JPMorgan says this packaged food company can rally 25% thanks to strong cash flow

US Top News and Analysis 

Post Holdings is “a post-er child for strong free cash flow,” according to JPMorgan. Analyst Ken Goldman initiated coverage on the company with an overweight rating. He also set a price target of $100 per share, suggesting shares could rise more than 25% from Thursday’s close. The packaged food company includes a variety of categories and brands, many of which are under private labels. Its portfolio includes cereals such as Honey Bunches of Oats and Fruity Pebbles, as well as pet food brands Rachael Ray Nutrish and 9Lives. The company also sells frozen dishes, cheeses, eggs and egg substitutes. “Post generates strong cash flow, which may be applied in large quantities to reduce debt and buy back stock over the next two years,” Goldman said in a Friday note. Over the past six years, Post’s free cash flow conversion rate was a median 156%, well above the median larger-cap food producer’s 92% median conversion rate. The analyst expects this outperformance trend to continue. “We believe that over the next few years, the combination of (a) general margin and EBITDA improvement, (b) debt paydown, and (c) share repurchases—the latter two driven by Post’s strong free cash flow generation—will lead to outsized upside in the stock price versus the group,” Goldman added. The company’s unique business model also provides investors a differentiated investment opportunity, the analyst added. The company routinely engages in portfolio transformation and is “not afraid” to buy lower-growth assets as long as they offer consistent cash flow, Goldman said. He also noted that the company is also “less afraid” of carrying leverage for a period of time. The company prioritizes free cash flow over earnings and does not pay a dividend. “Post’s model is not for everyone; investors who prefer revenue growth stories, less M & A risk, and dividends are likely to look elsewhere. But for those who value cash flow and don’t mind the occasional deal, there’s nothing else quite like Post in our universe,” Goldman said Shares ticked up 0.5% Friday during premarket trading. The stock is down 11.8% year to date. POST YTD mountain POST in 2023 —CNBC’s Michael Bloom contributed to this report.

Read More 

Ukraine war live updates: Ukraine ‘holding positions’ as fighting rages in key eastern city; Putin to meet with world leaders

US Top News and Analysis 

Ukrainian soldiers fire artillery on Russian positions on the frontline in the city of Avdiivka, Donetsk Oblast, Ukraine on July 27, 2023 amid Russia-Ukraine war.
Anadolu Agency | Anadolu Agency | Getty Images

Ukrainian forces on Friday sought to hold back Russia’s advances in and around the strategically important city of Avdiivka. The fighting comes shortly after the Kremlin launched its biggest military offensive in months.

Andriy Yermak, the Ukrainian president’s chief of staff, said Ukrainian forces were “holding positions in heavy fighting,” while President Volodymyr Zelenskyy said he was grateful to “every warrior and every unit” during intensifying battles. The industrial hub of Avdiivka is regarded as the gateway to Donetsk, the capital of the eastern Donbas region.

Ukraine’s state emergency services said one person was killed and 12 others were injured in a Russian attack on Ukraine’s eastern city of Pokrovsk.

Meanwhile, Russian President Vladimir Putin is scheduled to meet with world leaders at a summit of the Commonwealth of Independent States, an international grouping of former Soviet republics. The event is held in the Kyrgyzstan capital of Bishkek.

Police raid the homes of lawyers for jailed Putin critic Alexei Navalny, allies say

Allies of Alexei Navalny say three of his lawyers have had their home searched by police in what they believe to be an attempt to leave the jailed critic of Russian President Vladimir Putin without any legal defense and representation.

CNBC could not independently verify the reports. Russia’s foreign ministry was not immediately available to comment.

“Three of Navalny’s lawyers were searched this morning, one was detained. The reason is “participation in an extremist community”. It is clear why this is being done: it is another step towards isolating Alexey @navalny and essentially banning him from receiving legal assistance,” Kira Yarmysh, Navalny’s spokesperson, said Friday in post on X, formerly known as Twitter.

Navalny aide Maria Pevchikh shared a similar message on X, saying it was not possible to get hold of two of the detained lawyers. “Navalny is now left without any legal defence and representation,” she added.

Russia’s most prominent opposition leader has been in prison since being arrested in 2021 on his return from Germany. His detention came after spending nearly half a year in Germany recovering from a nerve agent poisoning in August 2020.

Navalny lost an appeal against a 19-year prison term last month, which was added to an existing 11-and-a-half-year sentence. Navalny says the charges against him are politically motivated.

— Sam Meredith

Ukraine says forces ‘holding positions’ against Russian offensive in Avdiivka

The Ukrainian president’s chief of staff said Friday that Ukrainian forces are holding ground in the strategically important city of Avdiivka as Russian forces launch a major military offensive.

Referring specifically to Avdiivka, Ukraine’s Andriy Yermak said: “Our land. The Russians threw a lot of forces in this direction. They are betting on quantity.”

“Our army is holding positions in heavy fighting. The war lingers on,” Yermak said in a post via X, formerly known as Twitter. “Our strength is in quality and unity.”

Fighting has intensified through the week as Russia seeks to capture the key industrial hub, regarded as a gateway to Donetsk.

