Stock Markets
Israeli authorities probe suspected Gaza intelligence leak by Netanyahu aide
By Rami Amichay and Maayan Lubell
RISHON LE-ZION, Israel (Reuters) – A suspected leak of classified Gaza documents involving an aide to Prime Minister Benjamin Netanyahu has jolted Israeli politics and outraged the families of hostages held by Hamas who have been pushing for a deal to get their loved ones home.
Details of the case have been trickling out only slowly because of a gag order.
But a court ruling partially lifting the order has provided an initial glimpse of the case which the court said had compromised security sources and may have harmed Israel’s war effort.
On Friday, the magistrates’ court confirmed that a number of suspects had been arrested as part of the probe into a suspected “security breach caused by the illegal provision of classified information.”
Netanyahu has denied any wrongdoing by his office staffers and said in a statement on Saturday that he was only made aware of the leaked document by the media. The suspects could not be reached for comment.
Details from the document in question were published by the German Bild newspaper on Sept. 6, according to Israeli newspaper Haaretz, one of the media outlets that had appealed the court to lift the gag order.
The article, labelled as an exclusive, purportedly outlined the negotiation strategy of Hamas, the Palestinian Islamist militant group which Israel has been fighting in Gaza for more than a year.
Around that time, the United States, Qatar and Egypt were mediating ceasefire talks between Israel and Hamas, that were to include a deal to release hostages held in Gaza.
But the talks faltered with Israel and Hamas trading blame for the deadlock. The article in question largely corresponded with Netanyahu’s allegations against Hamas over the impasse.
It was published days after six Israeli hostages were found executed in a Hamas tunnel in southern Gaza. Their killing sparked mass protests in Israel and outraged hostage families, who accused Netanyahu of torpedoing the ceasefire talks for political reasons.
On Saturday, some of the families joined the Israeli journalists’ appeal to lift the gag order.
“These people have been living on a rollercoaster of rumours and half-truths,” said their lawyer, Dana Pugach.
“For the last year they have been waiting to hear any intelligence or any information about negotiations for the release of those hostages. If some of that information had been stolen from army sources then we think that the families have the right to learn about any relevant detail,” she added.
In another session on Sunday about the investigation by the Shin Bet domestic security service, police and the military, the court ordered one suspect be released, while keeping others in remand, according to Israeli Channel 13 News.
Asked about the investigation, Bild said that it does not comment on its sources. “The authenticity of the document known to us was confirmed by the IDF (Israel Defence Forces) immediately after publication,” it said.
The war in Gaza erupted after Hamas-led militants attacked Israel on Oct. 7, 2023, killing some 1,200 people and taking 251 hostages back to the enclave, according to Israeli tallies. Israel’s retaliatory offensives have killed more than 43,000 Palestinians and reduced much of Gaza to rubble.
Stock Markets
Illinois top court reverses actor Smollett’s false hate crime report conviction
By Eric Cox and Brad Brooks
CHICAGO (Reuters) – The Illinois Supreme Court on Thursday overturned the conviction of actor Jussie Smollett, the one-time star of the TV drama “Empire”, for staging a hate crime against himself in 2019.
The court agreed with defense arguments that Smollett should not have been charged a second time for filing a false hate crime report because prosecutors had already agreed to drop such charges against him in a negotiated agreement.
“We hold that a second prosecution under these circumstances is a due process violation, and we therefore reverse defendant’s
conviction,” Justice Elizabeth Rochford wrote in the opinion.
A jury in 2021 found Smollett guilty of five counts of disorderly conduct for falsely telling Chicago police that he was accosted on a dark Chicago street by two masked strangers in a racist and homophobic attack in 2019. The investigation revealed that Smollett, who is Black and gay, paid two men to stage the attack.
The actor was ordered to spend 150 days in jail, but was released after being confined for six days pending his appeal.
Smollett had claimed the attackers threw a noose around his neck and poured chemicals on him while yelling racist and homophobic slurs and expressions of support for then-President Donald Trump.
The original case against Smollett was dropped by Cook County prosecutors in the spring of 2019 in exchange for Smollett forfeiting his $10,000 bond without admitting wrongdoing.
The dismissal drew criticism from then-Mayor Rahm Emanuel and the city’s police superintendent, who called the reversal a miscarriage of justice. A special prosecutor was appointed in the summer of 2019 to investigate Smollett’s case, and new charges against him were brought in February 2020.
In a statement, Smollett’s attorney Nenya Uche said “the rule of law was the big winner today.”
Special prosecutor Dan Webb disagreed with the court’s decision and argued in a statement that there was precedent in state law to justify the second set of charges.
