Stock Markets

Israeli strikes kill 42 in Gaza as tanks tighten siege of north

Published

1 month ago

October 24, 2024

By Nidal al-Mughrabi

CAIRO (Reuters) -Israeli strikes across Gaza killed 42 people on Wednesday as Israeli forces intensified a siege of northern parts of the Palestinian enclave, surrounding hospitals and refugee shelters, and ordering residents to head south, medics and residents said.

The Gaza health ministry and the World Health Organization said they would be unable to start a polio vaccination campaign in northern Gaza as planned because of the intense bombardments, mass displacements and lack of access.

Israeli forces began the operation in the north about three weeks ago with the declared aim of preventing Hamas fighters from regrouping. The operation has intensified since the killing of Hamas chief Yahya Al-Sinwar a week ago.

Israel’s allies, including the United States, have said they hoped Sinwar’s death could provide a fresh impetus for peace by allowing Israel to declare that it had achieved some of its major objectives in Gaza.

But so far, Israeli forces seem to have only intensified their assault, especially on the northern areas, where Israel says Hamas fighters are regrouping in ruins of areas that were among the first targeted by Israel’s campaign last year.

The Israeli military announced last Friday it had sent another army unit to Jabalia on the northern edge of Gaza. Residents say the troops have besieged shelters, forcing displaced people to leave while rounding up many of the men. The health ministry said at least 650 people had been killed since the new offensive began.

Of at least 42 people reported killed by Israeli military strikes across the enclave on Wednesday, 37 deaths were in northern Gaza.

Later on Wednesday, the Gaza Civil Emergency Service said three of its rescuers were wounded in northern Gaza in what it said was a “targeted strike”, that aimed to force them out of Jabalia, hours after the Israeli army ordered some of their staff to leave the camp.

The United Nations Palestinian refugee agency UNRWA said on Wednesday one of its staff members was killed when an UNRWA vehicle was hit in Deir Al-Balah in the central Gaza Strip. Medics said the man’s brother was also killed. The municipality of Gaza City said two city workers were killed and three others wounded in a strike there.

Health and civil emergency officials said dozens of bodies of Palestinians killed by Israeli fire in and around Jabalia were scattered on roadsides and under the rubble where medical teams could not reach them.

Hospitals in the north have either stopped providing medical services or are hardly operating because of the offensive. Hospitals where medics have refused Israeli evacuation orders say they are running out of blood for transfusions, as well as coffins and shrouds for the dead.

“We call on the world, which has failed to provide protection and shelter for our people and has been unable to deliver food and medicine, to make an effort to send shrouds for our fallen,” the Gaza health ministry said in a statement.

The polio vaccination campaign, launched after a baby was paralysed by the disease in Gaza for the first time in 25 years, had to be halted.

“We have not been able to launch the campaign to vaccinate 120,000 children in Gaza City and northern Gaza today because of the siege and the Israeli aggression,” health ministry official Majdi Dhair said.

Israel’s military humanitarian unit, COGAT, which oversees aid and commercial shipments to Gaza, said the vaccination campaign in northern Gaza will begin in the coming days, “after a joint assessment and at the request” of the World Health Organization and the U.N. International Children’s Emergency Fund UNICEF.

CALL FOR TRUCE

U.S. Secretary of State Antony Blinken visited Israel and was heading to Saudi Arabia to push for a ceasefire, the first major U.S. peace initiative since the killing of Hamas leader Sinwar and the last before a Nov. 5 presidential election that could upend U.S. policy in the region.

Washington has called on Israel to allow more humanitarian supplies into northern Gaza. Israel says aid has been delivered in scores of trucks as well as air drops, but Gaza medics say the aid has not reached them.

COGAT said on Tuesday that 237 trucks containing humanitarian aid from Jordan and the international community had been transferred to northern Gaza over the past eight days.

Israel “will continue to act in accordance with international law to facilitate and ease the humanitarian response to the Gaza Strip,” it said.

Palestinian health officials and residents said no aid has been allowed into Jabalia, Beit Hanoun, and Beit Lahiya, three towns on the northern edge of Gaza.

The Israeli military said its forces were operating against Hamas militants who staged attacks from there, and that they killed scores of militants and destroyed military infrastructure while helping residents who heeded evacuation orders to leave.

© Reuters. Palestinians work to remove an UNRWA-labelled vehicle after it was hit in an Israeli strike, according to Palestinian officials, amid the Israel-Hamas conflict, in Deir Al-Balah in the central Gaza Strip, October 23, 2024. REUTERS/Ramadan Abed

The overall death toll in Gaza is approaching 43,000, according to the latest health ministry figures, and nearly all of the 2.3 million Gazans have been displaced, many multiple times.

The Israeli offensive was triggered by the Hamas-led attack on Israel on Oct. 7, 2023, in which 1,200 people were killed and around 250 taken as hostages back into Gaza.

(Reporting and writing by Nidal al-MughrabiEditing by Angus MacSwan, Peter Graff, William Maclean)

Stock Markets

Needham initiates coverage on On Holding with buy rating

Published

13 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

13 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

13 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.