— Sam Meredith

Russia may gain from Middle East crisis, analysts say, but it could backfire if war spirals out of control

Russian President Vladimir Putin walks past Kyrgyz honour guards during a welcoming ceremony prior to talks with his Kyrgyz counterpart in Bishkek on October 12, 2023.
Vyacheslav Oseledko | Afp | Getty Images

Russia may find itself in a position to benefit from the escalating crisis in the Middle East, analysts told CNBC.

They cited how the Israel-Hamas war may help to distract from the Kremlin’s full-scale invasion of Ukraine, boost Russia’s oil-exporting status and provide Moscow with an opportunity to mediate between disparate regional parties.

However, one geopolitical analyst warned it is also a “very, very nervous moment for Moscow,” particularly if the Israel-Hamas conflict spills over and Russia sees its influence, interests and assets damaged in the Middle East.

Read the full story from CNBC’s Holly Ellyatt.

— Sam Meredith

1 person killed and 12 injured in Russian attack on Ukraine’s Pokrovsk, emergency services say

Ukraine’s state emergency services said Friday morning that one person was killed and 12 others were injured in a Russian attack on Ukraine’s eastern city of Pokrovsk.

The emergency services said via Telegram that two administrative buildings were partially destroyed and three people had been rescued from the rubble.

The update was based on preliminary information as of 10 a.m. local time (8 a.m. London time).

— Sam Meredith

Putin to meet with world leaders at Commonwealth of Independent States summit

This pool photograph distributed by Russian state owned agency Sputnik shows Russia’s President Vladimir Putin attending a meeting with Azerbaijani President in Bishkek on October 12, 2023.
Pavel Bednyakov | Afp | Getty Images

Russian President Vladimir Putin on Friday is scheduled to meet with world leaders at a summit of the Commonwealth of Independent States (CIS), an international grouping of former Soviet republics.

The one-day event is held in the Kyrgyzstan capital of Bishkek. It comes as part of Putin’s first foreign visit this year, Russian news agencies said, and his first trip abroad since he was issued with an arrest warrant in March by the International Criminal Court.

Armenian Prime Minister Nikol Pashinyan said earlier this week that he would not take part in the CIS summit.

Pashinyan’s absence is thought to underscore a growing rift between Yerevan and Moscow in the wake of Azerbaijan’s lightning military operation to take full control of Nagorno-Karabakh.

— Sam Meredith

Fighting rages around the strategically important city of Avdiivka in eastern Ukraine

A resident walks in front of a heavily damaged residential building in the frontline town of Avdiivka, Donetsk region, on June 28, 2023, amid the Russian invasion of Ukraine.
Genya Savilov | Afp | Getty Images

Ukrainian military officials described scenes of devastation after Russia launched a major offensive effort in and around the strategically important city of Avdiivka.

Ukrainian President Volodymyr Zelenskyy said Thursday that he was “grateful to every warrior and every unit for their resilience” as battles raged near Avdiivka. The Ukrainian city is regarded as a gateway to Donetsk, the capital of the eastern Donbas region.

Russia forces launched an ongoing major offensive on Avdiivka earlier this week but have not yet secured any major breakthroughs and are unlikely to cut off Ukrainian forces in the city, according to analysis published Thursday by the Institute for the Study of War, a U.S. think tank.

A video posted on Telegram on Thursday by Ukrainian military commander Maksym Zhorin showed black smoke billowing out of abandoned and obliterated apartment buildings.

“If the city is in a war zone, there is a high probability that nothing remains of it. That’s how [Russian forces] destroyed Bakhmut, that’s how they are now destroying Avdiivka,” Zhorin said.

— Sam Meredith

Russian Air Force likely preserving long range missile stocks for the winter, UK says

Russian Air Force Long Range Aviation (LRA) aircraft are likely preserving stocks of AS-23 missiles for the winter, Britain’s Defense Ministry said, noting that the LRA has not conducted a strike against Ukraine since Sept. 21 — a period of 21 days.

“While such breaks have not been unusual, the last similar break in strikes occurred between 9 March and 28 April 2023, a period of 51 days,” the ministry said in an intelligence update posted via X, formerly known as Twitter.

“In that instance it was likely that LRA had almost depleted its stocks of capable AS-23 missile munitions following its winter campaign against Ukrainian critical national infrastructure,” the ministry added.

“This time, it is likely that Russian LRA are preserving existing stocks of AS-23 missiles as well as using this pause to increase useable stocks in anticipation of further heavy strikes against Ukraine over the winter.”

— Sam Meredith

International Olympic Committee suspends Russian Olympic Committee until further notice

President of the Russian Olympic Committee Pozdnyakov attends The Russian Olympic Committee (ROC) meeting at the Russian Olympic Committee Headquarters in Moscow, Russia on October 05, 2023. The Executive Board convened to address matters concerning compensation for athletes unable to participate in international sports competitions during the 2022/2023 period. (Photo by Sefa Karacan/Anadolu Agency via Getty Images)
Sefa Karacan | Anadolu Agency | Getty Images

The International Olympic Committee, or IOC, suspended the Russian Olympic Committee for breaching the Olympic Charter by violating Ukraine’s territorial integrity.

