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RA Capital Management Announces Close of $1.4 Billion Acquisition of Aliada Therapeutics by AbbVie
In October, a video on social media showed the manager of Social Islami Bank's Agargaon branch breaking down in tears after enduring harsh verbal abuse from frustrated customers seeking to withdraw cash. It didn't take long to go viral. The severe cash crunch at Social Islami Bank was far from an isolated incident. Throughout October and November, protests erupted inside the branches of several banks, with angry clients blocking branch managers to recover their money. The social media footage itself was a testament to the fragile state of the banking sector — a system teetering under the weight of corruption, mismanagement and a crisis of confidence. At the heart of the turmoil were several Shariah-based banks heavily controlled by S Alam Group, a controversial business conglomerate whose governance failures and financial irregularities cast a shadow over the entire sector. For years, the true state of Bangladesh's banking system remained obscured by political interference and flawed policies during Sheikh Hasina's 15-year rule. After her fall in early August, the extent of the dysfunction became painfully clear. In 2024, the banking sector faced a perfect storm of challenges: liquidity shortages in Shariah-based lenders, foreign exchange instability, soaring inflation, ill-conceived mergers and a seismic increase in non-performing loans. As part of its $4.7 billion loan programme for Bangladesh, the International Monetary Fund (IMF) made financial sector reforms a key condition. While the previous government had resisted the demands for reform, the interim administration that came after Hasina's exit moved swiftly to address systemic irregularities and implement a broad reform agenda. Towards the end of the year, a slew of steps had been taken, though the path to stability remained fraught with difficulty. A GLOOMY START The year began under a cloud of economic uncertainty. Inflation surged to 11.66 percent in July -- the highest in 13 years. The price pressure has been hovering above the 9 percent mark since March 2023. Despite the government and the central bank's efforts, including multiple policy rate hikes, inflationary pressures showed little sign of easing. To make things worse, the foreign exchange market faced unrelenting volatility for months. Over two years, the country's dollar stocks had halved and local currency Taka had depreciated by about 28 percent. These burdens further strained the banking sector, specially for Shariah-based lenders already wrestling with governance failures and liquidity shortfalls. BB's LIQUIDITY SUPPORT ALL THROUGH 2024 To protect the banking sector from a collapse, the Bangladesh Bank (BB) injected fresh funds into struggling banks throughout the year. The lack of securities tied to these liquidity supports fueled inflation and drew criticism for making things difficult in the long run. Critics argued that such measures merely postponed the reckoning, without addressing the structural flaws undermining the sector. At the end of 2023, the central bank provided Tk 22,000 crore in emergency funds to seven beleaguered banks, including five Islamic ones, to dress up their balance sheets before the year closed. Then, in January, the banking regulator provided Tk 12,000 crore to six banks against the special purpose treasury bond issued by the government to settle outstanding payments for fertiliser and power. Economists came down heavily on these fund injections, arguing that those fueled inflation by "printing money". Under the interim government, the central bank also extended Tk 22,500 crore as liquidity support to six crisis-hit banks in November. FAULTY MERGER MOVE As per the instruction of the previous government, Abdur Rouf Talukder, former governor of the central bank, took an initiative to merge five weak banks with sound ones. The move prompted massive instability in the banking sector as depositors of the weak banks rushed to withdraw cash. The decision to merge the weak and problematic Padma Bank with the EXIM Bank in March was the first merger initiative. Later, names of a few more banks came to light for merger, which eventually caused the lenders to face a liquidity crisis due to massive deposit withdrawals. However, after the political changeover, the merger decision was cancelled. THE RETURN OF MARKET-BASED INTERESTS In May this year, the BB was forced to reintroduce market-based interest rates after shelving it for four years. The reintroduction was to meet the conditions of the IMF. The central bank, in line with the government instruction in 2020, introduced a single-digit lending rate which allowed banks to charge a maximum 9 percent interest rate on lending. Economists criticised the single-digit lending rate policy as it created an opportunity for bad borrowers to take funds at a cheap rate and launder it abroad. The single-digit lending rate also contributed to high inflation. In July 2023, the central bank withdrew the 9 percent lending rate cap and introduced the Six-Months Moving Average Rate of Treasury bills (SMART) formula for setting the interest rate. In May this year, the banking regulator scrapped the SMART formula to let the market decide interest rates on commercial lending. At the same time, the BB introduced a crawling peg