logo
Israeli ambassador slams UN's 'mafia-like' tactics against US-backed Gaza foundation

Israeli ambassador slams UN's 'mafia-like' tactics against US-backed Gaza foundation

Yahoo2 days ago

UNITED NATIONS — Israeli United Nations Ambassador Danny Danon condemned what he called a "shakedown" by the U.N. to prevent Non-Government Organizations (NGOs) from working with the new U.S.-backed Gaza Humanitarian Foundation (GHF).
While addressing the U.N. Security Council on Wednesday, Danon claimed that the world body was using "threats, intimidation and retaliation" against NGOs that dared to defy the international body's call to boycott GHF. The Israeli diplomat described the U.N.'s response to NGOs cooperating with GHF as "mafia-like."
"Without any discussion, without due process, the U.N. removed those NGOs from the shared aid database. That database is the central system for tracking aid deliveries into Gaza," Danon told the Security Council. "This is the gravest violation of the U.N.'s own principles. It is extortion of well-meaning NGOs that refuse to kiss the ring."
In the same Security Council meeting, Acting U.S. Alternate Representative John Kelley urged the U.N. to work with GHF and Israel "to reach agreements on how to operationalize this system in a way that works for all." Kelley also emphasized the need to ensure that Hamas cannot benefit from any humanitarian aid distribution system that is established.
New Us-backed Aid Group Begins Distributing Food In War-torn Gaza
On Wednesday, GHF said in a statement that it had opened another secure aid distribution site "without incident." The organization also addressed some claims about its operations. GHF said that, contrary to reports, no Palestinians have been questioned or detained while receiving aid. Additionally, GHF said that no Palestinians had been shot or killed while trying to get aid.
Read On The Fox News App
GHF disputes reports that its sites were overrun on Tuesday: "GHF anticipated that the [safe distribution sites] may experience pressure due to acute hunger and Hamas-imposed blockades, which create dangerous conditions outside the gates.
"According to established protocol, for a brief moment the GHF team intentionally relaxed its security protocols to safeguard against crowd reactions to finally receiving food. No beneficiaries were injured, no lives were lost and all food available was distributed without interference. Order was restored without incident. As in all emergency response situations, particularly in conflict zones, this type of reaction from stressed beneficiary populations is expected and we remain prepared to continue providing lifesaving assistance should disruptions occur.
"Unfortunately, there are many parties who wish to see GHF fail. Conditions remain very difficult and the lives of both Gazans and aid workers are at stake," GHF said in a statement.
Israeli Ambassador Lashes Out At Un Official, Condemns Uk, France, Canada Statement On Aid
The international community has not relented in its push against GHF.
U.N. Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Tom Fletcher — who once called the plan behind GHF a "fig leaf for further violence and displacement" of Palestinians in Gaza — has made his objections to the program clear. Fletcher made an appeal in a post on X to let the U.N. take control of aid distribution in Gaza.
"We have the supplies, plan, will, and networks to deliver massive amounts of lifesaving aid to civilians in Gaza, in line with humanitarian principles, as the world is demanding," Fletcher wrote.
Israel Turns Tables On Un Official Claiming 'Genocide' In Gaza With Basic Questions
Earlier this month, Fletcher urged the international community not to "waste time" with a new plan when the U.N. already had one in place.
On Wednesday, as Israel marked 600 days since the Oct. 7 massacre, the Israel Defense Forces (IDF) noted that "121 trucks belonging to the U.N. and the international community" were allowed into the Gaza Strip. The IDF said that the trucks were carrying food and other aid.Original article source: Israeli ambassador slams UN's 'mafia-like' tactics against US-backed Gaza foundation

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

It's Musk's last day - what has he achieved at the White House?
It's Musk's last day - what has he achieved at the White House?

Yahoo

time13 minutes ago

  • Yahoo

It's Musk's last day - what has he achieved at the White House?