“The Russian Olympic Committee is suspended with immediate effect until further notice,” the group wrote in a statement.

A group of Ukrainians demonstrate in front of the European headquarter of the International Olympic Committee (IOC) on March 29, 2023 in Brussels, Belgium.
Thierry Monasse | Getty Images

Additionally, the IOC wrote that it “reserves the right to decide about the participation of individual neutral athletes with a Russian passport” who are looking to compete in the Olympic Summer Games in Paris next year and the Olympic Winter Games in Milan in 2026.

— Amanda Macias

Almost 60 people killed in Hroza attack, Ukrainian officials say

Police have finished identifying bodies, finding that 59 people were killed last week in a series of attacks in Hroza in the Kharkiv region, Ukrainian officials said.

In a Google-translated Telegram post, Home Affairs Minister Ihor Klymenko wrote that all the victims were local residents and included the elderly, doctors, farmers, teachers and entrepreneurs.

An aerial photograph taken with a drone shows workers digging graves for the victims of an airstrike earlier in the month, at the cemetery in the Groza village, Kharkiv region, on October 9, 2023, amid the Russian invasion of Ukraine.
Genya Savilov | Afp | Getty Images

Forensics teams spent six days piecing together the profiles of each person, using the DNA of surviving relatives and personal items from the homes of those who died.

A village cafe was hit by a rocket on Oct. 5.

Crosses and flowers prepare to be placed on graves during funeral ceremony for victims of Russian rocket attack on small cafe as the war between Russia and Ukraine continues in Groza, Ukraine on October 10, 2023.
Anadolu Agency | Anadolu Agency | Getty Images

“It was important for us to establish the name of each dead person, preserve their memory and record all the victims of the Russian attack,” Klymenko wrote.

— Hannah Ward-Glenton

Read CNBC’s previous live coverage here:

Read More 

Oil prices rise nearly 4% after U.S. tightens sanctions on Russian crude sales

US Top News and Analysis 

Bloomberg | Getty Images

Oil prices on Friday rose almost 4% after the U.S. tightened sanctions against Russian crude exports, exacerbating supply concerns in an already tightly balanced energy market.

International benchmark Brent crude futures with December expiry traded 3.8% higher at $89.24 per barrel at around 11:05 a.m. London time, while front-month November U.S. West Texas Intermediate crude futures rose 3.9% to trade at $86.16 per barrel.

The move back toward $90 a barrel comes after the U.S. on Thursday imposed sanctions on two shipping companies that it said violated the G7’s oil price cap, a mechanism designed to retain Russian flows in the market while curbing the Kremlin’s war chest.

“This action underscores the Treasury Department’s commitment with its international partners to responsibly reducing Russian government oil profits and constraining the Russian war machine,” the U.S. Department of the Treasury said in a statement.

This is breaking news. Please check back for updates.

Read More 

Rob Gronkowski makes stance clear on men in women’s sports: ‘There’s really no argument’

Latest & Breaking News on Fox News 

Last month, NFL great Rob Gronkowski was asked, point-blank, “Should men be allowed to play women’s sports?”

Gronkowski was walking through the U.S. Capitol when a Daily Caller reporter asked the former tight end the question.

The four-time Super Bowl champion shook his head for an emphatic no and remained silent.

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

Gronkowski did not provide an explanation at the time because he says there isn’t a need for one.

The New England Patriots legend says it’s “obvious” it should not be allowed.

“There’s really no thoughts to really even share. It’s the obvious,” Gronkowski told Fox News Digital in a recent interview. “There are men’s sports for men, there’s women’s sports for women. It should just stay like that. It’s just as simple as that, man. There’s really no argument. There should really be no conversation about it.

AARON RODGERS ‘LOVED EVERY MINUTE’ OF JETS WIN OVER BRONCOS AFTER SEAN PAYTON’S ‘HORSES—‘ COMMENTS

“How it’s been is how it should be. Men play men’s sports, women play women’s sports. It’s as simple as that. It’s really unfair if a man went into a women’s sport and played it. It just doesn’t really make much sense to me.”

The 34-year-old retired after 11 NFL seasons and winning four Super Bowls, three with the New England Patriots and one with the Tampa Bay Buccaneers, all of them with Tom Brady throwing to him.

Gronk was a five-time Pro Bowler and four-time first-team All-Pro. In his final season, he had 802 receiving yards in a dozen games played.

 

Read More 

 

Ex-Yankees pitcher David Wells defends Bud Light stance; says Americans should stand for national anthem

Latest & Breaking News on Fox News 

Former New York Yankees pitcher David Wells has been vocal about a variety of topics.

Last month, he returned to the Bronx for the 75th edition of the team’s annual Old-Timers’ Day. During his visit to Yankee Stadium, Wells wore a Yankees jersey with a piece of tape covering Nike’s iconic swoosh logo.

