Police Minister Mark Mitchell criticised cop posing with gang patch
Donald Trump will ring the New York Stock Exchange bell as he's named Time's Person of the YearRich countries' promise of $300 billion a year in climate finance brought fury at talks in Baku from poor nations that found it too paltry, but it also shows a shift in global political realities. The two-week marathon COP29 climate conference opened days after the decisive victory in the US presidential election of Donald Trump, a sceptic both of climate change and foreign aid. In the new year, Germany, Canada and Australia all hold elections in which conservatives less supportive of green policies stand chances of victory. Britain is an exception, with the new Labour government putting climate high back on the agenda, but in much of the West, concerns about inflation and budgetary shocks from Russia's invasion of Ukraine have dented enthusiasm for aggressive climate measures. At COP29, Germany and the European Union maintained their roles championing climate but also advocated a noticeably practical approach on how much money historical polluters should give poorer countries. "We live in a time of truly challenging geopolitics, and we should simply not have the illusion" otherwise, European climate commissioner Wopke Hoekstra told bleary-eyed delegates at COP29's pre-dawn closing session Sunday, as activists in the back loudly coughed to drown him out. But he vowed leadership by Europe, hailing COP29 as "the start of a new era for climate finance". German Foreign Minister Annalena Baerbock, a Green party member and longtime climate advocate, called for flexibility on ways to provide funding. Europe should "live up to its responsibilities, but in a way that it doesn't make promises it can't keep", she said. Avinash Persaud, special advisor on climate change to the president of the Inter-American Development Bank, called the final deal "the boundary between what is politically achievable today in developed countries and what would make a difference in developing countries". Activists say that climate funding is a duty, not choice, for wealthy nations whose decades of greenhouse gas emissions most contributed to the crisis that most hits the poorest. This year is again set to be the hottest on record on the planet. Just since COP29, deadly storms have battered the Philippines and Honduras, and Ecuador declared a national emergency due to drought and forest fires. Wealthy historic emitters' promise of $300 billion a year by 2035 is a step up from an expiring commitment of $100 billion annually, but all sides acknowledge it is not enough. The COP29 agreement cites the need for $1.3 trillion per year, meaning a whopping $1 trillion a year needs to come from elsewhere. Even within the $300 billion commitment, some activists see too much wiggle room. "It is, to some extent, almost an empty promise," said Mariana Paoli, the global advocacy lead at London-based development group Christian Aid. She described the target as "creative accounting", saying there was not enough clarity on how much money would come from public funds and in grants rather than loans. She acknowledged the politics of the moment but said that wealthy nations had options such as taxation on fossil fuel companies. "There is a backlash because there is no political will," she said. In one closely scrutinised part of the Baku deal, countries will be able to count climate finance through international financial institutions toward the $300 billion goal. The text states that it is "voluntary" -- potentially opening the way to include China, which is the world's largest emitter but refuses to have requirements like long-developed countries. In a joint statement at COP29, multilateral development banks led by the Washington-based World Bank Group but also including the Beijing-based Asian Infrastructure Investment Bank -- which has long faced US criticism -- expected that they together can provide $120 billion annually in climate financing and mobilise another $65 billion from the private sector by 2030. Melanie Robinson, director of the global climate program at the World Resources Institute, said there were good reasons to rely on multinational development banks, including how much capital they can leverage and their tools to advance green policies. "They are the most effective way to turn each dollar of finance into impact on the ground," she said. She agreed that the $300 billion was insufficient but added, "It's a down payment on what we need." Beyond the debate on dollar figures, she pointed to an initiative within the G20 by Brazil, which holds COP30 next year, to reform financial institutions so as to incorporate debtor nations as well as climate concerns. "There is really a much bigger opportunity for us -- which is shifting the whole financial system," she said. sct/giv
GCC economic competitiveness forum discusses opportunities, challengesBillionaire hedge fund manager Israel Englander co-founded Millennium Management in 1989 with $35 million. Today, Millennium has over $70 billion in assets under management and is one of the world's largest hedge funds. Englander has done well and has one of the best investing minds in the game. That's why investors anxiously await Millennium's quarterly 13F filing , a form required by the Securities and Exchange Commission (SEC) disclosing a fund's holdings. Investors should understand that Millennium is a "pod shop," which means it allocates capital to different teams (or "pods") that all have their own strategies and a lot of autonomy. So, an investment at Millennium may not have come directly at Englander's order. However, as the CEO, Englander likely still has a certain amount of control and a hand in big hiring decisions, so he certainly has faith in his portfolio managers. So don't follow these managers blindly -- but they can serve as sources for picking up new ideas and checking investment