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Bangladesh student protesters eye new party to cement their revolution

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By Ruma Paul, Krishn Kaushik, Devjyot Ghoshal and Krishna N. Das

DHAKA (Reuters) -Student demonstrators who ousted Prime Minister Sheikh Hasina have rejected calls from Bangladesh’s two main political parties for quick elections and are considering creating their own party to sustain their movement, according to interviews with four protest leaders.

Their hope: to avoid a repeat of the last 15 years, in which Hasina ruled the country of some 170 million people with an iron fist.

In June, a handful of student leaders – most in their early-to-mid 20s – began organising demonstrations against a law reserving coveted government jobs for certain segments of the population.

Within two months, Hasina’s government was swept away by an upswell of popular anger at the brutality of its crackdown on anti-quota protesters. At least 300 people were killed in the single largest bout of violence since Bangladesh’s war of independence from Pakistan in 1971.

The movement was hailed as a Gen Z revolution, spurred by young Bangladeshis’ anger at years of jobless growth, allegations of kleptocracy, and shrinking civil liberties.

An interim government headed by Nobel Peace laureate Muhammad Yunus – which includes two student leaders in senior positions – now runs the country.

For most of the past three decades, Bangladesh has been governed either by Hasina’s Awami League or the Bangladesh Nationalist Party of her rival Khaleda Zia, both of whom are in their 70s.

Student leaders have discussed forming a political party to end the duopoly, said Mahfuj Alam, who chairs a committee tasked with liaising between the government and social groups such as teachers and activists.

A decision would be made in about a month, the 26-year-old law student told Reuters, adding that protest leaders wanted to consult widely with citizens before deciding on a platform.

Details of the students’ plans for their movement’s political future have not previously been reported. 

“People are really tired of the two political parties. They have trust in us,” he said, at the gates of Dhaka University’s Arts Faculty.

After the story was published, Alam said on Facebook (NASDAQ:) his statement to Reuters “had come out wrong” and that the students’ main focus was to maintain the spirit of the mass uprising and to consolidate the government.

“We are not thinking about political organizations right now,” he said in the Facebook post, adding that the priority was broad reform of the political system. “Everyone will know what the political structure will be at the appropriate time.”

Tahmid Chowdhury, another student coordinator who helped bring down Hasina, said there was a “high chance” they would form a political party. They were still working out their program, though he said it would be rooted in secularism and free speech. 

“We don’t have any other plan that could break the binary without forming a party,” said the 24-year-old graduate student in world religion.

The student leaders in interim government have not specified what policies they intend to pursue, beyond sweeping institutional changes – such as reforming the electoral commission handpicked by Hasina – to avoid another spell of authoritarian rule.

“The spirit of the movement was to create a new Bangladesh, one where no fascist or autocrat can return,” said Nahid Islam, 26, a key protest organiser who sits in Yunus’ cabinet. “To ensure that, we need structural reforms, which will definitely take some time.”

The government is not considering calls from the Awami League and BNP to hold fresh polls as early as fall, said Islam, who holds the telecommunications portfolio.

The regime change has forced out the chief justice, the central bank governor and the police chief who oversaw the crackdown on the students, among other officials.

A spokesperson for Yunus, who has said he is not keen on holding elected office, did not return a request for comment. Touhid Hossain, a career diplomat serving as Yunus’ de facto foreign minister, told Reuters the students had not discussed their political plans with the technocrats.

But he added: “the political scenario is going to change because we have basically excluded the young generation from politics.”

Yunus, an 84-year-old economist whose microcredit programs helped lift millions globally out of poverty, wields moral authority but there are doubts over what his administration can achieve.

“We are totally in uncharted waters, both legally and politically,” said Shahdeen Malik, a constitutional expert. “The powers of this interim government are not defined because there is no constitutional provision.” 

Reuters interviewed more than 30 people, including key student leaders, Hasina’s son and adviser Sajeeb Wazed, opposition politicians and army officers to assess the divisions left in the wake of the protests and the prospects for the new government.

Hasina, whose son said she hopes to return to Bangladesh, couldn’t be reached for comment. 

“The political parties are not going anywhere. You cannot wipe us out,” Wazed told Reuters from the United States, where he lives. “Sooner or later, either the Awami League or the BNP will be back in power. Without our help, without our supporters, you are not going to be able to bring stability to Bangladesh.”

COLLABORATORS

On July 19, as Hasina’s supporters and police battled student demonstrators, authorities detained three of the movement’s most important leaders: Islam, Asif Mahmud and Abu Baker Mojumder. 

Mojumder told Reuters that he was sedated and beaten by law enforcement. The treatment, he said, solidified his view that Hasina had to go.

The new police chief Mainul Islam did not respond to Reuters’ questions for this story.

Previous protests had fizzled when leaders were detained but this time demonstrations raged on. Expecting to be arrested, the core of about two dozen coordinators had formed a structure in which they were supported by layers of other student-activists, said Islam, a veteran of previous protests.

Missteps by Hasina, meanwhile, fuelled public anger against her. 

While the students had protested for more than a month, they were largely limited to public university campuses. Then, on July 14, Hasina held a news conference.