“I hate Nike,” he said. “They’re woke.” Wells also suggested that if he were not retired from Major League Baseball, he would have cut the logo out of the jersey. He also took aim at Bud Light, which drew backlash and sparked a boycott this year as a result of a marketing campaign that featured transgender influencer Dylan Mulvaney.

This week, the two-time World Series pitcher made an appearance on Dan Dakich of Outkick’s “Don’t @ Me” show and defended his comments about Nike and Bud Light.

“It’s my beliefs,” Well told Dakich when asked if he had received backlash since he made the remarks.

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

“I don’t believe in all these companies coming into sports and trying to create a woke atmosphere,” Wells added.

EX-YANKEES PITCHER DAVID WELLS PUTS TAPE OVER NIKE LOGO ON YANKEES UNIFORM: ‘I HATE NIKE’

Last month, Wells was asked if he would drink Bud Light in the future, and he responded with an emphatic “Nope.”

The American beer company has yet to fully rebound from the backlash, and some longtime consumers could be “lost forever,” Beer Business Daily publisher Harry Schuhmacher told Fox News Digital in September.

Wells also took issue with former NFL player Colin Kaepernick. 

Despite saying that he “doesn’t have any problem” with the former San Francisco 49ers quarterback’s beliefs, Wells disagreed with the way Kaepernick decided to send a message about police brutality and social injustice.

“When Kaepernick took to the knee … it’s a little disrespect to me,” Wells said.

“You’re beliefs are your beliefs … I don’t have any problem with that, but don’t go out [on] national TV and take a knee for what that is because that doesn’t prove anything in my mind.” 

Wells pitched in the majors for 21 seasons, making the All-Star team three times. He played for the Yankees for four seasons over two separate stints.

 

Read More 

 

Dollar General brings former CEO Todd Vasos back to lead the struggling retailer



CNN
 — 

Dollar General has brought back its former chief executive in an attempt to revive its struggling business.

On Thursday, the discount chain announced that it had reinstated Todd Vasos as CEO, replacing Jeff Owen. Vasos had previously served in the role for seven years before he retired in 2022.

The replacement is effective immediately, the company said. Owen was CEO for less than one year.

“At this time the Board has determined that a change in leadership is necessary to restore stability and confidence in the Company moving forward,” said Michael Calbert, the chair of Dollar General’s board of directors, in a statement.

Shares of Dollar General, which have been under pressure this year, surged in after-hours trading Thursday after the announcement.

Todd Vasos

Dollar General has faced slowing growth since Owen took over as chief executive last November. In August, the company slashed its sales and profit outlook for the year, blaming weaker consumer spending and increasing theft. Earlier this year, workers also protested a pattern of federal safety violations and violent incidents at the chain.

External economic factors may have contributed to the discount chain’s downtrend as well.

Neil Saunders, retail analyst and managing director at GlobalData, told CNN that Dollar General’s slowdown was partially attributed to its customer base feeling the pressure of higher costs of living.

“This has been exacerbated by cuts in SNAP payments as temporary pandemic benefits came to an end. As a result, lower-income shoppers are cutting back on non-consumable and indulgent purchases from the chain in a bid to save money,” he said.

Wall Street seemed to lose faith in Owen’s leadership. Earlier this year Dollar General workers protested over unsafe working conditions at the store.. The retailer’s stock has fallen nearly 60% since the start of this year.

Conversely, during Vasos’ seven years as CEO, Dollar General more than doubled its market capitalization. The company also expanded its store base by approximately 7,000 and increased annual sales by more than 80% during that time.

In a statement, Vasos said his aim was to return the retailer to a position of strength.

“I look forward to getting back to work with the broader team as we strive to return to a position of operational excellence for our employees and customers and deliver sustainable long-term growth and value creation for our shareholders,” he said.

At least one Wall Street analyst applauded the leadership shakeup. Oppenheimer senior analyst Rupesh Parikh called the change “surprising,” but said it “could help to re-instill confidence” in the retailer.

source

Buy this beaten-down discount retailer after a major leadership change, Gordon Haskett says

US Top News and Analysis 

Dollar General ‘s latest leadership change could help re-stabilize the company and put it on track toward growth again, according to research firm Gordon Haskett. Analyst Chuck Grom upgraded shares to buy from hold in a Friday note. He also established a price target to $140, which implies shares could rally 37% over the next 12 months. Following Thursday’s close, Dollar General announced former CEO Todd Vasos would be returning and replacing Jeff Owen as chief executive, effective immediately. Owen had been in the role for less than a year, during which the company has experienced a slowdown in sales growth and criticism over worker safety issues. The stock jumped more than 7% Friday during premarket trading. Nonetheless, shares remain down more than 58% for the year. DG YTD mountain Tough year for DG To be sure, Grom noted that ousted CEO Owen “is not entirely responsible for both the margin and comp issues over each of the past four quarters. … We think the company under-invested in both labor and price to protect earnings during the last year of Mr. Vasos’ tenure,” Grom noted, which he believes partially contributed to the company’s recent woes. “Bigger picture and regardless of how Dollar General arrived at this point, from this moment moving forward the return of Mr. Vasos has the potential to bring Dollar General Back to the Future,” Grom added. “We think building a position in DG at current levels now makes sense.” The analyst outlined a series of measures the company is likely to take to improve its margins and productivity. Vasos will likely accelerate the rollout of its demand forecast tool, the analyst said. On top of that, reducing the scope of district managers, adding incremental labor to stores and accelerating the produce rollout to drive traffic should help the company “right the ship.” “Favorably, the set-up for the low-income customer could begin to improve next year as long as unemployment holds in via lower food inflation, a more normal tax refund season next Spring, and the lap of SNAP reduction,” Grom said. “Taking these factors into consideration, we think Dollar General should undertake a significant margin re-set in 2024 to pave the way for a return to both comp and EBIT dollar growth in FY25 (and beyond). — CNBC’s Michael Bloom contributed to this report.