theses. In the third quarter, Millennium sold large portions of its stakes in artificial intelligence (AI) companies Nvidia ( NVDA -3.22% ) and Palantir ( PLTR 4.87% ) and bought a new stock that Wall Street thinks can soar. Selling the AI darlings Millennium is not the only big fund selling the chipmaker Nvidia and analytics platform Palantir -- it's definitely been a trend in the third quarter. Millennium sold 13% of its stake in Nvidia in the third quarter, although it still owns 11.15 million shares and put and call options. Millennium sold 90% of its shares in Palantir but increased the company's call and put options on the stock, which could be a straddle options strategy. The sales appear to be more of a valuation call in a market many view as overbought and frothy. The market has ripped higher for the last two-plus years, spurred mainly by themes like tech, growth, and AI. NVDA PE Ratio data by YCharts As you can see above, these are astronomical valuations, despite AI's ability to disrupt life as we know it. I don't think institutional fund managers doubt the potential of AI, but an important yet difficult lesson for investors is that valuation does matter. The best businesses with unlimited potential can be bad purchases if bought at extremely high valuations. On the other hand, bad businesses with high debt loads can make great investments if bought at low enough valuations. It's difficult to abandon businesses that you have conviction in, but it may be the right call sometimes. When stocks trade at high values, even if the business performs well, there is a smaller margin for error. For instance, Nvidia's third-quarter earnings report saw sales nearly double year over year but the stock fell the next day after guidance didn't impress. A new exciting EV play During the third quarter, Millennium purchased more than 3.2 million shares in electric aircraft maker Archer Aviation ( ACHR 4.50% ) for a total value of about $9.8 million, making Millennium the 11th-largest holder of the stock. Archer is one of two companies trying to launch air taxis for commercial use in select U.S. cities to help ease traffic congestion. The company's Midnight electric aircraft can carry out consecutive 20- to 50-mile flights with minimal charge time and transport up to four passengers in addition to the pilot. They also supposedly make minimal noise. Archer has already achieved some key regulatory milestones including receiving the final airworthiness criteria from the Federal Aviation Administration (FAA) and conducting 400 test flights ahead of schedule. In August, Archer also announced a planned air taxi network in Los Angeles that could replace one- or two- hour drives with 10- and 20-minute flights. The company has also forged deals to develop a network with Southwest Airlines . Timing is going to be uncertain, but the launch of commercial flights and networks in select cities is not out of the question in 2025. Wall Street seems to like the company's plan, with an average price target of $9.38 among four analysts covering the stock, which implies 88% upside from current levels. The most bullish analyst has a $12.50 price target, implying upside of 151%. Understand that investing in a stock like Archer Aviation is equivalent to investing in a late-stage start-up. The company is not profitable yet. However, the risk-reward proposition is favorable, so investors could see substantial gains if things go well. If Archer can get off the ground, it could gain significant share in a potentially lucrative market.
Israeli drone strikes hit Kamal Adwan Hospital on Tuesday, wounding three medical staff at one of the few hospitals still partially operating in the northernmost part of Gaza , the facility’s director said. Dr. Hossam Abu Safiya said the drones were dropping bombs, spraying shrapnel at the hospital. There was no immediate comment from the Israeli military. In Lebanon, a tenuous ceasefire between Israel and Hezbollah has held despite Israeli forces carrying out several new drone and artillery strikes on Tuesday, killing a shepherd in the country's south. Israeli Prime Minister Benjamin Netanyahu vowed keep striking “with an iron fist” against perceived Hezbollah violations of the ceasefire. Hezbollah began launching rockets, drones and missiles into Israel last year in solidarity with Hamas militants who are fighting in the Gaza Strip. The war in Gaza began when Hamas-led militants stormed into southern Israel on Oct. 7, 2023, killing some 1,200 people, mostly civilians, and taking around 250 people hostage . Israel’s blistering retaliatory offensive has killed at least 44,500 Palestinians , more than half of them women and children, according to Gaza’s Health Ministry, which does not say how many of the dead were combatants. Israel says it has killed over 17,000 militants, without providing evidence. The war in Gaza has destroyed vast areas of the coastal enclave and displaced 90% of the population of 2.3 million, often multiple times . Here's the Latest: US forces in eastern Syria conduct a self-defense strike, Pentagon says WASHINGTON — U.S. forces conducted a self-defense strike Tuesday in the vicinity of Mission Support Site Euphrates, a U.S. base in eastern Syria, against three truck-mounted multiple rocket launchers, a T-64 tank and mortars that Pentagon press secretary Maj. Gen. Pat Ryder said presented “a clear and imminent threat” to U.S. troops. The self-defense strike occurred after rockets and mortars were fired that landed in the vicinity of the base, Ryder said. The Pentagon is still assessing who was responsible for the attacks — that there are both Iranian-backed militias and Syrian military forces that operate in the area. Ryder said the attack was not connected to the offensive that is ongoing in Aleppo, where Syrian jihadi-led rebels taken over the country’s largest city. The U.S. has about 900 troops in Syria to conduct missions to counter the