exchange rate system for buying and selling foreign currencies and allowed banks to buy and sell US dollars at around Tk 117. BAD LOANS REACHED RECORD HIGH At the end of September this year, non-performing loans (NPLs) in the banking sector reached Tk 2,84,977 crore. The figure included a massive Tk 73,586 crore defaulted in just three months. Between July and September, bad debts soared by 34.8 percent, according to the BB. Industry insiders said that the actual scenario of the sector came to light less than two months after the fall of Sheikh Hasina on August 5. The actual bad loans will likely cross Tk 5,00,000 crore when rescheduled and written-off loans are added, according to them. BANKING HAMSTRUNG IN MASS UPRISING Student-led nationwide movement in July and the anti-government campaign in August largely disrupted the banking services. To quell the movement, the Awami League-led government suspended internet facilities nationwide for almost a week. These internet outages crippled digital banking, internet banking and remittance earnings. After the fall of the Awami League government in early August, there were also cash withdrawal restrictions throughout the month. Besides, most of the automated teller machines (ATMs) were closed for a prolonged period due to security concerns. BANKING SECTOR UNDER THE INTERIM GOVT After the formation of the interim government, Ahsan H Mansur, a reputed economist, became the governor of the Bangladesh Bank by replacing Abdur Rouf Talukder. After assuming office, new governor Mansur restructured the boards of eleven banks, six of which were dominated by the controversial S Alam Group. The banking regulator also formed three taskforces on non-performing loan management, strengthening project and legal frameworks to continue and accelerate reforms. Meanwhile, the interim government appointed a pool of experts to prepare a report on the state of the economy. The expert team submitted their white paper on the economic state of Bangladesh to the chief adviser in December, which dedicated a chapter, titled "Deep into a Black Hole," elaborating on banking irregularities. The BB initiated forensic audits in crisis-hit banks, efforts to bring back laundered money and strengthening the capacity of the central bank with the help of the World Bank and IMF. Besides, a government taskforce was formed to investigate money laundering and other misdeeds allegedly carried out by 10 major business groups in the country: S Alam Group, Beximco Group, Summit Group, Bashundhara Group, Gemcon Group, Orion Group, Nabil Group, Nassa Group, Sikder Group and Aramit Group. While these reform measures marked a critical point to restore public confidence and strengthen regulatory oversight, the road to recovery remains long and uncertain. In October, a video on social media showed the manager of Social Islami Bank's Agargaon branch breaking down in tears after enduring harsh verbal abuse from frustrated customers seeking to withdraw cash. It didn't take long to go viral. The severe cash crunch at Social Islami Bank was far from an isolated incident. Throughout October and November, protests erupted inside the branches of several banks, with angry clients blocking branch managers to recover their money. The social media footage itself was a testament to the fragile state of the banking sector — a system teetering under the weight of corruption, mismanagement and a crisis of confidence. At the heart of the turmoil were several Shariah-based banks heavily controlled by S Alam Group, a controversial business conglomerate whose governance failures and financial irregularities cast a shadow over the entire sector. For years, the true state of Bangladesh's banking system remained obscured by political interference and flawed policies during Sheikh Hasina's 15-year rule. After her fall in early August, the extent of the dysfunction became painfully clear. In 2024, the banking sector faced a perfect storm of challenges: liquidity shortages in Shariah-based lenders, foreign exchange instability, soaring inflation, ill-conceived mergers and a seismic increase in non-performing loans. As part of its $4.7 billion loan programme for Bangladesh, the International Monetary Fund (IMF) made financial sector reforms a key condition. While the previous government had resisted the demands for reform, the interim administration that came after Hasina's exit moved swiftly to address systemic irregularities and implement a broad reform agenda. Towards the end of the year, a slew of steps had been taken, though the path to stability remained fraught with difficulty. A GLOOMY START The year began under a cloud of economic uncertainty. Inflation surged to 11.66 percent in July -- the highest in 13 years. The price pressure has been hovering above the 9 percent mark since March 2023. Despite the government and the central bank's efforts, including multiple policy rate hikes, inflationary pressures showed little sign of easing. To make things worse, the foreign exchange market faced unrelenting volatility for months. Over two years, the country's dollar stocks had halved and local currency Taka had depreciated by about 28 percent. These burdens further strained the banking sector, specially for Shariah-based lenders already wrestling with governance failures and liquidity shortfalls. BB's LIQUIDITY SUPPORT ALL THROUGH 2024 To protect the banking sector from a