Staff Correspondent

Islami Bank Plc and Social Islami Bank Limited (SIBL) were the top remittance collectors in April as $2.4 billion was sent to Bangladesh by expatriates in the month.
A total of around $500 million in remittances were sent through Islami Bank PLC in the month of April this year, according to Bangladesh Bank data released on Thursday (2 May).
SIBL, BRAC Bank, Janata Bank and National Bank respectively stood at the second, third, fourth and fifth positions.
The central bank said the growth in remittance flow in April compared to March was 2.16%.
Earlier, remittances fell by 8.46% in March compared to February.
&ldquo;Decrease or increase in remittance flow is a regular and normal phenomenon. However, the remittance flow is increasing every year. Remittances help stabilise the supply and exchange rate of foreign currency in the country and strengthen reserves,&rdquo; said a top official of the Bangladesh Bank.
Meanwhile, central bank sources said that if the 'hundi' syndicates are not stopped, the flow of remittances through the legal route will decrease.&nbsp;
Meanwhile, in the first 10 months of the current financial year, remittance inflows saw a 7% increase compared to last year.
According to sources, a total of $1.99 in remittances came to the country in March. The amount of remittance in February was $2.16 billion.

Islami Bank, SIBL top remittance collectors in April

Bangladesh recorded a substantial increase in remittances, receiving $2.04 billion in April, marking a 21.3%&nbsp; rise compared to the same period last year.
According to Bangladesh Bank, from January to April this year, the country received a total of $8.31 billion from expatriates, spurred by various bank initiatives aimed at encouraging the flow of remittances.
The figures show a consistent upward trend with $2.11 billion received in January, $2.16 billion in February, $1.99 billion in March, and $2.04 billion in April. This influx has been a boon to the economy, particularly during the ongoing foreign exchange crisis.
Dr Ahsan H Mansur, a noted economist, told UNB that Bangladesh could further increase remittances through legal channels by offering more financial and non-financial incentives to expatriates. He highlighted the preference among remitters for using the hundi system, an illegal money transfer method, due to its higher exchange rates, which are Tk5-7 more per US dollar compared to the official rates.
To counter this, Dr Mansur proposed that the government could introduce various benefits for legal remitters, including health cards, insurance coverage, and pension schemes, to make formal channels more attractive and dissuade the use of illegal methods like hundi.

Bangladesh secures $8.31 billion remittance in first 4 months of 2024

Expatriate Bangladeshis sent $2.04 billion remittances in April, which is 21.3 per cent higher than the corresponding period of the preceding year.
The country received $1.68 billion remittances during the month of April, 2023.
According to bankers, the flow of remittances usually rises during Eid.
In March, remittances dipped below the $2 billion mark after two months amid the weakening of the dollar against the Taka.
Data from the Bangladesh Bank show expatriate Bangladeshis sent home $1.99 billion in March.

Remittance rises 21% in April

Special Correspondent

Forced mergers will not save poorly performing banks, said Dr Mohammed Farashuddin, veteran economist and former governor of Bangladesh Bank.
&ldquo;Mergers should be ensured through discussion among parties instead of enforcing force,&rdquo; he said while presenting a keynote at an event titled &ldquo;Conversation with ERF members&rdquo; arranged by the Economic Reporters&rsquo; Forum (ERF) in Dhaka on Thursday (2 May).
ERF General Secretary Abul Kashem moderated the event while ERF President Mohammad Refayet Ullah Mirdha chaired it.
&ldquo;The number of banks in Bangladesh has not exceeded the limit. But the pattern of loan disbursement is a major problem,&rdquo; he added.
Dr Mohammed Farashuddin said a bank branch in Bangladesh serves 15,000 people, while the number is around 12,000 in India and Pakistan.&nbsp;
&ldquo;So, there can be more bank branches in proportion to population but the distribution of deposits and loans should be balanced,&rdquo; he added.
For example, he said that many banks disbursed around 80% of their loans from the branch in Motijheel and the remaining 20% through the remaining branches across the country.
Highlighting the country&rsquo;s present economic condition, he said, &ldquo;Bangladesh is one of the many countries in the world that are maintaining the continuity of GDP growth for the last couple of decades. The economy of 16 countries was stable during the Covid-19 crisis and Bangladesh is one among these countries.&rdquo;
Bangladesh has been maintaining geopolitical balance, the former central bank governor said.
However, the economist has expressed concern over the rising and persistent inflation.
&ldquo;Bangladesh failed to reduce inflation while most economies all over the world have succeeded in taming commodity price hikes,&rdquo; he said, urging for coordination among fiscal and monetary measures and also effective market monitoring to reduce the price of the essential commodities.
Dr Farasuddin said, &ldquo;Ministers are saying that people are doing well even after inflation of 9.7%. &nbsp;That is unrealistic. Salaries for certain groups of people may have gone up a little but the majority is not better off due to this inflation.&rdquo;
He also said the central bank should have stronger rules from the Ministry of Finance for transparency in the financial sector.
&ldquo;The former finance minister Abul Mal Abdul Muhith announced the formation of the banking reform commission, but it was not done. This commission needs to be formed and active,&rdquo; he added.
Dr Farasuddin also said that there is no need for a reform commission if there is a strong central bank and an efficient finance ministry.
Expressing concern over the recent rise in inequality in the country, the former central bank governor said, &ldquo;When a capitalist economy grows, the kindness of people decreases.&rdquo;
&ldquo;Maybe that's what's happening now. That is why the inequality has increased,&rdquo; he added.

Forced mergers won’t save troubled banks: Farashuddin

UNB/AKM Moinuddin

The number of people aged 60 and above in developing Asia and the Pacific is set to nearly double by 2050 to 1.2 billion&mdash;or about a quarter of the total population&mdash;significantly increasing the need for pension and welfare programs as well as healthcare services, said a new report on Thursday.
At the same time, economies have an opportunity to reap a &ldquo;silver dividend&rdquo; in the form of additional productivity from older people, which could boost gross domestic product in the region by 0.9% on average, said the Asian Development Bank (ADB).
&ldquo;Asia and the Pacific&rsquo;s rapid development is a success story, but it&rsquo;s also fueling a huge demographic shift, and the pressure is rising,&rdquo; said ADB Chief Economist Albert Park.&nbsp;
&ldquo;Governments need to prepare now if they&rsquo;re going to be able to help hundreds of millions of people in the region age well. Policies should support lifetime investment in health, education, skills, and financial preparedness for retirement. Family and social ties are also important to foster healthy and productive populations of older people and maximize their contribution to society.&rdquo;
Developing Asia and the Pacific are unprepared to secure the well-being of its rapidly aging population as the growing share of older people in the region face challenges from low pension coverage to health problems, social isolation, and limited access to essential services, according to the multilateral development bank.
While longer lifespans reflect the region&rsquo;s development success, comprehensive policy reforms are urgently needed to support the welfare of older people, according to &ldquo;Aging Well in Asia: Asian Development Policy Report,&rdquo; released on Thursday by the Asian Development Bank (ADB) at its 57th Annual Meeting.
According to the report, 40% of people over age 60 in Asia and the Pacific lack access to any form of pension&mdash;with women disproportionately affected, as they are more likely to do unpaid domestic work.&nbsp;
As a result, many older people in the region have no choice but to work well beyond retirement age to survive.&nbsp;
Among those still working at age 65 or older, 94% work in the informal sector, which typically doesn&rsquo;t provide basic labor protections or pension benefits.
Physical and mental health challenges also increase with age.&nbsp;
Around 60% of older people in Asia and the Pacific do not attend or receive regular health checks, while 31% report depressive symptoms owing to illness, social isolation, and economic insecurity.&nbsp;
Older women in the region are also more likely than older men to suffer from ill health, from depression to diabetes and hypertension.&nbsp;
The report recommended a wide range of policy measures to support healthy and economically secure aging.&nbsp;
Among these are government-assisted health insurance and pension plans, improved health infrastructure, and free annual check-ups and lifestyle evaluations.&nbsp;
Policy makers should aim for universal healthcare coverage, while basic labour protections should be extended to older informal workers, according to the report.
By making mandatory retirement ages more flexible, helping older people stay healthy, and providing them with suitable work opportunities as well as lifelong learning and skills development, economies in the region can help older people stay productive longer.

Despite economic success, rapidly-aging developing Asia unprepared to ensure elderly wellbeing: ADB

BSS/AFP

The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the level at a 23-year high to fight stubborn price increases.
After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 percent, citing a "lack of further progress" towards its two percent inflation target.
"The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks," the Fed said in a statement.
For months, the US central bank has held its benchmark lending rate at a high level to cool demand and rein in price increases -- with a slowdown in inflation last year fueling optimism that the first cuts were on the horizon.
But inflation has accelerated, throwing cold water on hopes of an early rate reduction.
The Fed said it does not expect to lower rates until it has "greater confidence" that inflation is moving sustainably towards its target.
Federal Reserve Chair Jerome Powell told a press conference: "It is likely that gaining such greater confidence will take longer than previously expected."
 While the central bank is prepared to hold rates steady for as long as appropriate, Powell added that it is "unlikely that the next policy rate move will be a hike."
Possible cuts? The Fed's statement does not significantly change the general outlook that a first rate cut will likely occur in September, said economist Ryan Sweet of Oxford Economics.
This is contingent upon inflation slowing, he added.
While markets see a September cut "as a coin flip," a few good inflation reports could change the narrative, Sweet said.
Wednesday's statement also "contains no hawkish pivot in tone," noted Pantheon Macroeconomics chief economist Ian Shepherdson.
Policymakers instead "provided reassurance" by saying that risks to achieving the Fed's employment and inflation goals have "moved toward better balance," he said.
Analysts believe this means the door remains open to rate cuts in 2024.
The Fed previously penciled in three cuts this year but hotter-than-anticipated inflation has made things less certain.
Shepherdson said, however, that "we see nothing in the statement that will prevent the Fed from pivoting to reducing interest rates multiple times this year" if conditions allow.
Powell also said the Fed is prepared to respond to an "unexpected weakening" in the labor market.
If that market starts to flag, "the Fed could cut rates even with inflation above its two percent goal to keep the jobs expansion going," said Navy Federal Credit Union corporate economist Robert Frick.
Avoiding politics As hope dwindles for rate cuts in the first half of 2024, the Fed faces a growing possibility that eventual reductions will coincide with the run-up to November's presidential election.
This could give the economy a boost while Democrats and Republicans vie to win over voters.
But the converging timeline may prove uncomfortable because the Fed, as the independent US central bank, seeks to avoid any appearance of politicization.
Powell pushed back strongly when asked if the election affects interest rate decisions.
"I can't say it enough: That we just don't go down that road," he said.
Powell pointed to his track record, saying it is his fourth presidential election.
"Read all the transcripts and see if anybody mentions in any way the pending election. It just isn't part of our thinking," he added.
On Friday, Treasury Secretary Janet Yellen is due to stress the importance of strong democratic institutions as well.
"As Chair of the Federal Reserve, I insisted on the Fed's independence and transparency because I believe it matters for financial stability and economic growth," she says in prepared remarks released Wednesday.
A recent Wall Street Journal report said allies of former president Donald Trump are drafting proposals that could erode the Fed's independence if he wins a second term.
Balance sheet On Wednesday, the Fed also announced that from June, it would slow the pace of decline of its securities holdings.
It will reduce the cap on US Treasury securities it allows to mature each month without being replaced from $60 billion to $25 billion.
The cap on how many mortgage-backed securities can roll off its books remained unchanged at $35 billion monthly.
The Fed embarked on a policy of so-called quantitative easing during the pandemic, swelling its balance sheet by buying assets including US Treasury securities to support the economy through economic turmoil.
Since rolling back the policy in 2022, the Fed has steadily reduced its holdings.

US Federal Reserve keeps interest rates at 23-year high

Ariful Islam Mithu

Bangladesh has long been trying to diversify its export basket but it has failed to do so.&nbsp;
As a result, Bangladesh cannot come out of the RMG-dependent export industry.
Bangladesh&rsquo;s latest export policy has identified 18 sectors as the priority sectors and 14 sectors as the emerging sectors.&nbsp;
The export policy promises that exporters will get loans at a reduced interest rate, rebates on income tax, bonded warehouse facilities and support to explore new markets, goods and attract FDI. &nbsp; &nbsp;
Ministry of Commerce has set an export target of $72 billion with 11.52% growth for the fiscal year 2023-24.&nbsp;
Export target for goods has been set at $62 billion while for the service sector, the target was set at $10 billion.&nbsp;
The export target achieved in FY 2022-23 was $64.55 billion, which saw a growth of 5.88%.
In the first nine months of the fiscal year, Bangladesh exported RMG products worth $37,202.63 million &ndash; accounting for 85.41%.
Meanwhile, the country exported leather and leather products worth $794.19 million and jute and jute goods worth $659.54 million.&nbsp;
In the fiscal year 2013-14, the country&rsquo;s exports stood at $30,186.62 million.&nbsp;
Bangladesh exported RMG worth $24,491.88 million &ndash; accounting for 81.13%, while leather and leather products worth $745.63 million and jute and jute goods worth $824.49 million.&nbsp;
Jute in jumbles
Creation Private Limited Managing Director Rashedul Karim Munna and also the president of Bangladesh Diversified Jute Products, Manufacturers and Exporters Association, said there is a limitation in terms of getting raw materials for making diversified jute products.
&ldquo;India has more than 100 types of jute fabrics for making diversified jute products. They can make quality products with the fabrics. On the other hand, Bangladesh has only four to five types of fabrics and it is not that quality fabric,&rdquo; he added. &nbsp;
&ldquo;It is the foremost challenge. We are talking about diversified products, but we don&rsquo;t have such raw materials for making such products,&rdquo; Rashedul Karim Munna said.
According to him, Bangladesh needs to establish specialised jute mills which will not only make fabric, they will do dying, and lamination facilities so entrepreneurs can make high-quality products. &nbsp;
&ldquo;Bangladesh&rsquo;s Jute Diversification Promotion Centre can provide us with product design support, skill development and product development. They can play a role in the local market as well as in the international market for selling our products. The National Jute Board of India does the same thing in India,&rdquo; Rashedul Karim Munna further said.
&ldquo;Jute Diversification Promotion Centre cannot do that because the centre still runs with project funds. As a result, the entity cannot do with the limited funds. As a result, Bangladesh is exporting 85% raw jute or yarn abroad or traditional jute goods. It does not need compliance because they are making goods with the raw materials in their factory with the jute,&rdquo; he added.
Leather lagging behind
Industry people say the main challenge of the leather and leather goods is LGW certificates.&nbsp;
Bangladesh has shifted the tannery from Hazaribag to Savar to save the river Buriganga. However, as the Common Effluent Treatment Plant (CETP) does not work properly, the water waste in the tannery estate is now polluting the river and the environment.&nbsp;
Moreover, the authorities have not yet fixed the solid waste management of the tannery estate. &nbsp;
Diljahan Bhuiyan, senior vice chairman of Bangladesh Finished Leather, Leather Goods and Footwear Exporters Association (BFLLFEA) said at present only China buys the leather from them.&nbsp;
&ldquo;They buy a product for one dollar 10 cents to one dollar 20 cents. They used to sell the same products for 2 dollars 20 cents 7 years back,&rdquo; he said.
&ldquo;Except for China, no one comes to us for leather. They all say that we will need an LWG certificate. To get a LWG certificate, we will first need the CEPT, solid waste management,&rdquo; said Diljahan Bhuiyan. &nbsp;
Constraints cutting potentials short&nbsp;
According to Centre for Policy Dialogue (CPD) Senior Research Fellow Towfiqul Islam Khan, all sectors have their own constraints as well as limitations in the framework they operate in.&nbsp;
&ldquo;Though the RMG sector is a 40-year-old industry, the incentive structure is still biased toward this sector. The most important facility is that the RMG sector gets the bonded warehouse facilities,&rdquo; he said.
The CPD senior research fellow said RMG entrepreneurs can negotiate at the policy level but the other industry entrepreneurs could not do that.&nbsp;
&ldquo;Whenever the RMG entrepreneurs faced a challenge, they faced the challenge unitedly. The stakeholders of other sectors could not do the same. As a result, the policy has always been biased toward those who are more influential,&rdquo; he said.
&ldquo;The sector-specific issue is that the potential sector has its own constraints. For example, the leather sector has been suffering from compliance issues. The government declared the &lsquo;thrust&rsquo; sectors in the export policy. The implementation level is very weak. We need a diplomatic effort for exploring new markets too&rdquo; Towfiqul Islam Khan further said.
Meanwhile, the Asian Development Bank (ADB) in its latest policy brief, released on 30 April, has suggested several recommendations for promoting export diversification in Bangladesh.
&ldquo;Bangladesh&rsquo;s protective measures, through high tariffs and para-tariffs, encourage a focus on the domestic market over exports, creating an anti-export bias,&rdquo; ADB said in its brief titled, "Expanding and Diversifying Exports in Bangladesh: Challenges and the Way Forward."&nbsp;
"Tariff rationalisation is thus critical in dealing with this policy-induced bias. Lowering tariffs can stimulate domestic manufacturing, potentially balancing any revenue loss from reduced import tariffs," it added.

Heavily reliant on RMG, why can’t Bangladesh diversify its exports through jute and leather?

One of the big challenges for the county's jute exporting sector is getting raw materials, said Bangladesh Diversified Jute Products, Manufacturers and Exporters Association President Rashedul Karim Munna.
&ldquo;There is a limitation in terms of getting raw materials for making diversified jute products in Bangladesh,&rdquo; he said during an interview with Bangladesh First recently.
&ldquo;India has more than 100 types of jute fabrics for making diversified jute products. They also can make quality products with the fabrics. On the other hand, Bangladesh has only four to five types of fabrics and the quality of the fabric is not that good,&rdquo; he added.
Rashedul Karim Munna deemed the lack of raw materials as the foremost challenge for the sector.
&ldquo;We are talking about diversified jute products, but we don&rsquo;t have such raw materials for making such products,&rdquo; he said,
At the same time, he thinks entrepreneurs in Bangladesh need to establish specialised jute mills which will not only make the fabric but will dye and have lamination facilities also so that they can make high-quality products. &nbsp;
&ldquo;We have a &lsquo;Jute Diversification Promotion Centre&rsquo; which is supposed to provide us with design, skill development and product development. The organisation is supposed to play roles in the local market as well as in the international market for selling our products like the National Jute Board in India. However, the organisation still runs on the project fund as a result it cannot meet entrepreneurs&rsquo; expectations because of the fund crisis,&rdquo; he said.
Bangladesh is exporting 85% raw jute or yarn abroad or traditional jute goods, Rashedul Karim Munna said, adding, &ldquo;It does not need compliance because they are making goods with the raw materials in their factory with the jute. 99% of the traditional jute mills do not have any compliance certificate in Bangladesh.&rdquo;
Stating that the Indian government has four wings which are involved in product development or raw material development and hold around 20-25 international fairs for market expansion, Rashedul Karim Munna said he thinks the Bangladeshi government should showcase the jute industry abroad.
&ldquo;Government has some soft loans for funding and Bangladesh Bank implements them. Bangladesh Bank is providing these soft loans to other sectors. The Jute sector is not getting such soft loans. Though jute is an agricultural product, it does not get the soft loan facilities because jute is not enlisted in the list of enterprises eligible for soft loans,&rdquo; he further said,
Mentioning the 2% source tax on procuring raw jute from farmers, he said the government should waive it for the development of the industry.&nbsp;
&ldquo;Again, there is a complexity in getting incentives for jute export. Bangladesh Bank will have to revise the existing circular to simplify the process of getting incentives for jute products export,&rdquo; he added.
Rashedul Karim Munna said the RMG sector has become such a big industry because they have the facilities of the bonded warehouse.&nbsp;
&ldquo;The government wants the jute and leather sector to get such facilities as the RMG sector has received. However, the NBR officials have a negative attitude that they do not want to provide licenses to new sectors,&rdquo; he added.

Getting raw materials is a big challenge: Jute products manufacturers and exporters association

The main challenge that the country&rsquo;s leather industry is facing is the Leather Working Group (LGW) certification, said Bangladesh Finished Leather, Leathergoods and Footwear Exporters&rsquo; Association Senior Vice President Diljahan Bhuiyan.
&ldquo;In the past, the European Union countries did not know whether the Tannery industries in Hazaribagh had a LWG certificate or not. When the topic of shifting the Tannery Estate from Hajaribag started. The media coverage was huge as a result the world came to know that the tanneries did not have an LWG certificate,&rdquo; he said during an interview with Bangladesh First.
&ldquo;After a high court order in 2017, the utility services of the tannery industries in the Hazaribagh area were cut and we were compelled to shift to the Savar Tannery Estate on the outskirts of the city. We knew that the Common Effluent Treatment Plant (CETP) was incomplete. However, the government said in the court that they were complete,&rdquo; he added.
He said in the beginning, buyers could not come to the newly built Savar Tannery Estate because of the poor communication system.&nbsp;
As a result, the businesses lost many buyers, he adds.
&ldquo;They cancelled many contracts after the Hazaribagh Tannery was shut. As a result, we had to incur a huge amount of money. &nbsp; &nbsp; &nbsp; But we had to repay the interest against the loans in the bank. As a result, many tanneries become financially sick. At that time, 70-80% of leather was exported to South Korea, Italy, Germany and Japan,&rdquo; Diljahan Bhuiyan said.
&nbsp;However, the situation has changed vastly at present, he said.
&ldquo;Now only China buys the leather from us. They buy a product for $1.1-$1.2. However, the tanners used to sell the same products for $2.20 cents before 2017. Except for China, no one comes to us for leather,&rdquo; he added.
&ldquo;In the past buyers from Italy and South Korea would come and stay for a few days but the Chinese buyers stay here for months and they have built a syndicate of buyers and set the price of the leather,&rdquo; the leather exporter said.
Stating that all buyers want LWG compliance for export and to get an LWG certificate, tanneries will first need the CETP and solid waste management, Diljahan Bhuiyan said, &ldquo;The solid waste management is fixed yet. The government could not fix the solid waste management. The project was initiated in 2010.&rdquo;
&ldquo;On the other hand, the CETP cannot process 100% waste. For this reason, buyers from European Union countries and South Korea are saying that without an LWG certificate, they will not buy our products,&rdquo; Diljahan added.
According to him, to save the leather industry, the sector needs CETP certification and solid waste management first.
He also advocated for waving loans.
&ldquo;Many tannery owners could not do business but they had to repay the interest on loans. The Covid-19 has also impacted the business. Now what the government can do is to waive our loans, he added.
Pointing that the leather industry does not get any loans at a reduced interest now, he said, &ldquo;In the Saver Tannery Estate, there are around 140 tanneries. Of them, 15-20 tanneries operate well. The rest of the tanneries are shut most of the time. Many of the tanneries have already closed.&rdquo;

The main challenge is LWG compliance: Bangladesh leather goods and exporters’ association

Bangladesh has achieved significant improvement&nbsp;in macro performance, observed the International Monetary Fund (IMF).
&ldquo;Bangladesh was a country that proactively showed the IMF for support for its home-grown programmes, which have two components--one is macroeconomic stability, and the other is addressing the longer-term structural issues related to climate change. On macro performance, so far there have been significant improvements," Krishna Srinivasan, the director of the Asia and Pacific department of the IMF, during a virtual briefing from Singapore today.
He made the remarks in response to a question at the briefing on the regional economic outlook for Asia and the Pacific.
Krishna Srinivasan said there have been improvements in the monetary policy framework and fiscal performance.
"I think where Bangladesh was struggling was with the current account, which was just balanced, partly because there was restraint on imports," he added.
He said the financial account was not performing very well.
"So, in some sense, you could see the depletion in the foreign exchange reserve, and the taka was coming under pressure," he mentioned.
He said Bangladesh should allow greater flexibility in its exchange rate to address issues in its external account, particularly the deficit in the financial account.
"Once you implement this, you will see a greater sense of stability returning to the external account," he added.
Srinivasan said that with reforms in the exchange rate and improvements in fiscal policy, Bangladesh should see a more sustained recovery from the crisis that every country in the region has faced due to multiple shocks.

