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Israeli strikes batter Beirut in heaviest bombardment so far, witnesses say

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By Maya Gebeily, Timour Azhari and Alexander Cornwell

BEIRUT/JERUSALEM (Reuters) -Israeli air attacks battered Beirut’s southern suburbs overnight and early on Sunday in the most intense bombardment of the Lebanese capital since Israel sharply escalated its campaign against Iran-backed group Hezbollah last month.

During the night, the blasts sent booms across Beirut and sparked flashes of red and white for nearly 30 minutes visible from several kilometres away.

It was the single biggest attack of Israel’s assault on Beirut so far, witnesses and military analysts on local TV channels said.

On Sunday a grey haze hung over the city and rubble was strewn across streets in the southern suburbs, while smoke columns rose over the area.

“Last night was the most violence of all the previous nights. Buildings were shaking around us and at first I thought it was an earthquake. There were dozens of strikes – we couldn’t count them all – and the sounds were deafening,” said Hanan Abdullah, a resident of the Burj al-Barajneh area in Beirut’s southern suburbs.

Videos posted on social media, which Reuters could not immediately verify, showed fresh damage to the highway that runs from Beirut airport through its southern suburbs into downtown.

Israel said its air force had “conducted a series of targeted strikes on a number of weapons storage facilities and terrorist infrastructure sites belonging to the Hezbollah terrorist organization in the area of Beirut”.

Lebanese authorities did not immediately say what the missiles had hit or what damage they caused.

This weekend’s intense bombardment came just ahead of the anniversary of the Oct. 7 attack by Palestinian militant group Hamas on southern Israel in which some 1,200 people were killed and more than 250 taken hostage, according to Israeli figures.

The target of Israel’s airstrikes across Lebanon and its ground invasion in the south of the country is the Lebanese armed group Hezbollah, Iran’s chief ally in the region.

More than 2,000 people have been killed in nearly a year of fighting, most of them in the past two weeks, according to the Lebanese health ministry. The ministry said on Sunday 23 people had been killed on Saturday.

The United Nations’ refugee chief said on Sunday that there were “many instances” where Israeli airstrikes had violated international law by hitting civilian infrastructure and killing civilians in Lebanon.

Israel says it targets military capabilities and takes steps to mitigate the risk of harm to civilians, while Lebanese authorities say civilians have been targeted. Israel accuses both Hezbollah and Hamas of hiding among civilians, which they deny.

For days Israel has bombed the Beirut suburb of Dahiyeh – considered a stronghold for Hezbollah but also home to thousands of ordinary Lebanese, Palestinian and Syrian refugees – killing its leader Sayyed Hassan Nasrallah on Sept. 27.

A Lebanese security source said on Saturday that Hashem Safieddine, Nasrallah’s potential successor, had been out of contact since Friday, after an Israeli airstrike on Thursday near the city’s international airport that was reported to have targeted him.

Israel continues to bomb the area of the strike, preventing rescue workers from reaching it, Lebanese security sources said.

Hezbollah has not commented on Safieddine.

His loss would be another blow to the group and its patron Iran. Israeli strikes across the region in the past year, sharply accelerated in recent weeks, have devastated Hezbollah’s leadership.

GAZA WAR

Israel’s war in Gaza, launched after the Oct. 7 attacks and aimed at eliminating Hamas, another Iran-backed group, has killed nearly 42,000 people, Palestinian authorities say. The coastal enclave lies in ruins.

At least 26 people were killed and 93 others wounded when Israeli airstrikes hit a mosque and a school sheltering displaced people in the Gaza Strip early on Sunday, the Hamas-run Gaza government media office said. The Israeli military said it had conducted “precise strikes on Hamas terrorists”.

Hezbollah began firing rockets at Israel a day after the Oct. 7 attacks and after Israel had begun bombing Gaza, saying it was acting in solidarity with the Palestinian group.

Cross-border fire continued between Israel and Hezbollah for months, but were mostly limited to the Israel-Lebanon border area before the recent upsurge.

Israel says it stepped up its assault on Hezbollah last month to enable the safe return of tens of thousands of citizens to homes in northern Israel, bombarded by the group since last Oct. 8. 

Israeli authorities said on Saturday that nine Israeli soldiers had been killed in southern Lebanon so far.

In northern Israel, air raid sirens sounded on Sunday and the Israeli military said it had intercepted rockets fired from Lebanese territory.

Iran has signalled it does not want a direct war with Israel but has launched responses on occasion to Israeli attacks. It fired a barrage of ballistic missiles at Israel on Tuesday that did little damage.

© Reuters. Smoke rises over Dahiyeh in Beirut's southern suburbs, October 6, 2024. REUTERS/Amr Abdallah Dalsh

Israel has been weighing options for its response.

Iranian state media reported later on Sunday that flights from all Iran’s airports would be cancelled until 6 a.m. local time on Monday due to operational restrictions, without elaborating. It was not clear if the announcement was linked to the ongoing conflict in the region.

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Billionaire hedge fund manager Loeb shifts portfolio, eyes possible Republican U.S. election wins

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By Svea Herbst-Bayliss

NEW YORK (Reuters) – Billionaire investor Daniel Loeb adjusted his portfolio to capture a potential boom in corporate activity after the Nov. 5 U.S. election where he expects the Republican Party will chalk up wins.

Loeb believes the Republican presidential candidate, Donald Trump, is more likely to win the White House and that his party’s policies could help boost financial markets.

