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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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Needham initiates coverage on On Holding with buy rating

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Investing.com — Needham on Friday initiated its coverage on On Holding AG (NYSE:) with a “buy” rating and a target price of $64.

Brokerage said On has shown industry-leading growth, with impressive revenue increases and healthy margin expansion. The company is likely to keep growing as it increases brand awareness and gains space with top sneaker retailers worldwide.

“We believe the company has a continued runway for strong growth, as they increase brand awareness and gain shelf space with the biggest and best sneaker retailers in the world,” analyst Tom Nikic wrote in the note.

Needham analyst noted that Roger Federer-backed On was valued at 5 times its expected 2025 revenues, which make stock may seem expensive but strong fundamentals could support continued stock momentum.

“Although valuation metrics are lofty, we believe the shares can continue to exhibit momentum as long as fundamentals”

ON is the fastest growing company in Needham’s coverage, with expected 32% revenue growth in 2024. Its Direct-to-Consumer (DTC) growing 43% year-to-date, compared to 24% growth for wholesale sales.

Brokerage highlighted despite this growth, the brand’s awareness is still relatively low. In major markets like the U.S., U.K., France, and Australia, awareness was under 10% a year ago. However, it’s increasing rapidly, with U.S. awareness doubling to around 20%, and tripling in France.

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Toll Brothers Announces Final Opportunity at Verona Estates Community in Chatsworth, California

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CHATSWORTH, Calif., Nov. 22, 2024 (GLOBE NEWSWIRE) — Toll Brothers , Inc.  (NYSE:), the nation’s leading builder of luxury homes, today announced the final opportunity to own a new home at  Verona Estates, an exclusive gated community in Chatsworth, California. Only a few homes remain available for sale in this prestigious community, including the professionally decorated Siena Modern Farmhouse model home.

The intimate gated enclave of Verona Estates is a rare find showcasing award-winning architecture and innovative home designs. Nestled in an established Chatsworth neighborhood south of the Santa Susana Mountains and adjacent to the Vineyards at Porter Ranch, this exceptional community offers a serene and relaxed atmosphere with the convenience of nearby shopping and easy access to freeways, entertainment, and recreation.

Toll Brothers residents in Verona Estates will enjoy distinctive architecture, quality craftsmanship, luxurious home designs with open floor plans, expansive home sites, and proximity to the future 50-acre Porter Ranch community park. Verona Estates offers generous two-story home designs ranging from 4,700 to 6,000+ square feet, with 5 to 6 bedrooms, 4.5 to 6.5 bathrooms, and 3-car garages. The homes also feature popular floor plan options including prep kitchens, guest suites, floating staircases, indoor and outdoor fireplaces, and more. Move-in ready homes in the community are priced from $1,979,995.

We are thrilled to offer the final opportunity to own a home in the exclusive Verona Estates community, said Nick Norvilas, Division President of Toll Brothers in Los Angeles. The Siena model home is a showcase of luxury and design, and we encourage interested home buyers to visit and experience this exceptional home along with the final few quick move-in homes remaining in the community firsthand.

The Siena Modern Farmhouse model home features designer upgrades throughout, including fully landscaped and furnished interiors, offering an unparalleled living experience. The professionally decorated model home is priced at $2,999,995.

For more information, call  844-700-8655  or visit TollBrothers.com/LA. The Sales Center for Verona Estates is located at 20508 Edgewood Court in Chatsworth and is open by appointment only.

About Toll Brothers

Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol TOL. The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit  TollBrothers.com.

From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license.

Contact: Andrea Meck | Toll Brothers, Director, Public Relations & Social Media |  215-938-8169  |  ameck@tollbrothers.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cbb8cf4a-a018-4df0-955e-3cf4ab63edeb

Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)

Verona Estates by Toll Brothers

Toll Brothers announced the final opportunity to own a new home at Verona Estates, including the designer-decorated Siena model home, in Chatsworth, California.