Bangladesh achieves significant improvement in macro performance: IMF

The High Court has ruled that there will be no further investigations into instances of alleged corruption and irregularities in Islami Bank based on media reports.
An HC bench of Justice Nazrul Islam Talukder and Justice Kazi Ebadul Hossain issued the order at around 11:30am on Tuesday (30 April).
Deputy Attorney General AKM Amin Uddin represented the state while Advocate Khurshid Alam Khan represented the Anti-Corruption Commission (ACC) during the hearing.
Advocate Ahsanul Karim appeared for S Alam Group, the Chattogram-based conglomerate named in the media reports for being allegedly involved with the money siphoning from Islami Bank.
At the same time, the HC ordered the ACC to investigate the truth of the report on Islami Bank published in one of the leading newspapers of the country.
Following the hearing, Advocate Ahsanul Karim spoke to the media and said, "Reports in Daily Star, Prothom Alo and New Age were false. S Alam group had no connection with it".
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No more investigations on Islami Bank based on media report: HC

Given the urgency of the current economic situation, focusing on trade policy issues and improving export competitiveness should be a central part of Bangladesh&rsquo;s reform agenda, said the Asian Development Bank in its latest policy brief.
In the context of Bangladesh&rsquo;s upcoming LDC graduation in 2026 and the current economic challenges, there is a growing realisation that policy reforms to enhance export competitiveness might receive stronger domestic support than in the past, it said.
While national planning documents like the 6th, 7th, and 8th Five-Year Plans have recommended relevant reforms, these have not been adequately prioritised for implementation, according to the document.
This policy brief suggests several recommendations for promoting export diversification.
The policy brief, "Expanding and Diversifying Exports in Bangladesh: Challenges and the Way Forward", is authored by Mohammad Abdur Razzaque, an economist (Consultant), South Asia Department (SARD), ADB; Rabiul Islam Rabi, Research Analyst (Consultant) SARD, ADB; and Barun Kumar Dey, Senior Economics Officer, SARD, ADB.
Despite the success in garments exports, Bangladesh&rsquo;s overall export volume remains modest and suffers from a staggering concentration.
Recent unfavourable macroeconomic developments and the impending graduation from least developed country (LDC) status, underscore the importance of expanding and diversifying exports.
High tariff protection favouring import-competing sectors, coupled with weak domestic product standards and compliance, have created policy-induced disincentives for non-readymade garments exports.
With over 70% of Bangladesh&rsquo;s exports benefiting from LDC-specific trade preferences, graduation could impact export competitiveness.
Improving export competitiveness and achieving diversification will necessitate various actions, including tackling policy induced anti-export bias, enhancing product quality and standards, attracting
foreign direct investment to connect with global supply chains, conducting prudent &nbsp;exchange rate management to promote external competitiveness, dealing with sector-specific supply-side constraints, and addressing the high business costs.
Proactively seeking trade preferences post-LDC graduation is also crucial for sustaining export competitiveness.
Policy Recommendations
Tackling policy-induced export disincentives is crucial for export diversification. Bangladesh&rsquo;s protective measures, through high tariffs and para-tariffs, encourage a focus on the domestic market over exports, creating an anti-export bias.
Tariff rationalisation is thus critical in dealing with this policy-induced bias. Lowering tariffs can stimulate domestic manufacturing, potentially balancing any revenue loss &nbsp;from reduced import tariffs.
Enhancing the export performance of non-RMG sectors requires eliminating discriminatory access to policy incentives. The bonded warehouse facilities, in particular, should be granted to all export sectors and units irrespective of whether they are 100% export-oriented or not. Many firms can serve both domestic and international markets, and requiring separate production facilities for exports to access bonded warehouses is impractical. Instead, all exporting firms should have access to bonded warehouses, with import duties adjusted later based on the proportion of goods for domestic and export use. In getting finance, subsidised loans, and other policy support measures, non-RMG sectors should be given equal access.&nbsp;
For non-RMG export items, enhancing product quality and meeting international standards are key for market expansion, as higher standards often yield higher prices. Investing in capacity building to meet international quality and safety standards is essential for potential exporters. Acquiring relevant certifications is critical for building credibility and trust in global markets.
The government can further aid businesses by establishing or supporting accessible testing and certification facilities. Strengthening institutions responsible for quality control and compliance is also crucial, which involves investing in laboratories, equipment, and skilled personnel for efficient testing and certification.
Attracting foreign direct investment can be a driver of export growth and diversification. It can facilitate knowledge and technology transfers and better management practices.&nbsp;
FDI firms are well-integrated into global value chains and can command higher export prices. Bangladesh needs to improve its investment climate, streamline investment procedures, and promote sustainable investment practices to attract &nbsp;foreign investors.
Tackling the high cost of doing business is critical for boosting investment and trade competitiveness. Bangladesh faces a significant disadvantage due to the high cost of doing business.
Weak infrastructure, inefficient inland road transport, complex customs procedures, inadequate port facilities, and inefficient trade logistics contribute to longer lead times and higher costs, which undermine competitiveness.
The two-way shipping costs for exporters importing raw materials and exporting final products exacerbate the problem. Addressing these infrastructural and logistical inefficiencies presents an opportunity to offset some of the losses from the withdrawal of LDC trade preferences and to improve Bangladesh&rsquo;s standing in international markets.
A prudent exchange rate management strategy could significantly enhance export competitiveness, benefiting sectors beyond the RMG industry. Maintaining a competitive and stable exchange rate ensures that exports remain attractively priced in international markets.
This is particularly beneficial for non-RMG exporters who may be trying to &nbsp;establish a foothold in global markets and are more sensitive to price competitiveness. An effectively managed exchange rate can offset some of the cost disadvantages faced by &nbsp;these sectors, making their products more appealing to &nbsp;international buyers.
Addressing the sector-specific supply-side constraints can help with export response from non-RMG sectors. To enhance the supply response of potential export sectors in Bangladesh, it is recommended to address sector-specific supply-side issues through a time-bound action plan.
This plan should be based on the constraints identified in studies like the Diagnostic Trade Integration Study and its 2023 update. The action plan should include specific measures tailored to the unique challenges of each sector, setting clear timelines and responsibilities for implementation.
This targeted approach will ensure that interventions are focused and effective, directly addressing the issues that hinder the productivity and competitiveness of these sectors on &nbsp;the global stage. By systematically tackling these identified constraints, Bangladesh can significantly improve its export &nbsp;performance in these key sectors.
Devising WTO-consistent export-incentive mechanisms is crucial for Bangladesh, given its impending LDC graduation. As export subsidies may not be possible after LDC graduation, &nbsp;learning from non-LDC countries can guide in formulating &nbsp;effective support measures. For example, how the PRC and Vietnam support their export industries can provide important lessons for Bangladesh. Complying with WTO guidelines, especially regarding subsidies and sector-specific support should be important.&nbsp;
Seeking trade preferences beyond LDC graduation comprises an important strategy for export competitiveness. Graduating from the LDC group does not imply the cessation of preferential treatment altogether.
The UK&rsquo;s Developing Countries Trading&nbsp;
Scheme, for instance, will continue to provide improved market access even after LDC graduation. Proactive engagements with the EU may be critical to secure similar preferences. Seeking unilateral trade preferences in the post-graduation period will be essential for Bangladesh, as many competitor countries have taken advantage of free trade agreements (FTAs) to obtain preferential market access.
For instance, Vietnam has secured FTA arrangements with Canada, the EU, and the UK; Cambodia, Myanmar, and Vietnam benefit from duty-free access in India due to the Association of Southeast Asian Nations (ASEAN) free trade agreement; and in Japan and the PRC under the Regional Comprehensive Economic Partnership, among others.&nbsp;
For Bangladesh, striking FTAs within a short period of time will not be feasible. Thus, a renewed focus on retaining trade preferences will be an utmost policy priority.&nbsp;
In preparation for Bangladesh&rsquo;s upcoming LDC graduation, strengthening trade policy and negotiation capabilities to support the export sector is important.
This involves developing a comprehensive capacity-building strategy that focuses on enhancing the skills and knowledge of trade officials, negotiators, and policymakers. It is also important to enhance the capacity of the private sector so it can comprehend the changes in trade preferences and policy space following LDC graduation and thus can take other measures for improving firm-level competitiveness.

ADB says FTAs within a short period of time will not be feasible for Bangladesh

Islami Bank has collected the maximum remittances in the country in the first 26 days of April, said a&nbsp;report of Bangladesh Bank on Sunday (28 April).
According to the report, a total of $46,50,50,000 in remittances has been received through Islami Bank till 26 April.
The central bank report said a total of $16,89,70,000 has been sent as remittances in April of this year.
The next position on the list is BRAC Bank.
A total of $10,56,20,000 has been sent as remittance through this bank.
Besides, $9,19,30,000 came as remittances through Social Islami Bank, $8,98,00,000 through Bangladesh Krishi Bank and $7,43,40,000 through Janata Bank.

Islami Bank tops remittance collection again

The Asian Development Bank (ADB) has signed a $121.55 million financing package with Dynamic Sun Energy (DSE) Private Limited to build and operate a 100-megawatt (MW) grid-connected solar photovoltaic power plant in Pabna, Bangladesh.&nbsp;
The plant is the country&rsquo;s first private sector utility-scale solar facility to secure support from global financiers, said a media release by the ADM on Monday (29 April).
ADB arranged, structured, and syndicated the debt package as the sole mandated lead arranger and bookrunner.
The financing package comprises a $46.75 million loan from ADB, a syndicated B-loan of $28.05 million from ILX Fund I, an Amsterdam-based emerging market private credit fund focused on supporting the Sustainable Development Goals with ADB as lender of record, and a syndicated parallel loan of $46.75 million from the Japan International Cooperation Agency.&nbsp;
&ldquo;As Asia&rsquo;s climate bank, ADB welcomes the opportunity to support renewable energy in Bangladesh, where obtaining long-term financing for such projects is a challenge,&rdquo; said ADB Private Sector Operations Department Director General Suzanne Gaboury.
&ldquo;This partnership exemplifies our lead role in mobilising financing for clean energy facilities and stimulating further investment in sectors where it&rsquo;s needed the most,&rdquo; she added.
The solar power plant will generate 193.5 gigawatt-hours of electricity annually and avoid 93,654 tons of carbon dioxide emissions annually.
&ldquo;We are delighted to secure financing for one of the largest private sector solar projects in Bangladesh to date, with the support of international lenders led by ADB,&rdquo; said &nbsp;Paramount Textile PLC&nbsp; Managing Director Shakhawat Hossain.
&ldquo;Partnering with an internationally reputable financial institution such as ADB affirms PT&rsquo;s dedication to sustainability and marks a significant stride in our journey towards sustainable growth,&rdquo; he added.
DSE is owned by Paramount Textile PLC (PT), one of the largest woven textile manufacturers in Bangladesh, which also operates several power plants.
PT manufactures high-quality yarn-dyed and printed woven fabrics using a wide range of yarns, modern weaving technologies, and print types. PT was publicly listed on the Dhaka and Chittagong stock exchanges in 2013.&nbsp;
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members&mdash;49 from the region.

ADB signs $121.55m financing package for Bangladesh’s first private solar photovoltaic power plant

China has expressed its interest in importing mangoes from Bangladesh this year.
Chinese Ambassador to Bangladesh Yao Wen conveyed the message during a meeting with Agriculture Minister Dr Md Abdus Shahid at the secretariat on Monday (29 April), reads a press release.&nbsp;
An expert delegation from China intends to visit mango orchards and production operations in Bangladesh during the mango ripening period in early June, said the ambassador.&nbsp;
Based on the delegation's report, China's customs department will make the final approval for the import of mangoes from Bangladesh, added the release.&nbsp;
Seeking Chinese investment in the agriculture sector, the agriculture minister said that Chinese investment and technical cooperation are necessary to modernize and mechanize Bangladesh's agriculture.&nbsp;
Particularly, China's cooperation is needed so that our farmers can access modern agricultural machinery at a lower price, added the minister.&nbsp;
&nbsp;

China wants to import mangoes from Bangladesh: Envoy

The government plans to substantially increase public investments across key sectors such as road, rail, bridge, shipping, civil aviation, and telecommunications. 
These initiatives are strategically aimed at transforming Bangladesh into an upper middle-income country by 2031 and a smart developed country by 2041.
According to the 'Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)', the government plans to allocate Tk 963.9 billion in the fiscal year 2024-25, escalating to Tk 1060.3 billion in 2025-26.
This increase follows an investment of Tk 876.3 billion for the current fiscal year, emphasising a significant boost in funding for various development programs.
The policy document highlights the critical role of an integrated and cost-effective transport and communication system in fostering economic growth, enhancing trade, and ensuring social integration.
It states that an efficient transport and logistics system is essential for smooth supply chain management and to effectively compete on a global scale.
Specifically, the Road Transport and Highways Division is implementing projects to establish an advanced and sustainable road transport system, including the construction of multi-lane highways, elevated expressways, and new bridges.
These efforts are complemented by plans to widen 1100 km of highways, repair and maintain 1250 km, and rebuild 450 km of highways, along with 7300 meters of bridges and culverts.
In Dhaka city, the government is focusing on reducing traffic congestion by advancing the metro rail lines, a move poised to significantly improve urban mobility.
The railway sector is also undergoing transformation under a 30-year master plan aimed at making it a dependable, affordable, modern, and people-friendly mode of transport. Initiatives include connecting every district with a railway network, upgrading tracks, and modernising the signaling system. By FY 2025-26, the government aims to construct 275 km of new railway track and reconstruct 210 km of existing lines.
The document also outlines ambitious plans for the water transport system, noting its importance in the integrated multi-modal transport framework. The Ministry of Shipping is executing extensive programs for the enhancement of inland waterways, seaports, and land ports, along with significant dredging efforts to maintain river navigability.
Amidst rising demand for air travel, both domestically and internationally, the Ministry of Civil Aviation and Tourism is undertaking projects to expand passenger handling capacities and enhance facilities at airports.
These upgrades are part of a broader strategy to position Bangladesh as a regional hub for international passenger transport.
These comprehensive plans not only aim to modernize Bangladesh's infrastructure but also serve as a cornerstone for the country's ambitious economic development goals.

Govt plans Tk2000 billion investment in transport and communication for next two fiscals

Press Release

The Microcredit Regulatory Authority (MRA) and the International Finance Corporation (IFC) hosted a seminar this week to discuss the findings of a new study aimed at modernising the microfinance sector in Bangladesh.
The study, conducted by FinValue Advisors and titled "Microfinance Sector Development Diagnostic," focuses on digital transformation and housing microfinance (HMF) within the industry, reads a press release.
The diagnostic study, a collaborative effort involving over 25 microfinance institutions (MFIs), government stakeholders, and private sector entities, assessed various components such as institutional readiness, regulatory frameworks, market infrastructure, consumer readiness, and financial investments needed for modernization.
Martin Holtmann, IFC&rsquo;s Country Manager for Bangladesh, Bhutan, and Nepal, highlighted the pivotal role of microfinance in Bangladesh's development trajectory.&nbsp;
"As Bangladesh moves beyond its Least Developed Country (LDC) status, it is crucial to implement key reforms and capacity building within the microfinance sector to support its growing economy," Holtmann said.
The seminar outlined a roadmap for stakeholders to enhance their housing microfinance portfolios and digital capabilities.&nbsp;
This roadmap aims to foster a more inclusive and digitally empowered financial ecosystem, supporting the creation of secure futures for consumers through home ownership and technological integration.

MRA, IFC convene stakeholders for microfinance sector modernisation

Reuters

Tesla plans to lay off 693 employees at its facilities in Sparks, Nevada, a government notice showed, as part of its plan to cut more than 10% of its global workforce amid dropping sales and rising competition.
The notice was submitted to the Nevada Department of Employment, Training, and Rehabilitation earlier this week.
A US labour law requires companies with 100 or more employees to notify authorities 60 days ahead of planned closings or mass layoffs.
Tesla said earlier this month it will lay off 6,020 employees in Texas and California. The company's global headcount was over 140,000 in late 2023, according to a filing with US regulators.

Tesla to lay off 693 employees

The visiting International Monetary Fund (IMF) delegation has advised Bangladesh Bank to disclose detailed and complete information regarding bad and risky loans fin the public interest.
Meeting sources said that the visiting IMF delegation gave this suggestion in the meeting held with the BB officials on Sunday (April 28).&nbsp;
In the meeting, the IMF asked to make the financial health of the banks and the inspection report open to the customers. At the same time, it urged to increase the number of inspections to prevent irregularities-corruption and loan scams.
Officials concerned in the meeting said that bad loans or risky assets are increasing in banks due to various irregularities including big loan scams. Several banks have weakened which also acknowledged by the BB Governor.
Therefore, the IMF believes that the deposits of those banks which are in trouble are also at risk. In such a situation, the global lender suggested that the banks should disclose the full report of risky assets to the customers.&nbsp;
According to the IMF Officials, &ldquo;If these reports are published, the customers will be able to make informed decisions about keeping their deposits.&rdquo;
In the meeting, the IMF sought to know whether the central bank's inspection of banks' financial health is continuing or not. Clarification has also been sought as to whether inspection reports are disclosed to customers or not.&nbsp;
In addition, the IMF delegation suggested increasing the quality and number of inspections to prevent irregularities, corruption and loan scams, sources said.
When asked about the meeting with the BB, the executive director and spokesperson of the BB Mesbaul Haque said that the meetings with the IMF are ongoing. This meeting will be held step by step till May 8. He did not agree to make any comment other than that and said the details will be given in future.

IMF advises Bangladesh Bank to disclose full report on banks’ financial health

Islami Bank Bangladesh PLC has retained its position as the leading remittance collector, bringing in the highest amount of funds in April sent by Bangladeshi expatriates.
According to Bangladesh Bank data, the largest Shariah-compliant bank in Bangladesh received $46,500,000 within 26 days of April.
The total remittance inflow for the 26 days of April amounted to $168,097,000.
Brac Bank secured the second position with $10,562,000, followed by Social Islami Bank Limited (SIBL) with $9,193,000.
Meanwhile, Bangladesh Krishi Bank and Janata Bank received $898,000 and $743,000 respectively.
During the month of March in the fiscal 2024-25, expatriate Bangladeshis sent around $1,996.85 million remittances.
Out of the total figure, the highest $491.79 million remittance came to the country through Islami Bank Bangladesh PLC.

Islami Bank remains top remittance collector

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is keen to strengthen bilateral trade relations with France. The apex trade body of the country also seeks support from France in skill development and technology advancement.
FBCCI is also eager to collaborate with its French counterpart, MEDEF, in establishing a Joint Business Council.
During a meeting with a delegation from the Embassy of France in Dhaka on April 28, 2024, at the FBCCI Icon in Motijheel, Dhaka, FBCCI Senior Vice President Md. Amin Helaly expressed these intentions, as stated in a press release.
The delegation was led by the Head of the Economic Department of the Embassy of France in Dhaka, Julien Deur.
In his address, FBCCI Senior Vice President Md. Amin Helaly emphasized the desire to strengthen cooperation with French counterparts to facilitate increased trade through diversified export goods and skill development.
"Both Bangladesh and France share a long-standing friendship. France stands as the fifth largest export destination of Bangladesh, showing a rising trend, with major export products including ready-made garments, knitwear, leather, and leather goods," Md. Amin Helaly added.
Highlighting Bangladesh's ongoing development projects, Md. Amin Helaly mentioned the establishment of two deep seaports at Matarbari and Payra, 101 Special Economic Zones, Hi-Tech parks, tourism parks, the Rooppur Nuclear Power plant, LNG terminal, and the expansion of the railway network across the country. He invited French investors to explore the vast potential of the Bangladeshi market.
Julien Deur, Head of the Economic Department of the Embassy of France in Dhaka, praised Bangladesh's economic progress in recent years. He emphasized the significant scope for mutual benefit through bilateral trade and the importance of Business-to-Business (B2B) meetings in this regard.
Former FBCCI Director Tabarakul Tosaddek Hossain Khan (Tito), FBCCI Secretary-General Md. Alamgir, Economic Attach&eacute; of the Embassy of France in Dhaka Yann Riegel, and others were present during the meeting.

FBCCI eager to strengthen ties with France in trade and skill development

The board of directors of National Bank Ltd (NBL) has taken decision against merging with United Commercial Bank (UCB).
NBL reached the decision following a board meeting held on Sunday (28 April), stating their refusal to accept the 'forcibly assigned decision' of Bangladesh Bank, said an NBL official.
On 9 April, the central bank decided to hand over control of NBL to UCB after a meeting between top officials of UCB and BB, chaired by central bank&rsquo;s governor Abdur Rouf Talukder.
An NBL official said, &ldquo;On 9 April, a decision to merge with UCB was imposed without any prior discussion with NBL authorities. This decision caused panic among depositors and officials on the last working day before Eid, prompting depositors to begin withdrawing money from the bank.&rdquo;
"The bank has decided to ramp up its debt collection efforts and initiate a crash program, particularly focusing on the top defaulters. To achieve this targets, officials will be assigned specific debt collection targets at different levels," added the banker.
Furthermore, the merging of state-owned Basic Bank with privately-owned City Bank, mediated by the central bank, has become uncertain amidst protests from officials and staff of Basic Bank.
Depositors are withdrawing their money as panic spreads throughout the banking sector regarding the merger issue. In an effort to control the situation, Bangladesh Bank announced that no more banks will be merged, except for five.
&ldquo;Bangladesh Bank will work on the consolidation of BDBL, BASIC, Padma, National Bank, and RKUB. No other banks will be merged for now,&rdquo; said BB Spokesperson Md Mezbaul Haque on 15 April.

National Bank won’t merge with UCB

Gold price again dropped in the country's market as Bangladesh Jewelers Association (BAJUS) slashed gold prices by Tk315 per bhori.
The price of 22-carat gold stood at Tk1,12,616 per bhori (11.664 grammes) due to a reduction in the price of pure gold on the local market, BAJUS said in a press release on Sunday (28 April).
The price of 22-carat gold will now be Tk9,655 per gramme, 21-carat Tk 9,216 per gramme, 18-carat Tk 7,900 per gramme and traditional gold Tk 6,570 a gramme, it added.
Meanwhile, the price of 22-carat silver has been set at Tk180 per gramme, Tk172 for 21-carat silver, Tk147 for 18-carat silver, and Tk110 for traditional silver.