Half an hour in, she half-smilingly referred to the demonstrators as “razakars”. The pejorative describes people who collaborated with Pakistan during the 1971 war, which she contrasted with descendants of freedom fighters for whom many government jobs would be reserved.

The comment ignited furious mass protests.

At Dhaka University, male demonstrators were joined by female students who broke out of their five halls of residences, whose gates are locked in the evenings, said Umama Fatema, 25, a female student coordinator.

The next day, the Awami League’s student wing moved to suppress demonstrations and clashes erupted, with sticks, iron rods and stones for weapons. 

‘STOP THE VIOLENCE’

The escalation in violence that week expanded the demonstrations from public campuses to private institutions, said Nayeem Abedin, a 22-year-old coordinator at the private East-West University. “We had a responsibility to come out to the street for our brothers,” he said.

Students at such institutions typically come from Bangladesh’s middle class that expanded rapidly during the robust economic growth that Hasina oversaw over much of her term.

“It felt like a turning point,” said Islam. “Private university students joined in, and unexpectedly, so did many parents.”

At least 114 people were killed by the end of that week, with hundreds more hurt. The scale of the crackdown shocked even some in the Awami League elite.

“I also told my mother: ‘no, we need to immediately tell Chhatra League not to attack, stop the violence,'” said Wazed, without providing further details. “We suspended the police officers that shot at students.”

At least two officers were suspended in early August after a video depicting the killing of a student went viral online. The student leaders plan to prosecute police and paramilitary accused of abuse.

On July 21, Bangladesh’s Supreme Court, whose judges were effectively appointed by Hasina, ruled that 93% of state jobs should be open to competition, meeting a key demand of the students. The demonstrations continued to grow.

Hasina declared an indefinite curfew on Aug. 4, a day after at least 91 people were killed. The army told the prime minister that evening it would not enforce the lockdown.

© Reuters. FILE PHOTO: Activists of the Anti-Discriminatory Student Movement gather at the University of Dhaka's Teacher Student Center (TSC), demanding the capital punishment for Bangladeshi former Prime Minister Sheikh Hasina for the deaths of students during anti-quota protests, in Dhaka, Bangladesh, August 13, 2024. REUTERS/Mohammad Ponir Hossain/File Photo

“The army chief didn’t want more bloodshed,” said one serving officer, who spoke on condition of anonymity because he wasn’t authorised to talk to media. “People from all walks of life were joining.”

The next day, as crowds marched to her official residence, Hasina fled to India.

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Sterling Construction stock soars to all-time high of $137.93

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Sterling Construction Company, Inc. (NASDAQ:) has reached an impressive milestone, with its stock price soaring to an all-time high of $137.93. This peak represents a significant achievement for the company, reflecting a robust performance and investor confidence. Over the past year, Sterling Construction has witnessed a remarkable 84.48% increase in its stock value, underscoring the company’s strong market presence and the positive reception of its strategic initiatives. Investors and market analysts alike are closely monitoring STRL’s progress, as it continues to build on its momentum in the construction sector.

In other recent news, Sterling Infrastructure, Inc. announced two key changes in its leadership. The company revealed the upcoming retirement of board member Charles R. Patton, effective from September 1, 2024. Patton, who has been a part of Sterling’s Board since 2013, will step down after over a decade of service, during which he contributed to the Corporate Governance & Nominating Committee and the Compensation Committee.

In parallel, Sterling Infrastructure named Dan Govin as its new Chief Operating Officer. Govin, who brings over three decades of experience in the energy infrastructure industry, is set to lead the company’s strategic and operational initiatives. His past roles include Regional President at Quanta Services (NYSE:) and Senior Vice President of Operations.

In related developments, Sterling Real Estate Trust, a North Dakota-based real estate investment trust, recently held its annual shareholders’ meeting. During the meeting, eight trustees were elected, including Gregory P. Hammes, Timothy L. Haugen, and Michelle L. Korsmo, among others. Additionally, the appointment of RSM US, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified by the shareholders. These are among the latest developments at Sterling Infrastructure, Inc. and Sterling Real Estate Trust.

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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CRH stock soars to all-time high, reaching $91.22

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CRH (NYSE:) PLC, a global leader in building materials, has reached an all-time high, with its stock price soaring to $91.22. This significant milestone underscores the company’s robust performance and investor confidence in its growth trajectory. Over the past year, CRH has seen an impressive 66.73% increase in its stock value, reflecting strong market demand and the successful execution of its strategic initiatives. The company’s ability to achieve this record price level amidst a dynamic economic environment speaks volumes about its resilience and the positive outlook shared by its stakeholders.

In other recent news, CRH Plc has seen a series of positive developments. Stifel, a financial services firm, has increased its EBITDA projections for the company by 4% for the years 2024 and 2025, following a positive outlook on CRH’s earnings. This includes the expected contributions from the newly acquired Adbri, which is predicted to add an additional 1% and 2% to the EBITDA in 2024 and 2025, respectively.

In addition, Deutsche Bank has raised its price target for CRH, maintaining a Buy rating on the stock, following the company’s acquisition of a majority stake in Adbri. This move is anticipated to enhance CRH’s materials solutions offerings in Europe.