collapse, the Bangladesh Bank (BB) injected fresh funds into struggling banks throughout the year. The lack of securities tied to these liquidity supports fueled inflation and drew criticism for making things difficult in the long run. Critics argued that such measures merely postponed the reckoning, without addressing the structural flaws undermining the sector. At the end of 2023, the central bank provided Tk 22,000 crore in emergency funds to seven beleaguered banks, including five Islamic ones, to dress up their balance sheets before the year closed. Then, in January, the banking regulator provided Tk 12,000 crore to six banks against the special purpose treasury bond issued by the government to settle outstanding payments for fertiliser and power. Economists came down heavily on these fund injections, arguing that those fueled inflation by "printing money". Under the interim government, the central bank also extended Tk 22,500 crore as liquidity support to six crisis-hit banks in November. FAULTY MERGER MOVE As per the instruction of the previous government, Abdur Rouf Talukder, former governor of the central bank, took an initiative to merge five weak banks with sound ones. The move prompted massive instability in the banking sector as depositors of the weak banks rushed to withdraw cash. The decision to merge the weak and problematic Padma Bank with the EXIM Bank in March was the first merger initiative. Later, names of a few more banks came to light for merger, which eventually caused the lenders to face a liquidity crisis due to massive deposit withdrawals. However, after the political changeover, the merger decision was cancelled. THE RETURN OF MARKET-BASED INTERESTS In May this year, the BB was forced to reintroduce market-based interest rates after shelving it for four years. The reintroduction was to meet the conditions of the IMF. The central bank, in line with the government instruction in 2020, introduced a single-digit lending rate which allowed banks to charge a maximum 9 percent interest rate on lending. Economists criticised the single-digit lending rate policy as it created an opportunity for bad borrowers to take funds at a cheap rate and launder it abroad. The single-digit lending rate also contributed to high inflation. In July 2023, the central bank withdrew the 9 percent lending rate cap and introduced the Six-Months Moving Average Rate of Treasury bills (SMART) formula for setting the interest rate. In May this year, the banking regulator scrapped the SMART formula to let the market decide interest rates on commercial lending. At the same time, the BB introduced a crawling peg exchange rate system for buying and selling foreign currencies and allowed banks to buy and sell US dollars at around Tk 117. BAD LOANS REACHED RECORD HIGH At the end of September this year, non-performing loans (NPLs) in the banking sector reached Tk 2,84,977 crore. The figure included a massive Tk 73,586 crore defaulted in just three months. Between July and September, bad debts soared by 34.8 percent, according to the BB. Industry insiders said that the actual scenario of the sector came to light less than two months after the fall of Sheikh Hasina on August 5. The actual bad loans will likely cross Tk 5,00,000 crore when rescheduled and written-off loans are added, according to them. BANKING HAMSTRUNG IN MASS UPRISING Student-led nationwide movement in July and the anti-government campaign in August largely disrupted the banking services. To quell the movement, the Awami League-led government suspended internet facilities nationwide for almost a week. These internet outages crippled digital banking, internet banking and remittance earnings. After the fall of the Awami League government in early August, there were also cash withdrawal restrictions throughout the month. Besides, most of the automated teller machines (ATMs) were closed for a prolonged period due to security concerns. BANKING SECTOR UNDER THE INTERIM GOVT After the formation of the interim government, Ahsan H Mansur, a reputed economist, became the governor of the Bangladesh Bank by replacing Abdur Rouf Talukder. After assuming office, new governor Mansur restructured the boards of eleven banks, six of which were dominated by the controversial S Alam Group. The banking regulator also formed three taskforces on non-performing loan management, strengthening project and legal frameworks to continue and accelerate reforms. Meanwhile, the interim government appointed a pool of experts to prepare a report on the state of the economy. The expert team submitted their white paper on the economic state of Bangladesh to the chief adviser in December, which dedicated a chapter, titled "Deep into a Black Hole," elaborating on banking irregularities. The BB initiated forensic audits in crisis-hit banks, efforts to bring back laundered money and strengthening the capacity of the central bank with the help of the World Bank and IMF. Besides, a government taskforce was formed to investigate money laundering and other misdeeds allegedly carried out by 10 major business groups in the country: S Alam Group, Beximco Group, Summit Group, Bashundhara Group, Gemcon Group, Orion Group, Nabil Group, Nassa Group, Sikder Group and Aramit Group. While these reform measures marked a critical point to restore public confidence and strengthen regulatory oversight, the road to recovery remains long and uncertain.