Gold price drops further by Tk315 per bhori

Ishtiaq Husain

While there have been quite a few private airlines in Bangladesh, most of them have failed to survive.
A total of 13 private airlines have been approved so far in Bangladesh. However, 2 of the airlines could not even start their operations.
The country's first private airline, Aero Bengal, started its journey in 1997; even though they got permission to operate flights two years prior.
Its operations ceased within a year of its launch.
AK Air Bangladesh, GMG Airlines, Royal Bengal and Best Air were some of the local private airlines that ceased operation soon after launch.
Each of the companies has cited financial crises as the reason for shutting down.
India's private airline IndiGo started its journey in 2006. Today the number of aircraft in their fleet is 354. India is a country with a population of about 1.5 billion, and the market there is also big. So the comparison with them may not seem fair.
Vietnam has a smaller population than ours and a smaller market, yet one of the private airlines of that country, VietJet has built a fleet of 77 aircraft in just 16 years since its establishment.
In comparison, Bangladesh&rsquo;s largest private airline company, US-Bangla Airlines, has a fleet comprising 24 planes.
Another player, United Airways was launched in 2007.&nbsp;They quickly expanded by adding aircraft to their fleet and launching flights to various destinations.
Then it became a public limited company. &nbsp;But eventually, that too was closed.
Regent Air started its operations in 2010, NovoAir in 2013 and US-Bangla in 2014.
Among them, NovoAir and US-Bangla have survived till now.
The latest entrant in the market, AirAstra was launched in 2022.
Number of air passengers increasing
Around 1.74 core passengers used the country's airports in 2023 and most of them were international travellers, according to the Civil Aviation Authority of Bangladesh (CAAB).
In 2022 the number was 1 crore.
And in 2019 this number was 85 lakh.
The number of air passengers from Bangladesh will double by 2031, said a CAAB.
Meanwhile, a report from the Bangladesh Bureau of Statistics states that the number of air passengers has increased by 32% in the fiscal year 2022-23 in both domestic and international routes.
Under the shadow of the high flyer
According to experts, the private airlines could have expanded their operations due to the increase in air passengers but could not do so due to a lack of cooperation from the concerned authorities.
Private airlines have to wait for months to import spare parts compared to the national flag carrier Biman Bangladesh Airlines.
They also struggle to maintain flight schedules due to the inability to keep spare parts at airports.
Apart from the designated warehouse facilities, the state-owned Biman also has hangars.
Along with regulatory loopholes, high tariffs, and high cost of jet fuel are driving private airlines out of competition.
Surcharges were one of the reasons behind the closure of many of private airlines.
Moreover, due to the high price of jet fuel, and unreasonable tax rates, especially for generators used in aircraft, various types of LCD panels, and computer displays used in cockpits, many parts have to be imported at very high prices.
15-150% tax has to be paid for some of these parts.
Many businessmen think of investing in the aviation sector as any other business.
However, the airline business is somewhat complicated.
Initially, a company can start operating flights with one or two aircraft.
Later, when the time comes for the C check, the owners sometimes fail to pay the required amount on time.
Then they have to ground the aircraft and count the losses.
Passengers also start to lose confidence in the airlines.
Why do private airlines take flight but fail to fly?
Experts say there is no denying that private-sector airlines lack efficient management but that is not the only reason for failure.
There is also a lack of cooperation between the government and the CAAB.
Many countries in the world have precedents for providing incentives in such cases.
Initially, many airlines waived parking charges, and aeronautical and non-aeronautical charges to stay competitive.
Former member of the board of directors of Biman Bangladesh Airlines and aviation expert Kazi Wahidul Alam said airline business is not easy.
&ldquo;Many people think it is a profitable business. Proper flight selection and route planning will be required. As well as efficient management,&rdquo; he added.
Moreover, he said when the aircraft goes through a major check, a large sum of money is required; at that time most of the companies fail to provide that financial fortitude.
Aviation expert ATM Nazrul Islam said that compared to domestic routes in Bangladesh, various charges related to parking and air travel are high.
&ldquo;If these charges are not paid within the stipulated time due to various reasons, the airlines have to pay the amount with interest,&rdquo; he added.

Took flight but failed to fly: Why Bangladeshi private airlines shut down?

Bangladesh and Bhutan have agreed on forging mutual cooperation in reducing tariff and non-tariff barriers to boost bilateral trade alongside increasing export facilities, investment, transit, communication, power and energy cooperation, tourism and to address the existing challenges at customs and land ports.
The decisions came at the two-day 9th Commerce Secretary level meeting between Bangladesh and Bhutan held on 24 April 24 and 25 at Bhutanese capital Thimpu.
The Bangladesh delegation was led by Commerce Ministry Senior Secretary Tapan Kanti Ghosh while the Bhutanese delegation was led by Bhutan's Industry, Trade and Employment Secretary Tashi Wangmo.
The ambassadors of both the countries joined the delegation consisting of the representatives of the respective ministries of both the countries, said a press release.
At the very outset of the meeting, the commerce secretaries of both the countries expressed satisfaction over the existing excellent relations between the two countries and expressed the hope that this would continue in the future.
Various issues of mutual interests were discussed in the meeting. Tapan urged Bhutan to take necessary steps to rejoin the BBIN MVA framework with a view to facilitating trade and commerce by enhancing regional connectivity with neighboring countries. In response, Bhutan assured to consider the matter positively.
The 9th Commerce Secretary level meeting also discussed various relevant issues to further strengthen Bangladesh-Bhutan trade and economic cooperation.
Both the Commerce Secretaries expressed satisfaction over the significant increase in the volume of trade between the two countries as a result of the execution of the Preferential Trade Agreement (PTA) and both sides agreed to include additional products under the existing Bangladesh-Bhutan PTA. &nbsp; Bangladesh and Bhutan also agreed to conduct a trial run on exports and imports to implement the Traffic in Transit Agreement and its Protocols.
&nbsp;Both sides have agreed to sign a Customs Mutual Assistance Agreement (CMAA) in the shortest possible time to exchange information and reports related to Customs of Bangladesh and Bhutan and to enhance mutual experience and cooperation in capacity building of customs officials of both countries.
Tashi Wangmo, head of the Bhutanese delegation, noted that Bhutan has always closely followed Bangladesh's industrial and commercial prosperity and socio-economic development.
He said, as a friendly nation, Bhutan has always supported and cooperated with Bangladesh in various regional and international forums and also for the sake of global peace and prosperity.
Meanwhile, on the sidelines of the secretary-level meeting, the senior commerce secretary met with Bhutanese Industry, Commerce and Employment Minister Namgyal Dorgi and Bhutanese Minister for Foreign Affairs and External Trade DN Dhungyel.
Both the ministers praised highly about Prime Minister Sheikh Hasina's dynamic leadership for achieving unprecedented progress in the socio-economic development of Bangladesh over the last 15 years.
The Bhutanese Ministers agreed to take necessary initiatives to enhance mutual trade between the two countries, enhance regional connectivity, expanding cooperation in tourism and power and energy sectors.
The Bhutanese Minister for Foreign Affairs and External Trade DN Dhungyel said that the issue of re-inclusion of Bhutan as a full member in BBIN-MV is under consideration while related activities are ongoing.
Besides, the senior secretary of the Ministry of Commerce held a meeting with various importer-exporters, traders and members of trade associations in Bhutan.

Bangladesh, Bhutan agree to remove bilateral trade barriers

Desk Report

The Indian government has allowed the export of 99,150 MT onion to six countries, Bangladesh, UAE, Bhutan, Bahrain, Mauritius and Sri Lanka.
The Ministry of Consumer Affairs, Food &amp; Public Distribution announced the decision on Saturday (27 April), reports The Economic Times Reported.
To facilitate the export, the National Cooperative Exports Limited (NCEL) has been designated as the agency responsible for exporting onions to these countries.
NCEL will be sourcing the onions from domestic producers through an e-platform at competitive prices. The onions will be supplied to the nominated agency or agencies of the destination countries at negotiated rates, with 100 per cent advance payment.
&nbsp;
 &nbsp;

India govt allows onion export to Bangladesh, 5 more countries

The price of gold has decreased by Tk630 per bhori, bringing the rate of 22-carat gold down to Tk1,12,931 from Tk 1,13,561.
The Standing Committee on Pricing and Price Monitoring of Bajus adjusted gold prices downward on Saturday (27 April), attributing the decline to a reduction in the price of pure gold in the local market.
With the new rates effective from today, the price of 21-carat and 18-carat gold dropped to Tk1,07,799 and Tk92,402 per bhori respectively.&nbsp;
The country witnessed gold prices surpassing Tk1 lakh per bhori for the first time on July 20 last year.
Despite Bangladesh not importing a significant quantity of gold, prices are consistently influenced by international fluctuations and domestic market volatility.
With an annual demand ranging from 20 to 40 tonnes, approximately 80 percent of the country's gold demand is fulfilled through smuggling.
In August of last year, the Bangladesh Bank mandated a 100 percent margin requirement on letters of credit for gold, aiming to discourage imports and conserve foreign currency.

Gold price declines further to Tk1.13 lakh per bhori

India has authorised the export of 99,150 tonnes of onions to Bangladesh and five additional countries. 
According to an official statement, the state-owned National Cooperative Exports Limited (NCEL) will oversee the export of onions to these six nations.
Apart from Bangladesh, the other countries included in this export agreement are the UAE, Mauritius, Bhutan, Bahrain, and Sri Lanka.

India to export 99,150 tonnes of onions to Bangladesh, five other countries

During a business meeting in Bangkok, Foreign Minister Hasan Mahmud underscored the significance of a forthcoming Free Trade Agreement (FTA) between Bangladesh and Thailand, aimed at enhancing bilateral trade and addressing the trade deficit.
The meeting, held on the sidelines of Prime Minister Sheikh Hasina's official visit to Thailand on April 26, was orchestrated by the Bangladesh Embassy in Bangkok.
In his address, Mahmud called upon the Thai private sector to leverage the diverse government incentives available for business and investment, which would contribute to Bangladesh's economic development and prosperity. He stressed the importance of an early commencement of the FTA, mentioning the recent signing of the Letter of Intent (LoI) that marked the initiation of negotiations.
The meeting was attended by notable figures including the Minister of Finance Abul Hassan Mahmood Ali, the Private Industry and Investment Advisor to the Prime Minister Salman Fazlur Rahman, Minister of Home Affairs Asaduzzaman Khan, State Minister of Commerce Ahasanul Islam Titu and Foreign Secretary Masud bin Momen.
Mahmud highlighted Thailand's role as a pivotal ASEAN trade partner and pointed to Bangladesh's socio-economic strides under Prime Minister Sheikh Hasina&rsquo;s leadership, including its transition from Least Developed Country (LDC) status.
Salman Fazlur Rahman detailed incentives for foreign investors and encouraged Thai investment, particularly in the tourism sector, emphasizing potential technology transfers from Thailand to Bangladesh.
Additionally, in light of the newly enacted Offshore Banking Act 2024, Ahasanul Islam Titu, the State Minister of Commerce, urged Thai investors to consider Bangladesh as a regional investment hub.
The event also featured discussions on enhancing people-to-people contacts to strengthen bilateral relationships and insights from Charles Frederick, Senior Executive Vice President of Sutec Co Ltd, who proposed collaborations to revitalize Bangladesh's sugar mills, potentially establishing a private investment-friendly policy framework in the sugarcane industry.
The business meeting concluded with a presentation by a representative from the Bangladesh Investment Development Authority (BIDA), highlighting sectors like Agribusiness, Digital Economy, Logistics, and Light Manufacturing as prime opportunities for Thai investors.
The gathering, attended by prominent business figures from the Thai community, reinforced the longstanding diplomatic ties between Bangladesh and Thailand, enhancing cooperation across multiple sectors.
Abdul Hye, Bangladesh's Ambassador to Thailand, and Makawadi Sumitmor, the Thai Ambassador to Bangladesh, expressed their gratitude to all attendees for their participation and support in fostering a comprehensive partnership between the two nations.

Foreign Minister advocates for swift FTA initiation and increased Thai investment

Transparency International Bangladesh (TIB) has expressed deep concern over the imposition of restrictions on journalists' access to the Bangladesh Bank and urged the withdrawal of the decision.
The anti-corruption organisation stated in release issued on Friday (26 April) that the decision represents an autocratic move and creates unprecedented obstacles for media professionals in fulfilling their responsibility to disclose banking and financial sector information for the public interest.
On 25 March, a delegation from the Economic Reporters Forum (ERF) demanded hassle-free and unrestricted entry into the Bangladesh Bank headquarters during a meeting with BB Governor Abdur Rouf Talukder.
TIB Executive Director Dr Iftekharuzzaman said, "What message do the central bank authorities intend to convey by halting the free flow of information amidst the banking sector's turmoil, including issues like bad loans, financial frauds, and a lack of overall good governance? What are the objectives of the Bangladesh Bank in implementing this decision?"
"Is this initiative an effort to conceal information about their own failure in establishing good governance within the banking sector, which has now reached the brink of collapse? Or is it aimed at safeguarding the interests of those responsible for the crisis in this sector?&rdquo; &nbsp;TIB executive director questioned.
TIB stated that Bangladesh Bank authorities should remember that their role is to safeguard public interests, not to protect those responsible for the crisis in the banking sector.
&nbsp;

TIB urges Bangladesh Bank to withdraw entry restrictions on journalists

Bangladesh Export Processing Zones Authority (BEPZA) has invited South Korean investors to invest more in Export Processing Zones (EPZs) of Bangladesh and BEPZA Economic Zone located in Mirsarai, Chattogram.
BEPZA Executive Chairman Major General Abul Kalam Md. Ziaur Rahman made this call as the Chief Guest at a seminar titled "Investment Opportunities in the Export Processing Zones and BEPZA Economic Zone of Bangladesh" held today (26 April) in Seoul, South Korea, reads a press release.&nbsp;
The Korean Community in Bangladesh, Kido Industrial Co. Ltd., and Giant BD Company Ltd. jointly organized the seminar. Ambassador of South Korea to Bangladesh Park Young Sik and Ambassador of Bangladesh to South Korea Md. Delwar Hossain attended the seminar as special guests.
About 60 participants from various South Korean investment organizations and industrial groups, who have an interest in investing in Bangladesh, attended the seminar.
In the seminar, BEPZA Executive Chairman provided a comprehensive picture of the favorable investment climate presently prevailing in Bangladesh, particularly for Foreign Direct Investment (FDI).&nbsp;
He stated that Bangladesh has experienced tremendous growth over the last decade. The strategic geographical location, demographic dividend, large and expanding domestic market, stable socio-political environment, etc., are key contributors to the rapid economic development of Bangladesh.
Major General Zia mentioned that the main attraction of investment in Bangladesh is its inexpensive, productive, abundant, and easily trainable workforce.&nbsp;
He added that the minimum wage of workers in Bangladesh is the lowest in Asia.
Highlighting the incentives and facilities provided by the present government to the investors, BEPZA Executive Chairman said that Bangladesh has been consistently liberalizing its foreign investment policies over the time.&nbsp;
The Government has formulated &ldquo;One Stop Service Act&rdquo; for the Investment Promotion Agencies of Bangladesh to provide faster and better services, he added.&nbsp;
Mentioning the expansion plan of BEPZA the Executive Chairman said, along with the 8 operational EPZs, BEPZA is establishing an Economic Zone in Mirsharai, Chattogram which has already attracted 28 industries in its development stage, and few of them started production.&nbsp;
Moreover, establishment of 3 new EPZs are also under process which will be ready for the investors by the end of 2025.&nbsp;
He urged South Korean investors to come forward and explore the potentiality of investment in Bangladesh especially in these zones under BEPZA.
Mentioning the long-standing friendly relationship between Bangladesh and South Korea, Ambassador of Republic of Korea to Bangladesh Park Young Sik, highlighted Bangladesh's remarkable success story in the garment sector.&nbsp;
He informed the South Korean investors regarding investment opportunities in Bangladesh focusing its gradual progress in all sectors including infrastructure, graduation from LDC status and the nation&rsquo;s vision to build Smart Bangladesh.
Md. Delwar Hossain mentioned the various steps of the Government to create investment friendly Bangladesh and urged Korean investors to invest more in Bangladesh.
In the welcome speech, Chairman of KIDO Bangladesh Jang Hee Park, a South Korean investors of Adamjee EPZ highly appreciated the services provided by BEPZA in setting up factories at EPZ of Bangladsh.&nbsp;
He urged Korean investors to be benefitted by investing in the EPZ of Bangladesh.&nbsp;
The seminar was ended with a lively question and answer session where the BEPZA Executive Chairman along with Tanvir Hossain, Executive Director (Investment Promotion), Fazlul Haque Mazumder, Additional Executive Director (Investment Promotion), and Ali Istiak Chowdhury, Director of BEPZA answered various questions of the participants. BEPZA gets positive feedback from few investors who expressed their interest in investing in Bangladesh soon.

BEPZA seeks more South Korean investment in EPZs and BEPZA EZ

Prime Minister Sheikh Hasina on Friday said Bangladesh and Thailand have potential to strengthen cooperation in the fields of trade and investment, food security, tourism, public health, energy and ICT.
&ldquo;I strongly feel that we have the opportunity to strengthen our cooperation in the fields of trade and investment, food security, tourism, public health, energy, ICT, people-to-people contacts and connectivity, and also under the BIMSTEC,&rdquo; she said.
The premier was speaking at an official luncheon hosted by her Thai counterpart Srethha Thavisin at the latter&rsquo;s office, Government House, here in Bangkok.
Earlier, the two leaders had a one on one meeting for 15 minutes before leading their respective sides to a bilateral meeting there.
Five bilateral documents &ndash; an agreement, three memorandum of understanding MoU) and a Letter of Intent (LOI) &ndash; were signed in presence of the two prime ministers.
In the luncheon, Hasina said Bangladesh attaches great importance to her relations with Thailand as an immediate neighbour.
&nbsp; &ldquo;Our friendship is deeply rooted in historical, linguistic, and common cultural heritage. The warm and cordial relations between our two friendly countries are ever-growing in multi-faceted areas of cooperation, including trade and investment, sustainable development, people-to-people contacts, and connectivity,&rdquo; she added.
The Bangladesh PM said Prime Minister Thavisin and she discussed at length the bilateral and regional issues of mutual interests.
&ldquo;We agreed to make all efforts to enhance our bilateral trade and encourage more interactions between the public and private entities of the two countries. Likewise, we must make all efforts to promote and facilitate bilateral investments,&rdquo; she said.
The Agreement and MoUs that Dhaka and Bangkok signed on Friday would provide a solid framework for enhancing our bilateral cooperation, she said .
She said the visit is part of broader focus on the &lsquo;neighbourhood&rdquo; policy, which has provided an excellent opportunity for the two countries to further renew the momentum in the bilateral relations.
&ldquo;I am confident that this visit will go a long way in deepening the relations between our two countries,&rdquo; she said.
The PM said she firmly believes this visit would provide the much-needed impetus to the bilateral relations to its full potential.
&ldquo;This official visit will remain a milestone in our bilateral relations. It has ushered in a new era of fruitful partnership between our two countries. We need to sustain the renewed momentum in our relationship for the mutual benefit of our people and countries in the days ahead,&rdquo; she said.
Bangabandhu's youngest daughter and Sheikh Hasina's sister Sheikh Rehana and Bangbandhu&rsquo;s grandson Radwan Mujib Siddiq were present at the luncheon.

PM Hasina calls her Thai visit a milestone in bilateral relations

The National Heart Foundation of Bangladesh and Platform Doctors Foundation have called for raising the prices of all tobacco products in the upcoming budget for the fiscal year 2024-2025 as the government spends more on treating diseases than it earns from the tobacco sector.
They made this demand during a press conference titled 'Demand for Increase in Tobacco Tax in the 2024-25 Fiscal Year Budget for a Tobacco-Free Bangladesh,' held at Jahur Hossain Chowdhury Hall, on Thursday.
They also said about 3.78 crore people, which is 35.3 percent of the population, use tobacco in the country. Additionally, around 15 lakh individuals suffer from tobacco-related illnesses.
According to the National Heart Foundation of Bangladesh and Platform Doctors Foundation, tobacco-related diseases claim the lives of around 161,000 people annually, resulting in substantial economic losses. In the fiscal year 2017-18 alone, tobacco usage incurred Tk 30,560 crore in economic losses, while revenue from the sector amounted to Tk 22,810 crore.
The organisations proposed a significant increase in tobacco taxes, arguing that higher prices lead to decreased consumption. They suggested specific tax rates for different grades of tobacco products, with prices set at Tk 60 for low-level cigarettes, Tk 80 for mid-range, Tk 130 for high-level, and Tk 170 for premium-grade cigarettes.
Implementation of these tax measures, the organisations claim, could reduce cigarette consumption from 15.1 percent to 13.80 percent, potentially preventing the premature deaths of 540,656 young individuals. Additionally, it is estimated to generate approximately Tk 47,000 crore in revenue, marking a 28 per cent increase from the previous year.
Tanvir Shakil Joy, Member of Parliament for Sirajganj-1 Constituency, expressed support for the initiative, reiterating Prime Minister Sheikh Hasina's vision of achieving a tobacco-free Bangladesh by 2040. He emphasised the need for a simplified taxation system to deter tobacco consumption and safeguard public health.
Professor Khandkar Abdul Awal Rizvi, President of the Heart Foundation, highlighted that 18 per cent of citizens aged 15 and above are smokers, with millions more exposed to secondhand smoke daily. To protect this vulnerable population, Rizvi emphasized the importance of effective taxation as a globally recognized strategy for reducing tobacco use.
The press conference was attended by key figures including Associate Professor Shafiun Nahin Shimul from the Institute of Health Economics at Dhaka University, Dr. Sohel Reza Choudhury from the National Heart Foundation Hospital and Research Institute, Rashed Bappi, President of the Bangladesh Health Reporters Forum, along with representatives from various anti-tobacco organizations and media outlets.

National Heart Foundation calls for increased tobacco taxes in budget

The visiting team of the International Monetary Fund (IMF) wanted to know Bangladesh Bank&rsquo;s measures for implementing monetary policy, interest rate, inflation, exchange rate, and reserves information.
The IMF team discussed various issues wanted to know the latest information from the central bank during a meeting held on Wednesday in Bangladesh Bank headquarters.
Apart from this, the global lender also wanted progress reports on banking sector reform, bank merger step, and revenue.
However, in the first day's meeting, the members of the IMF team said that the actions taken by the central bank and other organizations are appropriate so far.
Several officials present at the meeting confirmed that the updated reports and summary discussions highlighted the above issues.

IMF team wants to know central bank’s measures on reserves, banking sector reform

Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator, issued an order on Wednesday to prevent the continued slide in the stock market, imposing a limit beyond which prices cannot fall, or floor price for stocks.
According to the BSEC order, the price of shares and mutual funds of any listed company cannot fall by more than 3 percent in a day. Currently, company shares and mutual funds may fall by up to 10 percent depending on the price bracket they are in.
This decision has been taken to protect the interests of the country's capital market and investors. The two stock exchanges of the country (DSE and CSE) have been instructed to implement this new decision from tomorrow (Thursday), said the BSEC.
Earlier in 2021, the capital market regulator BSEC had imposed the minimum price level or floor price of the share price to prevent the continuous decline in price of shares.
There was no scope for the share price of listed companies to fall below a certain limit. The imposition of floor price leads to a kind of stagnation in the market, according to experts, as selling of shares gets stuck at a price.

