Stock Markets
G7 reassures Ukraine on NATO bid, frets over threat to UN in Lebanon
By Angelo Amante
NAPLES, Italy (Reuters) -Defence ministers of the Group of Seven (G7) wealthy democracies on Saturday backed Ukraine’s “irreversible” path to NATO membership and expressed concern over threats to United Nations peacekeepers targeted by Israel in Lebanon.
The first ever gathering of G7 defence ministers took place as Israel and Lebanese armed group Hezbollah exchanged fire, with one drone directed at Israeli Prime Minister Benjamin Netanyahu’s holiday home, according to his spokesperson.
Italy holds the G7 rotating presidency for 2024 while the West also grapples with the Russian advance in Ukraine and China’s military activities around Taiwan, as well as heightened tensions along the border of North and South Korea.
Italian Defence Minister Guido Crosetto, who hosted the meeting in the southern city of Naples, told reporters the G7 could not solve global tensions alone, but needed to stimulate action across the international community.
“The G7 must be like a gadfly that has the strength to sting the rest of the world,” he said at a news conference.
Along with Italy, the G7 includes the United States, Canada, France, Germany and Britain. Representatives of NATO, the European Union and the Ukrainian defence minister Rustem Umerov also joined the talks.
In an earlier speech to kick off the meeting, Crosetto warned of a “deteriorated security framework” across the world and said near-term forecasts for conflict resolution “cannot be positive”.
Tensions are fuelled by confrontation between “two different, perhaps incompatible visions of the world,” he said.
In its final statement, the G7 backed Kyiv’s “irreversible path to full Euro-Atlantic integration, including NATO membership”.
This week, Ukrainian President Volodymyr Zelenskiy pitched his “victory plan” to the EU and NATO but failed to get the immediate membership invitation he was calling for.
German Defence Minister Boris Pistorius said he was worried by the North Korean contribution to the Russian war effort.
“(It) makes it clear that this conflict is spreading to other regions of the world in terms of its reach,” he said, as the G7 also expressed concern at China’s support to Moscow and Beijing’s recent military drills around Taiwan.
CEASEFIRE CALLS
Before the meeting, Crosetto welcomed photographers holding a model of a tiny red animal horn, a symbol of good luck according to time-honoured Neapolitan tradition.
The aerobatics team of the Italian Air Force flew over the Naples Royal Palace which housed the event, leaving behind the a trail of smoke in the red, white and green colours of the national flag in the overcast sky.
A few hundred demonstrators gathered under the rain, and paraded through the city centre holding Palestinian flags and asking for an immediate stop to the war in Gaza. Some minor clashes with police were reported.
The G7 joint declaration called for an immediate ceasefire in Gaza and the release of Israeli hostages still held by Hamas, saying attacks and retaliation risked “fuelling uncontrollable escalation in the Middle East”.
The EU’s chief diplomat Josep Borrell said Thursday’s killing of former Hamas leader Yahya Sinwar could raise the chances of an end to the conflict in Gaza, finally allowing more humanitarian support for the war-battered population.
He said the U.N. mission in Lebanon, known as UNIFIL which was recently targeted by Israel in its conflict against Hezbollah, could be made more effective but it would be up to the U.N. Security Council to make decisions on its future.
U.S. Defence Secretary Lloyd Austin said he would like Israel to scale back some of its strikes on Beirut and added that Israel had told him it had no intent to target UNIFIL in Lebanon.
Italy is a major contributor to UNIFIL which is stationed in southern Lebanon to monitor hostilities along the demarcation line with Israel. Israeli attacks have angered Prime Minister Giorgia Meloni, who visited Lebanon and Jordan on Friday.
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.
Forex2 years agoForex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Forex2 years ago
Unbiased review of Pocket Option broker
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Commodities2 years ago
Copper continues to fall in price on expectations of lower demand in China
- Forex2 years ago
The dollar is down again against major world currencies