Furthermore, CRH has appointed Lauren Schulz as its new Chief Communications Officer, a move expected to enhance the company’s global communications strategy.

Additionally, CRH has filed a notification regarding transactions by persons discharging managerial responsibilities, providing transparency into the dealings of the company’s management.

Lastly, CRH has reported strong growth in adjusted EBITDA and margin for the second quarter of 2024, and has raised its full-year adjusted EBITDA guidance to a range of $6.82 billion to $7.02 billion. These recent developments demonstrate the company’s resilience and strategic approach in a competitive market.

InvestingPro Insights

The ascent of CRH PLC in the stock market is not just a reflection of past performance but also a beacon for future potential, as suggested by InvestingPro data and insights. With a market capitalization of $60.88 billion and a forward-looking P/E ratio of 17.69, CRH is positioned competitively within the Construction Materials industry. Its commitment to shareholder returns is evident through a consistent dividend growth, having raised its dividend for the last four years, and a dividend yield of 1.39% as of the last twelve months leading up to Q2 2024. These financial gestures indicate management’s confidence in the company’s profitability, which is further supported by a strong gross profit margin of 34.85%.

In addition to its financial health, CRH’s operational efficiency is highlighted by an EBITDA growth of 13.63% in the same period. Notably, analysts have revised their earnings upwards for the upcoming period, signaling potential for continued growth. For investors seeking more detailed analysis, there are additional InvestingPro Tips available, including insights into CRH’s share buyback strategy and its performance relative to industry peers. These tips, accessible through the InvestingPro platform, offer a comprehensive view of the company’s strengths and investment potential.

For those monitoring CRH’s trajectory, the stock is trading near its 52-week high, at 99.14% of its peak, with a previous close at $89.27. The company’s next earnings date is set for November 7, 2024, which will provide further clarity on its performance and outlook. With a fair value estimate of $101 by analysts and an InvestingPro fair value of $74.35, investors are presented with a nuanced picture of CRH’s valuation. As the market anticipates CRH’s next financial disclosures, the InvestingPro platform remains a valuable resource for real-time data and expert analysis.

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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Nelnet stock soars to all-time high of $115.64 amid robust growth

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In a remarkable display of market confidence, Nelnet Inc (NYSE:) stock has achieved an all-time high, reaching a price level of $115.64. This milestone underscores a period of significant growth for the company, which has seen its stock value surge by 27.28% over the past year. Investors have rallied behind Nelnet’s strong performance, propelling the stock to new heights and reflecting optimism in the company’s future prospects. The all-time high represents not just a peak for the year but an unprecedented value in the company’s trading history, marking a momentous occasion for both Nelnet and its shareholders.

In other recent news, Nelnet Inc. has been under the spotlight following strong Q2 earnings and subsequent adjustments by TD Cowen. The firm increased Nelnet’s price target to $98.00, up from $96.00, while maintaining a Hold rating on the stock. This follows Nelnet’s Q2 2024 earnings report, which highlighted an EPS of $1.44, surpassing TD Cowen’s estimate of $1.33. The improved earnings were largely due to reduced operating expenses and a lower provision for losses. However, these gains were slightly offset by a decrease in fee income and a lower net interest income.

In recent developments, Nelnet disclosed its quarterly financial results to the Federal Deposit Insurance Corporation (FDIC). The report provides a snapshot of the financial health of Nelnet Bank, its wholly-owned subsidiary, and includes critical data such as assets, liabilities, and income. This commitment to transparency and regulatory compliance allows investors to gauge Nelnet’s financial stability and growth prospects.

Furthermore, Nelnet’s bank subsidiary, Nelnet Bank, also disclosed its quarterly financials. The report, known as the Call Report, is a significant indicator of the subsidiary’s contribution to Nelnet’s overall financial status. This routine disclosure aligns with the requirements of the Securities Exchange Act of 1934, providing a clear view of Nelnet Bank’s financial standing as of the last quarter.

InvestingPro Insights

In light of Nelnet Inc’s (NNI) recent achievement of an all-time high stock price, several InvestingPro Tips and real-time data points provide further context to the company’s financial health and market performance. Notably, Nelnet has demonstrated a robust track record by raising its dividend for 9 consecutive years and maintaining dividend payments for 18 consecutive years, which signals a strong commitment to shareholder returns. Additionally, analysts remain optimistic about the company’s profitability, expecting net income to grow this year.

From a data standpoint, Nelnet’s current market capitalization stands at $4.15 billion with a price-to-earnings (P/E) ratio of 26.88, which adjusts to a lower ratio of 22.02 when considering the last twelve months as of Q2 2024, reflecting a more favorable valuation for investors. The company’s revenue growth has been modest at 0.7% over the last twelve months, yet it experienced a more significant quarterly surge of 12.82% as of Q2 2024. Importantly, Nelnet’s stock is trading near its 52-week high, at 99.06% of this peak, and has seen a large price uptick of 31% over the last six months. These figures underscore the company’s strong market presence and potential for continued growth.

For those interested in deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/NNI, which can provide investors with more nuanced insights into Nelnet’s performance and future outlook.

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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