BSEC brings back floor price to prevent continuous fall in share prices

The government is planning to form a Jute Council aimed at developing the jute industry and addressing its challenges, said Textile and Jute Minister Jahangir Kabir Nanak.
&ldquo;A Jute Council will be formed to develop the jute industry and solve its problems. There are a lot of problems in the jute industry. If a Jute Council is formed, it will be easier to develop an integrated roadmap for the development of the jute industry," he said today at the 40th annual general meeting of the Bangladesh Jute Mills Association (BJMA) in the capital.
Highlighting the challenges faced by the sector, Minister Nanak pointed out, "After taking over as Minister, I have noticed several problems in this sector. For example, only one-third of the jute seeds are produced domestically. The remaining two-thirds have to be imported, which is regrettable."&nbsp;
He also disclosed an organisational misalignment affecting research efforts, saying, "I found out that the Jute Research Center is not under the Ministry of Jute but under the Ministry of Agriculture."
The event was chaired by BJMA Chairman Md Abul Hossain, and attended by Kazi Nabil Ahmed, and Shamim Kaiser, vice president of FBCCI, along with former and newly elected board directors and entrepreneurs involved in the jute and jute products industry.
"Today, members of the BJMA have called for a ban on 50 kg rice bags made from polythene or plastic, a proposal I fully support," said the minister.&nbsp;
"However, our approach should not solely rely on governmental force; instead, we must offer viable alternatives to consumers. Our commitment extends beyond just the 50 kg bags, as we plan to address all forms of polythene and plastic use," he added.
In addition to environmental measures, Nanak conveyed his role as a liaison to the Prime Minister, reiterating the national leadership&rsquo;s dedication to enhancing the jute sector.&nbsp;
"The Prime Minister has assured that everything necessary will be done for the development of the jute industry and has given it the highest priority," he said.&nbsp;
During the meeting, various issues affecting the jute industry were presented to the minister by the BJMA board members.&nbsp;
Nanak assured them that proactive measures are being taken, including financial incentives for jute product exporters and alleviating financial pressures on producers.&nbsp;
"I have instructed the secretary of the Ministry of Finance and Financial Institutions Division to send a list of 282 diverse jute products to Bangladesh Bank. This will facilitate a 20% cash assistance for exporters," he explained.&nbsp;
Additionally, he has mandated a two-year moratorium on the outstanding loans of the jute industry, allowing for repayment over ten years with a reduced down payment requirement.
The Textile and Jute Minister said, "I have instructed the secretary of the Ministry of Finance and Financial Institutions Division to send a list of 282 diverse jute products from the Ministry of Finance to Bangladesh Bank. This will facilitate the exporters to receive 20% cash assistance for the export of diverse jute products.&nbsp;
&ldquo;Regarding the outstanding loans of the jute industry, I have directed a moratorium of 2 years for the update of the block account including principal and interest, and the repayment in 10 years with a 1% down payment instead of 2%."
Furthermore, the minister mentioned the abolition of the 2% source tax on raw jute, the removal of anti-dumping duty on the export of jute products by neighbouring countries, the creation of a Tk10,000 crore jute sector development fund in local currency for the purchase of raw materials for the jute industry, the declaration of jute and jute products as agricultural products by the prime minister, and the government's efforts to provide at least 30% cash assistance for the transfer of old machinery in jute mills.
Highlighting the importance of increasing the sales of jute products in domestic and foreign markets, the minister said, "To increase the sales of jute products in the domestic market, we are trying to implement the 'Mandatory Use of Jute Packaging Law-2010' completely.&rdquo;&nbsp;
&ldquo;To increase sales in foreign markets, we have sent letters to the embassies of Bangladesh abroad. We are making efforts to ensure that Bangladeshi delegations of traders of jute and diverse jute products can easily participate in various fairs and markets abroad, and we are taking measures to improve the design, colouring, and design of jute products for quality enhancement. We are continuously striving to provide opportunities and benefits to the jute industry sector similar to the garment industry and to improve it accordingly," he added.

Govt to form Jute Council for industry revitalization: Minister Nanak

The United Kingdom (UK) and European Union (EU) are facing shortages of vital medicines such as antibiotics and epilepsy medication, according to a report published on 18 April.
The report by Britain's Nuffield Trust think-tank found the situation had become a "new normal" in the UK and was "also having a serious impact in EU countries".
Mark Dayan, Brexit programme lead at the Nuffield Trust think-tank, said Britain's decision to leave the European Union had not caused UK supply problems but had exacerbated them.&nbsp;
Researchers also warned that being outside the EU might mean the UK is unable to benefit from the measures taken by European leaders to tackle shortages, such as bringing drug manufacturing back to the continent.
But, Bangladesh, which has made a name for itself in the global medicine production scene and has long been exporting medicines to the UK and EU markets, can further cash in on this opportunity?
Bangladesh Association of Pharmaceutical Industries (BAPI), the apex body of pharmaceutical companies in the country, said medicine exports are growing fast.&nbsp;
BAPI President Abdul Muktadir said that it takes around three to four years to get approval for a single product.
He said that Bangladeshi companies are applying for registration based on the list of products currently in shortage.&nbsp;
&ldquo;The shortage of a product does not last for a long time. We apply to register products that have a longer demand period as sometimes the shortage is over by the time we start selling,&rdquo; said Abdul Muktadir, who is also the chairman and managing director of Incepta Pharmaceuticals Limited.
He said that this type of business decision is not that easy.&nbsp;
However, he said that the problem of the shortage of medicine in the UK and EU markets will increase day by day.
&ldquo;For this reason, we have started to apply for more products to get registered. When the situation reaches a critical point after three or four years, Our 100-200 products will be registered in those countries, and we will be able to consistently supply the medicine,&rdquo; said Abdul Muktadir.
He said that now 5-7 Bangladeshi companies have registered their products in the EU countries.
&ldquo;If we start the work today, we will get the result after 4 years. Bangladesh will benefit in the long run,&rdquo; he further said.
According to the Export Promotion Bureau (EPB), Bangladesh exported $175.42 million in pharmaceutical products in 2022-2023.
The government has declared pharmaceuticals as the &ldquo;Thrust Sector&rdquo;.&nbsp;
Around 1,200 pharmaceutical products have been registered for export in the last two years.&nbsp;
These pharmaceutical products are being exported to more than 150 destinations, including the UK, EU, USA, Canada, and Australia.
Leading companies in Bangladesh are increasing their focus on highly regulated markets, including the EU, UK, USA, Canada and Australia as the pharmaceuticals sector in the country has attracted substantial attention from clients abroad.&nbsp;
They also have nearly all major GMP accreditation including USFDA, UK MHRA, EU GMP, Health Canada, TGA Australia, ANVISA Brazil and GCC, according to the BAPI.
Kaiser Kabir, chief executive of one of Bangladesh's foremost pharmaceutical companies Renata Limited said that UK and EU countries face shortages for different products at different times.
&ldquo;Bangladesh can cash in on the UK and EU&rsquo;s shortage of medicine only when we have registered our products there. When those countries face shortages of a single product, Bangladeshi companies can export immediately,&rdquo; he added.
&ldquo;It takes around three to four years for a product from the development stages to getting registered in their markets. It is not that easy,&rdquo; he said.
&ldquo;The USA also faces a shortage of medicine and Australia faces a shortage of medicine regularly,&rdquo; said Kaiser Kabir. &nbsp;
Stating that Bangladeshi pharmaceutical companies can take advantage of the shortages one day, he said, &ldquo;Renata&rsquo;s research and development is strong. We had started the registration process for products eight years ago.&rdquo;
&ldquo;Now we are getting some advantages. Around 15 products of Renata are registered in the UK and EU market now,&rdquo; he said.
Kaiser Kabir said that Renata will make a shipment of products next month in the UK market.
&nbsp;
&nbsp;

UK, EU facing medicine shortage, can Bangladeshi pharma companies cash in?

Waseqa Ayesha Khan, state minister for finance, has said in the next national budget the government will emphasise controlling inflation and boosting remittance and exports.
She said this while speaking as the chief guest at a pre-budget roundtable discussion, organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB), to recommend its proposals for the FY2024-25 national budget. The event was held in a hotel in the capital on Tuesday.
The government is also working to create an investment-friendly environment ensuring uninterrupted electricity and power supply, she said.
She also assured that the government will continue to focus on infrastructural, ICT and human resource development, and short- and long-term revenue strategy for sustainable economic growth.
Other speakers at the event also highlighted the need for nuanced adjustments in fiscal and monetary policies to address issues such as exchange rate stability, currency policy, and balancing export-import dynamics.
The importance of encouraging household savings, broadening the tax base, enhancing reserve buffers, and controlling the prices of daily commodities were also focused.
Professor Dr Mohammed Farashuddin, former governor of Bangladesh Bank, Dr Ahsan H. Mansur, executive director of the Policy Research Institute (PRI) Mahbubul Alam, president of FBCCI, participated in the discussion as the special guests.
The discussion was inaugurated by Prof. Dr. Md. Salim Uddin FCMA, President of ICMAB, and moderated by Arif Khan FCMA, past president and current council member of the institute.

Next budget will focus on controlling inflation, raising remittance and exports: State Minister for Finance

All of the ministries and divisions of the government spent Tk1,07,612 crore in the first nine months of the current fiscal year to implement Annual Development Programme (ADP) which is only 42.30% of the revised ADP worth Tk2,54,391.64 crore, revealed a report of the Implementation Monitoring and Evaluation Division (IMED) of the Planning Ministry.
A review of the report published on Tuesday revealed that the project implementing agencies will have to ensure works for around Tk1,46,779.19 crore in the next three months of the fiscal to implement full amount of the Revised ADP (ADP).
Experts and economists said huge amount of development expenditure will not be possible to ensure quality. They also opined that it could be a huge waste of government funds, if the money is released in haste.
IMED data shows that the Anti-Corruption Commission (ACC) has implemented the highest 96.85% of allocation, spending Tk5.99 crore in nine months from an allocation of Tk6.19 crore for a single project.
The Local Government Division spent highest amount Tk19,773.46 crore in nine months which is 46.03% of allocation worth Tk42,956.71 crore for 263 ongoing projects.
The Power Division spent Tk19,202.59 crore in July March period, which is 63.87% of allocation for the division.
The Road Transport and Highways Division (RTHD) implemented 40.19% of RADP in nine months, spending Tk11,173 crore from allocation of Tk27,803.19 crore. The Ministry of Water Resources has an allocation of Tk13,117.62 crore and spent Tk7,081.53 crore, 53.98% of the allocation.

Only 42% of development programs executed in nine months

Bangladesh Bank (BB) today informed that the deposits of individual and institutional depositors in the banks which are under the process of merger will remain completely safe and secure.&nbsp;
Even after the completion of the merger, the accountholders of two merging banks will be able to maintain their respective accounts as before, said BB in a press release issued today.
Moreover, the merger process will be completed with the consent of the sponsor directors, the current board of directors and the general shareholders of the banks.
The central bank observed that Bangladesh will officially become a developing nation in 2026. As the country enters the next phase of economic growth, it will need more capable banks and financial institutions to provide effective banking services to its people.
The process of merger will strengthen the financial sector by solving the existing problems of relatively weak banks and at the same time developing the activities of relatively strong banks. Through this, the merged bank company will be able to provide better services as per public interest.&nbsp;
All the activities of the merger will be carried out by following the policy outlined in BRPD Circular No. 8 issued by Bangladesh Bank on April 4, 2024.
In the press release, BB mentioned that recently, it has been observed that various types of news about bank mergers have been published in the electronic, print and social media, which in many cases are not based on factual information.&nbsp;
As different types of confusion are created in the public mind regarding bank mergers, Bangladesh Bank has published this press release to clarify the matter.

Depositors' money in merged banks will remain completely safe: Cenbank

Finance Minister Abul Hassan Mahmood Ali has called upon the country's esteemed partners and stakeholders to join hands with Bangladesh in leveraging digital innovation for sustainable development in Asia and the Pacific.
"Together, let us harness the transformative power of technology to build a future that is equitable, inclusive, and sustainable for generations to come," he said.&nbsp;
The finance minister said this while delivering the country statement at the 80th Session of UNESCAP on Monday at the United Nations Conference Centre in Bangkok on the topic titled "Leveraging digital innovation for sustainable development in Asia and the Pacific", according to the country statement received here today.
Ali also hoped that the members of ESCAP would take pivotal role and take coordinated actions to harness the power of digital innovation to build a better world with a sustainable and resilient future.&nbsp;
Noting that all experience the same complexity and unpredictability as digital technology grows worldwide, the Finance Minister also urged the world leaders to work together to find solutions for the shared problems.&nbsp;
"Cyber security and data security are two important challenges to mankind that are linked to frontier and digital technologies," he added.&nbsp;
In order to overcome these alarming challenges, the Finance Minister also proposed significant international cooperation and solidarity in the form of coordinated resource mobilization, policy, and regulatory frameworks.&nbsp;
"Furthermore, we must find out ways to set ethical standards and best practices for the application of Al," he noted.&nbsp;
Ali said the progress of Bangladesh in digitization is not merely a testament to its technological ability, but a reflection to the country's unwavering commitment to sustainable development and inclusive growth.&nbsp;
"As we navigate the challenges of the digital age, it is imperative that we remain steadfast in our efforts to harness technology and ensure that no one is left behind in the journey towards prosperity and well-being," he noted.&nbsp;
Asserting that Bangladesh is deeply committed to leveraging digital innovation for sustainable development, he said it is a matter of great hope that amid various complex adversities including the catastrophic effects of the pandemic and geopolitical crisis, the rapid growth of the digital transformation has brought about substantial advancement in the Asia-Pacific area.&nbsp;
While new technologies can contribute to the advancement of the Sustainable Development Goals, he said it is crucial to guarantee that all countries and population groups have access to technological breakthroughs. "Bangladesh articulated its plan to transform itself into a higher middle income country by 2031 and Developed Country by 2041".
&nbsp;
In addition, the Finance Minister said Bangladesh is committed to achieving the targets of SDGs within 2030. "To achieve all these goals and targets, incorporation and introduction of digitization in every sector is a priority area of action and playing a leading role in the implementation of the government's digital and smart Bangladesh vision,"
In an era marked by unprecedented technological evolution, he said Bangladesh stands at the forefront of harnessing digital solutions to address the multifaceted challenges of our time.&nbsp;
Ali said the Digital Bangladesh Vision, declared on December 12, 2008 by Prime Minister Sheikh Hasina, brought about significant improvements for the economic, educational and social inequality factors that determine the digital divide, including income, access to digitized services, and socioeconomic factors.&nbsp;
The newly announced dream on December 12, 2022 'Smart Bangladesh' set next major step towards realizing Father of the Nation Bangabandhu Sheikh Mujibur Rahman's dream of Sonar Bangla, a Golden Bangladesh by achieving the status of developed country by 2041.
Built on the 4 pillars of Smart Citizen, Smart Government, Smart Economy and Smart Society, Ali said it is about bridging the digital divide by innovating and scaling up sustainable digital solutions that all citizens, regardless of their socio-economic background, all businesses, regardless of their size, can benefit from.&nbsp;
The finance minister said Bangladesh has demonstrated leveraging digital innovation in all areas of its national strategies and plans. "In the realm of public services, Bangladesh has made remarkable strides in digitization, revolutionizing governance and service delivery,"
He said the National Portal of Bangladesh is the largest portal of the world which connects more than 52,200 government offices. As part of the digital transformation of public services, the Government has digitized 2281 offices with a view to reducing time and cost.&nbsp;
Through initiatives such as the Digital Bangladesh Vision 2021, Ali said the government has prioritized the integration of technology into administrative processes, ensuring efficiency, transparency, and accessibility for all citizens. "As a result, we have witnessed significant improvements in areas such as e- governance, online service provision, and digital identity management,"
Mentionable that, Bangladesh has demonstrated notable progress, utilizing its 100pc Covid vaccination rate and in-house developed digital system Surokkha to facilitate mass vaccination. Similarly, the integration of technology into education has revolutionized learning methodologies, providing students with access to online resources, interactive platforms and distance learning opportunities.&nbsp;
He said the government is executing the Mujib Climate Prosperity Plan for the year 2022-2041 which has incorporated key areas for leveraging 21st century technologies to realize the vision of building a climate- resilient nation.&nbsp;
In the area of commerce and trade, the Finance Minister said Bangladesh has emerged as a dynamic hub of digital entrepreneurship and innovation. "Our focus on building a robust digital infrastructure and investment in ICT parks is attracting global attention and investment opportunities.&nbsp;
The government has been actively fostering the development of start-ups since 2015, resulting in approximately 2,500 start-ups in the country with an investment of around $1 billion."
The finance minister informed that the Bangladesh government launched a global campaign called "Zero Digital Divide' in 2023. The creation of 9000 digital centers across the nation has guaranteed equitable access to e-services, he said.
Ali also mentioned that Bangladesh has the honor of being the first country to establish an E-Quality Centre with the goal of ensuring a zero digital gap.&nbsp;
He said Bangladesh launched South-South Network for Public service Innovation, jointly with UN Office for South-South Cooperation in 2017, with an aim to facilitate knowledge sharing, experiences and expertise.

Finance Minister urges partners to join hands with Bangladesh in leveraging digital innovation

Transparency International Bangladesh (TIB) has urged the cessation of hasty and forced mergers in banks, citing it as the latest manifestation of continued impunity in the banking sector.
TIB asserts that the lack of transparency in the bank merger process, particularly regarding the management of defaulted loans and issues of accountability within weak banks burdened by such loans, essentially sidesteps the main problem of the crisis and grants impunity to the factions responsible for loan defaults and forgery, stated a press release issued on Tuesday (23 April).&nbsp;
Bangladesh Bank has initiated steps to merge underperforming banks with stronger counterparts in order to salvage weak banks in the sector. This move is intended to align with global practices related to addressing crises in the financial sector.
TIB said, &ldquo;Global quality control standards and policies, including Bangladesh Bank&rsquo;s own policies, have been ignored to complete this sensitive and complex task hastily. The arbitrary announcement of certain bank mergers, coupled with concerns among well-performing banks involved in the process and the unwillingness of some underperforming banks, has worsened anxiety, unrest, and uncertainty within the banking sector.&rdquo;
The anti-corruption organization believes that such instances have cast doubt over the entire process even before it started.
According to the merger policy issued by the Bangladesh Bank, underperforming banks are allowed to express their interest to merge with financially sound banks following the assessment of assets and liabilities by an auditor firm enlisted by the central bank and disclosing the details in the current year.&nbsp;
Considering the evaluation of assets, there are provisions for good banks to voluntarily express interest in initiating mergers with weaker banks.&nbsp;
Highlighting that the central bank can resort to forceful mergers only if the initial steps fail, TIB Executive Director (ED) Dr. Iftekharuzzaman stated, &ldquo;Based on media reports, only one weak bank has shown interest in a voluntary merger, and conversely, it's not necessarily the case that the financially sound banks mentioned in the process have willingly and consciously engaged in it. This suggests that the entire process has been arbitrarily imposed on them, which is a clear violation of declared policies.
The TIB executive director questioned how fair and reasonable it is to transfer the burdens of defaulted loans and forgeries to good banks without first assessing the assets and liabilities of the weaker ones.
&ldquo;It appears that the ongoing actions are akin to prescribing paracetamol for cancer treatments. On one hand, the culture of loan defaults is exacerbated by shielding factions responsible for them and forgery under the guise of mergers. Conversely, significant attempts are underway to compel good banks to digest weaker ones as a result of their success. This has fostered an atmosphere of anxiety and restlessness across the entire sector,&rdquo; he added.&nbsp;
Expressing apprehensions that attempts to salvage weak banks might backfire, the TIB executive director remarked, &ldquo;Government-government, private-government, and private-private mergers are all being considered. However, it remains unclear on what basis these banks have been prioritized, or how the decision was made regarding which financially sound banks would merge with which weak ones. Additionally, some banks not yet mentioned in the merger process have been kept afloat through liquidity assistance.&rdquo;
&ldquo;Two government-owned banks, known for their strong performance, are slated to absorb two underperforming banks despite having significant amounts of defaulted loans themselves. Given these circumstances, it is unrealistic to believe that simply merging banks, without ensuring effective accountability-based good governance to address the basic challenges in the banking sector, will resolve the problem or safeguard the interests of clients,&rdquo; he added.
Criticizing the provisions of the merger policy, which permit directors of underperforming banks to return to the board of the merged bank after a five-year break, as well as the provision for the reappointment of top executives implicated in mismanagement, the TIB Executive Director stated, "This provision rewards the perpetrators behind the banking crisis with impunity rather than holding them accountable. Furthermore, the provision to maintain secrecy of new irregularities or corruption uncovered during audits of underperforming banks will not only hide financial discrepancies but also hinder the process of holding individuals accountable. Essentially, it means protection for wrongdoing. It is disheartening to witness what is happening in the name of mergers, as it shows how defaulters control banks."
As per the policy, a state-owned asset management company will acquire the non-performing loans of weak banks, indicating that government funds will be utilized to purchase these bad loans. This essentially means that loan defaulters have once again been exempted by using public funds. Given the precarious state of the banking sector and public concerns, TIB emphasizes the need for essential reforms in the bank merger policy. These changes must be in line with global norms and experiences, as well as the opinions of unbiased and renowned experts in the field. Furthermore, until these reforms are implemented, TIB calls for halting the implementation of decisions made under the pretense of mergers.

Hasty and forced bank mergers epitomize ongoing impunity in banking sector: TIB

The Federation of Bangladesh Chambers of Commerce &amp; Industry (FBCCI) and the Qatar Chamber of Commerce and Industry (QCCI) have signed an agreement to establish a Joint Business Council (JBC) to strengthen the economic ties and to enhance closer cooperation between Bangladesh and Qatar.
The agreement was signed in presence of the Prime Minister Sheikh Hasina and Qatar's Emir Sheikh Tamim bin Hamad Al Thani on 23 April at the Karabi Hall of the Prime Minister&rsquo;s Office in Dhaka, reads a press release.&nbsp;
FBCCI President Mahbubul Alam and QCCI Chairman HH Sheikh Khalifa Bin Jassim Al Thani have signed the agreement on behalf of their respective organisations.&nbsp;
This initiative aims to facilitate continuous interaction between the business communities of the two countries to boost trade and economic cooperation.
FBCCI President Mahbubul Alam said, &ldquo;The establishment of JBC between Bangladesh and Qatar will open a new window of cooperation between the two nations. The business community of both the countries will be benefited under this agreement as they will be able to sit periodically to discuss issues of mutual interest in trade, business, scientific and research cooperation. At the same time, it will help Bangladeshi business community to explore the potential export market at Qatar and vice-versa.&rdquo;
According to the agreement, the JBC will provide a platform for businessmen and industrialists from Bangladesh and Qatar to engage in discussions and activities related to trade, investment, technology transfer, services, and other industrial sectors.
The JBC meetings will be organised alternately in Bangladesh and Qatar, and each side will have the opportunity to exchange information on trade, economic cooperation and services to augment business between the two countries.&nbsp;
The JBC will engage in activities such as exchanging information, submitting recommendations to respective governments, encouraging participation in exhibitions, and sponsoring missions and expert visits. Both sides will hold joint meetings to discuss issues related to trade promotion and economic cooperation. Sub-committees and task forces may be formed if necessary, according to the agreement.

Agreement signed to establish Joint Business Council between Bangladesh, Qatar

Prime Minister's Private Industry and Investment Adviser Salman F Rahman said Qatar has expressed its interest to ink Free Trade Agreement (FTA) with Bangladesh.
"The Qatari delegation expressed their interest in FTA when the proposal was placed in the meeting. They have shown great interest in this proposal. They said they have FTA with many countries of the world. Recently they signed an FTA with South Korea," he said.
Salman said this after a bilateral meeting between the two countries at a hotel in the city on Monday evening.
At the meeting, Salman F Rahman led the Bangladesh side and Minister of Commerce and Industry of Qatar Sheikh Mohmmed bin hamad Al Thani led the Qatar side.&nbsp;
Noting that the Qatari side also expressed their interest in discussion with Bangladesh on commodity exchange and Sukuk investment, Salman said the meeting decided to work for the development of the private sector of the two countries.
He said Qatar imports food products from many countries and Bangladesh wants to export various food products, including meat to the country.
"The governments of the two countries will work for the development of business and trade in these areas by creating a favourable environment," he added.
As per the press release, Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) President Mahbubul Alam expressed interest in visiting Qatar with a delegation to improve relations between the businessmen of the two countries and the president of the Chamber in Qatar welcomed the proposal.
The meeting was also attended by State Minister for Commerce Ahsanul Islam Titu, FBCCI President and several senior government officials.
&nbsp;
&nbsp;

Qatar keen to sign FTA with Bangladesh: Salman

Two days after raising the price of gold to a record high of Tk1.19 lakh, Bangladesh Jewellers' Association (Bajus) has reduced the price of the precious metal by Tk3,138 per bhori.&nbsp;
The Standing Committee on Pricing and Price Monitoring of Bajus on Tuesday (April 23) adjusted gold prices downward, citing a decline in the price of pure gold in the local market. 
With the new rates effective from 4pm today, the price of 22-carat, 21-carat and 18-carat gold declined to Tk1,16,290, Tk110,956 and Tk95,110 per bhori respectively.&nbsp;
Since March 22 of this year, gold has been trading at Tk 114,074 per bhori.
The country witnessed gold prices surpassing Tk1 lakh per bhori for the first time on July 20 last year.
Despite Bangladesh not importing a significant quantity of gold, prices are consistently influenced by international fluctuations and domestic market volatility.
With an annual demand ranging from 20 to 40 tonnes, approximately 80 percent of the country's gold demand is fulfilled through smuggling.
&nbsp;In August of last year, the Bangladesh Bank mandated a 100 percent margin requirement on letters of credit for gold, aiming to discourage imports and conserve foreign currency.