Elon Musk's time in the Trump administration is coming to an end after a tempestuous 129 days in which the world's richest man took an axe to government spending - stirring ample controversy along the way. Earlier this week, the South African-born billionaire, on his social media platform, X, thanked President Trump for his time at the Department of Government Efficiency, or Doge. Trump announced he will host a news conference in the Oval Office on Friday with Musk, writing: "This will be his last day, but not really, because he will, always, be with us, helping all the way." While Musk's time in government lasted little more than four months, his work with Doge upended the federal government and had an impact not just in the halls of power in Washington - but around the world. Let's take a look at some of the ways Musk has left a mark. Musk took a job with the Trump White House with one mission: to cut spending from the government as much as possible. He began with an initial target of "at least $2 trillion", which then shifted to $1tn and ultimately $150bn. To date, Doge claims to have saved $175bn through a combination of asset sales, lease and grant cancellations, "fraud and improper payment deletion", regulatory savings and a 260,000-person reduction from the 2.3 million-strong federal workforce. A BBC analysis of those figures, however, found that evidence is sometimes lacking. This mission has at times caused both chaos and controversy, including some instances in which federal judges halted mass firings and ordered employees reinstated. In other instances, the administration has been forced to backtrack on firings. In one notable instance in February, the administration stopped the firing of hundreds of federal employees working at the National Nuclear Security Administration, including some with sensitive jobs related to the US nuclear arsenal. Musk himself repeatedly acknowledged that mass firings would inevitably include mistakes. "We will make mistakes," he said in February, after his department mistook a region of Mozambique for Hamas-controlled Gaza while cutting an aid programme. "But we'll act quickly to correct any mistakes." Doge's efforts to access data also garnered controversy, particularly the department's push for access to sensitive treasury department systems that control the private information of millions of Americans. Polls show that cuts to government spending remain popular with many Americans - even if Musk's personal popularity has waned. The presence of Musk - an unelected "special government employee" with companies that count the US government as customers - in Trump's White House has also raised eyebrows, prompting questions about potential conflicts of interest. His corporate empire includes large companies that do business with US and foreign governments. SpaceX has $22 billion in US government contracts, according to the company's chief executive. Some Democrats also accused Musk of taking advantage of his position to drum up business abroad for his satellite internet services firm, Starlink. The White House was accused of helping Musk's businesses by showcasing vehicles made by Tesla - his embattled car company - on the White House lawn in March. Musk and Trump have both shrugged off any suggestion that his work with the government is conflicted or ethically problematic. Around the world, Musk's work with Doge was most felt after the vast majority - over 80% - of the US Agency for International Development's (USAID's) programmes were eliminated following a six-week review by Doge. The rest were absorbed by the State Department. The Musk and Doge-led cuts formed part of a wider effort by the Trump administration to bring overseas spending closer in line with its "America First" approach. The cuts to the agency - tasked with work such as famine detection, vaccinations and food aid in conflict areas - quickly had an impact on projects including communal kitchens in war-torn Sudan, scholarships for young Afghan women who fled the Taliban and clinics for transgender people in India. USAID also was a crucial instrument of US "soft power" around the world, leading some detractors pointing to its elimination as a sign of waning American influence on the global stage. While Musk - and Trump - have for years been accused by detractors of spreading baseless conspiracy theories, Musk's presence in the White House starkly highlighted how misinformation has crept into discourse at the highest levels of the US government. For example, Musk spread an unfounded internet theory that US gold reserves had quietly been stolen from Fort Knox in Kentucky. At one point, he floated the idea of livestreaming a visit there to ensure the gold was secured. Fact-checking Trump's Oval Office confrontation with Ramaphosa More recently, Musk spread widely discredited rumours that the white Afrikaner population of South Africa is facing "genocide" in their home country. Those rumours found their way into the Oval Office earlier in May, when a meeting aimed at soothing tensions between the US and South Africa took a drastic twist after Trump presented South African President Cyril Ramaphosa with videos and articles he said were evidence of crimes against Afrikaners. Musk's work in government also showed that, despite public pledges of unity, there are tensions within the "Trump 2.0" administration. While Trump publicly - and repeatedly - backed the work of Musk and Doge, Musk's tenure was marked by reports of tension between him and members of the cabinet who felt Doge cuts were impacting their agencies. "They have a lot of respect for Elon and that he's doing this, and some disagree a little bit," Trump acknowledged in a February cabinet meeting. "If they aren't, I want them to speak up." At one point, he was asked whether any cabinet members had expressed dissatisfaction with Musk and turned to the room to ask them. No one spoke. The announcement of Musk's departure also came the same day CBS - BBC's US partner - publicised part of an interview during which Musk said he was "disappointed" by Trump's "big, beautiful" budget bill. The bill includes multi-trillion dollar tax breaks and a pledge to increase defence spending. Musk said the bill "undermines" the work of Doge to cut spending - reflecting larger tensions within the Republican Party over the path forward. Elon Musk leaves White House but says Doge will continue What is Doge and why is Musk leaving? Musk 'disappointed' by Trump's tax and spending bill How much has Elon Musk's Doge cut from US government spending?