Read More 

[World] Son awaits news, good or bad, on missing peace activist

BBC News world-us_and_canada 

Image source, Family handout

Image caption,

A family photo of Yonatan Zeigen (left) with his mother Vivian Silver

Yonatan Ziegen woke early last Saturday morning in his home in Tel Aviv to the sound of alarms, the red alert that all Israelis know intimately.

Millions of Israelis and Palestinians were also waking, some hearing explosions as well as sirens, grabbing their phones and starting to follow the news that Hamas had broken into Israel and was on the attack.

In Israeli communities along the border wire with Gaza, it soon became clear that this was an emergency like no other. Concrete shelters are never more than a short run away, because of years of living with the threat and reality of rocket attacks from Hamas in Gaza. But when they started hearing shooting, and voices shouting in Arabic, it was different – closer and more deadly.

It took Yonatan no time to realise that his mother, Vivian Silver, was in trouble. He knows the border territory well, as he grew up there. His mother, now widowed, was still living in the family home in kibbutz Be’eri, a small community right on the border wire with Gaza.

Vivian is one of Israel’s best-known campaigners for peace with the Palestinians. She stayed busy in her retirement, continuing her life’s work as an activist, holding meetings – Yonatan said – with international supporters of her group, Women Wage Peace, only a few days before the Hamas attacks.

Yonatan rang his mother, and they kept talking as Hamas was moving through the kibbutz. Perhaps trying to cheer them both up, or to stop her thirty-something son from worrying too much, she made light of what was happening, until both realised it was deadly serious and that she was in mortal danger.

They switched to WhatsApp so she could stay quiet, hoping Hamas might bypass the house. Yonatan read me their last text messages. Vivien was typing them out from a cupboard in the house where she was hiding. It was time to stop joking. She believed that a massacre was happening.

Image caption,

Vivian Silver has not been heard from since the Hamas attack

Vivien wrote that she loved him.

“She wrote me, ‘They’re inside the house, it’s time to stop joking and say goodbye.'”

“And I wrote back that ‘I love you, Mum. I have no words, I’m with you.’

“Then she writes, ‘I feel you.’ And then that was it, that’s the last message.”

I asked Yonatan what Vivien would be saying now about everything that has happened.

“That this is the outcome of war. Of not striving for peace, and this is what happens.

“It’s very overwhelming but not completely surprising. It’s not sustainable to live in a state of war for so long and now it bursts. It bursts.”

That was around 11:00 on Saturday morning. Neither Yonatan nor his brother has heard anything since, good or bad. Their mother’s kibbutz was one of the first targets of Hamas last Saturday, as it’s right on the border.

Video from a security camera shows them killing a man in a car at the gate at point blank range, as they stormed in and set about killing Israelis. By the time the Israeli army fought its way back into Be’eri, in a fierce fight that did a lot of damage, it was too late to stop the massacre.

We travelled to the kibbutz with the army, the only way to get in as it is in what Israel has declared as a closed military area.

Image source, BBC/Oren Rosenfeld

Image caption,

A burnt out car in Be’eri

When we arrived, the smell of decomposition hung over the wreckage, and the body bags of residents were still being brought out of the ruins.

In the ambulance they used to move bodies, we met volunteers from an organisation called Zaka – that recovers Jewish dead so they can be buried according to their religion’s precepts.

On the way to the house where Vivian Silver lived, Moshe Minaker, a veteran volunteer, spoke of the horrors they had seen.

“No studio in Hollywood,” he said, “can make this movie.”

“Kids, ladies – they don’t just kill, they mutilate, they burn, they sever. It’s impossible to describe.”

The army didn’t allow us much time in the street where Vivian Silver lived and brought up her family.

Image source, BBC/Fred Scott

Image caption,

Vivian Silver’s house was gutted by fire

She moved here, long before Hamas emerged, for space and country air.

We hoped to find out more about what happened to her. But if there were clues, they were consumed by fire. Vivian’s house, and her neighbour’s, were gutted.

We don’t know if she’s alive or dead. Her family, like so many others, waits for news, good or bad.

The remains of the house, and destruction at the kibbutz, are evidence for most Israelis that it is dangerously wrong for peace activists like Vivian to argue that a century of attempted military solutions to the conflict have failed.