Gold price reduced by Tk3k per bhori

The US has called upon Bangladesh to prioritise safety in the ship recycling industry.
"As the world&rsquo;s largest ship recycling hub, Bangladesh's role is crucial. Let's work together to protect workers' rights, ensure environmental safety, and promote sustainable practices for economic prosperity," stated the US Embassy in Dhaka in a post on X, formerly known as Twitter, on Tuesday.
The post also includes photos of US Ambassador Peter Haas visiting a ship breaking yard.
The embassy emphasised the US's commitment to improving labor conditions and adhering to international standards, such as the Hong Kong Convention.
"Join us in creating a greener, safer future in ship recycling," urged the embassy.

US urges Bangladesh to ensure safer ship recycling

President Mohammed Shahabuddin on Tuesday urged Qatar to invest more in the Special Economic Zones (SEZs) in Bangladesh.&nbsp;
"Bangladesh will welcome investments in various sectors including in state-led food supply chains from production to consumption such as agro-production and processing, food packaging, smart agriculture and fertiliser production," he said&nbsp;
He made this call during a courtesy meeting with the visiting Emir of Qatar Sheikh Tamim Bin Hamad Al Thani at Bangabhaban.
President's press secretary Joynal Abedin briefed reporters after the meeting.
Acknowledging Qatar as a valuable development partner of Bangladesh in the Gulf region, the president said the emir's visit and &nbsp;the signing of the cooperation documents - five agreements and five MoUs- between the two countries will further expand and strengthen bilateral co-operation in the days to come.
The president said Bangladesh government has established 100 Special Economic Zones for foreign investment.&nbsp;
"Qatari investors can get massive incentives and support in sectors like petro-chemicals, energy, machineries, information technology, electronics, ceramics, agri-business, food processing in Bangladesh," he also said.
Expressing his gratitude to the Qatar government for providing employment opportunities to about 3.75 lakh Bangladeshis, president Shahabuddin said this manpower is constantly contributing to the socio-economic development of both Qatar and Bangladesh.

President seeks massive investment from Qatar in Special Economic Zones of Bangladesh

Managing Director (MD) Tarek Reaz Khan of Padma Bank, which is set to merge with private Exim Bank, has tendered his resignation. NRB Bank, formed by expatriates, has already made plans to appoint him as Managing Director.&nbsp;
Meanwhile, the MD of Standard Bank has been placed on leave, with Habibur Rahman yet to return to work.&nbsp;
Additionally, Meghna Bank has welcomed a new MD and the Bangladesh Bank is currently overseeing the appointment process for MDs at Premier, NCC, and BASIC Bank, reports Prothom Alo quoting sources within the central bank.
Padma Bank, currently facing a crisis, is in the process of merging with Exim Bank, with decisions already taken by the boards of both institutions. Auditors have been appointed by the Bangladesh Bank to oversee the merger.&nbsp;
Mamoon Mahmood Shah had resigned from the MD position at NRB Bank last February, leaving the bank to operate under an acting MD until Tarek&rsquo;s appointment.
Speaking to the media, Tarek Reaz Khan cited the impending merger of Padma Bank as the reason for his resignation, expressing his intention to explore opportunities at a new institution.
In a separate development, Habibur Rahman, who assumed the MD position at Standard Bank in February 2021, was placed on a three-month leave before the completion of his term. This decision stemmed from a conflict with an influential director on the bank's board, prompting the Bangladesh Bank to initiate an inspection and subsequent discussions with the bank. However, no decision has been reached regarding Habibur Rahman's reinstatement.
Wishing not to be named, an official from the Bangladesh Bank indicated that the MD would be required to resume duties pending the outcome of the inspection.&nbsp;
The official also mentioned a change in the procedure for MD appointments, requiring candidates to undergo an oral test before a central bank committee. Contract tenures for MDs are now capped at three years per term, with a focus on outlining their responsibilities and privileges within bank policies.
Kazi Ahsan Khalil has assumed the MD role at Meghna Bank, having previously served as Deputy MD at NRB Bank. Anisur Rahman has been appointed MD of state-owned BASIC Bank for a one-year term. Premier Bank has nominated Mohammad Abu Zafar, formerly of Dhaka Bank, as its MD, pending central bank approval. Similarly, NCC Bank has chosen M Shamsul Arefin as its MD, with applications awaiting central bank clearance.
Under the revised policies, MDs are no longer able to resign abruptly, nor can banks remove MDs at will. Any departure from the MD position requires an explanation to the relevant Bangladesh Bank committee, whose decision will be final.

Padma Bank MD resigns, new faces in 4 banks

Bangladesh and Qatar on Tuesday signed 10 cooperation documents - five agreements and five MoUs - to strengthen ties on multiple fronts and help the relations reach a new height.&nbsp;
Prime Minister Sheikh Hasina and Qatar&rsquo;s Emir Sheikh Tamim bin Hamad Al Thani during the signing of the documents.&nbsp;
The five signed agreements are: agreement for cooperation in the legal field between Bangladesh and the State of Qatar, agreement on promotion and protection of mutual investments; agreement on the avoidance of double taxation and prevention of fiscal evasion with respect to taxes in income between Qatar and Bangladesh; agreement on maritime transport; and agreement on the establishment of Joint Business Council (JBC) between FBCCI &amp; QCCI.
PM Hasina warmly welcomes Qatar&rsquo;s Emir at her office
The five MoUs are: MoU on cooperation in the fields of sports and youth between Bangladesh and Qatar; MoU on cooperation in the field of manpower employment (Labour) between Ministry of Labour, State of Qatar and Bangladesh; MoU on cooperation in diplomatic training between Bangladesh and Qatar; MoU for cooperation in the field of education, higher education and scientific research between Bangladesh and Qatar; MoU between Qatar Ports management Company &ldquo;MAWANI QATAR&rdquo; and Chittagong Ports Authority.
Earlier in morning PM Hasina warmly welcomed and received Emir Sheikh Tamim at her office.
They had t&ecirc;te-&agrave;-t&ecirc;te (one-to-one) meeting at the Prime Minister&rsquo;s Office, which was followed by a bilateral meeting.
Bangladesh taking up long-term programmes to tackle climate change impacts: PM Hasina
After signing visitors' book there, the emir will head for Bangabhaban on Tuesday afternoon where the president will receive him.
A high-level Qatari delegation headed by Qatar&rsquo;s emir is paying the state visit to Bangladesh at the invitation of the president and the prime minister of Bangladesh.
At the ceremony, a road and a park in the capital Dhaka were named after Emir of Qatar Sheikh Tamim Bin Hamad Al Thani.
The park, built in Kalshi area of ​​Mirpur under Dhaka North City Corporation, and the road from Mirpur ECB point to Kalsi Fly Over were named after Emir of the Qatar.
Now, the road and park are known as Sheikh Tamim Bin Hamad Al Thani Avenue and Sheikh Tamim Bin Hamad Al Thani Park. &nbsp;

Bangladesh, Qatar sign 10 cooperation documents to take ties to new height

Jahidul Islam

Bangladesh's economy is on the brink of a historic milestone as it is set to exceed the fractional mark and contribute 1.01% to the global GDP by 2028, according to projections by the International Monetary Fund (IMF).
The insights were gleaned from the April 2024 edition of the IMF's World Economic Outlook database, which underwent recent updates in preparation for the annual meetings of the global lender with the World Bank.
According to the IMF report, Bangladesh's economy has already ascended to 0.84% of the global GDP as of the end of 2023, with an anticipated growth of 0.17 percentage points over the next five years.
This trajectory will propel Bangladesh to the 19th position among all countries in terms of economic size, marking a significant advancement from its current 25th position.
IMF projects that Bangladesh's GDP will increase by $245.52 billion over the next five years and is on its way to the 19th position, surpassing six countries.&nbsp;
Over the next five years, Bangladesh is expected to surpass the economies of Iran, Thailand, Australia, Poland, Taiwan, and Pakistan.
Bangladesh&rsquo;s GDP is expected to reach $691.865 billion in 2028 - an increase of 55% from $446.349 billion in the last year.
The value of the economic activities will increase by 54% according to the calculation based on the Purchasing Power Parity (PPP) Dollar along with a projection of a 48% rise in per capita GDP.
Bangladesh&rsquo;s economy saw a 6.03% growth in 2023 which will be lowered to 5.70% in 2024 but will rebound to 6.60% in 2025, said IMF.
The agency projected a 6.72% average GDP growth for Bangladesh in the next fiscal year while 7.10% in 2026, 7.20% in 2027 and 7% in 2028.
In 2023, the IMF assessed the global GDP at a value of 175.37 trillion Purchasing Power Parity (PPP) Dollars.
PPP Dollars represent a distinct currency that accounts for the purchasing power of each currency, assigning weights equivalent to the total production capacity of each country.
The value of the total domestic production in China stood at 32.93 trillion PPP Dollars in 2023 &ndash; which is about 18.73% of the world GDP.&nbsp;
China secured first position among all countries considering its contribution to the global GDP.
United States secured second position with 27.36 trillion PPP dollars which is 15.56% of the world GDP.
India contributed the third largest 7.59% of the global GDP in 2023, which is equivalent to 13.34 trillion PPP Dollars.
The position of the top three countries will remain intact until 2029, according to the IMF.
Antigua and Barbuda, Grenada, St Vincent and the Grenadines, Solomon Islands, Dominica
Samoa, S&atilde;o Tom&eacute; and Pr&iacute;ncipe, St Kitts and Nevis and Vanuatu ranked bottom in 2023 with 0.001% of global GDP.
In 2023, the value of Bangladesh&rsquo;s GDP stood at $1.48 trillion in 2023 and the economy secured 25th position &ndash; accounting for 0.85% of the global GDP, according to the IMF estimates.
Analysis of IMF&rsquo;s time series data states Bangladesh&rsquo;s place in the global economy was 44th in 1980 with a 0.376% share.
Bangladesh&rsquo;s economy remained in the same place until 1997, although there were some fluctuations.&nbsp;
Surpassing Ukraine and Romania, Bangladesh secured the 42nd position in 1998.
The economy surpassed Portugal, Greece and Norway in 1999 which helped Bangladesh to secure the 39th position with a 0.426% contribution to the world GDP.
Bangladesh slid by one notch in 2004 but overcame three European economies Switzerland, Belgium and Sweden in 2009.&nbsp;
Contribution worth 0.51% of global GDP helped Bangladesh to rank 36th position that year.
In 2012, the position of two South American neighbours - Colombia and Venezuela, came below Bangladesh.&nbsp;
Bangladesh ranked the 32nd position in 2013, overtaking Vietnam.&nbsp;
In 2017, Bangladesh secured the 30th position overtaking Malaysia, contributing 0.68% of global GDP.
Bangladesh jumped to the 27th position in 2020 - leaving behind the Netherlands, Argentina and the Philippines.
In 2021, Bangladesh stood at the 25th position - surpassing Nigeria and Argentina.

Out of fractions and into full: Bangladesh projected to surpass 1.01% global GDP share by 2028

The present situation of BNP Chairperson Khaleda Zia is the result of the party leaders&rsquo; negligence, said Awami League General Secretary and Road Transport and Bridges Minister Obaidul Quader.
&ldquo;The case was filed against her by the caretaker government, Awami League did not file the case. She was arrested and imprisoned in that case. &nbsp;BNP leadership&rsquo;s negligence is the reason for Begum Zia's current situation,&rdquo; he said at a press briefing at the Awami League president's political office in Dhanmondi on Friday (3 May).
&ldquo;A trial that could have been over in a year has not been completed in ten years,&rdquo; he added.
He said PM Sheikh Hasina was generous enough to allow Khaleda&rsquo;s punishment to be suspended.
&ldquo;Arrangements have been made for her to stay at home and receive treatment,&rdquo; the AL leader said.
In response to a question about domestic and foreign pressures, Obaidul Quader said, "We feel these pressures while performing the duties of the country."
&ldquo;Before the elections, there were public threats, intimidation, and fear of sanctions. These were given openly. Our statement on this matter is also clear,&rdquo; he further said.

BNP’s negligence responsible for Khaleda Zia’s present situation: Quader

Chapainawabganj, the country's mango capital, is facing a potential fruit failure this year due to the relentless heatwave scorching the region. Mango cultivation, already hit by an off-year with lower yields, is now under further threat as the intense heat dries up and causes immature mangoes to fall from trees.
Despite efforts by farmers to irrigate and control the situation with pesticides, the mangoes continue to fall, raising serious concerns about the district's mango output. The woes of growers began earlier in the season when excessive cold delayed the emergence of mango buds. This was followed by untimely rains during the blooming stage, destroying many buds and reducing fruit production.
Disheartened by these initial setbacks, farmers are now grappling with the scorching heatwave. A visit to several orchards revealed a disheartening scene &ndash; small mangoes scattered on the ground instead of hanging healthily on the trees. The lack of rain has stunted their growth, leaving them significantly smaller than they should be at this stage.
Some fortunate farmers with the resources have installed diesel-powered irrigation machines to provide much-needed water to their trees. However, many others lack this facility and can only watch helplessly as their mangoes fall victim to the harsh weather conditions.
Abdur Ahad, a local mango grower, shared his worries: "This year, there were very few mangoes to begin with due to the scarce buds. Now, the situation is even worse with the drought. The mangoes are drying up and falling every day. Despite irrigating and spraying, I can't seem to stop them. The lack of rain is hindering their growth as well."
Abdur Rakib, another grower from Ajaipaur, echoed Ahad's concerns. "The intense heatwave is causing the mangoes to fall. I've already sprayed them thrice, and the production cost is skyrocketing. If the yield is affected, I'm looking at a major financial loss."
Shamima, a grower from the same area, painted a bleak picture: "The condition of mangoes in our district is very bad. We won't be able to achieve our goals from cultivating the orchards. It seems like there will be a mango fruit failure this time."
Palash Sarkar, Deputy Director of the District Agricultural Extension Department, explained the factors contributing to the crisis. "This year, we observed a significant decrease in mango bud formation. The dense fog in February and March followed by rain and light hailstorms damaged the flowers during the crucial flowering stage. Now, the intense heatwave is causing the remaining mangoes to fall. The possibility of future hailstorms and Kal Baisakhi storms further threatens the yield."
According to the Department of Agriculture, mango cultivation in Chapainawabganj this season covers 37,604 hectares of land, with a target production of 450,000 metric tons. Last season, the district produced 443,625 MT of mangoes.
The current heatwave poses a significant threat to exceeding or even meeting last year's production. The plight of Chapainawabganj's mango growers highlights the vulnerability of agriculture to extreme weather events and the urgent need for climate-resilient practices to safeguard future harvests. &nbsp;

Fear of fruit failure grips mango growers in Chapainawabganj as heatwave intensifies

The United Nations General Assembly has unanimously adopted Bangladesh&rsquo;s flagship annual resolution on the &lsquo;Culture of Peace&rsquo; with an overwhelming number of co-sponsorships.
Permanent Representative of Bangladesh to the UN in New York Ambassador Muhammad Abdul Muhith introduced the resolution at the General Assembly Hall.
It marks the 25th anniversary of the Declaration and Programme of Action on a Culture of Peace.
In 1999, during the first tenure of Prime Minister Sheikh Hasina, the delegation of Bangladesh led the intergovernmental negotiations for adoption of the Declaration and Programme of Action which identified eight areas of action to promote culture of peace and non-violence.
While introducing the resolution, Ambassador Muhith highlighted the continued relevance of culture of peace, as the world faces spiralling conflicts and dereliction of human dignity.
&ldquo;To reverse the trend, we must rekindle the brighter and harmonious faculties of the human minds, foster respect for equality and equal value of all human beings; and most importantly we must make peace more profitable than war,&rdquo; he said.
To observe and celebrate the 25th anniversary in a befitting manner, the president of the General Assembly has been requested to convene a day-long high-level forum.
Through this resolution, the General Assembly also invited the Member States, United Nations entities, international and regional organisations and other relevant stakeholders, including civil society, the private sector, academia and the media to observe the 25th anniversary, in an appropriate manner, including through educational and public awareness-raising activities.
Referring to Bangladesh&rsquo;s own experience of war and devastation, Muhith said that the initiative of Bangladesh to introduce the notion of culture of peace in the UN was inspired by the country&rsquo;s own experience.
&ldquo;Having born out of a devastating war that was rooted in discrimination, racial intolerance and subjugation, we made promotion of peace a fundamental principle of our foreign policy,&rdquo; he added.
The consideration of the resolution was preceded by a general debate on the culture of peace.
A large number of member states and groups of countries delivered statements in which they expressed their commitment to advancing the implementation of the Declaration and Programme of Action on a culture of peace.
The delegations particularly acknowledged the historic leadership of Bangladesh on this agenda.
This year's resolution has been cosponsored by 112 countries, showcasing a broad-based endorsement from a diverse representation of UN Member States.

UN unanimously adopts Bangladesh’s Resolution on Culture of Peace

The former joint secretary general of Hefazat-e-Islam, Maulana Mamunul Haque has been released from jail after securing bail in the cases filed against him.
He walked out of Kashimpur High-Security Central Jail in Gazipur at around 10:30am on Friday (3 May), Senior Jail Superintendent Subrata Kumar Bala said.
Mamunul Haque's supporters and Hefazat activists gathered at the jail gate to welcome him.
Initially slated for Thursday (2 May) night, Mamunul's release was postponed due to security concerns, as disclosed by a source familiar with the matter.
Mamunul is accused in 41 cases filed with different police stations.
On April 3, 2021, Mamunul was found at a resort in Sonargaon, Narayanganj, with a woman. He was surrounded by Awami League activists.&nbsp;
Later, activists and supporters of Hefazat went there, ransacked the resort and took him away. &nbsp;
Then on April 30, 2021, the woman appeared at Sonargaon police station and filed a case against Mamunul alleging that he had raped her with the promise of marriage.
Two cases were filed against Mamunul Haque at Paltan police station in the capital and Sonargaon police station in Narayanganj in connection with violence and the resort incident.

Mamunul Haque walks out of jail after getting bail

Prime Minister Sheikh Hasina received eye treatment at the National Institute of Ophthalmology and Hospital like a general patient after buying a Tk10 ticket.
The premier reached the National Institute of Ophthalmology and Hospital in the capital at around 11am on Friday (3 May), PM's Assistant Press Secretary ABM Sarwar-e-Alom Sarkar said.
She stood in line, collected the ticket herself and went for regular eye exams.
While leaving the hospital, she exchanged pleasantries with the patients and their relatives, as well as the doctors, nurses, and employees of the hospital .
&nbsp;

PM Hasina takes treatment at eye hospital as general patient

This year's Secondary School Certificate (SSC) and equivalent exam results will be published on 12 May.
Education Minister Mahibul Hasan Chowdhury Naufel will hand over the summary and statistics of the results to Prime Minister Sheikh Hasina at 10am on that day, said a letter sent from the Prime Minister's Office to the Education Secretary on Thursday (2 May).
The chairmen of nine education boards will be with him at that time.
&nbsp;

SSC results on 12 May

The health authorities in Bangladesh said they are monitoring the global concern over the serious side effects of the Oxford-AstraZeneca COVID-19 vaccine.
However, no serious side effects have been reported so far among the vaccine&rsquo;s recipients in the country, said the officials.
The National Immunisation Technical Advisory (NiTAG) acts as an advisor to the government on vaccine approval and implementation in the country.
When the AstraZeneca vaccine was introduced under the Covishield name in 2021, public health expert Professor Dr Bey-Nazir Ahmed was a member of NiTAG.
"In emergency situations, after analysing the scientific data, NiTAG advised to approve the vaccine in the country. The AstraZeneca vaccine was prepared in a very short time. It usually takes 10-12 years for a vaccine to reach the implementation stage. Sometimes more time is needed. When the vaccine was approved in Bangladesh, it was also approved in the UK,&rdquo; he told the media recently.
&ldquo;A clinical survey is needed to determine whether the problem that is being talked about is happening in Bangladesh. We advised the government at that time to monitor those who will be vaccinated. This observation is usually for a short or long period of time,&rdquo; he added.
&ldquo;Which vaccine can be approved, whether there will be a trial or not, how it will be applied, who will get priority, how to save - NiTAG advises the government on these issues. The Directorate of Drug Administration (DGDA) seeks feedback when a vaccine is discovered. These procedures have been adopted regarding coronavirus vaccination. If a vaccine causes a problem in a person, it may not be detected if the subject is not properly reviewed. For this, a certain number of people should be monitored for a long time after vaccination,&rdquo; the health expert further said.
According to the Directorate General of Health Services (DGHS), so far 8 coronavirus vaccines have been administered in the country.
More than 15 crore people of different ages have received 36,68,75,000 vaccinations in the first to fourth doses, DGHS added.
DGHS Line Director (Maternal, Child and Adolescent Health and Expanded Immunisation Programme) Dr Mohammad Nizam Uddin said, "We are not giving AstraZenecar vaccine now. We have heard about the side effects of this vaccine. However, no such incident has been found in Bangladesh. We have an expert committee to work on this. The issue of vaccine side effects is observed across the country.&rdquo;
On 27 January, 2021, the government administered the first Oxford-AstraZeneca vaccine on an experimental basis.
It was developed by the Serum Institute of India. After that, Bangladesh got AstraZeneca vaccine from other sources as well.
So far, 5,62,80,000 doses of vaccine has been administered in the country - which is 15.3% of the total administered vaccines.
Rare side effects have recently been reported in Oxford-AstraZeneca vaccine recipients and the British-Swiss pharmaceutical company even has been forced to admit it in a legal battle following a case in the British court on the matter.
Although the company had said so far, the COVID-19 vaccine developed with the help of Oxford University is not harmful; however, there were claims that some people died and some suffered serious illnesses because of the vaccine.
UK&rsquo;s The Telegraph reported that it causes a rare side effect called thrombosis with thrombocytopenia syndrome (TTS).
According to the US Centres for Disease Control and Prevention (CDC), TTS is a rare physical condition that causes low platelets in the blood.
Platelets help blood clot. As a result, if this component of the blood decreases, the physical condition of the person may deteriorate.
TTS causes blood clots in the brain or intestines, sometimes in the legs or lungs. As a result, the platelet count in the blood can drop below 150,000 per microlitre.
Symptoms of TTS include severe headache, abdominal pain, leg swelling, shortness of breath and seizures.
Considering the various side effects, no vaccine other than Pfizer is being used in the country, said NiTAG President Professor Dr Khan Abul Kalam Azad.
"Last November, we only told the government about Pfizer's vaccination. Moderna&rsquo;s vaccines have some side effects on the heart, so we stopped that too,&rdquo; he added.
"When the AstraZeneca vaccine was introduced, there was no alternative vaccine. Later many vaccines were found. These vaccines have been approved in different countries of the world including the USA, UK, Australia, Japan, and Germany. We have suggested the same. This approval was given based on scientific data,&rdquo; the health expert further said.
However, he said those who have received the CoviShield vaccine have been asked to monitor whether there are any problems.
Doctors have been asked to seriously monitor patients with neurological, heart and lung problems.
As early as March 2021, concerns about side effects of the Oxford-Astrazeneca vaccine spread in Europe.
Blood clots in about 40 people who received the vaccine in Norway and Denmark raised concerns.
In a statement at the time, AstraZeneca said there was no scientific evidence that the vaccine it developed increased the risk of blood clots.
DGHS says that the vaccination programme is now ongoing in the country on a regular basis.
As advised by the technical advisory committee, only Pfizer vaccine is being used in the country.
The AstraZeneca vaccine was last administered at least a year and a half ago, DGHS added.

