Stock Markets

Hospitals under fire as Israeli forces deepen operations in northern Gaza

Published

1 month ago

October 22, 2024

By Nidal al-Mughrabi

CAIRO (Reuters) -Israeli military forces besieged hospitals and shelters for displaced people in the northern Gaza Strip on Monday as they stepped up their operations, preventing critical aid from reaching civilians, residents and medics said.

Troops rounded up men and ordered women to leave the Jabalia historic refugee camp, they said. An Israeli airstrike on a house in Jabalia killed five people and wounded several others, medics said.

The U.N. Palestinian refugee agency UNRWA said Israeli authorities were preventing humanitarian missions from reaching areas in the north of the Palestinian enclave with critical supplies, including medicine and food.

“People attempting to flee are getting killed, their bodies left on the street,” UNRWA head Philippe Lazzarini said on X.

Medics at the Indonesian Hospital told Reuters that Israeli troops stormed a school and detained the men before setting it ablaze. The fire reached hospital generators and caused a power outage, they added.

Health officials said they had refused orders by the Israeli army, which started a new incursion into the territory’s north over two weeks ago, to evacuate the three hospitals in the area or leave the patients unattended.

Later on Monday, Hussam Abu Safiya, director of Kamal Adwan Hospital said at least two critically wounded patients at the facility’s intensive care unit died because of the lack of medical supplies.

“The hospital’s blood units have run out completely… We are implementing a priority treatment method for patients. This is the reality,” said Abu Safiya in a video message to media outlets.

Troops remained outside the hospital but did not enter, they said. Medics at a second hospital, Kamal Adwan, reported heavy Israeli fire near the hospital at night.

“The army is burning the schools next to the hospital, and no one can enter or leave the hospital,” said one nurse at the Indonesian Hospital, who asked not to be named.

Palestinian health officials said at least 18 people had been killed in Jabalia and eight elsewhere in Gaza in Israeli strikes.

The Israeli military said in a statement its troops had dismantled infrastructure and tunnel shafts and killed alleged fighters in the Jabalia area.

Troops had helped thousands of civilians to evacuate safely through organised routes, it said, contradicting reports from the U.N. aid agency. Israel was in contact with the international community and Gaza’s healthcare system to ensure hospital emergency services were operating, it said.

Last week, the United States told Israel it must take steps in the next month to improve the humanitarian situation in Gaza or face potential restrictions on U.S. military aid.

Israel has intensified its campaigns both in Gaza and Lebanon after the killing of Hamas leader Yahya Sinwar last week had raised hopes of an opening for ceasefire talks to end more than a year of conflict.

It has vowed to eradicate Hamas, the group who formerly controlled Gaza and whose attack on Israel last year triggered the war, but in doing so has laid waste to much of the territory and killed tens of thousands of people. More than 1.9 million people have been left destitute and desperate for food.

“We are facing death by bombs, by thirst and hunger,” said Raed, a resident of Jabalia camp. “Jabalia is being wiped out and there is no witness to the crime, the world is blinding its eyes.”

FORCED TO LIVE IN TOILETS

Hadeel Obeid, a supervisor nurse at the Indonesian hospital, said they were running out of medical supplies, including sterile gauze and medications. The water supply has been cut off and there was no food for the fourth consecutive day, she told Reuters.

The United Nations said it had been unable to reach the three hospitals in northern Gaza.

The U.N. Human Rights Office accused Israeli forces of unlawful interference with humanitarian assistance and issuing orders that were causing forced displacement. It said their conduct “may be causing the destruction of the Palestinian population in Gaza’s northernmost governate through death and displacement”.

UNRWA’S Lazzarini said injured people were lying without care in hospitals that had been hit.

“UNRWA remaining shelters are so overcrowded, some displaced people are now forced to live in the toilets,” he said.

Israel says it is getting large quantities of humanitarian supplies into Gaza with land deliveries and airdrops. It also says it has facilitated the evacuation of patients from the Kamal Adwan Hospital.

Palestinians say no aid entered northern Gaza areas where the operation is active.

Reuters reported earlier this month that food supplies have fallen sharply since Israeli authorities introduced a new customs rule on some humanitarian aid and are separately scaling down deliveries organized by businesses.

Residents and medics said Israeli forces had tightened their siege on Jabalia by positioning tanks in nearby Beit Hanoun and Beit Lahiya towns and ordering residents to leave.

Israeli officials said evacuation orders were aimed at separating Hamas fighters from civilians and denied there was any systematic plan to clear out civilians. It said its forces operating in northern Gaza killed scores of people it accused of being Hamas gunmen.

Hamas accused Israel of carrying out acts of “genocide and ethnic cleansing” to force people to leave northern Gaza. Israel also faces charges of violations of the 1948 Genocide Convention at the International Court of Justice.

The Hamas armed wing said fighters attacked forces there with anti-tank rockets and mortar fire, and detonated bombs against troops inside tanks and stationed in houses.

Elsewhere in the enclave, Israeli strikes killed at least five people in Rafah in the southern Gaza Strip and four in two separate strikes in Gaza City, medics said.

© Reuters. Palestinians gather at the site of Israeli strikes on houses and residential buildings, amid the ongoing Israel-Hamas conflict, in Beit Lahiya, in the northern Gaza Strip October 20, 2024. REUTERS/Abdul Karim Farid

The slain Sinwar was one of the alleged masterminds of the Oct. 7, 2023, cross-border attack on Israeli communities that killed around 1,200 people, with about 253 more taken back to Gaza as hostages, according to Israeli tallies.

Israel’s subsequent bombardment of Gaza has killed more than 42,500 Palestinians, with another 10,000 uncounted dead thought to lie under the rubble, Gaza health authorities say.

(Reporting and writing by Nidal al-Mughrabi; Editing by Angus MacSwan)

Stock Markets

Needham initiates coverage on On Holding with buy rating

Published

16 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

16 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

16 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.