Noah's Q1 2025 Earnings Show YoY and Sequential Growth in Profitability and Operating Margin Expansion
Noah's Q1 2025 Earnings Show YoY and Sequential Growth in Profitability and Operating Margin Expansion

Yahoo

time13 minutes ago

  • Yahoo

Noah's Q1 2025 Earnings Show YoY and Sequential Growth in Profitability and Operating Margin Expansion

SHANGHAI, May 30, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors ("HNWIs"), reported unaudited financial results for the first quarter of 2025, highlighting a robust recovery in profitability as its CAPEX-light domestic restructuring and overseas expansion gain momentum. Non-GAAP net income rebounded 27.4% sequentially to RMB 168.8 million (US$23.3 million), while income from operations jumped 35.2% to RMB 186.0 million (US$25.6 million), driving operating margin to 30.3%. Noah continued to face broader headwinds driven by a volatile global macroeconomic environment and a low-interest rate environment in mainland China, impacting Chinese HNWI sentiment and topline growth. Despite these challenges, Noah continued to make significant progress in building out its sales teams and global infrastructure. Its CAPEX-light strategy ensures its business remains profitable and continues to generate solid cash flow during this restructuring. Zander Yin, Co-Founder, Director, and CEO of Noah, commented, "We are proud to deliver a strong rebound in profitability and operating margin this quarter, reflecting the success of our operational efficiency initiatives, CAPEX-light strategy, and accelerating overseas expansion. This clearly underscores the resilience of our business model during our ongoing restructuring and sets the stage for sustainable growth going forward. This restructuring still requires upfront investments and will take time to scale. While we are not yet at the finish line, these cost-effective foundational changes are clearly beginning to have an impact on our financials which leave us confident we are headed in the right direction." Financial Highlights Total net revenues for the quarter were RMB 614.6 million (US$84.7 million), down 5.7% from last quarter and down 5.4% year-over-year, primarily due to a decrease in distribution of insurance products and RMB-denominated private equity recurring service fees. However, net revenues from overseas continued to grow sequentially, expanding 5.0% to RMB 304.2 million (US$41.9 million) and now accounting for nearly 50% of total net revenues – showcasing the progress it continues to make in expanding overseas. Rigorous cost controls reduced operating costs and expenses by 16.7% sequentially and 18.8% year-over-year to RMB428.6 million (US$59.1 million), led by a 21.8% year-over-year cut in compensation and benefits and an 18.1% decline in selling expenses. Overseas Expansion Making Progress Noah's overseas expansion continued to gain momentum. Revenue from overseas investment products grew 20.3% year-over-year, offsetting a 22.8% decline in overseas insurance sales. USD-denominated assets under management climbed 14.2% year-over-year to US$5.9 billion, and USD-denominated assets under advisory rose 8.7% to US$9.1 billion. Noah's team of overseas relationship managers is driving this growth. The team expanded 44% year-over-year to 131, with its newly formed overseas commission-only insurance agent team also growing to 75 and already contributing approximately RMB 10 million in revenue during the quarter. The Company opened a new office in Japan and continues to explore opportunities in the US, Southeast Asia and Canada with large and underserved communities of Chinese HNWIs. Domestic Restructuring Domestic net revenues in the quarter were RMB 310.4 million, down 14.3% from last quarter and 9.4% from the same period last year, reflecting weaker insurance distribution under a low-interest environment and lower recurring service fees from private equity products. However, transaction value for RMB-denominated private secondary products surged 257.7% year-over-year to RMB 3.3 billion, up 34.6% sequentially, with associated revenue contribution rising 9.4% year-over-year. Noah's branch network has been consolidated to 10 cities in mainland China and has begun deploying online marketing and online services which will further reduce fixed costs and improve operational efficiency going forward. Driving Shareholder Returns Noah continues to prioritize shareholder interests and deliver sustained returns through its US$50 million share buyback program with the repurchase of more than 1.3 million ADSs to date. Subject to approval at its upcoming annual general meeting in June 2025, the Company plans to distribute RMB 550 million in annual and special dividends in July 2025—equal to 100% of 2024's non-GAAP net income attributable to Noah shareholders—delivering a 11% dividend yield at current prices and marking the second consecutive year of a full payout. As of March 31, 2025, cash and cash equivalents stood at RMB 4.1 billion, supplemented by RMB 1.3 billion in highly liquid short-term investments. The balance sheet remains robust, with US$11.4 per ADS in cash reserves, an improved current ratio of 4.8x, no interest-bearing debt, a price-to-book multiple of 0.5x and a price-to-earnings multiple of 11x, well below the industry average. Strategic Priorities and Outlook for 2025 Noah's priority in 2025 will be to build upon the solid progress it has made by carefully balancing the quality and quantity of growth overseas while ensuring full compliance with local regulations. Through its CAPEX-light strategy, the Company will drive its overseas expansion and build its local teams in the US, Japan, Southeast Asia and Canada. Investments in AI and technology will enhance online service capabilities, and the commission-only insurance agent network will scale to support overseas growth. It will also diversify its product suite with trusts, emigration advisory services and cross-border solutions to meet evolving client needs in volatile markets. Supported by streamlined operations, a fortified balance sheet and deepening overseas foothold, Noah is well positioned for sustainable, profitable growth throughout 2025 and beyond. About Noah Holdings Limited Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the stock ticker "NOAH", and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share. In the first quarter of 2025, Noah distributed RMB 16.1 billion (US$2.2 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB149.3 billion (US$20.6 billion) as of March 31, 2025. Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, Los Angeles and Japan. The Company's wealth management business had 463,161 registered clients as of March 31, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also provides other businesses. For more information, please visit Noah at Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law. View original content: SOURCE Noah Holdings Limited Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