The survivors have left the kibbutz. Now it is a staging area as the army waits for the order to enter Gaza. As the soldiers prepare, Israel’s government vows that, this time, its forces will destroy Hamas.

More on Israel Gaza war

Are you personally affected by the issues raised in this story? If it is safe to do so, please get in touch by emailing [email protected].

Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways:

WhatsApp: +44 7756 165803Tweet: @BBC_HaveYourSayUpload pictures or videoPlease read our terms & conditions and privacy policy

If you are reading this page and can’t see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at [email protected]. Please include your name, age and location with any submission.

More on Israel Gaza war

 

Read More 

 

China gives Ehang the first industry approval for fully autonomous, passenger-carrying air taxis

US Top News and Analysis 

An EHang all-electric Vertical Takeoff and Landing (eVTOL) two-passenger multicopter aircraft, performs an unmanned display flight at a Korean government event at Yeouido island in Seoul on November 11, 2020.
Ed Jones | Afp | Getty Images

BEIJING — Self-driving air taxis are one step closer to reality in China.

Guangzhou-based Ehang on Friday said it received an airworthiness “type certificate” from the Civil Aviation Administration of China for its fully autonomous drone, the EH216-S AAV, that carries two human passengers. The regulator is the equivalent of the Federal Aviation Administration in the U.S.

U.S.-listed Ehang claims it’s the first in the world to get such a certificate, which allows it to fly passenger-carrying autonomous electric vertical take-off and landing (eVTOL) aircraft in China.

The certificate will also significantly simplify the company’s ability to get similar certificates for commercial operation in the U.S., Europe and Southeast Asia, CEO Huazhi Hu told CNBC in a video conference interview.

“Next year we should start to expand overseas,” he said, noting those regulators still need to establish a process for mutual regulation of the Chinese airworthiness certification. That’s according to a CNBC translation of his Mandarin-language remarks.

Ehang shares have nearly doubled in price this year, before trading was temporarily halted Monday “in anticipation of an upcoming announcement concerning a very significant development regarding its business operations.” Trading was set to resume Friday.

The company has a market capitalization of about $1 billion.

Global regulatory action

The U.S. FAA in July released a plan that provides a path toward allowing similar autonomous flying vehicles, but initially still requires pilots to sit on board.

California-based Joby Aviation, one of the leading industry players in the U.S., announced earlier this month it expanded its flight test program from remote piloting to include a pilot on board — but it didn’t mention any passengers. Joby has a contract with the U.S. Air Force the company claims is worth up to $131 million.

Regulators in China have been paving the way for autonomous flying vehicles to gain certification. In June, China released new rules for unmanned aircraft flight — vehicles without a pilot on board. It is set to take effect Jan. 1, 2024.

VIDEO4:4304:43
Joby Aviation CEO on new Ohio manufacturing plant, commercial service plans and Delta partnership

Hu said Ehang is still evaluating which city in China the company will launch its first air taxi passenger flight in, and declined to share a specific date. Hu is also Ehang’s founder and chairman of the board of directors.

He noted that China is the fastest-growing and largest market — with the biggest demand — for such flying vehicles.

In the second quarter, Ehang said it set up a joint venture with Shenzhen-listed Xiyu Tourism and delivered five EH216-S units. The venture aims to develop low-altitude tourism with at least 120 Ehang vehicles in the next five years, the company said.

Ehang said it has overseas pre-orders for more than 1,200 units, including from customers such as Japan AirX, Malaysian Aerotree and Indonesia’s Prestige.

Hu said the company would roll out deliveries rather than filling orders all at once given the industry is still in an early stage of development.

Still, he predicts that in about five years, air taxis will be a common sight in many cities.

Safety track record

Friday’s certification news comes as local Chinese governments, including in Beijing, have allowed fully driverless robotaxis on public streets, and in some cases charge fares to the public.

A significant difference between self-driving taxis and self-piloting drones is that while cars on the road must make turns at intersections, a drone flight is between two points in the air, Ehang’s CEO said.

Hu said Ehang started doing autonomous aerial flight testing in 2017. There were some vehicle incidents during the early experimentation period, he said, but no big accidents have occurred during subsequent tens of thousands of flights, including overseas.

“Whenever carrying humans, until now, we have maintained a very good safety track record,” he said.

Read More 

Hamas rejects calls for citizens to evacuate north Gaza; Israeli military gave 24-hour deadline, UN says: Live updates

US Top News and Analysis 

Palestinian militant group Hamas rejected call from Israeli military, which instructed civilians in Gaza City to evacuate southward, past the Wadi Gaza river. Concerns are mounting over the possibility of an Israeli ground incursion into the territory.

The Israeli Defense Forces have yet to confirm plans for a ground offensive but have amassed troops at the border with Gaza over the course of the week.

Israel has given the roughly 1.1 million residents of north Gaza around 24 hours to leave before a deadline of midnight local time, the U.N. said.

VIDEO3:0303:03
Secretary Antony Blinken to Israel: We will always be there by your side

The Gaza Strip remains under total siege after Israel cut off supplies of food, fuel, water and electricity to the area following a bloody multi-pronged Hamas attack at the weekend.

