
On Christmas Eve, Nicaraguan dictator Daniel Ortega sent his National Assembly a proposed Law on the Administration of the Monetary and Financial System that will overhaul how the Central Bank of Nicaragua (BCN) and the Superintendency of Banks and Other Financial Institutions (Siboif) operate. When this law comes into effect, both entities will be overseen by a common board of directors chaired by the BCN president, “superminister” Ovidio Reyes. Since early last year, Reyes has exercised de facto control over the Ministry of Finance and Public Credit, particularly after the ousting of its former minister, Ivan Acosta. The appointment of Bruno Gallardo as head of the Finance Ministry appeared to be a mere legal formality, as it was Reyes—not Gallardo—who presented the 2025 National Budget. An analyst familiar with the country’s political and economic situation told Confidencial anonymously that this law increases Reyes’s already extensive “supercontrol.” The analyst argued, “He is practically the second most powerful person in the country, given the authority and control he holds over fiscal and monetary policy.” From exile, a private businessman experienced in financial regulation commented that another purpose of this law is to intimidate the population by showcasing the regime’s repressive power. The text also threatens top executives of financial institutions who could now be removed at the discretion of the new all-powerful entity. Get the most prominent news about Nicaragua, every Wednesday, directly to your inbox. A financial law expert pointed out an additional aim of the proposed law: to control the flow of capital both in and out of the country. Faced with some businesspeople moving their assets abroad, the regime seeks to “prevent capital flight, keep assets within the country, and identify those who are transferring funds out of Nicaragua,” the expert explained. Legal and De Facto Repression The proposed law submitted to the legislature politicizes financial regulations to consolidate the dictatorship’s power, using these laws to gather information on individuals it perceives as enemies, the private businessman remarked. According to him, “The initiative aims—like other laws they have imposed—to instill fear in the population and demonstrate their power through repression. This is evident in Article 137, ‘Support from Law Enforcement,’ which allows the Superintendency to utilize the police in cases where individuals or entities resist providing requested information.” Article 137 states: “The Superintendency may request assistance from law enforcement if it encounters obstacles or resistance in fulfilling its supervisory, inspection, and monitoring functions. Law enforcement must provide all necessary support to the Superintendency, without prejudice to the legal responsibilities of violators.” A financial law expert argued, “The Superintendency doesn’t need this new authority. It can already declare an intervention to take control of institutions without involving law enforcement. This provision is unnecessary and excessive.” End of Banking Secrecy The businessman also noted that Article 24, “Obligation to Provide Information,” grants unlimited and arbitrary power to authorities, effectively abolishing private financial information. Individuals and entities are now required to provide information not only to the Central Bank or Superintendency but also to any entities or persons they designate. He criticized the broad demands for any type of information within discretionary timelines and formats, arguing, “This goes beyond regulatory norms. It includes economic, financial, and statistical data without clear limits, undermining the right to private information and threatening banking secrecy for individuals and companies.” Regarding Article 138, “Nullification of Appointments,” he observed that it grants discretionary power to remove directors, general managers, executives, and internal auditors of supervised financial institutions for reasons determined solely by the Superintendency. The expert emphasized, “The current law already allows for the dismissal of those who fail to meet legal requirements or commit irregularities. But this proposal introduces vague criteria like ‘reasons determined by the Superintendency,’ which could apply to entire boards, managers, executives, and employees.” Private Banks Left Defenseless The financial law expert stressed that “the regime seeks total control over every sector and economic space in the country,” particularly entities handling cross-border capital flows, such as exporters, importers, and bankers. This drive for control has intensified since 2018, following a massive flight of capital from Nicaragua. “In today’s world, the main source of financing for businesses, farmers, and any economic sector is the savings deposited in the financial system. But when a large amount of capital exits an economy, the transferring country loses its capacity to fund productive activities,” the expert explained. In Nicaragua’s case, productive actors fear losing their money and send it abroad. As a result, the regime created this infrastructure with extensive control powers to monitor who is moving capital out of the country, he added. The new law threatens public force to obtain information and conduct on-site inspections. The expert concluded that this superstructure “places banks in a highly vulnerable position regarding correspondent banking relationships and international operations.” Moreover, it removes banks’ independence as commercial entities. “Banks can no longer make decisions that contradict the regime, as this could justify intervention. Now, liquidating a bank requires only an administrative resolution, with no legal recourse.” This article was published in Spanish in Confidencial and translated by Havana Times. To get the most relevant news from our English coverage delivered straight to your inbox, subscribe to The Dispatc h.