AstraZeneca side effects: Bangladesh monitoring global situation

AFP/BSS

Modern Europe is facing a triple existential threat; a new paradigm is needed to counter it, French President Emmanuel Macron said in an interview with the British weekly The Economist.
"It's this triple existential risk for our Europe: a military and security risk; an economic risk for our prosperity; an existential risk of internal incoherence and disruption to the functioning of our democracies," the French president said. "So these are the three risks that have accelerated in recent years, very strongly no doubt. Moreover, after the pandemic, we underestimated these tensions, even though Europe began to respond to them, but too timidly or sometimes a little too late," he added.
According to Macron, "a new geopolitical, economic and societal paradigm for Europe" is needed to address these challenges. First of all, as the president believes, Europe must take care of its own security. In addition, it needs to ensure its strategic autonomy "in terms of energy, materials and rare resources, but also in terms of key skills and technologies."
Among other things, this concerns the active participation of its companies in the development of advanced technologies such as artificial intelligence and quantum computing, where the United States and China may get a long-term advantage. Finally, Europe needs to address the vulnerabilities "created by social networks and the digitalization of our societies and the way democracy works," he went on to say.
In reply to the question whether this will lead to a gradual death, or will it be a sudden death, Macron said: "Things can fall apart very quickly. In Europe and everywhere else, they are creating a rise in anger and resentment."

Europe facing 'triple existential risk,' Macron warns

Former British prime minister Boris Johnson, who introduced a contentious requirement for voters to show photo ID while voting, was turned away from a polling station on Thursday for forgetting to bring his.
Johnson, who quit in 2022 following a scandal-ridden premiership, was initially turned away at a polling station in Oxfordshire, southern England, while trying to vote in local elections taking place across England on Thursday (2 May), reports the BBC.
As prime minister, Johnson's government introduced the ID requirement in 2022 to crack down on possible voter fraud but it was heavily criticised for the potential to disenfranchise parts of the electorate.

Boris Johnson, who introduced voter ID rule in UK, turned away from polling station after forgetting his own

At least 50 people were injured when a freight train collided head-on with a passenger train in Gazipur.
The incident took place at Joydebpur railway station around 11:15am on Friday (3 May).
Locals said a commuter train leaving Dhaka for Tangail hit a freight train standing at the outer signal at Kazipara when it crossed Joydebpur railway station.
5 compartments of the passenger train have been derailed.
So far no casualties have been reported.
&nbsp;

50 injured as trains collide head-on in Gazipur

Despite there being no shortage of supply, the prices of almost every daily essential commodity have increased on the pretext of the heat waves sweeping across the country.
Traders say there is adequate supply but high prices are due to items rotting faster than before because of the severe heat waves.
However, the price of broiler chicken has decreased slightly compared to week.&nbsp;
Visiting the capital's Karwan Bazar kitchen market on Friday (3 May), broiler chicken was found to be selling at Tk190-200 per kg, which was Tk220-230 per kg last week.
Beef was being sold at Tk780-800 per kg while mutton was at Tk1,100 per kg.&nbsp;
Meanwhile, the price of vegetables has increased compared to last week, citing less supply due to last night's rain.&nbsp;
No vegetable was being sold for less than Tk60-70.
Carrots were being sold at Tk60, beans at Tk80, and eggplants at Tk100 per kg.
A hali (set of four) of lemons was being sold at Tk40.
Prices of fish have not increased much compared to last week.&nbsp;
Hossain Ali, a resident of Moghbazar, came to the kitchen market for his weekly grocery shopping.
&ldquo;The price of fish seems to be the same as before. But the price of vegetables is increasing day by day,&rdquo; he said.

Prices of kitchen market essentials still high

The success of ballistic missile defences facing their first complex, high-stakes combat scenarios in Israel, the Red Sea and Ukraine will encourage militaries globally to invest in the pricey systems, experts say - and intensify missile arms races.
Iran launched as many as 120 intermediate-range ballistic missiles at Israel on 13 April, US and Israeli officials say. US SM-3 and Israeli Arrow interceptors destroyed nearly all of them, leaving drones and smaller threats to the Iron Dome system. &nbsp; In previous months, interceptors fired from US Navy destroyers stopped Houthi anti-ship ballistic missiles, while in Ukraine, US-made MIM-104 Patriot batteries have shot down advanced Russian Iskander and Khinzal missiles.
Reuters spoke with six experts who said more militaries would look to invest in ballistic missile defence, a potential windfall for companies such as Lockheed Martin and Raytheon, which build those types of systems. &nbsp; "It's undeniable that any wealthy country with the technological wherewithal will continue to invest in missile defence," said Ankit Panda of the US-based Carnegie Endowment for International Peace, a defence and security think tank. "All of this is a recipe for a conventional arms race."
European countries such as the Netherlands, Germany, Sweden and Poland already operate RTX subsidiary Raytheon's Patriot batteries, the most common Western advanced ballistic missile defence system. &nbsp; Saudi Arabia has used its Patriots for years to defend against Houthi attacks; it and the United Arab Emirates also operate the Lockheed Martin (LMT.N), opens new tab Terminal High Altitude Air Defense (THAAD) system.
Kuwait, Qatar and Bahrain have Patriot batteries as well, and Oman has expressed interest in missile defence.
In the US, Lockheed Martin in April won a $17.7 billion contract for a next-generation interceptor for the Ground-Based Midcourse Defense (GMD) programme - designed to shoot down small numbers of intercontinental ballistic missiles (ICBMs) aimed at the continental United States. &nbsp; But the impact may be most acute in Asia, where China has invested heavily in conventionally armed ballistic missiles.
A 2023 Pentagon report said the People's Liberation Army Rocket Force has about 500 DF-26 missiles, designed to accurately strike targets thousands of kilometres away.
That puts US and allied bases in Japan and Guam within range of an attack that may only come with 20 to 30 minutes' warning.
Ballistic missile defence works by spotting an attacking weapon either at launch or in flight, then using a surface-based radar to guide an interceptor to the target.
Interceptions can occur in the atmosphere or in space, and each domain requires different hardware. For instance, fins won't work outside the atmosphere - interceptors must have small steering rockets to function there.
The necessary high-powered computers, far-seeing radars and missiles as large as telephone poles are not cheap, together stretching into the billions. In 2022, for example, the US approved the sale of both Patriots and THAAD systems to Saudi Arabia, in deals worth as much as $5.3 billion.
In the Indo-Pacific region, wealthier countries such as Japan, Australia and South Korea are prime candidates for missile defence, Lewis said, while nearly every country in Asia is already investing in missiles.
Japan's defence ministry said the country "needs to fundamentally and swiftly reinforce its defence capabilities, including integrated air and missile defence". It said it is investing in improved Patriot missiles, better radars and enhanced naval anti-missile capabilities.
In its latest defence budget, South Korea increased funding by 12% for its Korea Air and Missile Defense System to expand it "from the existing lower-level defence concept," the country's defence ministry said in a statement.
"Cases such as the Israel-Hamas conflict and the Russia-Ukraine war have reaffirmed the importance of a 'ballistic missile defence system' to respond to increasingly sophisticated missile threats," the ministry said.
In mid-April, Australia announced a A$500 million ($328 million) contract with Lockheed Martin to deliver its Joint Air Battle Management System for tracking and destroying aircraft and missiles.
The cost of a ballistic missile is often much cheaper than the system meant to stop it.
But that isn't the right way to consider cost, said Yoji Koda, former commander in chief of Japan's Self-Defense Fleet, and an advocate of stronger missile defences in his country.
"In a war economy, the cheaper the better. But sometimes what is necessary, is we need to protect key infrastructure, or key command centres, at any cost. Because without them we would lose."
THE CHINA QUESTION
Most of China's conventionally armed ballistic missiles are designed to hit targets on land.
But it also fields steerable warheads meant to hit ships at sea, including the DF-21D and variants of the DF-26, developed by the state-owned China Aerospace Science and Technology Corporation.
Such anti-ship ballistic missiles (ASBMs) had never been used in combat until late 2023, when Houthi forces in Yemen began firing Iranian-made models at ships in the Red Sea.
Between November - the first documented use - and April, U.S. Central Command reported at least 85 ASBMs fired in the region, with 20 interceptions and one civilian ship reported sunk.
CENTCOM has declined to provide specifics about the effectiveness of Iranian ASBMs but has noted missiles posing no threat were not engaged and most that were not intercepted landed harmlessly.
The effectiveness of missile defences on land and at sea will catch China's attention, said Tong Zhao, a senior fellow with the Nuclear Policy Program and Carnegie China.
"It raises the possibility that the US and its allies could depend on missile defence significantly against a ballistic missile attack," Zhao said.
Although the technical specifics of China's missiles are closely held secrets, the country's heavy investment means they are likely to be more reliable, and are widely believed to use complex countermeasures to complicate interception.
"For opponents such as China which have missile stockpiles an order of magnitude larger than that of Russia or Iran and which field more sophisticated systems ... it's not clear that the lessons learned invalidate existing operational constructs," said Sidarth Kaushal, a senior research fellow at the Royal United Services Institute.
But the political and practical incentives to invest in missile defence will be too attractive for many countries to ignore, Lewis said.
"All defence procurement decisions are ultimately about politics," he said. "The politics of this stuff is really simple: do you want to defend the country or not? And the winning answer is always 'Yes'."
($1 = 1.5225 Australian dollars) &nbsp;

Missile defence successes in Israel, Ukraine fuel global urgency to acquire systems

Under mounting political pressure, US President Joe Biden broke his silence on campus unrest over the war in Gaza on Thursday, saying Americans have the right to demonstrate but not to unleash violence.
"There is a right to protest, but not a right to cause chaos," Biden said in remarks at the White House.
With television images of campus unrest that have swept the country in recent days playing out on news networks, Biden has faced criticism of his handling of the situation. He had been leaving it largely up to his spokespersons to comment.
The Democratic president, seeking re-election in November, has walked a careful line of denouncing antisemitism while supporting young Americans' right to protest and trying to limit longer-term political damage.
Biden said both sides had a point, that peaceful dissent was critical to a democracy but that violence would not be tolerated.
"Destroying property is not a peaceful protest. It's against the law. Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancelling of classes and graduations -none of this is a peaceful protest," he said.
Biden said the United States was not an authoritarian nation that silences critics but that "order must prevail."
"Dissent is essential to democracy but dissent must never lead to disorder or denying the rights of others so students can't finish the semester and college education," he said.
Biden, asked whether state governors should call in National Guard troops to restore order if necessary, replied "no."
In response to a reporter's question, Biden said the campus protests had not forced him to reconsider his policies in the Middle East.
Student protesters are calling for an immediate ceasefire in Gaza and demanding schools divest from companies that support Israel's government.

Biden breaks silence on college protests over Gaza conflict

Police forcibly removed scores of defiant pro-Palestinian protesters at several colleges on Thursday, including taking down an encampment at UCLA in a jarring scene that underscored the heightened chaos that has erupted at universities this week.
In the pre-dawn hours, helmeted police swarmed a tent city set up at the University of California in Los Angeles, using flash bangs and riot gear to push through lines of protesters who linked arms in a futile attempt to halt their advance.
Hundreds were arrested at UCLA and other schools.
"I'm a student here," one UCLA protester told cameras as he was led away, his hands bound. "Please don't fail us. Don't fail us."
Hours later, the student, who would only give his first name as Ryan, was back on campus and vowed he would not stop fighting.
"We will be back," said Ryan, who was cited for unlawful assembly. "We will be disrupting. We will be demanding divestment."
Students have rallied or set up tents at dozens of universities in recent days to protest Israel's war on Gaza. Demonstrators have called on President Joe Biden, who has supported Israel's right to defend itself, to do more to stop the bloodshed in Gaza and demanded schools divest from companies that support Israel's government.
Many of the schools, including Columbia University in New York City, have called in police to quell the protests.
Biden broke his silence on the demonstrations on Thursday after the UCLA raid, saying Americans have the right to protest but not to unleash violence.
"Destroying property is not a peaceful protest," he said at the White House. "It's against the law. Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancelling of classes and graduations - none of this is a peaceful protest."
Biden, who is seeking re-election in November against Republican former President Donald Trump, has walked a careful line as he confronts criticism from both the right and the left over his Israel policy.
VIOLENCE ON CAMPUS
At UCLA, police repeatedly urged demonstrators to clear the protest zone, which occupied a central plaza about the size of a football field, before they moved in.
Dozens of loud explosions were heard from stun grenades, fired by police, while demonstrators, some carrying makeshift shields and umbrellas, chanted "push them back" and flashed bright lights in officers' eyes.
Live TV footage showed officers taking down tents and tearing apart makeshift barricades.
Some of the protesters had been seen donning hard hats, goggles and respirator masks in anticipation of the siege a day after the university declared the encampment unlawful.
By morning, the plaza was strewn with detritus from the destroyed encampment: tents, blankets, food containers, a Palestinian flag, an upturned helmet. Police remained on hand during the first half of the day as the area was cleaned of debris.
In Portland, Oregon, police entered the Portland State University library on Thursday morning, where demonstrators had barricaded themselves since Monday. Several dozen protesters ran out of the building and rushed into a phalanx of officers in riot gear, who arrested them.
In New Hampshire, police arrested approximately 100 protesters in separate incidents at Dartmouth University and the University of New Hampshire overnight, breaking up encampments.
The protests follow the deadly Oct 7 attack on southern Israel by Hamas militants from the Gaza Strip, which killed 1,200 people and saw dozens taken hostage, and an ensuing Israeli offensive that has killed about 34,000 and created a humanitarian crisis.
The campus demonstrations have been met with counter-protesters accusing them of fomenting anti-Jewish hatred. The pro-Palestinian side, including some Jews opposed to Israeli actions in Gaza, say they are being unfairly branded as antisemitic for criticizing Israel's government and expressing support for human rights.
UCLA had cancelled classes for the day on Wednesday following a violent clash between the encampment's occupants and a group of masked counter-demonstrators who mounted a surprise assault late Tuesday night on the tent city.
UCLA Chancellor Gene Block, in a written statement, said that officials had allowed the encampment to remain on campus for several days as it was peaceful at first, but that the clashes with the pro-Israeli crowd clearly put students in harm's way.
"It led to unsafe conditions on our campus and it damaged our ability to carry out our mission," Block said of the encampment. "It needed to come to an end."
Taylor Gee, a 30-year-old pro-Palestinian protester and UCLA law student, said the police operation on Thursday felt "especially galling" to many protesters given the slow police response a night earlier.
"For them to come out the next night to remove us from the encampment, it doesn't make any sense, but it also makes all the sense in the world," he said.
UCLA officials said the campus, with nearly 52,000 students, would remain shuttered except for limited operations on Thursday and Friday.

Fresh chaos, arrests on US college campuses as police flatten camp at UCLA

Seventy percent of environmental journalists from 129 countries, polled in March, reported experiencing attacks, threats or pressure related to their job, UNESCO said Thursday.
Of those, two in five subsequently experienced physical violence, it said in a report released on World Press Freedom Day. More than 900 reporters were questioned for the poll.
The UN Educational, Scientific and Cultural Organization warned of an increase in violence against and intimidation of journalists reporting on the environment and climate.
"Without reliable scientific information about the ongoing environmental crisis, we can never hope to overcome it," UNESCO director general Audrey Azoulay said in a statement.
"And yet the journalists we rely on to investigate this subject and ensure information is accessible face unacceptably high risks all over the world, and climate-related disinformation is running rampant on social media."
UNESCO said at least 749 journalists and news media outlets reporting on environmental issues were "targeted with murder, physical violence, detention and arrest, online harassment or legal attacks" between 2009 and 2023.
More than 300 of those attacks occurred between 2019 and 2023 -- a 42 percent increase on the preceding five-year period.
"The problem is global, with attacks taking place in 89 countries in all regions of the world," the agency added.
At least 44 environmental journalists have been killed for their work in the past 15 years, with convictions in only five cases, said the report.
On top of hundreds of reported physical attacks, "a third of journalists surveyed said they had been censored," it added.
"Almost half (45%) said they self-censored when covering the environment due to fear of being attacked, having their sources exposed, or due to an awareness that their stories conflicted with the interests of concerned stakeholders."
At a press freedom conference in Chile this week, UNESCO will announce the launch of a grants program to provide legal and technical support to over 500 environmental journalists facing persecution, said the statement.

70% of environment journalists report attacks, threats, pressure: UN

Quebec Premier Francois Legault said on Thursday the encampment at Montreal's McGill University should be dismantled as more students erected pro-Palestinian camps across some of Canada's largest universities, demanding they divest from groups with ties to Israel.
The Canadian protests come as police have been arresting hundreds on US campuses and the death toll in Gaza has been mounting.
While McGill had requested police intervention, law enforcement had not stepped in Thursday to clear the encampment and did not respond to Reuters' questions about their plans. Students also set up encampments at Canadian schools including the University of Toronto, the University of British Columbia and the University of Ottawa.
"We want the camp to be dismantled. We trust the police, let them do their job," a spokesperson for Legault said.
There was also a pro-Israel counter-protest in Montreal Thursday. The two sides were kept separate.
On Thursday morning, students at the University of Toronto set up an encampment in a fenced-off grassy space at the school's downtown campus where some 100 protesters gathered with dozens of tents.
According to a statement from organisers the encampment will stay until the university discloses its investments, divests from any that "sustain Israeli apartheid, occupation and illegal settlement of Palestine" and ends partnerships with some Israeli academic institutions.
Israel says it does not participate in apartheid and that its assault on Gaza does not constitute genocide.
A university spokesperson told Reuters it was "in dialogue with the protesters" and that, as of midday, the encampment was "not disruptive to normal university activities."
University of Toronto graduate student and encampment spokesperson Sara Rasikh told Reuters they will remain until their demands are met.
"If public disruption is the only way to get our voice heard, then we are willing to do that," she said.
Some Jewish groups have accused protesters of being antisemitic. Organisers deny that charge, noting that some protesters are Jewish.
Asked to comment on the encampments, Prime Minister Justin Trudeau's office pointed to a statement he made on Tuesday, saying "Universities are places of learning, they&rsquo;re places for freedom of expression ... but that only works if people feel safe on campus. Right now ... Jewish students do not feel safe. That&rsquo;s not right."The protests follow the deadly Oct 7 attack on southern Israel by Hamas militants from the Gaza Strip, which killed 1,200 people and saw dozens taken hostage, and an ensuing Israeli offensive that has killed about 34,000 and created a humanitarian crisis.

Students erect pro-Palestinian encampments across major Canadian universities

The United&nbsp;Nations said Thursday that the post-war reconstruction of Gaza would require an&nbsp;international effort unseen since the aftermath of World War II, estimating it&nbsp;could cost up to $40 billion.
It came as Hamas chief Ismail Haniyeh struck an optimistic tone over a&nbsp;possible truce and hostage release deal for Gaza, after weeks of largely&nbsp;stalled negotiations.
There have been reports of sticking points between the group and Israel nearly seven months into the war that has devastated the Palestinian&nbsp;territory.
But Haniyeh, head of the militant group's Qatar-based political bureau,&nbsp;said in calls to Egyptian and Qatari mediators that Hamas was studying the&nbsp;latest proposal with a "positive spirit".
Much of Gaza has been reduced to a grey landscape of rubble and the United&nbsp;Nations estimated the cost of reconstruction at between $30 billion and $40&nbsp;billion.
"The scale of the destruction is huge and unprecedented... this is a&nbsp;mission that the global community has not dealt with since World War II," UN&nbsp;assistant secretary-general Abdallah al-Dardari told a briefing in the&nbsp;Jordanian capital Amman.
The UN official said "72 percent of all residential buildings have been&nbsp;completely or partially destroyed".
Reconstruction is made more difficult by the presence of large quantities&nbsp;of unexploded ordnance in the debris that Gaza's Civil Defence agency says triggers "more than 10 explosions every week".
The war started with Hamas's October 7 attack on Israel that resulted in&nbsp;the deaths of 1,170 people, mostly civilians, according to an AFP tally of&nbsp;Israeli official figures.
Israel estimates that 129 captives seized by militants during their attack&nbsp;remain in Gaza. The military says 34 of them are dead.
Israel's retaliatory offensive against Hamas has killed at least 34,596&nbsp;people in Gaza, mostly women and children, according to the health ministry in the Hamas-run territory.
Mediators have proposed a deal that would halt fighting for 40 days and&nbsp;exchange Israeli hostages for potentially thousands of Palestinian prisoners, according to details released by Britain.
An Israeli official not authorised to speak publicly said Israel was still&nbsp;waiting for Hamas's formal response to the latest proposal.
Before Haniyeh's comments on Thursday, Hamas officials had given it a&nbsp;generally negative reception.
Senior Hamas official Osama Hamdan told AFP late Wednesday that the&nbsp;movement's position on the proposal was "negative" for the time being.
Another senior Hamas official, Suhail al-Hindi, said the group's aim&nbsp;remained an "end to this war" -- a goal at odds with the stated position of&nbsp;Israeli Prime Minister Benjamin Netanyahu.
But the militant group has come under intense pressure from mediators to&nbsp;accept the latest offer.
"Hamas needs to say yes and needs to get this done," US Secretary of State&nbsp;Antony Blinken said in Israel Wednesday on his latest Middle East crisis tour.
&nbsp;

Gaza needs biggest post-war reconstruction effort since WWII: UN

Myanmar's junta has suspended the issuing of permits for men to work abroad, it said, weeks after it introduced a military conscription law that led to thousands trying to leave the country.
The labour ministry had "temporarily suspended" accepting applications from men who wish to work abroad, the ministry said in a statement posted by the junta's information team late Thursday.
The measure was in order to "take more time to verify departure processes and according to other issues," it said, without giving details.
The Southeast Asian nation has been in turmoil since the military seized power in 2021, sparking massive armed opposition it has failed to crush.
In February, it said it would enforce a law allowing it to call up all men aged 18-35 and women aged 18-27 to serve in the military for at least two years.

Myanmar junta bans men from applying to work abroad

Japan and India are struggling economically because they are "xenophobic," US President Joe Biden told a campaign event, lumping the American allies in with rivals China and Russia as countries rejecting immigrants.
"Why is China stalling so badly economically? Why is Japan in trouble? Why is Russia in trouble? And India? Because they're xenophobic. They don't want immigrants," Biden said on Wednesday, with a transcript not made public until Thursday.
The 81-year-old Democrat, who is seeking reelection against Republican rival Donald Trump in the November presidential vote, made the remarks at a campaign fundraising event in Washington marking the start of Asian American, Native Hawaiian, and Pacific Islanders Heritage Month.
Such events are neither filmed nor recorded, but a small number of journalists attend and provide a written account.
"One of the reasons why our economy is growing is because of you and many others. Why? Because we welcome immigrants," the president said.
While China and Russia are considered US rivals, Biden's remarks on Japan and India came as a surprise.
Since taking office in 2021, Biden has made a point of strengthening ties with US allies in Asia, in particular with New Delhi and Tokyo.
He has hosted state dinners -- a rare high-level diplomatic gesture -- for both Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida.
The White House sought to downplay the president's remarks on Thursday.
"The broader point the president was making, and I think people all around the world recognize this, is that the United States is a nation of immigrants, and it's in our DNA," National Security Council spokesman John Kirby told reporters.
"Our allies know very well how much the president respects them, values their friendship, values their contributions," he added.