The death toll since the offensive and Israel’s retaliatory strikes has continued to mount, with almost 2,900 people killed so far in Israel, Gaza and the West Bank as of Friday morning.

U.S. Secretary of Defense arrives in Israel

US Defence Secretary Lloyd Austin gives a press conference during the NATO Council Defence Ministers Session at the NATO headquarters in Brussels on October 12, 2023.
Simon Wohlfahrt | AFP | Getty Images

U.S. Secretary of Defense Lloyd Austin arrived in Tel Aviv, Israel on Friday, to “demonstrate that America’s support for Israel’s security is ironclad,” he said on social media.

He will meet with Israeli Prime Minister Benjamin Netanyahu and his defense counterpart Yoav Gallant over the course of the day to discuss defense needs.

His trip follows the Thursday visit to Tel Aviv of U.S. Secretary of State Antony Blinken, who reassured Netanyahu of Washington’s solidarity and ongoing assistance. Blinken has since left for Jordan.

U.S. President Joe Biden has already pledged to provide “surging additional military assistance, including ammunition, and interceptors to replenish Iron Dome” to Israel, following the terrorist offensive of Palestinian militant group Hamas over the weekend.

The Israeli Defense Forces on Thursday said that the first plane carrying U.S. arms landed in southern Israel.

Ruxandra Iordache

Hamas armed unit says 13 captives killed in Israeli airstrikes

The al-Qassam Brigades, the armed unit of Palestinian militant group Hamas, said that 13 of its hostages were killed in the past 24 hours in Israeli airstrikes on the Gaza Strip. The toll includes foreigners, al-Qassam said in a Telegram post translated by NBC News.

CNBC could not independently verify the reports.

Hamas took civilian captives during a multi-pronged attack carried out over the weekend, which has sparked retaliatory offensives from Israel. Analysts have noted that holding hostages gives Hamas a significant bargaining chip in the event of an Israeli incursion into Gaza.

Ruxandra Iordache

Russia may gain from Middle East crisis, analysts say, but it could backfire if war spirals out of control

Russian President Vladimir Putin walks past Kyrgyz honour guards during a welcoming ceremony prior to talks with his Kyrgyz counterpart in Bishkek on October 12, 2023.
Vyacheslav Oseledko | Afp | Getty Images

Russia may find itself in a position to benefit from the escalating crisis in the Middle East, analysts told CNBC.

They cited how the Israel-Hamas war may help to distract from the Kremlin’s full-scale invasion of Ukraine, boost Russia’s oil-exporting status and provide Moscow with an opportunity to mediate between disparate regional parties.

However, one geopolitical analyst warned it is also a “very, very nervous moment for Moscow,” particularly if the Israel-Hamas conflict spills over and Russia sees its influence, interests and assets damaged in the Middle East.

Read the full story from CNBC’s Holly Ellyatt.

— Sam Meredith

Israeli military says its ongoing goal is to ‘strip away’ Hamas’ military abilities

Israeli Army Spokesperson for International Media, Lieutenant Colonel Jonathan Conricus.
Jalaa Marey | Afp | Getty Images

The aim of the Israeli campaign in the Gaza Strip is to “take all of Hamas’ military abilities and strip them away” to avoid further Israeli civilian casualties, Jonathan Conricus, spokesperson for the Israeli Defense Forces, said in a video update released early Friday.

“That is the purpose of what we are doing now inside the Gaza Strip. That is why the Israeli air force has been delivering significant amounts of ordinance of bombs on the Gaza Strip. And that is what we will continue to do as this war unfolds and as we will deal a decisive blow to Hamas,” he added.

Hours prior, the IDF told roughly 1.1 million people in northern Gaza to evacuate southwards of the Wadi Gaza wetlands.

“This evacuation is for your own safety. You will be able to return to Gaza City only when another announcement permitting it is made,” the IDF said in the message it distributed on Telegram, which it said it communicated to the civilians of Gaza City. The instruction to evacuate has bolstered concerns that Israel, which has amassed forces on the border with Gaza, is preparing a ground incursion.

The Telegram post did not reference a 24-hour deadline — a timeframe that the U.N. said the IDF supplied them for the operation.

“We understand that this will take time,” Conricus said in the video update. “It’s not an easy process.”

Ruxandra Iordache

UN refugee agency relocates Gaza premises

The U.N. Agency for Palestine Refugees (UNRWA) has relocated its central operations in Gaza to the south of the territory as it continues with its local humanitarian work.

In a post update on the X social media platform, previously known as Twitter, it urged Israeli authorities to protect all civilians who take cover in its shelters, including schools.

Earlier in the week, the U.N. said that schools and premises of the UNRWA were among the sites hit in Israeli retaliatory air strikes that followed a terrorist attack by Palestinian militant group Hamas at the weekend. Twelve UNRWA staff members have been killed since the start of the conflict, the agency said Thursday.

Its operational relocation south takes place as the U.N. said Israel has supplied a 24-hour deadline for the roughly 1.1 million people in northern Gaza to evacuate south.