Source: Toll Brothers, Inc.

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Northvolt crisis may be make or break for Europe’s EV battery ambitions

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By Marie Mannes, Alessandro Parodi and Stine Jacobsen

STOCKHOLM/GDANSK (Reuters) – Northvolt’s financial collapse deals a blow to Europe’s plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

Europe’s biggest hope for an electric vehicle battery champion filed for U.S. Chapter 11 bankruptcy protection on Thursday after talks with investors and creditors including Volkswagen (ETR:) and Goldman Sachs for funding failed.

The Swedish company, whose motto is “make oil history”, has received more than $10 billion in equity, debt and public financing since its 2016 start-up. Volkswagen and Goldman Sachs each own about one fifth of its shares.

Northvolt said on Friday it needed $1.0-$1.2 billion in new funds under the restructuring process, which it hopes will end by the end of March.

In recent months, it has shrunk the business and cut jobs in a bid to shore up its finances. But it has struggled to produce sufficient volumes of high-quality batteries, and lost a 2 billion euro ($2.1 billion) contract from BMW (ETR:) in June.

That has left Europe’s ambitions to build its own battery industry looking a distant dream.

In recent years, Northvolt led a wave of European startups investing tens of billions of dollars to serve the continent’s automakers as they switch from internal combustion engines to electric vehicles.

But growth in EV demand is moving at a slower pace than many in the industry projected, and China has taken a huge lead in powering EVs, controlling 85% of global battery cell production, International Energy Agency data shows.

Making batteries and cells, the units that store and convert chemical energy into electricity, is a delicate process and doing so at scale is a challenge for any battery maker.

Northvolt has missed some in-house targets and curtailed production at its battery cells plant in northern Sweden, underscoring the difficulties, Reuters reported on Monday.

“The biggest issue is that batteries are not easy to make and Northvolt haven’t satisfied the supply demands of their customers – that is a management issue,” said Andy Palmer, founder of consultancy Palmer Automotive said.

“The Chinese are technologically 10 years ahead of the West in batteries. That’s a fact,” he said.

At least eight companies have postponed or abandoned EV battery projects in Europe this year, including China’s Svolt and joint venture ACC (NS:), led by Stellantis (NYSE:) and Mercedes-Benz (OTC:).

In 2024, Europe’s battery pipeline capacity out to 2030 has fallen by 176 gigawatt-hours, according to data firm Benchmark Minerals. That’s equivalent to almost all the current installed capacity in Europe, according to Reuters calculations.

RETHINK

Some executives say Europe should do more to attract and support home-grown projects so they can compete with Chinese rivals such as CATL and BYD (SZ:).

“Europe needs to rethink how it supports a nascent sector before China eats up the entire value chain, which is due to smart planning,” said James Frith, European head of Volta Energy Technologies, which specialises in battery and energy storage technology.

Among its $5.8 billion in debts, Northvolt owes the European Investment Bank (EIB) some $313 million.

EIB vice president Thomas Östros said it had been a constructive partner to Northvolt, but it needed to safeguard the EIB and EU’s interests.

“It remains the case that Europe has a strategic interest in a European battery industry for electric cars and we will follow developments very closely. But it is much to early to say what the outcome will be,” he said.

The Swedish government has repeatedly said it does not plan to take a stake in Northvolt.

On Friday, Northvolt’s outgoing CEO and co-founder Peter Carlsson said he was a “little worried” Europe is giving up on its dream of competing with China.

© Reuters. FILE PHOTO: A logo is displayed on battery maker Northvolt's energy storage system plant in Gdansk, Poland,  October 21, 2024. REUTERS/Marie Mannes/File Photo

He said Europe would regret it in 20 years time if it retreated.

“It’s not a straight journey and right now, we’re all in a bit of a down in that journey where there’s more hesitations, there’s more questions on the speed of the transition from the carmakers, from policymakers, from the investor community,” he told reporters in a call.

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