Pro-Palestinian demonstrators in front of the Peace Palace in The Hague, The Netherlands, 28 April 2025. EPA
Pro-Palestinian demonstrators in front of the Peace Palace in The Hague, The Netherlands, 28 April 2025. EPA
Pro-Palestinian demonstrators in front of the Peace Palace in The Hague, The Netherlands, 28 April 2025. EPA
Pro-Palestinian demonstrators in front of the Peace Palace in The Hague, The Netherlands, 28 April 2025. EPA

Saudi Arabia tells ICJ Israel has turned Gaza into 'pile of rubble'


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Saudi Arabia on Tuesday told the UN's top court that Israel had turned Gaza into a “pile of rubble” as hearings on Israel’s legal obligations to enable aid into the occupied territories entered its second day.

Representing the Kingdom, Mohammed Saud Al Nasser, director general of the Legal Department at the Saudi Ministry of Foreign Affairs, highlighted the importance of the court's advisory opinion in this matter in obligating Israel in allowing aid into the territory.

“It's worth noting that Israel controls all international aid flows, which are vital to the 2.3 million Palestinians in the Gaza Strip, who are suffering from an unprecedented humanitarian crisis,” Mr Al Nasser said.

Israel continues to ignore calls to allow aid into Gaza and has attacked sites and warehouses belonging to the Un agency for Palestinian refugees, and looting their contents, Mr Al Nasser added. The UN has refuted Israeli claims regarding its politicisation and allegations it is infiltrated by Hamas.

Mr Al Nasser's statement came as the International Court of Justice opened a week of hearings on Monday on Israel's humanitarian obligations toward the Palestinians, more than 50 days after it imposed a comprehensive blockade on aid entering the war-torn Gaza Strip. Its military offensive has killed 52,365 people in Gaza since the start of the 18-month war.

Dozens of countries and organisations are scheduled to address the 15-judge panel in a marathon set of hearings. Palestinian official Ammar Hijazi on Monday accused Israel of using starvation as a weapon of war.

Speaking in Jerusalem, Israeli Foreign Affairs Minister Gideon Saar dismissed the hearings, saying they were part of a “systematic persecution and delegitimisation” of his country. Israel denies deliberately attacking civilians and aid staff and is not participating in the hearings, but its ally, the US, will take part on Wednesday.

The UN in December asked the ICJ to rule “with the utmost urgency” on the case, but it will probably take several months to reach its opinion.

HOW DO SIM CARD SCAMS WORK?

Sim swap frauds are a form of identity theft.

They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen 

They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.

The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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Updated: April 30, 2025, 5:26 AM