Islamic Stage group. Israeli drone strikes hit a hospital in northern Gaza, wounding 3 medical staff CAIRO — Israeli drone strikes hit the Kamal Adwan Hospital in northern Gaza on Tuesday, wounding three medical personnel, the facility’s director said. Dr. Hossam Abu Safiya said the drones were dropping bombs, spraying shrapnel at the hospital, located in the town of Beit Lahiya. There was no immediate comment from the Israeli military. In comments released by Gaza’s Health Ministry, Abu Safiya said one of the injured was in critical condition and was undergoing a complex surgery. “The situation has become extremely dangerous,” he said. “We are exhausted by the ongoing violence and atrocities.” Kamal Adwan Hospital has been struck multiple times over the past two months as Israeli forces have waged a fierce offensive in the area, saying they are rooting out Hamas militants who regrouped there. In October, Israeli forces raided the hospital, saying that militants were sheltering inside and arrested a number of people, including some staff. Hospital officials denied the claim. Abu Safiya was wounded in his thigh and back by an Israeli drone strike on the hospital last month. Israeli court orders Netanyahu to take the stand in his long-running corruption trial TEL AVIV, Israel — An Israeli court has ordered Prime Minister Benjamin Netanyahu to take the stand next week in his long-running corruption trial, ending a long series of delays. Netanyahu’s lawyers had filed multiple requests to put off the testimony, arguing first that the war in Gaza prevented him from properly preparing for his testimony, and later that his security could not be guaranteed in the court chamber. In Tuesday’s decision, judges in the Jerusalem district court said that following a security assessment, his testimony will be moved to the Tel Aviv district court. Israeli media said the session would take place in an underground chamber. His testimony in the trial, which began in 2020, is expected to begin on Dec. 10 and to last at least several weeks. Netanyahu is charged with fraud, breach of trust and accepting bribes in three separate scandals involving powerful media moguls and wealthy associates. He denies wrongdoing. Lebanese civilians who came back to war-damaged towns are skeptical that Israel will abide by the ceasefire NABATIYEH, Lebanon — In destroyed areas of southern Lebanon, residents clearing away rubble on Tuesday said they didn’t trust Israel to abide by the week-old ceasefire with Hezbollah. “The Israelis are breaching the ceasefire whenever they can because they are not committed,” said Hussein Badreddin, a vegetable seller in the southern city of Nabatiyeh, which was pummeled by Israeli airstrikes over several weeks. “This means that they (can) breach any resolution at any time.” Since it began last Wednesday, the U.S.- and French-brokered 60-day ceasefire has been rattled by near daily Israeli strikes, although Israel has been vague about the purported Hezbollah violations that prompted them. Imad Yassin, a trader who owns a clothing shop in Nabatiyeh, said Israel was constantly breaching the ceasefire because Israeli Prime Minister Benjamin Netanyahu wants to continue the displacement of residents of southern Lebanon. “The Israeli enemy was defeated and the truth is that he is trying to get revenge. Netanyahu is trying to displace us as citizens of southern Lebanon,” Yassin said. They spoke as bulldozers cleared streets strewn with rubble and debris from destroyed buildings. Electricians worked to fix power lines in an effort to restore electricity to the city. Both men were displaced by the war and returned to Nabatiyeh on Wednesday, the day the ceasefire went into effect. Yassin found his clothing shop had been destroyed. He said he would wait to see if the state will dispense compensation funds so that he can repair and reopen his business. Israeli strikes kill at least 9 people in Gaza City GAZA CITY, Gaza Strip — Two separate Israeli airstrikes killed at least nine people in Gaza City on Tuesday, Palestinian medical authorities said. Six people, including two children, who were killed when an Israeli strike hit a school sheltering displaced people Tuesday afternoon in the Zaytoun neighborhood, according to the Health Ministry’s emergency services. A second strike hit a residential building in the Sabra neighborhood, killing at least three people, the services said. Israeli forces have almost completely isolated northernmost Gaza since early October, saying they’re fighting regrouped Hamas militants there. That has pushed some families south to Gaza City, while hundreds of thousands more live in the territory's center and south in squalid tent camps, where they rely on international aid. Israel says it killed a Hezbollah representative to the Syrian military JERUSALEM — Israel's military confirmed it killed a senior member of Hezbollah responsible for coordinating with Syria's army on rearming and resupplying the Lebanese militant group. Syrian state media said a drone strike on Tuesday hit a car in a suburb of the capital Damascus, killing one person, without saying who was killed. Israel's military said he was Salman Nemer Jomaa, describing him as “Hezbollah’s representative to the Syrian military,” and that killing him “degrades both Hezbollah’s presence in Syria and Hezbollah’s ongoing force-building efforts.” Israel has carried out hundreds of strikes on targets inside government-controlled parts of war-torn Syria in recent years. Israel rarely acknowledges its actions in Syria, but it has said that it targets bases of Iran-allied militant groups. Iran supports both Hezbollah and the Syrian government of President Bashar Assad, which is currently fighting to push back jihadi-led insurgents who seized the country’s largest city of Aleppo . Israeli soldiers open fire inside a West Bank hospital while searching for militants' bodies, doctor says TUBAS, West Bank — Israeli soldiers opened fire inside a hospital in the occupied West Bank on Tuesday during a raid to seize the bodies of alleged militants targeted in earlier airstrikes, a Palestinian doctor working at the hospital told The Associated Press. Soldiers entered the Turkish Hospital complex in Tubas after the bodies of two Palestinians killed and one wounded in airstrikes in the northern West Bank on Tuesday were brought there, said Dr. Mahmoud Ghanam, who works in the hospital’s emergency department. The troops briefly handcuffed and arrested Ghanam and another doctor. “The army entered in a brutal way, and they were shooting inside the emergency department,” said Ghanam. “They handcuffed us and took me and my colleague.” The military confirmed that its troops were operating around the hospital searching for those targeted in the airstrikes, which they said had hit a militant cell near the Palestinian town of Al-Aqaba in the Jordan Valley. It denied that troops had entered the hospital building or fired gunshots inside. The soldiers left after learning that the wounded man had been transferred to another hospital, Ghanam said. The soldiers wanted to take the bodies of the two men killed in the strike, but the hospital’s manager refused to hand over the bodies, Ghanam said. Israeli raids on hospitals in the West Bank are rare but have grown more common since the start of the Israel-Hamas war. In Gaza, Israeli troops have systematically besieged, raided and damaged many hospitals. About 800 Palestinians have been killed by Israeli fire in the West Bank since Hamas’ Oct. 7, 2023 attack out of Gaza ignited the war there. Israel has carried out near-daily military raids in the West Bank that it says are aimed at preventing attacks on Israelis — attacks which have also been on the rise. Israel captured the West Bank, the Gaza Strip and east Jerusalem in the 1967 Mideast war. The Palestinians seek all three territories for an independent state. Hamas and Fatah are near an agreement on who will oversee postwar Gaza CAIRO — Palestinian officials say Fatah and Hamas are closing in on an agreement to appoint a committee of politically independent technocrats to administer the Gaza Strip after the war . It would effectively end Hamas’ rule and could help advance ceasefire talks with Israel. The rival factions have made several failed attempts to reconcile since Hamas seized power in Gaza in 2007. Israel has meanwhile ruled out any postwar role in Gaza for either Hamas or Fatah, which dominates the Western-backed Palestinian Authority . A Palestinian Authority official on Tuesday confirmed that a preliminary agreement had been reached following weeks of negotiations in Cairo. The official said the committee would have 12-15 members, most of them from Gaza. It would report to the Palestinian Authority, which is headquartered in the Israeli-occupied West Bank, and work with local and international parties to facilitate humanitarian assistance and reconstruction. A Hamas official said that Hamas and Fatah had agreed on the general terms but were still negotiating over some details and the individuals who would serve on the committee. The official said an agreement would be announced after a meeting of all Palestinian factions in Cairo, without providing a timeline. Both officials spoke on condition of anonymity because they were not authorized to brief media on the talks. There was no immediate comment from Israel. Israeli Prime Minister Benjamin Netanyahu has vowed to continue the war until Hamas is dismantled and scores of hostages are returned. He says Israel will maintain open-ended security control over Gaza , with civilian affairs administered by local Palestinians unaffiliated with the Palestinian Authority or Hamas. No Palestinians have publicly volunteered for such a role, and Hamas has threatened anyone who cooperates with the Israeli military. The United States has called for a revitalized Palestinian Authority to govern both the West Bank and Gaza ahead of eventual statehood. The Israeli government is opposed to Palestinian statehood. Associated Press writers Samy Magdy in Cairo and Josef Federman in Jerusalem contributed. Palestinians get food aid in central Gaza, some for the first time in months NUSEIRAT REFUGEE CAMP, Gaza Strip — Palestinians lined up for bags of flour distributed by the U.N. in central Gaza on Tuesday morning, some of them for the first time in months amid a drop in food aid entering the territory. The U.N. agency for Palestinian refugees, known as UNRWA, gave out one 25-kilogram flour bag (55 pounds) to each family of 10 at a warehouse in the Nuseirat refugee camp, as well as further south in the city of Khan Younis. Jalal al-Shaer, among the dozens receiving flour at the Nuseirat warehouse, said the bag would last his family of 12 for only two or three days. “The situation for us is very difficult,” said another man in line, Hammad Moawad. “There is no flour, there is no food, prices are high ... We eat bread crumbs.” He said his family hadn’t received a flour allotment in five or six months. COGAT, the Israeli army body in charge of humanitarian affairs, said it facilitated entry of a shipment of 600 tons of flour on Sunday for the World Food Program. Still, the amount of aid Israel has allowed into Gaza since the beginning of October has been at nearly the lowest levels of the 15-month-old war. UNRWA’s senior emergency officer Louise Wateridge told The Associated Press that the flour bags being distributed Tuesday were not enough. “People are getting one bag of flour between an entire family and there is no certainty when they’ll receive the next food,” she said. Wateridge added that UNRWA has been struggling like other humanitarian agencies to provide much needed supplies across the Gaza Strip. The agency this week announced it was stopping delivering aid entering through the main crossing from Israel, Kerem Shalom, because its convoys were