Biden calls ally Japan 'xenophobic' along with India, China

Turkey said Thursday it was suspending all trade with Israel until it allows aid to enter Gaza unhindered during its offensive against Hamas in the territory.
"Exports and imports to and from Israel have been suspended," the trade ministry said in a statement, adding: "Turkey will apply these new measures... until the Israeli government authorises an uninterrupted flow of humanitarian aid to Gaza."
Israeli Foreign Minister Israel Katz had earlier on Thursday accused Turkish President Recep Tayyip Erdogan of breaking agreements between the two countries by blocking Israeli exports and imports.
The move is the latest incident degrading relations after Turkey, one of the few Muslim-majority nations to recognise Israel, restricted exports to the country in April.
The Gaza Strip is suffering a humanitarian crisis caused by Israel's war against Hamas that has been raging since 7 October, with the United Nations and aid agencies warning of impending famine.
The war started with Hamas's unprecedented 7 October attack on Israel that resulted in the deaths of 1,170 people, mostly civilians, according to an AFP tally of Israeli official figures.
Israel estimates that 129 captives seized by Hamas during their attack remain in Gaza. The military says 34 of them are dead.
Israel's retaliatory offensive against Hamas has killed at least 34,596 people in Gaza, mostly women and children, according to the Hamas-run territory's health ministry.

Turkey says suspending all trade with Israel

Chattogram division is likely to experience rain and thundershowers accompanied by gusty winds, with the possibility of hail at isolated spots, according to BMD&rsquo;s weather bulletin for Friday.
Similarly, Dhaka, Mymensingh, Barishal, and Sylhet divisions may see rain in one or two places, alongside temporary gusty winds. Elsewhere in the country, the weather is expected to remain dry with partly cloudy skies.
A severe heatwave continues to grip districts including Rajshahi, Pabna, Jashore, Chuadanga, and Kushtia.
Meanwhile, Dhaka, Rangpur, Mymensingh, and Barishal divisions, along with parts of Rajshahi, Khulna, and the district of Chandpur, are experiencing mild to moderate heatwave conditions.
There are expectations that this heatwave may begin to ease in some areas, it said.
Daytime temperatures are expected to slightly decrease, and night temperatures may fall by 1-2 degrees Celsius across the country, added the bulletin.

Rain, thunderstorms likely in Dhaka, Chattogram

Dhaka's air quality was categorised as &lsquo;unhealthy&rsquo; this morning.
With an air quality index (AQI) score of 158 at 9:33am, Dhaka ranked sixth on the list of cities worldwide with the worst air quality.
India&rsquo;s Delhi, Nepal&rsquo;s Kathmandu and Pakistan&rsquo;s Lahore occupied the first three spots on the list, with AQI scores of 318, 197 and 193 respectively.
When the AQI value for particle pollution is between 101 and 150, air quality is considered &lsquo;unhealthy for sensitive groups&rsquo;, between 150 and 200 is &lsquo;unhealthy&rsquo;, between 201 and 300 is said to be 'very unhealthy', while a reading of 301+ is considered 'hazardous', posing serious health risks to residents.
The AQI, an index for reporting daily air quality, informs people how clean or polluted the air of a certain city is and what associated health effects might be a concern for them.
The AQI in Bangladesh is based on five pollutants: particulate matter (PM10 and PM2.5), NO2, CO, SO2, and ozone.
Dhaka has long been grappling with air pollution issues. Its air quality usually turns unhealthy in winter and improves during the monsoon.
As per World Health Organization (WHO), air pollution kills an estimated seven million people worldwide every year, mainly due to increased mortality from stroke, heart disease, chronic obstructive pulmonary disease, lung cancer, and acute respiratory infections. &nbsp;

Dhaka air ‘unhealthy’ this morning

AP/UNB

Japanese Prime Minister Fumio Kishida unveiled an international framework for regulation and use of generative AI on Thursday, adding to global efforts on governance for the rapidly advancing technology.
Kishida made the announcement in a speech at the Paris-based Organization for Economic Cooperation and Development.
&ldquo;Generative AI has the potential to be a vital tool to further enrich the world,&rdquo; Kishida said. But &ldquo;we must also confront the dark side of AI, such as the risk of disinformation."
When Japan chaired the Group of Seven leading industrialised nations last year, it launched a Hiroshima AI process to draw up international guiding principles and a code of conduct for AI developers.
Some 49 countries and regions have signed up to the voluntary framework, called the Hiroshima AI Process Friends Group, Kishida said, without naming any. They will work on implementing principles and code of conduct to address the risks of generative AI and &ldquo;promote cooperation to ensure that people all over the world can benefit from the use of safe, secure, and trustworthy AI,&rdquo; he said.
The European Union, the United States, China and many other nations have been racing to draw up regulations and oversight for AI, while global bodies such as the United Nations have been grappling with how to supervise it.

Japan's Kishida unveils framework for global regulation of generative AI

Earthquake warning smartphone apps have surged in popularity in Taiwan due to high demand from people eager to get a few extra seconds to take cover after more than 1,300 aftershocks rattled the island in the past month following a large temblor.
Taiwan's east coast was struck by a 7.2 magnitude quake on April 3, killing 17 people.
The frequent aftershocks since then - including more than 200 tremors in a 24-hour period starting April 22 - have unnerved many.
While the government has an automated quake warning system, sent in the form of an text message accompanied by a loud alert sound meant to sound a few seconds before the shaking starts, it can be patchy. In the capital Taipei it did not sound before the April 3 quake, prompting criticism of the system.
That, along with the rising demand to stay more informed about forthcoming earthquakes, have helped a surge in popularity in privately-developed quake warning apps.
"What we offer is customised earthquake early warning. You get to set your own threshold," said Kuo Chen-yu, the 20-year-old co-founder of Disaster Prevention Information Platform, whose users jumped to nearly 370,000 from around 3,000 in recent weeks.
Lin Ruei, another co-founder of the app launched in 2022, said their app tracks fast-moving seismic waves from more than 130 seismic sensors the team installed across the island to give users early warnings. For instance, he said, the app could give users in more populated western Taiwan up to 30 seconds warning for a quake from the remote eastern coast.
"Some people might feel quite panic with just an earthquake of intensity 2, then they can download our app," said Lin, a 17-year-old student.
"If you get a 10-second early warning and you move to a secure spot, maybe it would be a life-saving tool for you."
The official, government-run warning system only goes to phone users in areas where major earthquakes with estimated intensity of 4 or above are expected, which authorities say are powerful enough to move some furniture, cause wall cracks or disrupt power or water supplies.
Wu Chien-fu, Director of the Central Weather Administration's Seismological Center, told Reuters they encourage development of alternative tools which provide innovative means for disaster response, adding authorities were aware of calls to lower thresholds for official alerts, a system designed for bigger tremors that are more likely to bring damage.
"We will consider whether to issue warnings to the whole of Taiwan for big earthquakes," Wu said.
Still, many are drawn to the privately-developed apps extra functionalities, such as automatic flashlight switch-on before the shaking starts, a countdown timer, or alerts for smaller quakes that did not trigger the government warnings - a reassurance for those who wish to stay more alerted for the frequent tremors.
"The 30-second countdown gave me enough time to mentally prepare myself, grab my survival kit, and dash to my child's room," one user wrote in the review of Taiwan Earthquake Quick Alert, currently one of the most-downloaded apps for iPhones in Taiwan which issues a countdown to the first shock waves.

Quake warning app demand surges in earthquake-rattled Taiwan

A delegation of the Near East South Asia (NESA) Centre for Strategic Studies, a pre-eminent institution of the US Department of Defense (DoD), visited Bangladesh Embassy in Washington DC on Wednesday and joined an interactive session with officials of the mission.
Dr. Hassan Abbas, the distinguished professor of the NESA Centre for Strategic Studies, led the 46-member team. The delegation comprised of participants of 28 countries in a seminar organised by the NESA Centre in Washington DC, said a press release.
Bangladesh Ambassador to the USA Muhammad Imran welcomed the NESA Centre delegation at the embassy and presented a keynote speech at the event.
In his keynote speech, Ambassador Imran highlighted the history of Bangladesh and the country&rsquo;s recent socioeconomic development. He also focused on the Rohingya crisis issue, Bangladesh&rsquo;s success in countering terrorism and extremism and the progress on Global Community Engagement and Resilience Fund (GCERF).
The ambassador stressed the need for undertaking coordinated and concerted efforts by all countries to effectively address the global challenge of terrorism. Terrorism is a global challenge and no country can handle the challenge alone, he said.
While talking about the protracted Rohingya crisis, Ambassador Imran reiterated Bangladesh&rsquo;s stance on durable and dignified repatriation of all displaced Rohingya people to their homeland in the Rakhine State of Myanmar.
If the problem persists further, it may affect the security and stability of the entire region and jeopardize development initiatives, he said.
While addressing the interactive session at the Bangabandhu Auditorium in Embassy, Dr. Abbas, highly commended Bangladesh&rsquo;s success in combating terrorism, violent extremism as well as climate change challenges.
Referring to Bangladesh&rsquo;s rich history, culture and heritage, he said he was highly inspired by the historical figures of Bangladesh in his personal and professional life.
Dr Abbas said his institution&mdash; NESA Centre for Strategic Studies &mdash; is looking forward to closer relationship between Bangladesh and the United States and wished more prosperous and developed Bangladesh.
First Secretary of the Mission Wahiduzzaman Noor highlighted the various initiatives and successes of Bangladesh in combating terrorism and extremism before the delegation.
First Secretary of the Mission Ataur Rahman moderated the event, while Counsellor and Head of Chancery Shamima Yasmin Smriti was in the overall coordination of the session.

US NESA Centre delegation praises Bangladesh’s success in combating terrorism

Russian military personnel have entered an air base in Niger that is hosting US troops, a senior US defence official told Reuters, a move that follows a decision by Niger's junta to expel US forces from the country.
The military officers ruling the West African nation have told the US to withdraw its nearly 1,000 military personnel from the country, which until a coup last year had been a key partner for Washington's fight against insurgents who have killed thousands of people and displaced millions more.
A senior US defence official, speaking on condition of anonymity, said Russian forces were not mingling with US troops but were using a separate hanger at Airbase 101, which is next to Diori Hamani International Airport in Niamey, Niger's capital.
The move by Russia's military puts US and Russian troops in close proximity at a time when the nations' military and diplomatic rivalry is increasingly acrimonious over the conflict in Ukraine.
It also raises questions about the fate of US installations in the country following a withdrawal.
"(The situation) is not great but in the short-term manageable," the official said.
The Nigerien and Russian embassies in Washington did not immediately respond to a request for comment.
The US and its allies have been forced to move troops out of a number of African countries following coups that brought to power groups eager to distance themselves from Western governments. In addition to the impending departure from Niger, US troops have also left Chad in recent days, while French forces have been kicked out of Mali and Burkina Faso.
At the same time, Russia is seeking to strengthen relations with African nations, pitching Moscow as a friendly country with no colonial baggage in the continent.
Mali, for example, has in recent years become one of Russia's closest African allies, with the Wagner Group mercenary force deploying there to fight jihadist insurgents.
Russia has described relations with the United States as "below zero" because of US military and financial aid for Ukraine in the war now approaching the end of its second year.
The US official said Nigerien authorities had told President Joe Biden's administration that about 60 Russian military personnel would be in Niger, but the official could not verify that number.
After the coup, the US military moved some of its forces in Niger from Airbase 101 to Airbase 201 in the city of Agadez. It was not immediately clear what US military equipment remained at Airbase 101.
The United States built Airbase 201 in central Niger at a cost of more than $100 million. Since 2018 it has been used to target Islamic State and al Qaeda affiliate Jama'at Nusrat al-Islam wal Muslimeen (JNIM) fighters with armed drones.
Washington is concerned about Islamic militants in the Sahel region, who may be able to expand without the presence of US forces and intelligence capabilities.
Niger's move to ask for the removal of US troops came after a meeting in Niamey in mid-March, when senior US officials raised concerns including the expected arrival of Russia forces and reports of Iran seeking raw materials in the country, including uranium.
While the US message to Nigerien officials was not an ultimatum, the official said, it was made clear US forces could not be on a base with Russian forces.
"They did not take that well," the official said.
A two-star US general has been sent to Niger to try and arrange a professional and responsible withdrawal.
While no decisions have been taken on the future of US troops in Niger, the official said the plan was for them to return to US Africa Command's home bases, located in Germany.

Russian troops enter base housing US military in Niger, US official says

Shamsunnahar Seba

With the world yet to be civilized enough to see a girl as a human being akin to a man, &ldquo;Laapataa ladies&rdquo; played the role of a wake-up call, alerting those oblivious to the struggles of girls living in the lowest echelons of our multi-layered society.
Just as the life of Jaya, who was barred from pursuing her dreams despite showing potential, sheds light on the struggles of Afghan girls who are prevented from continuing their studies after completing their academic year in schools.
Meanwhile, Phool, one of the two brides who were swapped, leading to the exposure of the flaws of patriarchal society that sets norms to handicap women for its survival, represents those who are unaware of their rights.
She was content with society until she had to face the world alone. Phool found herself unable to take a single step without the support of others, making her realize the hypocrisy of the paternalistic patriarchal society.
It showcases the independent nature of women through the portrayal of Manju Maai, who embodies strength and humanity simultaneously.
Apart from depicting the harsh reality, the movie possesses every element to captivate an audience. Especially, the love story of Deepak and Phool touches the hearts of the audience and provides satisfaction with their reconciliation. The joyful moments of people with limited or no access to entertainment uphold the notion that wealth or fame has nothing to do with happiness. It can be attained anywhere through the right approach to life.
Additionally, the flawless cinematography lends the movie a semblance of reality. Director Kiran Rao did not compromise on the length, cast, or timing required to film the perfect version of the movie.
Kiran Rao, the ex-wife of Bollywood actor Amir Khan, has already garnered acclaim both domestically and internationally for this outstanding movie. I believe the movie will surely endure beyond its time, much like the struggle of women.

Laapataa Ladies: Heart wrenching yet wonderful

After a relentless month of fierce heatwave, Dhaka finally witnessed the much-desired rain, bringing a breath of cool relief.&nbsp;
The first drops fell around 9 pm on Thursday, as if the sky itself sighed in relief.&nbsp;
Across the capital, the rains whispered their arrival. The evening had already cloaked the city in heavy clouds, with occasional flashes of lightning piercing the gathering darkness, hinting at the impending downpour.&nbsp;
The Meteorological Department had forecasted this welcome change, signaling it as the clouds began to rumble in the evening. Lightning flickered, lighting up the sky, a prelude to the rain that would soon quench the heat-oppressed city.&nbsp;
The promise of rain lifted spirits, and prompted some to prepare to step out and embrace the cooling showers.&nbsp;
The lightning and the patter of rain gradually quieted, leaving behind a serene hush over Dhaka. Streets, dusty and dry till this evening, now glistened under the lamplight, reflecting the calm after the storm. The fleeting showers, though short-lived, provided a temporary escape from the persistent heat, whispering promises of cooler days ahead.

Rain arrives in Dhaka after prolonged heatwave

Palestinians may be gratified to see American university campuses erupt in outrage over Israel's offensive in Gaza, but some in the embattled enclave are also wondering why no similar protests have hit the Arab countries they long viewed as allies.
Demonstrations have rocked US universities this week, with confrontations between students, counter protesters and police, but while there have been some protests in Arab states, they have not been nearly as large or as vociferous.&nbsp;
"We follow the protests on social media every day with admiration but also with sadness. We are sad that those protests are not happening also in Arab and Muslim countries," said Ahmed Rezik, 44, a father of five sheltering in Rafah in Gaza's south.&nbsp;
"Thank you students in solidarity with Gaza. Your message has reached us. Thank you students of Columbia. Thank you students," was scrawled across a tent in Rafah, where more than a million people are sheltering from Israel's offensive.&nbsp;
Reasons for the comparative quiet on Arab campuses and streets may range from a fear of angering autocratic governments to political differences with Hamas and its Iranian backers or doubts that any protests could impact state policy.&nbsp;
American students at elite universities may face arrest or expulsion from their schools, but harsher consequences could await Arab citizens protesting without state authorisation.
And US students may feel more motivation to protest as their own government backs and arms Israel, while even those Arab countries that have full diplomatic relations with it have been strongly critical of its military campaign.&nbsp;
When asked about the conflict, Arabs from Morocco to Iraq have consistently voiced fury at Israel's actions and solidarity with Gaza's embattled inhabitants, leading to muted Ramadan celebrations across the region last month.&nbsp;
Some rallies to support Palestinians have erupted, notably in Yemen where the Houthis have joined the conflict with strikes on shipping in the Red Sea.&nbsp;
And Arabs around the region have also shown their horror at the war and support for their fellow Arabs in Gaza on social media, even if they have not taken to the streets.&nbsp;
But whatever the reason for the lack of public protests, some people in Gaza are now drawing unfavourable comparisons between the tumult in the United States and the public reaction they can see in other Arab countries.&nbsp;
"I ask Arab students to do what the Americans have done. They should have done more for us than the Americans," said Suha al-Kafarna, displaced by the war from home in northern Gaza.&nbsp;
PUBLIC OPINION
In Egypt, which made peace with Israel in 1979 and where President Abdel Fattah al-Sisi has largely outlawed public protests, the authorities fear that demonstrations against Israel could later turn against the government in Cairo.&nbsp;
At state-sanctioned protests over the war in October, some demonstrators veered off the agreed route and started chanted anti-government slogans, prompting arrests.&nbsp;
"One cannot see the lack of large public protests against the war and the muted reaction on the Egyptian street in isolation from a broader context of crackdown on all forms of public protest and assembly," said Hossam Bahgat, head of the Egyptian Initiative for Personal Rights.&nbsp;
At the American University in Cairo security forces are less likely to intervene on campus and there have been some protests. But a student activist there who requested anonymity said they could still face consequences for demonstrating.&nbsp;
"Being arrested here is nothing like being arrested in the US It's completely different," he said, adding that there was "the factor of fear" preventing many from taking to the streets.&nbsp;
In Lebanon, where success in studies has become even more personally important to many young people after years of political and economic crises that have shrunk their shot at future prosperity, that calculation is even tougher.&nbsp;
Several students Reuters approached at campus protests in Beirut declined to be interviewed, saying they feared repercussions from university authorities.&nbsp;
The complex histories of Lebanon and other Arab states such as Jordan that host many Palestinian refugees also play into the question of public protests.&nbsp;
In Lebanon, some people blame Palestinians for triggering the 1975-90 civil war. Others fear any overt displays of support for Palestinians might be hijacked by the Iran-backed Hezbollah, which has been trading fire with Israel since the start of the Gaza conflict.&nbsp;
"The Arab world is not reacting like Columbia or Brown (US universities) because they don't have the luxury to do so," said Makram Rabah, a history professor at the American University of Beirut.&nbsp;
Besides, he added, with public opinion already largely backing the Palestinian cause it was not clear what protests there would achieve.&nbsp;
"The dynamics of power and the way you change public perception are just different in the Arab world compared to the US," he said.

Why Palestinians can count on American students but not Arab allies to protest

Home Minister Asaduzzaman Khan Kamal on Thursday said the government has taken plan to build open jail in Bangladesh like those in the developed countries.
He said this in reply to a query from ruling Awami League MP Mamunur Rashid Kiran elected from Noakhali-3.
The Home Minister said that 160 acres of land has been acquired in Ukhiya Upazila of Cox's Bazar district for the construction of an open jail following the model of Malaysia's Community Rehabilitation Program (CRP).
&ldquo;The construction of the open jail will start soon,&rdquo; he said.
In response to the question of Nizam Uddin Hazari, another ruling AL MP from Feni-2, the Home Minister said that 83,577 posts have been increased in the Bangladesh Police in the past three terms of the current government in order to modernise the Bangladesh Police Force.
&ldquo;Recruitment of manpower to these posts has been ensured through a transparent and corruption-free process,&rdquo; he said.
The minister said that the process of adding two sophisticated helicopters is underway to prevent criminal activities and conduct operations and transform the Bangladesh Police into a three-dimensional force.
&nbsp; He said that with the aim of making the police a smart force, various types of modern firearms are being given to them.
For example, the home minister said that 7.62 mm rifles are currently being used instead of the previous .303 rifles.
Also, policemen are being supplied with necessary ammunition including 7.62/9 mm pistol, 9 mm SMG, .45 inch SMG, 12 bore shotgun, 38 mm tear gas, gas gun/launcher.
In response to the question of AL MP Mahbubur Rahman from Chattogram-1, the Home Minister said Border Guard Bangladesh (BGB) has been equipped with modern weapons, vehicles, aircraft and watercraft.
State-of-the-art weapons including 40 ALCOTAN, 12 ATGW, 132 Sniper Rifles, 3 AAMG, 28 APC Amors have been added to BGB.
The vehicles include 259 ATVs, 10 Riot Control Vehicles (RCV), 40 Armored Personal Carrier (APC), among others.
Three helicopters were also included in BGB.
Among the vessels, there are 87 speed boats, 12 high-speed engine boats, 4 air boats, 1 logistics ship, 5 pontoons, 25 motor launches, 4 petrol boats, 15 rescue boats, and 2 water carrier vessels.
In response to the question of AL MP Morshed Alam from Noakhali-2, the Home Minister said, for the first time in the country, seven grams of black cocaine was recovered by the Department of Narcotics Control on December 11, 2023.
&nbsp;

Govt plans to build open jail in Cox's Bazar’s Ukhiya: Home Minister

BNP Chairperson Khaleda Zia returned to her Gulshan residence on Thursday night after receiving treatment for just a day at Evercare Hospital in the capital.
"She was discharged from the hospital as per the advice of the medical board. The board took the decision after reviewing her medical test reports," said her personal physician, AZM Zahid Hossain.
He said the BNP chairperson will now be provided with proper treatment at home.
The BNP chief left the hospital at 8:20 pm and reached home around 9:00 pm, said BNP media cell member Sayrul Kabir Khan.
Earlier on Wednesday night, Khaleda was admitted to Evercare Hospital in the capital and placed in the CCU following the advice of the medical board.
She was shifted to a cabin from the Coronary Care Unit (CCU) in the afternoon.
Dr Zahid said the BNP chief underwent several urgent tests on Wednesday night.
Based on the test reports, the medical board determined her next course of medical treatment.
Since her conditional release from prison in 2020, the BNP chief has been receiving medical care at the hospital under the supervision of a medical board headed by cardiologist Prof Shahabuddin Talukder.
The 79-year-old former prime minister has long been battling various ailments, including liver cirrhosis, arthritis, diabetes, and issues related to the kidney, lung, heart, and eyes.
Khaleda's physicians have been advocating for her treatment abroad since she was diagnosed with liver cirrhosis in November 2021.
On October 26 last year, three US specialist doctors performed the hepatic procedure known as transjugular intrahepatic portosystemic shunt (TIPS procedure) to alleviate fluid accumulation in Khaleda Zia&rsquo;s abdomen and chest, as well as to address bleeding in her liver.

