an Israeli airstrike hit a tent used by local journalists inside Al-Aqsa Hospital, killing one of them and wounding two other people, the Hamas-run Gaza government media office said.

The new death raised the number of Palestinian journalists killed in the Israeli offensive to 163, it added.


Earlier on Monday, the Israeli military said it had issued new evacuation orders due to renewed Palestinian militant attacks, including rockets launched from the targeted areas in eastern Khan Younis. The orders did not include health institutions, Palestinians said.

The military said it was adjusting the boundaries of a designated humanitarian zone in coastal Al-Mawasi – to the west of Khan Younis – to keep the civilian population away from areas of combat with Hamas-led Palestinian militants.

The Gaza Civil Emergency Services said Israel’s new orders showed it had downsized the humanitarian-designated areas in southern and central areas, where 1.7 million people were sheltering, to 48 square km from 65 square km in the past.

The Palestinians, the United Nations and international relief agencies have said there is no safe place left in Gaza.

Health officials at Nasser Hospital in Khan Younis urged residents on Monday to donate blood because of the large number of casualties being rushed into the medical centre.

“A family, including children, were all torn to pieces while they were sleeping,” said one man who arrived at the hospital in an ambulance bearing the bodies.

Israel has vowed to eradicate Hamas after militants killed 1,200 people and took more than 250 hostages in a cross-border assault on Oct. 7, 2023, according to Israeli tallies.

© Reuters. A Palestinian woman sits on a wheelchair as she and others flee the eastern part of Khan Younis after they were ordered by Israeli army to evacuate their neighborhoods, amid Israel-Hamas conflict, in Khan Younis in the southern Gaza Strip July 22, 2024. REUTERS/Hatem Khaled

The death toll among Palestinians in Israel’s retaliatory offensive since then had reached at least 39,006 as of Monday, Gaza health authorities said.

A ceasefire effort led by Qatar and Egypt and backed by the U.S. has so far fallen short because of disagreements over terms between the combatants, who blame each other for the impasse.

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