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Will ‘Big Mood’ Return for Season 2? Everything We Know So FarThe Buffalo Bills re-signed Nicholas Morrow on Tuesday and placed fellow linebacker Baylon Spector on injured reserve. Morrow, 29, recorded three tackles in 11 games (zero starts) this season before he was waived on Dec. 7. He has totaled 468 tackles, seven sacks, three interceptions, three forced fumbles and three fumble recoveries in 105 career games (58 starts) with the Oakland/Las Vegas Raiders, Chicago Bears, Philadelphia Eagles and Bills. Spector, 26, had 40 tackles and 1.5 sacks in 11 games (four starts) this season before sustaining a calf injury in Buffalo's 24-21 victory over the New England Patriots on Sunday. He has totaled 52 tackles to go along with those 1.5 sacks in 26 career games (four starts) with the Bills since 2022. --Field Level MediaAvatr secures over 1.5 billion USD investment in its Series C financing round On December 17th, Avatar Technology , co-developed by Changan , Huawei , and CATL , has secured over 11 billion yuan (1.5 billion USD) in its Series C financing round. Funds from this financing round aims to accelerate Avatr’s current operations and enhance its future competitiveness in the luxury EV market. Avatr was first created by Changan Automobile in an effort to create technologically advanced electric cars in cooperation with Nio . A joint-venture company was first formed with Changan-Nio each with a 50:50 share ratio in 2018. Two years later, however, the alliance did not materialize due to the withdrawal of Nio. After the withdrawal of Nio, Changan engaged CATL and Huawei as development partners and named the company Avatr. Changan is the primary shareholder with 40.99% of shares, while CATL holds 14.1% of shares. The rest of the shares are held by local governments and investment funds. Huawei is not a shareholder, but a close collaborator providing much of Avatr’s technology solutions. In August 2022, Avatr launched its Series A round funding, raising nearly 5 billion yuan (680 million USD). In August 2023, Avatr completed its Series B financing round, achieving a valuation of nearly 20 billion yuan (2.7 billion USD). Avatr began its Series C round of funding in November and ended its funding round with an additional 11 billion yuan (1.5 billion USD) raised. The investment will primarily be used for R&D of upcoming models, production line expansion, brand development, and supplementing working capital. On December 12, Avatr and Huawei signed a comprehensive strategic cooperation agreement at Huawei’s Shenzhen headquarters. Both companies agreed to deepen their collaboration in product development, marketing, and ecosystem services to support Avatr’s next-generation vehicle series. Avatr achieved a record monthly sales volume of 11,579 units this November, marking a year-on-year growth of over 180%. In December, Avatr launched its Avatr 11 2024 facelift and unveiled its new Avatr 06 sedan . Sources: ITHome
Nanobiotix remains focused on advancing its lead program which is proceeding as planned. To enable further growth, Nanobiotix will leverage new nanotherapeutic technologies with the potential to improve treatment outcomes for millions of patients. The event will feature a presentation by Laurent Lévy, PhD , Chief Executive Officer of Nanobiotix, and Matthieu Germain, PhD , Head of Curadigm at Nanobiotix. Together, they will outline the future potential of the Curadigm Nanoprimer Platform, an innovative nanotherapeutic technology designed to transform the development of intravenously-administered therapeutics. Following the presentation, a panel discussion will bring together leading experts to explore the transformative potential of Curadigm. Participants include: About CURADIGM Curadigm is an early-stage nanotherapeutic platform designed to disrupt the design and development IV-administered therapeutics and improve outcomes for patients. Curadigm's Nanoprimer platform increases drug bioavailability while decreasing unintended off-target effects, specifically liver toxicity. The platform can be used with most intravenous (IV) therapeutics across multiple drug classes. Curadigm is dedicated to advancing therapeutic development based on our deep understanding of how drugs interact with the body, to impact both known and novel drugs across multiple clinical indications. About NANOBIOTIX Nanobiotix is a late-stage clinical biotechnology company pioneering disruptive, physics-based therapeutic approaches to revolutionize treatment outcomes for millions of patients; supported by people committed to making a difference for humanity. The Company's philosophy