being robbed by gangs. UNRWA has blamed Israel in large part for the spread of lawlessness in Gaza. The International Criminal Court is seeking to arrest Israeli Prime Minister Benjamin Netanyahu and his former defense minister over accusations of using “starvation as a method of warfare” by restricting humanitarian aid into Gaza. Israel rejects the allegations and says it has been working hard to improve entry of aid. Netanyahu vows an ‘iron fist’ against Hezbollah if they break the ceasefire, and thanks Trump for tough talk on Gaza hostages JERUSALEM — Israeli Prime Minister Benjamin Netanyahu says the war isn't over against Hezbollah and vowed to use "an iron fist" against the Lebanese militant group for any perceived violations of a week-old ceasefire. “At the moment we are in a ceasefire, I note — a ceasefire, not the end of the war," Netanyahu said at the start of the government meeting Tuesday. He said the military would retaliate for “any violation — minor or major.” Netanyahu also thanked U.S. President-elect Donald Trump for his recent demands for Hamas to release the remaining Israeli hostages in Gaza. Trump posted on social media Monday that if the hostages are not freed before he takes office in January there would be “HELL TO PAY.” Netanyahu convened Tuesday's meeting in northern Israel, where around 45,000 Israelis had been displaced by the war as of last week, according to the prime minister’s office. Netanyahu said the government was focused on getting them back in their homes and rehabilitating the area. Germany arrests a Lebanese man accused of being a member of Hezbollah BERLIN — German authorities have arrested a Lebanese man accused of being a member of Hezbollah and working for groups controlled by the militant organization in Germany. Federal prosecutors said the suspect, identified only as Fadel R. in line with German privacy rules, was arrested in the Hannover region on Tuesday. The man is suspected of membership in a foreign terrorist organization and is not accused of direct involvement in any violence. Prosecutors said he joined Hezbollah in the summer of 2008 or earlier and took part in leadership training courses in Lebanon. From 2009, he allegedly had leadership duties in two groups controlled by Hezbollah in the Hannover area, organizing appearances by preachers close to the militants. According to prosecutors, he was briefly a correspondent for a Hezbollah media outlet in 2017 and was tasked with coordinating building work at a mosque. Germany is a staunch ally of Israel. It is also home to a Lebanese immigrant community of more than 100,000. Lebanese army launches recruitment drive to bolster presence in the south BEIRUT — The Lebanese army is looking for more recruits as it beefs up its presence in southern Lebanon after the Israel-Hezbollah ceasefire. Lebanon’s army is a respected national institution that kept to the sidelines during the nearly 14-month conflict. During an initial 60-day truce, thousands of Lebanese troops are supposed to deploy in southern Lebanon, where U.N. peacekeepers also have a presence. Hezbollah militants are to pull back from areas near the border as Israel withdraws its ground forces. The army said those interested in joining up have a one-month period to apply, starting Tuesday. The Lebanese army has about 80,000 troops, with around 5,000 of them deployed in the south. Drone strike hits car in Damascus, Syrian news agency says DAMASCUS, Syria — Syria’s state news agency says a drone strike hit a car in a suburb of the capital, Damascus, killing one person. The agency did not give further details or say who was killed. It said the attack occurred Tuesday on the road leading to the Damascus International Airport south of the city. The area is known to be home to members of Iran-backed militant groups. Israel is believed to have carried out a number of strikes in the area in recent months as it has battled Iran-backed Hezbollah in neighboring Lebanon. Israeli officials rarely acknowledge such strikes. Israel warns the Lebanese state over ceasefire JERUSALEM — Israel’s defense minister warned that if the shaky ceasefire with Hezbollah collapses, Israel will widen its strikes and target the Lebanese state itself. He spoke the day after Israel carried out a wave of airstrikes that killed nearly a dozen people. Those strikes came after the Lebanese militant group fired a volley of projectiles as a warning over what it said were previous Israeli violations. Speaking to troops on the northern border Tuesday, Defense Minister Israel Katz said any violations of the agreement would be met with “a maximum response and zero tolerance.” He said if the war resumes, Israel will widen its strikes beyond the areas where Hezbollah’s activities are concentrated, and “there will no longer be an exemption for the state of Lebanon.” During the 14-month conflict between Israel and Hezbollah, which came to an end last week with a ceasefire brokered by the United States and France, Israel largely refrained from striking critical infrastructure or the Lebanese armed forces, who kept to the sidelines . When Israeli strikes killed or wounded Lebanese soldiers, the Israeli military said it was accidental . The ceasefire agreement that took effect last week gives 60 days for Israel to withdraw its forces from Lebanon and for Hezbollah militants to relocate north of the Litani River. The buffer zone is to be patrolled by Lebanese armed forces and U.N. peacekeepers. Israel has carried out multiple strikes in recent days in response to what it says are violations by Hezbollah. Lebanon’s parliament speaker, Nabih Berri, accused Israel of violating the truce more than 50 times in recent days by launching airstrikes, demolishing homes near the border and violating Lebanon’s airspace. Berri, a Hezbollah ally, had helped mediate the ceasefire. Israeli airstrike in northern West Bank kills two Palestinians JERUSALEM — Palestinian