Hadley overcome with emotion as one moment in touching tribute leaves him in tearsE-Bike Incentive Programs Need Well-Defined Goals To Be More Effective
On December 20, 2024, Douglas Elliman Inc. entered into a significant agreement regarding the assumption of an office lease. The company, based in Miami, Florida, signed the fourth amendment to the office lease agreement with Vector Group Ltd. and Frost Real Estate Holdings, LLC. This agreement entails the transfer of all obligations and rights under an existing office lease agreement dating back to September 10, 2012. The newly assumed lease agreement includes a five-year term extension lasting through April 30, 2028. This extension pertains to a 12,390 square foot office space located at 4400 Biscayne Boulevard, Miami, Florida. As part of the deal, Douglas Elliman Inc. deposited $176,142.00 with the landlord as a security deposit. Approval for this amendment was secured from the Audit Committee of the Company’s Board of Directors, as the company’s significant shareholder, Dr. Phillip Frost, beneficially owns more than 5% of its capital stock. For a detailed understanding of the agreement, reference should be made to the full text of the fourth amendment and the lease agreement, a copy of which is available as Exhibit 10.1 in the Current Report on Form 8-K filed by Douglas Elliman Inc. In compliance with reporting requirements, the company has duly submitted this report, signed by J. Bryant Kirkland III, the Executive Vice President, Secretary, Treasurer, and Chief Financial Officer, on December 27, 2024. The filing also includes Exhibit 104, which houses the Cover Page Interactive Data File embedded within the Inline XBRL document. This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Douglas Elliman’s 8K filing here . Douglas Elliman Company Profile ( Get Free Report ) Douglas Elliman Inc owns Douglas Elliman Realty, LLC, operating as a residential brokerage company in the United States with operations in New York, Florida, California, Texas, Colorado, Nevada, Massachusetts, Connecticut, Maryland, Virginia and Washington, DC In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology (“PropTech”) solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets. Featured Stories
Demise of ‘woke’ would make society poorer
Watchdog ruling denies free speech and fair comment
U.S. Sen. Elizabeth Warren, D-Mass., said last week’s shooting death of UnitedHealthCare’s CEO on the streets of Midtown Manhattan is a “warning” to the health care system that people "can be pushed only so far." In a Tuesday interview with The Huff Post, the Cambridge Democrat explicitly condemned the violence that led to the shooting death of Brian Thompson, saying “violence is never the answer.” Still, Warren, who is one of Capitol Hill’s most outspoken critics of corporate America, noted that “if you push people hard enough, they lose faith in the ability of their government to make change, lose faith in the ability of the people who are providing the health care to make change, and start to take matters into their own hands in ways that will ultimately be a threat to everyone.” Warren later clarified her remarks after being on the receiving end of online criticism of her statements . “Violence is never the answer. Period,” Warren told HuffPost in a Wednesday statement. “I should have been much clearer that there is never a justification for murder.” In that same interview, U.S. Sen. Bernie Sanders, I-Vt., told the online news outlet that Thompson’s death was “outrageous” and “unacceptable” before he also criticized the insurance industry, “I think what the outpouring of anger at the health care industry tells us is that millions of people understand that health care is a human right and that you cannot have people in the insurance industry rejecting needed health care for people while they make billions of dollars in profit,” Sanders said, according to HuffPost. More political news
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Assad's fall leaves Syria's future uncertain
If you purchase an independently reviewed product or service through a link on our website, The Hollywood Reporter may receive an affiliate commission. Bag charms are back in a big way, and they’re converting even the most simplistic dressers to a maximalist aesthetic. From the runway to social media to street style, this undeniably fun accessory seems to have everyone in a chokehold. On TikTok, the hashtag “birkinify” is trending, and describes the act of adorning one’s handbag — or other — with charms, keychains, twillies and beads. Dua Lipa and are just two famous faces spotted with decked out Birkin bags, and Gigi Hadid recently with an assortment of charms, including her coveted . Below, we rounded up 17 bag charms that are the epitome of playful meets chic, from a variety of independent designers and large houses like Loewe, Gucci and Prada. Plus, they make the perfect or stocking stuffer. Available in three charm varieties. The engraved brass charm opens to reveal a mirror. Coach makes some of the best in the game. Select 10 beads from dozens of choices: hearts, faces, disco balls, snacks and so on. While likely won’t arrive in time for the holidays, it may very well be worth the wait. For a limited time, a 20 percent discount will be automatically applied at checkout. A similar look without the customization. And . Timeless. Gigi Hadid, Dua Lipa, Kendall Jenner, Justin Bieber and Blackpink are just a few famous fans of . Check out more of Susan Alexandra’s sweet . An Anthro bestseller. No one does bag charms quite like Loewe. Four charms in one. Part of Urban Outfitters’ exclusive collection of . Use code CHEERS for 25 percent off. A match made in leather and shearling heaven. One more cherry charm for good measure. Ending with a bang. More colorways available at . THR Newsletters Sign up for THR news straight to your inbox every day More from The Hollywood Reporter