is rooted in the concept of pushing past the boundaries of what is known to expand possibilities for human life. Incorporated in 2003, Nanobiotix is headquartered in Paris, France and is listed on Euronext Paris since 2012 and on the Nasdaq Global Select Market in New York City since December 2020. The Company has subsidiaries in Cambridge, Massachusetts (United States) amongst other locations. Nanobiotix is the owner of more than 25 umbrella patents associated with three (3) nanotechnology platforms with applications in 1) oncology; 2) bioavailability and biodistribution; and 3) disorders of the central nervous system. For more information about Nanobiotix, visit us at www.nanobiotix.com or follow us on LinkedIn and Twitter Disclaimer This press release contains "forward-looking” statements within the meaning of the "safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the use of proceed therefrom, and the period of time through which the Company's anticipates its financial resources will be adequate to support operations. Words such as "expects”, "intends”, "can”, "could”, "may”, "might”, "plan”, "potential”, "should” and "will” or the negative of these and similar expressions are intended to identify forward-looking statements. These forward-looking statements which are based on the Company' management's current expectations and assumptions and on information currently available to management. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those implied by the forward-looking statements, including risks related to Nanobiotix's business and financial performance, which include the risk that assumptions underlying the Company's cash runway projections are not realized. Further information on the risk factors that may affect company business and financial performance is included in Nanobiotix's Annual Report on Form 20-F filed with the SEC on April 24, 2024 under "Item 3.D. Risk Factors”, in Nanobiotix's 2023 universal registration document filed with the AMF on April 24, 2024, in Nanobiotix' 2024 semi-annual report under the caption "Supplemental Risk Factor” filed with the SEC on Form 6-K and with AMF on September 18 2024, and subsequent filings Nanobiotix makes with the SEC from time to time which are available on the SEC's website at www.sec.gov. The forward-looking statements included in this press release speak only as of the date of this press release, and except as required by law, Nanobiotix assumes no obligation to update these forward-looking statements publicly. Contacts Brandon Owens VP, Communications +1 (617) 852-4835 [email protected] Craig West SVP, Investor Relations +1 (617) 583-0211 [email protected] Laurent Wormser + 33 (0)6 13 12 04 04 [email protected] Kevin Gardner +1 (617) 283-2856 [email protected] Attachments
HARRISBURG, Pa. (AP) — Democratic Sen. Bob Casey of Pennsylvania conceded his reelection bid to Republican David McCormick on Thursday, as a statewide recount showed no signs of closing the gap and his campaign suffered repeated blows in court in its effort to get potentially favorable ballots counted. Casey’s concession comes more than two weeks after Election Day, as a grindingly slow ballot-counting process became a spectacle of hours-long election board meetings, social media outrage, lawsuits and accusations that some county officials were openly flouting the law. Republicans had been claiming that Democrats were trying to steal McCormick’s seat by counting “illegal votes.” Casey’s campaign had accused of Republicans of trying to block enough votes to prevent him from pulling ahead and winning. In a statement, Casey said he had just called McCormick to congratulate him. “As the first count of ballots is completed, Pennsylvanians can move forward with the knowledge that their voices were heard, whether their vote was the first to be counted or the last," Casey said. The Associated Press called the race for McCormick on Nov. 7, concluding that not enough ballots remained to be counted in areas Casey was winning for him to take the lead. As of Thursday, McCormick led by about 16,000 votes out of almost 7 million ballots counted. That was well within the 0.5% margin threshold to trigger an automatic statewide recount under Pennsylvania law. But no election official expected a recount to change more than a couple hundred votes or so, and Pennsylvania's highest court dealt him a blow when it refused entreaties to allow counties to count mail-in ballots that lacked a correct handwritten date on the return envelope. Republicans will have a 53-47 majority next year in the U.S. Senate. ___ Follow Marc Levy at twitter.com/timelywriter Marc Levy, The Associated Press