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Biden pledges ‘ironclad’ support for Israel

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President Joe Biden and his national security team monitored Iran’s aerial attack against Israel on Saturday as U.S. forces joined efforts to down explosive-laden drones launched by Tehran.

With tensions at their highest since the Israel-Hamas war began six months ago, Biden pledged that American support for Israel’s defense against attacks by Iran and its proxies is “ironclad.”

U.S. forces shot down some Iran-launched attack drones flying toward Israel, according to a U.S. defense official and two other U.S. officials who spoke on the condition of anonymity to discuss the matter.

The defense official said the effort to intercept the attack was continuing.

Biden had cut short a weekend stay at his Delaware beach house to meet with his national security team at the White House on Saturday afternoon, returning to Washington minutes before Israeli officials confirmed that they had detected drones being launched toward their territory from Iran.

He convened a principals meeting of the National Security Council in the White House Situation Room to discuss the unfolding situation, the White House said, before speaking with Israeli Prime Minister Benjamin Netanyahu late Saturday.

The attack marked the first time Iran has launched a direct military assault on Israel, risking a wider regional conflict.

For days, the U.S. and Israel had braced for an attack — claimed by Iran as retaliation for a suspected Israeli strike this month on an Iranian consular building in Syria that killed 12 people, including two senior Iranian generals in the Revolutionary Guard’s elite Quds Force.

The Pentagon reported that Defense Secretary Lloyd Austin had spoken with his Israeli counterpart “to discuss urgent regional threats … and made clear that Israel could count on full U.S. support to defend Israel against any attacks by Iran and its regional proxies.” National security adviser Jake Sullivan also spoke with his counterpart to reinforce Washington’s “ironclad commitment to the security of Israel.”

National Security Council spokesperson Adrienne Watson said in a Saturday statement that “Iran has begun an airborne attack against Israel.” She added: “The United States will stand with the people of Israel and support their defense against these threats from Iran.”

Biden on Friday said the United States was “devoted” to defending Israel and that “Iran will not succeed.” Asked by reporters what his message was for Iran, the president’s only reply was: “Don’t.”

He ignored a question about what would trigger a direct U.S. military response, and when asked how imminent an Iranian attack on Israel was, Biden said he did not want to get into secure information, “but my expectation is sooner than later.”

The U.S., along with its allies, have sent direct messages to Tehran to warn against further escalating the conflict.

During the Israel-Hamas war in Gaza, there have been near-daily exchanges of fire between Israeli forces and the Iran-backed Hezbollah militant group along the Israel-Lebanon border. U.S. officials have recorded more than 150 attacks by Iran-backed militias in Iraq and Syria on U.S. forces at bases in those countries since war started on Oct. 7.

One attack in late January killed three U.S. service members in Jordan. In retaliation, the U.S. launched a massive air assault, hitting more than 85 targets at seven locations in Iraq and Syria.

Meantime, on Saturday, commandos from Iran’s paramilitary Revolutionary Guard rappelled from a helicopter onto an Israeli-affiliated container ship near the Strait of Hormuz and seized the vessel.

Watson, the NSC spokesperson, said the U.S. strongly condemned the seizure and urged Iran to release the ship and crew immediately.

“We will work with our partners to hold Iran to account for its actions,” she said.

Also Saturday, the Israeli-occupied West Bank also saw some of the worst violence since Hamas’ attack on Israel.



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BT scraps digital landline switch deadline

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BT has ditched its timetable to move landline customers from copper wire to digital.



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Jefferies starts US Steel stock with Buy rating, highlights growth potential By Investing.com

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On Monday, Jefferies initiated coverage on (NYSE: X) stock with a Buy rating, accompanied by a price target set at $45.00. The firm’s analysis suggests that US Steel’s valuation stands out within its peer group, noting that the company’s share price is notably lower than the offer from Nippon, which has been accepted. As a result, the firm sees significant potential for the stock.

The coverage highlights US Steel’s growth potential, particularly from its Big River 2 project, which is expected to contribute to the company’s volume growth. The firm also anticipates that US Steel will benefit from its position as a blast furnace-basic oxygen furnace (BF-BOF) operator, sharing advantages with industry counterpart Cliffs, especially given its current product mix.

The rationale behind the Buy rating includes several key factors. Jefferies points out US Steel’s relatively high leverage, which could be favorable in a context of strong demand and possible price increases. The firm also favors BF-BOF operators in a robust macroeconomic environment.

Another significant factor for the positive outlook is the expected demand surge following the resolution of the United Auto Workers strike. The strike’s end was previously a catalyst for a sharp increase in flat-rolled steel prices in late 2023, and similar dynamics could unfold moving forward, potentially benefiting US Steel.

Jefferies’ coverage suggests a promising outlook for US Steel, underpinned by a combination of valuation appeal, growth prospects, and favorable industry conditions. The $45.00 price target reflects this optimism for the stock’s future performance.

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As Jefferies initiates coverage on US Steel with a bullish stance, real-time data from InvestingPro reinforces the potential that analysts see in the company. With a market capitalization of $8.07 billion and a price-to-earnings (P/E) ratio standing at 9.28, US Steel presents an investment profile that may appeal to value-oriented investors. The company’s adjusted P/E ratio has decreased to 8.02 in the last twelve months as of Q1 2024, indicating a potentially more attractive valuation compared to historical figures.

InvestingPro Tips highlight that US Steel has maintained dividend payments for 34 consecutive years, signaling a commitment to returning value to shareholders. Additionally, despite a decline in revenue growth by 12.6% in the last twelve months as of Q1 2024, the company remains profitable over the same period. These factors, combined with a solid track record of dividend payments, could be particularly reassuring for income-focused investors.

For those considering an investment in US Steel, there are 2 more InvestingPro Tips available that could provide further insights into the company’s prospects. To delve deeper into these expert analyses, visit https://www.investing.com/pro/X and don’t forget to use the exclusive coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.





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Iran’s President Ebrahim Raisi dead in helicopter crash

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Iran’s President Ebrahim Raisi has died in a helicopter crash, state media reported on Monday.

The helicopter carrying the president came down on Sunday in a remote and mountainous region of the country’s north-west, according to Tasnim News Agency, which is closely linked to the elite Revolutionary Guard. Rescue teams battled for hours to reach the crash site, with fog and snow hindering efforts.

State media showed video footage of a convoy of ambulances struggling to make their way through fog up a mountain road. The crash site was in Arasbaran Forest near the border with Azerbaijan, according to Tasnim.

Helicopter Iranian president’s convoy crashes-2

Iran’s foreign minister Hossein Amir-Abdollahian was also on board the helicopter as part of Raisi’s entourage.

They were returning from a visit to the country’s north-western province of East Azerbaijan, where they took part in the inauguration of a dam. The president of northern neighbour Azerbaijan was present at the ceremony as well.

Raisi, 63, was elected in 2021 in a vote with a record-low turnout in the country’s history. He had been expected to seek re-election next year, and his name had emerged in political circles as a top candidate to succeed Iran’s supreme leader, 85-year-old Ayatollah Ali Khamenei.

The president showed unconditional loyalty to the ayatollah and maintained close relations with the Revolutionary Guard. After decades of tense relations between Iran’s presidents and the supreme leader over the extent of their powers, Raisi was the first to end these tensions.

This is a developing story



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