CPP Investments to Sell Stake in Encino Acquisition Partners
CPP Investments to Sell Stake in Encino Acquisition Partners

Yahoo

time23 minutes ago

  • Yahoo

CPP Investments to Sell Stake in Encino Acquisition Partners

TORONTO, May 30, 2025 /CNW/ - Canada Pension Plan Investment Board (CPP Investments) today announced the sale of its entire stake in Encino Acquisition Partners (EAP), a leading oil and gas producer in Ohio, to EOG Resources. EOG Resources will acquire EAP for US$5.6 billion, inclusive of EAP's net debt. EAP was established by CPP Investments and Encino Energy in 2017 to acquire high-quality oil and gas assets with an established base of production in mature basins across the lower 48 states in the United States. Since 2017 CPP Investments has held a 98% ownership position in EAP alongside Encino Energy. Encino Energy will also be exiting from EAP, representing a full sale to EOG Resources. "When we established Encino Acquisition Partners with Encino Energy in 2017 we envisioned creating a company that would be a leader in acquiring U.S. oil and gas assets. Since then, it has done just that, and we are pleased with EAP's success and the strong returns this investment has delivered," said Bill Rogers, Head of Sustainable Energies at CPP Investments. The transaction is expected to close in the second half of 2025, subject to the satisfaction of customary closing conditions and regulatory approvals. CPP Investments' Sustainable Energies group is active across the global energy system, with net assets totaling approximately C$36.3 billion as at March 31, 2025, including investments in renewables, conventional energy, carbon capture and storage, distributed and energy services, and emerging and disruptive technologies. About CPP InvestmentsCanada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2025, the Fund totalled $714.4 billion. For more information, please visit or follow us on LinkedIn, Instagram or on X @CPPInvestments. SOURCE Canada Pension Plan Investment Board View original content to download multimedia:

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store