Ruxandra Iordache

Israel’s use of white phosphorus in Gaza and Lebanon endangers civilians, says HRW

Smoke rises as the Palestinian Foreign Ministry claimed that Israel used phosphorus bombs in its attacks on populated areas in Gaza City, Gaza on October 11, 2023.
Ali Jadallah | Anadolu Agency | Getty Images

Israel’s use of white phosphorus in military operations in Gaza and Lebanon puts civilians in danger as it exposes them to severe and long-lasting injuries, Human Rights Watch warned.

“White phosphorus, which can be used either for marking, signaling, and obscuring, or as a weapon to set fires that burn people and objects, has a significant incendiary effect,” the non-governmental organization said, noting it can burn people and objects, as well as set on fire structures and fields in the vicinity.

Human Rights Watch said the rights group witnessed videos taken in Lebanon and Gaza this week that showed a number of airbursts of artillery-fired white phosphorous over the Gaza City port and two rural locations along the Israel-Lebanon border.

Using the substance violates international humanitarian law which prohibits putting civilians at unnecessary risk, HRW said.

“Any time that white phosphorus is used in crowded civilian areas, it poses a high risk of excruciating burns and lifelong suffering,” said Lama Fakih, Middle East and North Africa director at Human Rights Watch.

— Charmaine Jacob

IDF confirms it has ordered civilians in Gaza to move south ‘for their own safety’

Israel Defense Forces confirmed it has ordered civilians in northern Gaza to evacuate south “for their own safety.”

“Gaza City is an area where military operations are taking place,” IDF spokesman Jonathan Conricus said in a post on X, formerly known as Twitter.

“This evacuation is for your own safety,” he said, adding that residents will only be able to return when another announcement permitting them to do so is made.

He repeatedly warned that they should not approach the border with Israel.

“Hamas terrorists are hiding in Gaza City, inside tunnels, underneath houses and inside buildings populated with innocent Gaza civilians,” Conricus said, calling on Palestinians to distance themselves from the militants who are using them as human shields.

Joanna Tan

Death toll mounts

The latest figures show further increases in the total number of people killed following Palestinian militant group Hamas’ multi-pronged attack last Saturday and Israel’s retaliatory strikes.

At least 1,300 people have been killed in Israel since the hostilities, according to official figures, with another 3,300 wounded.

A combined 1,568 people have been killed in the Gaza Strip and the West Bank over the same period, official figures show.

It should be noted that there can be discrepancies between the figures reported by various official sources, as events continue to develop on the ground.

Ruxandra Iordache

UN says Israel wants 1.1 million people in Gaza to move south in the next 24 hours

Israel has called for the evacuation of 1.1 million residents in north Gaza to move south in the next 24 hours, Stephane Dujarric, spokesman for the UN secretary-general, confirmed with NBC News.

“The United Nations considers it impossible for such a movement to take place without devastating humanitarian consequences,” the statement said.

The move suggests that Israel could be moving to proceed with its ground offensive into the Palestinian enclave to pursue Hamas militants that the Jewish nation has pledged to wipe out.

The entire population of Gaza north of Wadi Gaza was ordered to relocate to southern Gaza “within the next 24 hours,” the Israeli military informed the UN and the Department of Safety and Security in Gaza  before midnight local time.

That’s 1.1 million people — about half the size of Gaza Strip’s population.

The same order was given to all of UN’s staff and those taking refuge in UN facilities, such as schools, medical centers and clinics.

Joanna Tan

No ‘direct evidence’ Iran participated in Hamas terror attacks, White House says

White House National Security Council Strategic Communications Coordinator John Kirby joins White House Press Secretary Karine Jean-Pierre for the daily press briefing at the White House in Washington, U.S. October 12, 2023. 
Jonathan Ernst | Reuters

The White House said there was no “direct evidence” that Iran was a participant in the surprise terror attacks carried out by Hamas in Israel.

“We’re still looking into this but again, no direct evidence that Iran was a participant in these attacks,” National Security Council spokesman John Kirby told reporters at the White House.

“But again, we’re still we’re still monitoring it,” Kirby added.

On Wednesday, President Joe Biden warned Iran to “be careful” as tensions in the region soar.

— Amanda Macias

No plans to put U.S. forces on the ground in Israel, White House says

Israeli tanks move near Gaza border as Israeli army deploys military vehicles around the Gaza Strip, Israel on October 12, 2023.
Mostafa Alkharouf | Anadolu Agency | Getty Images

National Security Council spokesman John Kirby said that while the U.S. will continue to evolve its strategic planning around the ongoing Israel-Hamas conflict, there are no plans to put American servicemembers on the ground in Israel.

“There are no intentions, no plans to put American troops on the ground in combat,” Kirby told reporters at the White House during a press briefing. “There is no interest from the Israelis,” he added.

A senior Defense official, who spoke on the condition of anonymity per ground rules established by the Pentagon, echoed Kirby’s remarks in a separate briefing with reporters.

“We are consistently and continuously consulting with them on their needs. What they have asked of us is to expedite security systems so that they are able to defend themselves,” the official said.

— Amanda Macias

Read CNBC’s previous live coverage here

Read More