officials say an Israeli airstrike in the northern West Bank has killed two Palestinians. Israel’s military said it struck a militant cell near the town of Al-Aqaba, in the Jordan Valley. It did not immediately give more details. The Palestinian Health Ministry confirmed the two deaths and said a third person was moderately wounded. About 800 Palestinians have been killed by Israeli fire in the West Bank since Hamas’ Oct. 7, 2023 attack out of Gaza ignited the war there. Israel has carried out near-daily military raids in the West Bank that it says are aimed at preventing attacks on Israelis, which have also been on the rise. Israel captured the West Bank, the Gaza Strip and east Jerusalem in the 1967 Mideast war. The Palestinians want all three territories for an independent state. Iran's ambassador to Lebanon reappears after pager attack BEIRUT — Iran’s ambassador to Lebanon made his first public appearance in Beirut since he was wounded in an attack involving exploding pagers in mid-September. Mojtaba Amani, who returned to Lebanon over the weekend after undergoing treatment in Iran, visited on Tuesday the scene south of Beirut where Hezbollah leader Hassan Nasrallah was killed in an Israeli airstrike on Sept. 27. Speaking about the airstrike that destroyed six buildings and killed Nasrallah and others, Amani said Israel should get for its act “the highest medal for sabotage, terrorism, blood and killing civilians.” Amani suffered serious injuries in his face and hands when a pager he was holding exploded in mid-September. The device was one of about 3,000 pagers that exploded simultaneously, killing and wounding many Hezbollah members. A day after the pager attack, a similar attack struck walkie-talkies. In total, the explosions killed at least 37 people and wounded more than 3,000, many of them civilians. Last month, a spokesperson for the office of Israel’s Prime Minister Benjamin Netanyahu said the pager attack was approved by Netanyahu.
ANOKA, Minn.--(BUSINESS WIRE)--Nov 25, 2024-- Vista Outdoor Inc. (“Vista Outdoor”, the “Company”) (NYSE: VSTO) today announced that its stockholders voted to approve the sale of The Kinetic Group to Czechoslovak Group a.s. (“CSG”) (the “CSG Transaction”) at its special meeting of stockholders held earlier today. Vista Outdoor and CSG have received all regulatory approvals required under the merger agreement for the CSG Transaction and intend to close the CSG Transaction on November 27, 2024. Under the terms of the CSG Transaction, Vista Outdoor stockholders will receive $25.75 in cash and one share of Revelyst common stock for each share of Vista Outdoor common stock they hold. “We are thrilled to have received overwhelming support from our stockholders for the compelling transaction with CSG,” said Michael Callahan, Chairman of the Vista Outdoor Board of Directors. “The CSG transaction maximizes value for our stockholders, while also providing an ideal home for our leading ammunition brands and significant opportunities for our employees.” Based on the vote count from the special meeting of stockholders, approximately 97.89% of votes cast were in favor of the CSG Transaction, representing approximately 82.57% of all outstanding shares. The final voting results will be reported in a Form 8-K filed with the U.S. Securities and Exchange Commission. Following the closing of the CSG Transaction, Revelyst will begin trading on the New York Stock Exchange under the ticker “GEAR”. Subject to the receipt of necessary regulatory approvals and satisfaction of other customary closing conditions, funds managed by Strategic Value Partners, LLC (“SVP”) will subsequently acquire Revelyst in an all-cash transaction based on an enterprise value of $1.125 billion (the “SVP Transaction”), subject to a net cash adjustment. At the closing of the SVP Transaction, Revelyst stockholders will receive an estimated $19.25 in cash per share of Revelyst common stock 1. The SVP Transaction is on track to close by January 2025. No separate approval of the SVP Transaction by Vista Outdoor stockholders is required. Morgan Stanley & Co. LLC is acting as sole financial adviser to Vista Outdoor and Cravath, Swaine & Moore LLP is acting as legal adviser to Vista Outdoor. Moelis & Company LLC is acting as sole financial adviser to the independent directors of Vista Outdoor and Gibson, Dunn & Crutcher LLP is acting as legal adviser to the independent directors of Vista Outdoor. About Vista Outdoor Inc. Vista Outdoor (NYSE: VSTO) is the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products. Brands include Bushnell, CamelBak, Bushnell Golf, Foresight Sports, Fox Racing, Bell Helmets, Camp Chef, Giro, Simms Fishing, QuietKat, Stone Glacier, Federal Ammunition, Remington Ammunition and more. Our reporting segments, Outdoor Products and Sporting Products, provide consumers with a wide range of performance-driven, high-quality and innovative outdoor and sporting products. For news and information, visit our website at www.vistaoutdoor.com Forward-Looking Statements Some of the statements made and information contained in this press release, excluding historical information, are “forward-looking statements,” including those that discuss, among other things: Vista Outdoor Inc.’s (“Vista Outdoor”, “we”, “us” or “our”) plans, objectives, expectations, intentions, strategies, goals, outlook or other non-historical matters; projections with respect to future revenues, income, earnings per share or other financial measures for Vista Outdoor; and the assumptions that underlie these matters. The words “believe,” “expect,” “anticipate,” “intend,” “aim,” “should” and similar expressions are intended to identify such forward-looking statements. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous risks, uncertainties and other factors could cause our actual results to differ materially from the expectations described in such forward-looking statements, including the following: risks related to the previously announced transaction among Vista Outdoor, Revelyst, Inc., CSG Elevate II Inc., CSG Elevate III Inc. and CZECHOSLOVAK GROUP a.s. (the “CSG Transaction”) and risks related to the previously announced transaction among Vista Outdoor, Revelyst, Olibre LLC and Cabin Ridge, Inc. (the “SVP Transaction”) including (i) the possibility that any or all of the various conditions to the consummation of the CSG Transaction or the SVP Transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals), (ii) the possibility that competing offers or acquisition proposals may be made, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the CSG Transaction or the SVP Transaction, including in circumstances which would require Vista Outdoor or Revelyst, as applicable, to pay a termination fee, (iv) the effect of the announcement or pendency of the CSG Transaction or the SVP Transaction on our ability to attract, motivate or retain key executives and employees, our ability to maintain relationships with our customers, vendors, service providers and others with whom we do business, or our operating results and business generally, (v) risks related to the CSG Transaction or the SVP Transaction diverting management’s attention from our ongoing business operations, (vi) that the CSG Transaction or the SVP Transaction may not achieve some or all of any anticipated benefits with respect to either business segment and that the CSG Transaction or the SVP Transaction may not be completed in accordance with our expected plans or anticipated timelines, or at all, and (vii) that the consideration paid to Revelyst stockholders in connection with the SVP Transaction cannot be determined until the consummation of the SVP Transaction as it is subject to certain adjustments related to the net cash of Revelyst as of the closing of the SVP Transaction and the management team’s current estimate of the consideration may be higher or lower than the actual consideration paid to Revelyst stockholders in connection with the SVP Transaction due to the actual cash flows prior to the closing of the SVP Transaction or other factors; impacts from the COVID-19 pandemic on our operations, the operations of our customers and suppliers and general economic conditions; supplier capacity constraints, production or shipping disruptions or quality or price issues affecting our operating costs; the supply, availability and costs of raw materials and components; increases in commodity, energy, and production costs; seasonality and weather conditions; our ability to complete acquisitions, realize expected benefits from acquisitions and integrate acquired businesses; reductions in or unexpected changes in or our inability to accurately forecast demand for ammunition, accessories, or other outdoor sports and recreation products; disruption in the service or significant increase in the cost of our primary delivery and shipping services for our products and components or a significant disruption at shipping ports; risks associated with diversification into new international and commercial markets, including regulatory compliance; our ability to take advantage of growth opportunities in international and commercial markets; our ability to obtain and maintain licenses to third-party technology; our ability to attract and retain key personnel; disruptions caused by catastrophic events; risks associated with our sales to significant retail customers, including unexpected cancellations, delays, and other changes to purchase orders; our competitive environment; our ability to adapt our products to changes in technology, the marketplace and customer preferences, including our ability to respond to shifting preferences of the end consumer from brick and mortar retail to online retail; our ability to maintain and enhance brand recognition and reputation; our association with the firearms industry, others’ use of social media to disseminate negative commentary about us, our products, and boycotts; the outcome of contingencies, including with respect to litigation and other proceedings relating to intellectual property, product liability, warranty liability, personal injury, and environmental remediation; our ability to comply with extensive federal, state and international laws, rules and regulations; changes in laws, rules and regulations relating to our business, such as federal and state ammunition regulations; risks associated with cybersecurity and other industrial and physical security threats; interest rate risk; changes in the current tariff structures; changes in tax rules or pronouncements; capital market volatility and the availability of financing; our debt covenants may limit our ability to complete acquisitions, incur debt, make investments, sell assets, merge or complete other significant transactions; foreign currency exchange rates and fluctuations in those rates; general economic and business conditions in the United States and our markets outside the United States, including as a result of the war in Ukraine and the imposition of sanctions on Russia, the conflict in the Gaza strip, the COVID-19 pandemic or another pandemic, conditions affecting employment levels, consumer confidence and spending, conditions in the retail environment, and other economic conditions affecting demand for our products and the financial health of our customers. You are cautioned not to place undue reliance on any forward-looking statements we make, which are based only on information currently available to us and speak only as of the date hereof. A more detailed description of risk factors that may affect our operating results can be found in Part 1, Item 1A, Risk Factors, of our Annual Report on Form 10-K for fiscal year 2024, and in the filings we make with the SEC from time to time. We undertake no obligation to update any forward-looking statements, except as otherwise required by law. 1 Based on management estimates, including an assumption the SVP Transaction closes on December 31, 2024. View source version on businesswire.com : https://www.businesswire.com/news/home/20241125635762/en/ CONTACT: Investor: Tyler Lindwall Phone: 612-704-0147 Email:investor.relations@vistaoutdoor.comMedia: Eric Smith Phone: 720-772-0877 Email:media.relations@vistaoutdoor.com KEYWORD: MINNESOTA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: RETAIL OTHER CONSUMER CONSUMER OTHER RETAIL MANUFACTURING OTHER MANUFACTURING SOURCE: Vista Outdoor Inc. Copyright Business Wire 2024. PUB: 11/25/2024 04:01 PM/DISC: 11/25/2024 04:01 PM http://www.businesswire.com/news/home/20241125635762/en