“The likelihood of a Republican victory in the White House has increased, which would have a positive impact on certain sectors and the market overall,” Loeb wrote to investors in his hedge fund Third Point on Thursday. Reuters obtained a copy of the letter.

Third Point has made stock and option purchases and increased positions that “could benefit from such a scenario” while also shifting the “portfolio away from companies that will not,” the letter said. He did not elaborate on what trades the firm has been making.

A Reuters/Ipsos poll this week found that Democratic Vice President Kamala Harris held a marginal lead of three percentage points over Trump as the two stayed locked in a tight race.

Even if Trump loses, Loeb expects the Republican Party will establish a majority in the U.S. Senate which he expects can limit the “economic downside of a “Blue Sweep” by the Democratic party.

Many large investors have expressed concern about the Democrats’ economic and fiscal proposals and Loeb wrote that the party’s plans could result in “crushing taxes,” and “stifling regulations” that could hurt growth.

Wall Street has long held out for a rebound in mergers and acquisitions activity and Loeb wrote that fewer regulations and the elimination of the current administration’s “activist antitrust stance” will “unleash productivity and a wave of corporate activity.”

Since January, Loeb’s flagship fund has returned roughly 14% with the broader stock market index gaining about 23.6%.

© Reuters. FILE PHOTO: Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in Manhattan, New York, U.S., September 21, 2016. REUTERS/Andrew Kelly/File Photo

Turning to the broader economy, Loeb said that interest rates still need to come down, at a time there is no evidence of a looming recession and as inflation is slowing.

But he also thinks markets should remain underpinned by healthy consumer spending and active levels of individual investing.

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NYMTM stock hits 52-week high at $24.55 amid market rally

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In a robust display of market confidence, New York Mortgage (NASDAQ:) Trust Inc Preferred (NYMTM) stock has soared to a 52-week high, reaching a price level of $24.55. This milestone underscores a significant period of growth for the company, which has witnessed an impressive 1-year change with an increase of 13.71%. Investors have shown increased interest in NYMTM, rallying behind the stock as it climbs to new heights, reflecting a strong performance in the face of market dynamics. The 52-week high serves as a testament to the company’s resilience and the positive sentiment surrounding its financial prospects.

InvestingPro Insights

New York Mortgage Trust Inc Preferred (NYMTM) has reached a significant milestone with its stock price hitting a 52-week high. This achievement is particularly noteworthy given the company’s current financial landscape. According to InvestingPro data, NYMTM boasts a substantial dividend yield of 8.07%, which aligns with one of the InvestingPro Tips highlighting that the company “pays a significant dividend to shareholders.” This attractive yield may be a key factor driving investor interest and contributing to the stock’s recent performance.

Despite the stock’s strong showing, it’s important to note that NYMTM faces some challenges. The company’s revenue for the last twelve months stands at $151.99 million, with a concerning operating income margin of -32.06%. This negative margin correlates with another InvestingPro Tip indicating that “analysts do not anticipate the company will be profitable this year.”

For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide valuable insights into NYMTM’s financial health and future prospects. These additional tips could be particularly useful for understanding the stock’s potential trajectory beyond its current 52-week high.

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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Isabella Bank Corp director Jill Bourland acquires shares worth $199

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In a recent transaction, Jill Bourland, a director at Isabella Bank Corp (OTC:ISBA), acquired additional shares of the company’s common stock. The transaction, dated October 16, 2024, involved the purchase of 9.5238 shares at a price of $21 per share, totaling approximately $199.

Following this acquisition, Bourland’s total direct ownership in Isabella Bank increased to 4,872.5363 shares. This figure includes shares acquired through the company’s quarterly dividend reinvestment program, as noted in the filing.

Isabella Bank Corp, headquartered in Mount Pleasant, Michigan, operates as a state commercial bank. The bank continues to focus on providing financial services to its local community and beyond.

In other recent news, Isabella Bank Corp revealed a potential loss of around $1.6 million due to negative balances in deposit accounts linked to a single customer. The total exposure to this customer, including loans and lines of credit, amounts to $4.0 million. Piper Sandler maintained a Neutral rating on the bank’s shares following this disclosure. The bank also declared a third-quarter cash dividend of $0.28 per common share. In addition, Piper Sandler raised its price target for Isabella Bank from $20.00 to $22.00 and increased its earnings per share estimates for 2024 and 2025 to $1.80 and $2.10, respectively. These recent developments underscore the bank’s commitment to enhancing shareholder value and its resilience in navigating challenging situations.

InvestingPro Insights

As Jill Bourland increases her stake in Isabella Bank Corp (OTC:ISBA), investors may find additional context in the company’s financial metrics and market performance. According to InvestingPro data, Isabella Bank currently boasts a market capitalization of $158.11 million and trades at a price-to-earnings ratio of 9.81, suggesting a potentially attractive valuation relative to earnings.

The bank’s dividend policy stands out as a key strength. An InvestingPro Tip highlights that Isabella Bank has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the current dividend yield of 5.27%, which may be particularly appealing to income-focused investors in the current market environment.

Despite a challenging economic backdrop, Isabella Bank remains profitable, with an operating income margin of 26.1% for the last twelve months as of Q2 2024. However, another InvestingPro Tip indicates that net income is expected to drop this year, which investors should monitor closely.

It’s worth noting that Isabella Bank’s stock is trading near its 52-week high, with the current price at 95.51% of that peak. This performance aligns with the company’s recent positive price returns, including a 20.91% total return over the past six months.

For investors seeking a deeper understanding of Isabella Bank’s financial health and market position, InvestingPro offers additional insights with over 10 more tips available for this stock.

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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