“Make no mistake – today’s ruling has nothing to do with Mr. Smollett’s innocence,” Webb said.
“The Illinois Supreme Court did not find any error with the overwhelming evidence presented at trial that Mr. Smollett orchestrated a fake hate crime and reported it to the Chicago Police Department as a real hate crime, or the jury’s unanimous verdict that Mr. Smollett was guilty of five counts of felony disorderly conduct,” Webb said.
The Cook County State’s Attorneys’ Office did not immediately respond to a request for comment.
Stock Markets
BV Financial stock hits 52-week high at $16.20 amid growth
In a remarkable display of financial resilience, BV Financial Inc. (BVFL) stock has soared to a 52-week high, reaching a price level of $16.20. This peak reflects a significant surge in investor confidence, as the company’s stock price has climbed an impressive 40.02% over the past year. The ascent to this new high underscores the bullish sentiment surrounding BV Financial’s performance and prospects, as shareholders celebrate the robust gains and market analysts watch closely for the company’s next moves in an ever-evolving economic landscape.
In other recent news, BV Financial has announced the approval of its 2024 Equity Incentive Plan and a significant 10% stock buyback program. The newly approved plan, backed by a majority of stockholder votes, aims to provide stock-based awards to the company’s officers, employees, and directors, aligning the interests of its key personnel with those of its shareholders. In addition, directors Joseph S. Galli, Timothy L. Prindle, and Matcheld V. Thomas were re-elected for a three-year term, and the appointment of FORVIS, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified.
The stock buyback program, the first since its mutual-to-stock conversion in July 2023, equates to approximately 1,138,772 shares and is expected to commence no earlier than August 1, 2024. It is set to continue until June 30, 2025, pending any extensions approved by the Board of Directors and the Federal Reserve. However, BV Financial has clarified that the program may be modified, suspended, or terminated at any time due to changing market conditions and investment opportunities. These are among the latest developments in the company’s strategic initiatives.
InvestingPro Insights
BV Financial Inc.’s (BVFL) recent stock performance aligns with the data from InvestingPro, which shows a substantial 50.8% price total return over the past six months. This surge is consistent with the article’s mention of the stock reaching a 52-week high. InvestingPro Tips highlight that BVFL has experienced a “large price uptick over the last six months,” corroborating the article’s narrative of significant investor confidence.
The company’s financial health appears solid, with InvestingPro data revealing a P/E ratio of 13.93, suggesting a reasonable valuation relative to earnings. Additionally, BVFL’s operating income margin stands at an impressive 47.67% for the last twelve months as of Q3 2024, indicating strong profitability. This is further supported by an InvestingPro Tip noting that the company has been “profitable over the last twelve months.”
For investors seeking more comprehensive insights, InvestingPro offers 6 additional tips for BVFL, providing a deeper understanding 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.
Stock Markets
US court vacates SEC ‘dealer rule’ on Treasury markets
(Refiles to add missing word in 2nd paragraph)
By Douglas Gillison
(Reuters) -A federal judge in Texas on Thursday struck down the U.S. Securities and Exchange Commission’s overhaul of Treasury dealer rules adopted earlier this year, finding that the agency had overstepped its legal authority in issuing the regulations, according to court records.
The decision marked at least the third time in a year that a court had vacated prominent SEC regulations and the latest blow from a conservative-leaning judiciary to policy goals under President Joe Biden, who is due to step down in January.
The changed legal environment has hampered the SEC’s ability to pursue its regulatory agenda this year.
“The Court holds that the Rule is in excess of the Commission’s authority based on the text, history, and structure” of the SEC’s founding statutes, U.S. District Judge Reed O’Connor of the Northern District of Texas said in an opinion.
Adopted in February over Republican officials’ objections, the rule required proprietary traders and others who routinely deal in government bonds and other securities to register as broker-dealers.
The rule aimed to address liquidity problems in the $26 trillion Treasury market, something market players said was part of the biggest market structure overhaul in decades.
An SEC spokesperson said the agency was reviewing the decision before deciding on next steps.
The case was brought by the Managed Funds Association and other trade groups representing the investment industry. O’Connor also reached the same outcome on Thursday in a separate case brought by the Blockchain Association and the Crypto Freedom Alliance of Texas, two cryptocurrency organizations.
The Alternative Investment Management Association, which had brought suit with MFA, hailed the news, saying the decisions spared hedge fund managers from “severe and adverse consequences” from what it said would have been sweeping and unprecedented changes.
Courts in December and June also struck down SEC rules on share buybacks and disclosures by private fund advisers. At least three other rules remain subject to legal challenges.
However observers say they expect President-elect Donald Trump’s administration may simply settle them in favor of industry after taking office next year.
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