Gov. Wes Moore, Mayor Brandon Scott announce planned festival to reinvigorate money-losing PreaknessHOUSTON (AP) — Will Levis and the Tennessee Titans were far from perfect Sunday. But they did just enough to outlast the mistake-prone Houston Texans and get their first AFC South win of the season. Levis threw for 278 yards and his 70-yard touchdown pass to Chig Okonkwo put Tennessee on top in the fourth quarter and the Titans held on for the 32-27 victory. “The coolest thing about this game was just the way our team fought,” coach Brian Callahan said. “It was a back-and-forth game. Our guys did a good job of not flinching and keeping the blinders on. We’ve been in games like this before, and we haven’t been able to make a play, but this week, we made a play.” Okonkwo grabbed a short pass and rumbled for the touchdown to put the Titans (3-8) up 30-27 with 91⁄2 minutes remaining. Safety Eric Murray missed a tackle that would have stopped him near midfield. The Texans (7-5) had a chance to tie it with less than two minutes remaining, but Ka’imi Fairbairn’s 28-yard field-goal attempt sailed wide left. He fell to the ground after the miss before getting up and slamming his helmet on the field. Callahan held both hands in the air and smiled after watching the miss that allowed his team to win on a day it had three turnovers. The Texans forced a three-and-out, but couldn’t move the ball after that and Harold Landry sacked C.J. Stroud in the end zone for a safety to make it 32-27 and allow Tennessee to snap a two-game skid. Stroud threw for 247 yards and two touchdowns, but also threw two interceptions as the AFC South-leading Texans lost for the third time in four games. Stroud has thrown five interceptions combined in the past three games to give him more interceptions in 12 games this season (nine) than he had in 15 games as a rookie last season (five). “It’s no secret that I haven’t been playing well... I’ve got to be harder on myself,” he said. “I’m not going to hold my head down. I know I can be a great player, but I’ve got to make better plays.” Jimmie Ward had a 65-yard interception return for a touchdown in the third quarter and the Texans tied a franchise record with eight sacks. Danielle Hunter led the group with a season-high three sacks and Will Anderson Jr. added two in his return after missing two games with an ankle injury. But the offense sputtered for most of the game as Joe Mixon was held to 22 yards on 14 carries. “Just a disappointing loss for us,” coach DeMeco Ryans said. “We didn’t do anything well enough to win this game. Out of all the positives that we did have, there were way too many negatives.” It was Tennessee's first win of the season in a game that Levis both started and finished. The second-year player missed three games this year with a sprained AC joint in his throwing shoulder. “I’m really proud of Will,” Callahan said. “He’s done a lot of things to get himself back in the right place, mentally and physically. It was a really good performance.” Levis knows he can be better, but was happy to leave Houston with a victory in this difficult season. “It feels awesome,” he said. “A lot of people have been working really hard to get a win like this. I’m just happy for the organization, top down.” Tennessee extended the lead to 23-17 on a 51-yard field goal by Nick Folk with nine minutes left in the third. Stroud threw his second interception with about 90 seconds left in the third quarter but Ward’s touchdown came three plays later to put the Texans on top 24-23. The Titans fumbled a punt early in the fourth quarter and Houston recovered it. A 54-yard field goal by Fairbairn extended the lead to 27-23 with about 10 minutes to go. Dameon Pierce returned the opening kickoff 80 yards to get the Texans in the red zone. Houston cashed in on the next play when Stroud found rookie Cade Stover on a 19-yard pass for his first touchdown reception. The Titans trailed by four after a field goal by Folk when Nick Westbrook-Ikhine got in front of the defense and was wide open for a 38-yard TD catch that made it 10-7 late in the first quarter. Tennessee extended the lead to 17-7 when Tony Pollard ran 10 yards for a touchdown with about 11 minutes left in the second. Pollard finished with 119 yards and a touchdown. Nico Collins scored on a 5-yard reception with about six minutes left in the second. Levis levis lost a fumble with about 3 1/2 minutes left and the Texans added a 28-yard field goal to tie it at 17-17. Houston forced a punt after that, but rookie Jarvis Brownlee Jr. got his first career interception two plays later to give Tennessee the ball back. Folk’s 56-yard field goal, which tied his career long, put the Titans up 20-17 at halftime. The Titans were without cornerback L’Jarius Sneed, after he was placed on injured reserve with a quadriceps injury, and safety Amani Hooker, who was added to the injury report Sunday morning with an illness. Callahan said Hooker was vomiting “every time he stood up” Sunday. ... Houston S Jalen Pitre injured his shoulder in the second quarter and didn’t return. ... CB Ka’dar Hollman left in the fourth quarter with a knee injury. Titans: Visit the Commanders next Sunday. Texans: Visit Jacksonville next Sunday. AP NFL: https://apnews.com/hub/nfl