Khaleda returns home from hospital

An International Monetary Fund (IMF) delegation, led by Chris Papageorgiou, engaged in discussions with key Bangladeshi energy officials on Thursday. The meetings, centered around the pressing financial challenges in the country&rsquo;s power and energy sectors, remained closed to the media.
The delegation first met with officials from the Power Division, led by Power Secretary Habibur Rahman, before progressing to talks with the Energy and Mineral Resources Division, and concluding with Petrobangla, the nation&rsquo;s energy corporation.
Despite the high-profile meetings, officials were tight-lipped about the discussions. "Right at this moment it&rsquo;s really tough to comment on the issues discussed in the meeting,&rdquo; Rahman told UNB, reflecting the general reluctance among the participants to disclose any outcomes.
Sources close to the matter indicate that the primary focus of the discussions was on reducing the subsidies provided in the power and energy sector and adjusting power and gas tariffs accordingly. The IMF voiced concerns over pending dues amounting to approximately Tk 50,000 crore ($5 billion), pressing for a detailed plan on how the government intends to settle these substantial bills.
The IMF's visit forms part of a broader review of Bangladesh's adherence to economic commitments, including the implementation of an automated price adjustment system for petroleum fuels and recent hikes in power and gas prices aimed at curbing financial losses. Despite these measures, the disparity between government spending and income in these sectors continues to necessitate significant subsidies.
The ongoing negotiations also touched on the necessity of further tariff adjustments as a means to bridge the financial gap, a stance that the IMF has consistently maintained. As Bangladesh navigates these economic reforms, it anticipates the next installment of the IMF&rsquo;s $4.7 billion loan, with hopes pinned on an upcoming tranche worth around $690 million.
Previously, the IMF had disbursed an initial $476 million in January 2023, following the government's commitment to economic reforms, and a subsequent $690 million in December 2023, despite not meeting revenue and forex reserve targets.

IMF wants to know govt plan on settling energy dues

The authorities in the Kingdom of Saudi Arabia (KSA) have published a list of 80 Saudi companies that are keen to invest in various sectors of Bangladesh, said Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister.
Salman, who is currently visiting Saudi Arabia, attended meetings with the Saudi Ministers and various important persons in the country and discussed potential investment opportunities in Bangladesh.
After attending the special meeting of the World Economic Forum in Riyadh, Salman held these meetings with Saudi officials, according to a press release on Thursday.
He also met with the Chief of Staff and Secretary General of the Board of Directors of the Saudi Public Investment Fund (PIF), Saad Alkroud.
&ldquo;PIF Secretary General praised the economic development of Bangladesh and gave this information in a meeting: 80 Saudi companies have expressed interest in investing in Bangladesh,&rdquo; Salman said.
He said Saudi Arabia is interested in energy cooperation with Bangladesh. Saudi Arabia's Assistant Minister of Energy, Mohammed Al Ibrahim, said that the Saudi government is actively considering the proposal to buy crude oil on a deferred payment basis from Bangladesh. At this time, they discussed various issues of partnership between the two countries.

80 Saudi companies keen to invest in Bangladesh: Salman F Rahman

Foreign Minister Dr Hasan Mahmud has called upon the UK government to collaborate with Bangladesh to establish a peaceful and conflict-free world and to put an end to the ongoing wars in Gaza and Ukraine.
During his speech as the Guest of Honour at a high-profile diplomatic reception hosted by Bangladesh High Commission, London to celebrate the 54th Independence and National Day of Bangladesh on Wednesday, the Foreign Minister emphasized the urgent need for an immediate ceasefire in conflict zones worldwide, including Gaza and Ukraine, reads a press release.&nbsp;
He stressed that stopping the killing of innocent people is crucial to restoring normalcy and establishing peace.&nbsp;
Speaker of the UK&rsquo;s Parliament Rt Hon Sir Lindsay Hoyle was the Chief Guest at the event where Leader of the House of Commons Rt Hon Penny Mordaunt, UK FCDO Minister for Middle East, North Africa, South Asia and United Nations Lord Tariq Ahmad, Shadow Secretary of State for Environment, Food and Rural Affairs Steve Reed, and Chairman of All-party Parliamentary Group on Bangladesh Rushanara Ali spoke as special guests.&nbsp;
International Affairs Adviser to Prime Minister Sheikh Hasina Dr Gawher Rizvi, Former Foreign Minister and Chair of the Parliamentary Committee on Foreign Affairs Dr AK Abdul Momen and State Minister for Expatriates Welfare and Overseas Employment Shofiqur Rahman Choudhury attended the reception.
Bangladesh High Commissioner to the UK Saida Muna Tasneem gave welcome remarks at the reception held at the historic Churchill Room of Queen Elizabeth II sited in a magnificent setting centering the British Parliament.&nbsp;
In his speech, the Foreign Minister Dr Mahmud paid profound homage to Bangladesh's Founding Father Bangabandhu Sheikh Mujibur Rahman, the 3 million martyrs, and the valiant freedom fighters of the 1971 War of Liberation. He expressed his gratitude to the UK Government, its citizens, and the British-Bangladeshi diaspora for their support during Bangladesh's War of Liberation, and pledged to elevate Bangladesh-UK historical relations to new heights under the visionary leadership of Prime Minister Sheikh Hasina.
He paid tribute to British Prime Minister Sir Edward Heath, who warmly welcomed Bangabandhu Sheikh Mujib as the President of independent Bangladesh at No 10 Downing Street on 8 January 1972.&nbsp;
The Minister also paid tribute to the then opposition Leader and two-time British Prime Minister Sir Harold Wilson, who welcomed Bangabandhu in London and later mourned his brutal assassination on 15 August 1975.
&ldquo;Bangabandhu&rsquo;s shared values of democracy, secularism and progressive aspirations with these stalwart British leaders and his special love and affection for his British Bangladeshi compatriots set the foundation of today&rsquo;s Bangladesh-UK friendship&rdquo;, he said.
Dr. Mahmud thanked Prime Minister Rishi Sunak for emphasizing his commitment to enhancing the economic and security partnership between Bangladesh and the UK in his congratulatory letter to Prime Minister Hasina after the national election on 7 January 2024.&nbsp;
He stated that Prime Minister Hasina remains dedicated to strengthening their robust trade, investment, aviation, climate, defence, security, and migration cooperation to the next level in her current term, as agreed upon by the two Prime Ministers in London last May.
The minister termed the UK as a true friend of Bangladesh and hoped that Bangladesh-UK friendship would continue to thrive, as they are an important partner in ensuring peace, prosperity, and security in the Bay of Bengal and a free, open, peaceful, and secure Indo-Pacific region.&nbsp;
He also emphasized the importance of the UK's support in the early repatriation of 1.2 million Rohingyas back to their ancestral home in Myanmar.
In his speech, he highlighted the sustained economic growth of Bangladesh over the past one and a half decades under the globally acclaimed dynamic Prime Minister Sheikh Hasina who has leapfrogged Bangladesh from 41st to the world&rsquo;s 34th largest economy- just over the past decade. Today, the world has its eyes on Bangladesh, which is set to become the 9th largest consumer market by 2030, and a tech-based &lsquo;Smart Bangladesh&rsquo; by 2041.&nbsp;
The minister commended the Bangladesh High Commissioner to the UK for launching the 'Bangabandhu-Edward Heath Friendship Award' and the 'Bangabandhu-Harold Wilson Friendship Award.'&nbsp;
Speaker of the UK's Parliament Rt Hon Sir Lindsay Hoyle in his speech paid tribute to Bangabandhu Sheikh Mujibur Rahman and recalled the contribution of the British-Bangladeshis to the War of Liberation in 1971.&nbsp;
He reaffirmed that the UK would remain a steadfast partner of Bangladesh efforts towards a developed country.
Penny Mordaunt commended Bangladesh's recent progress and assured that the UK would collaborate with Bangladesh to build a better and prosperous future.&nbsp;
He also praised the significant role of the British-Bangladeshi diaspora for their contribution to the UK&rsquo;s economy and society.
Lord Tariq Ahmad lauded Prime Minister Sheikh Hasina for upholding the values and spirit of Bangabandhu in creating a self-sustaining, inclusive, and secular Bangladesh, which is now one of the world's most rapidly growing economies.&nbsp;
He said that Sheikh Hasina is a leader who showed the world the magnanimity of humanity by hosting over a million of Rohingya displaced from the country Myanmar.&nbsp;
Lord Tariq Ahmad also praised Prime Minister Sheikh Hasina for her efforts in upholding the values and ideals of Bangabandhu, which has resulted in a self-sustaining, inclusive, and secular Bangladesh.&nbsp;
He also highlighted Bangladesh's rapid economic growth, which has made it one of the fastest-growing economies in the world. Lord Ahmad further acknowledged Sheikh Hasina's compassionate leadership in providing refuge to over a million Rohingya people who were displaced from Myanmar.
Paying deep homage to the Father of the Nation and 1971 martyrs, High Commissioner Saida Muna Tasneem in her welcome remarks said: &ldquo;Bangabandhu founded Bangladesh on democratic, secular, and progressive values. Now, as Prime Minister Sheikh Hasina relentlessly strides to realise Bangabandhu's vision of a prosperous Bangladesh, the UK remains a crucial partner in achieving this goal&rdquo;.&nbsp;
The High Commissioner thanked Prime Minister Rishi Sunak for his congratulatory message to Prime Minister Sheikh Hasina following January election, and also recalled the bilateral meeting of the two Premiers where they agreed to take Bangladesh-UK relations to new heights towards a sustainable, greener and more prosperous future.&nbsp;
High Commissioner also thanked the UK Government for its continued support to the Rohingya camps in Bangladesh, and urged the UK to take stronger diplomatic leadership for the return of the Rohingyas to their ancestral home in Myanmar.&nbsp;
In her speech, the envoy thanking the Foreign Minister Lord David Cameron for his congratulatory message to Bangladesh Foreign Minister, also highlighted the significant collaborations between Bangladesh and the UK in various fields including in trade, investment, climate, aviation, and defence, and said that the first-ever home office dialogue between the two countries would be held later this month.
The Foreign Minister along with the UK&rsquo;s Speaker, High Commissioner and distinguished guests unveiled the exclusive &ldquo;Mujib and Britain&rsquo; publication by Bangladesh High Commission, London and handed over the Bangabandhu-Edward Heath Friendship Award&rsquo; and the &lsquo;Bangabandhu-Harold Wilson Award&rsquo; to two great friends of Bangladesh Lord Marland and Lord Swaraj Paul respectively to honour their extraordinary contributions in promoting Bangladesh-UK Friendship.
The event's highlights included an Exhibition on Bangabandhu, a colourful cultural performance by British-Bangladeshi prominent performers; and a traditional Bangladeshi Saree exhibition. It was well attended by the vibrant presence of a distinguished selection of guests including UK parliament members, UK government officials, eminent British Politicians, high commissioners and ambassadors, senior representatives from Commonwealth and International Maritime Organisation (IMO), and representatives from the diplomatic missions in London, think tanks, members of the media, academia as well as members of the Bangladesh community in the UK.

Bangladesh wants UK on its side to end war in Gaza for world peace: FM Hasan in London

Speakers at a panel discussion in Dhaka on Thursday said there is no alternative to freedom of the press and freedom of expression to ensure democracy.
It is also imperative that the safety and freedom of the press be prioritised to tackle the ongoing environmental crisis and natural disasters, they said.
Marking World Press Freedom Day (WPFD) 2024, speakers made these remarks at panel discussions organised jointly by UNESCO, Transparency International Bangladesh (TIB), and Article 19 at MIDAS Centre in Dhaka&rsquo;s Dhanmondi on Thursday.
The discussions centred on the WPFD theme of this year, &ldquo;A Press for the Planet: Journalism in the Face of the Environmental Crisis.&rdquo; There were two separate panel discussions where the panellists talked about issues like the ongoing oppression against journalists and their safety concerns in the context of climate-related issues, freedom of expression and the press, tackling misinformation, and access to information.
Dr Iftekharuzzaman, TIB executive director,, said, &ldquo;In the period from 2022 to 2023, while covering environmental issues, there were 23 attacks on the media, resulting in the torture of 43 journalists.
Between 2016 to 2021 alone, 12 individuals, including environmental rights activists, were killed for protesting against coal-based plants.&rdquo;
He further stated that those who are legally responsible for protecting the environment are the ones leading the destruction of the environment. Therefore, it is imperative to create an environment where journalists and civil society organisations can play their active roles. But in reality, such space is being shrunk by the use of repressive acts like the Digital Security Act.
Taking part in the &ldquo;zero-sum political game,&rdquo; journalists and rights activists are harassed by misusing laws, which ultimately benefits a certain faction. The harassment of media workers and civil society actors has been normalised through this process, he added.
There are additional risks while reporting on land grabbing, water bodies' destruction, or the construction of training centres by taking over protected land. To tackle such challenges, those who are responsible in the government have to respect the commitment to freedom of press and speech enshrined in the constitution, so journalists and activists working on environmental issues do not become the victims of "shoot the messenger".
Speaking at the opening session, Susan Vize, Head of Office and UNESCO Representative to Bangladesh, said, &ldquo;Raising public awareness about climate change and other environmental issues in Bangladesh is critical to achieving behavioural change. The media remains the single most influential source of credible public information. WPFD 2024 aims to build the capacity of Bangladesh&rsquo;s media to ensure accurate and impactful coverage of the current environmental crises.&rdquo;
Alexandra Berg von Linde, Ambassador to Bangladesh, Sweden Embassy, said, &ldquo;Public interest is inextricably linked to climate change and environmental degradation. The negative effects of climate change are becoming more visible, affecting people's daily lives. People want to know about the results and effects of negative climate change. Freedom of the media and the ability to report independently on all such matters of public interest are important elements of democracy.&rdquo;
Responding to a question about the misuse of repressive acts (ICT, DSA and CSA) and the safety concerns of journalists, State Minister for Information and Broadcasting Mohammad A Arafat said, &ldquo;We always talk about ensuring freedom of the press. However, in some cases, vested interests exploit this freedom to publish agenda-driven news and disseminate misinformation. Instances of such misinformation regarding Rampal or Adani power plants have been observed. Therefore, alongside ensuring media freedom, accountability must also be ensured.
"If media freedom is misused to spread false information or disinformation, appropriate legal action should be taken. However, I will take necessary steps to ensure the protection of journalists in the country who report on environmental crises or climate issues based on truth and scientific evidence.&rdquo;
The first panel discussion titled &ldquo;A Press for the Planet: Free Press and Freedom of Expression in the Context of the Current Global Environmental Crisis&rdquo; kicked off with the presentations of Shamsuddin Illius, bureau chief of Chattogram, The Business Standard, and Usraat Fahmidah, freelance journalist, regarding the challenges of journalism in environmental issues and training young journalists.
The second panel discussion focused on the safety issues of journalists under the theme of &ldquo;Media Defence for Crisis Reporting,&rdquo; where journalists and experts from Bangladesh, Bhutan, Nepal, India, the Maldives, and Sri Lanka participated.
&nbsp;

No alternative to press freedom to ensure democracy: Speakers

Maximum temperature in the country started falling on average one or two degrees Celsius from today, the Met Office said predicting temperature may dip more from 5 May as almost all parts of the country may witness much awaited rainfall. &nbsp; "Maximum temperature has started one or degree Celsius . . . it is an indicator that rainfall is likely to occur from May 5 in most areas in the country," Md Omar Faruq, a meteorologist of Bangladesh Meteorological Department (BMD) told BSS today.
Analyzing the mathematical model of rainfall index, he said, Bangladesh may witness heavy to very heavy downpour from the next three or four days meaning intense of heat will decrease significantly providing some relief as the entire country braced for more extreme heat since 1 April.
Large swaths of Khulna and Rajshahi division are sweltering through a heatwave as the Met office logged highest temperature above 40 degree Celsius in most stations located in the two divisions since 1 April, Omar said predicting rains are likely to occur in different areas of the two division.
"Northeastern, central parts including Sylhet division and some parts of Mymensingh and Dhaka division are likely to experience heavy to very heavy rainfall from 2 May," Dr Abul Kalam Mallik, BMD meteorologist said.
The meteorologist attributed uncomfortable feelings of unbearable hot-weather to high humidity persisting in the air during the afternoon and evening period suggesting avoiding movement between 12 noon to 4pm as the sunlight is getting too hot as it (the Sun) provides sunlight vertically with intense heat.
"Normally we record temperature from the air," Mallik said the highest temperature was found between 12 noon and 4pm because of vertical position of the Sun.
Analyzing humidity indexes, Mallik continued, "There is a close relation of temperature and humidity . . . discomfort feelings will increase, if high humidity persists in the air with high temperature. "Although temperature decreases after 4pm, but we feel very hot weather due to high humidity," he added. &nbsp; The Met Office today recorded 41.7 degree Celsius at Chuadanga, the highest temperature of the current year while the temperature in Dhaka was recorded at 37.9 degrees Celsius but the high humidity has exposed the residents to massive discomfort.
The BMD official said the country witnessed the longest duration of the heatwave for the past 30 days since April 1 and the met office warned the phenomenon would continue throughout the next month.
"But unlike the previous heatwaves, this year it spread all over the country," commented meteorologist Abul Kalam Mollik, who was supported by Zebunnesa as well.
Visibly for the first time the meteorologists acknowledged that the climate change phenomenon caused the erratic weather pattern with gradually expanding areas of heatwave, joining the voice with the climate experts and activists.
According to the weather bulletin of BMD issued here today, very severe heat wave is sweeping over the districts of Jashore, Khulna, Chuadanga, Pabna and Rajshahi and severe heat wave is sweeping over the districts of Tangail, Faridpur, Gopalgonj and rest parts of Khulna division.
Mild to moderate heat wave is sweeping elsewhere over the country and it may abate from some places over eastern part of the country, the bulletin said adding day temperature may fall slightly over western part and it may fall by (1-2)oC elsewhere over the country
April is typically hot in Bangladesh as it is in other South and Southeast Asian countries, but according to meteorologists, temperatures this month have been unusually high which was highlighted by international media outlets as well.
According to the New York Times, hundreds of millions of people in South and Southeast Asia were suffering from a grueling heatwave that has forced schools to close, disrupted agriculture, and raised the risk of heat strokes and other health complications.
The recent report also specially acknowledged the Bangladesh scenario saying temperature in some areas soared above 42 degrees Celsius but the "numbers don't quite capture how extreme humidity makes the heat feel even worse".
The schools across the country were closed due to the extreme weather but students are struggling to or doing anything at home as well.
The heatwave has forced the healthcare facilities to take emergency measures to provide medical services with higher number of patients reporting to hospitals with heat-related ailments since the beginning of April while the children and elderly people appeared as the most vulnerable during this prolonged hot weather.
"Large numbers of people are becoming ill with heatstroke, dehydration, exhaustion and breathing problems and they are suffering from other heat-related diseases as well," Director of Mugda Medical College and Hospital Dr Md Niatuzzaman told BSS.
The other hospitals and healthcare facilities including Shishu Hospital, Shaheed Suhrawardy Medical College Hospital and International Centre for Diarrheal Disease Research, Bangladesh (ICDDR,B) reported identical scenarios.
"Nearly, 500 diarrhoea patients have been admitted to the International Centre for Diarrheal Disease Research, Bangladesh (ICDDR,B). A significant number of patients are getting admission to ICDDRB daily," ICDDR'B spokesman AKM Tariful Islam Khan said. &nbsp; The health ministry issued a directive to take extra measures to face the crisis in hospitals across the country.
Doctors suggested people to stay indoors as much as possible and wear weather-suitable clothes during exposure to sun to protect themselves from heatstroke and take rest after one or two hours during working period alongside consuming more liquid food beside water to avoid dehydration during the heatwave.
"Our brains can tolerate certain level of temperature, if it exceeds people may faint, suffer heatstroke besides suffering from dehydration causing electrolyte imbalance and other complications including kidney dysfunction," former Suhrawardy Hospital director Professor Dr Khalilur Rahman said.

Temperature starts falling, may dip more from 5 May

Finance Minister Abul Hassan Mahmood Ali has sought increased support from the development partners including ADB to improve Bangladesh's food distribution system, develop market connectivity and scale up innovation in agriculture in the wake of climate challenges.
The Finance Minister said this while addressing a High-Level panel titled "Harvesting hope; ensuring a food secure, climate resilient Asia and the Pacific" as a distinguished speaker at the 57th annual meeting of ADB at Tbilisi in the capital of Georgia today. &nbsp; Ali is currently leading a seven-member Bangladesh delegation to the 57th annual meeting of ADB at Tbilisi, said a press release received here today.
In his remarks, the Finance Minister said despite being a land scarce country, Bangladesh emerged globally as the third largest producer of rice and vegetables by increasing food production, supporting agriculture and expanding social safety net programmes under the guidance of Prime Minister Sheikh Hasina's inclusive development policies.
On the same day, The Finance Minister met ADB President Masatsugu Asakawa to discuss bilateral issues.
In the meeting with the ADB President, the Minister sought policy based lending (PBL) supports for undertaking trade policy, logistics, climate, and LDC graduation reforms.
He also requested ADB to increase concessional climate finance, facilitate cross-border energy trade, assist Bangladesh in its initiatives for tax sector reforms, undertaking projects for river restoration and developing some of the thrust sectors of its economy such as, jute, leather and tourism towards Bangladesh's drive for diversifying economy.
In response, the ADB President praised Bangladesh government's strong climate and development agenda, and assured ADB's continued support both in sovereign and non-sovereign resources, in Bangladesh's prioritized sectors.

Finance Minister seeks increased support from development partners to improve food distribution system

The price of gold has dropped for the consecutive eighth time as the Bangladesh Jewellers Association (BAJUS) reduced prices again on Thursday (2 May).
The price of 22-carat gold was downed by Tk1,878 per bhori (11.664g).
Each carat of top-quality gold will now cost Tk1,09,163, BAJUS said in a statement on Thursday.
The new revised prices will be effective from 3 May, it said, adding that the price will remain in effect until further notice.
Meanwhile, each bhori of 21-carat gold will cost Tk1,04,194 while 18-carat gold&rsquo;s price now stands at Tk89,331.
The traditional gold price has been set at Tk 74,276. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;

Gold prices reduced for 8 times straight

Bangladesh captain Najmul Hossain Shanto made it clear that his side won't make any experiment in the five-match series against Zimbabwe, despite taking it as the preparation platform for the T20 World Cup.
Considered as the third biggest cricket extravaganza, the T20 World Cup will be held in West Indies and USA from June 1-29. Apart from these five matches, Bangladesh will play three more T20 Internationals against hosts USA later this month.
Bangladesh are keen to sort out their shortcomings and other technical issues in these eight matches before the World Cup.
"World Cup is knocking at the door, so the series is a preparation platform for us. What matters is that how we would prepare ourselves and how we can gain the confidence," Shanto said in Chattogram today.
"While the World Cup preparation will be in our mind, at the same time, we want to win the series and that's our first goal. Normally when a preparation goes on, teams make experiment but I think there is no need to make any experiment because the 15 players who were included in this team, are capable enough to beat this Zimbabwe. I think the series will give us the insights about our shortcomings and where to focus to rectify our mistakes."
The selectors rested Shakib Al Hasan and Mustafizur Rahman for the first three matches. Shanto said when these two players will be included, the World Cup squad will be complete. According to him, there is hardly any chance that the squad will be changed, sans injury and other issues.
"The team that was given for this series, is originally the World Cup squad. Shakib Al Hasan and Mustafizur Rahman will be added later and may be one or two changes may come but I think it's the original squad barring injury and other issues," he said, adding that Saifuddin's inclusion after 18 months will bolster Bangladesh's lower order.
"A key component is T20 cricket is how the lower order fires. Our lower order batters -- Taskin, Shoriful, Rishad can bat well and when Saifuddin will be added, it will be a good lower order."
Shanto further said, lower order strength doesn't necessarily give every player the freedom to bat at his will.
"The thing is that everyone has a role in the team and he should play it well," he said. "The lower order's strength won't give you the license to come hard at the bowlers at will. Yes there is freedom to play the shots without any reservation but at the same time, there will be specific role for everyone. A boundary or over boundary from lower order always helps. So it's a good sign that our lower order can play shots."

Our first target is to win series against Zimbabwe: Shanto

Awami League (AL) General Secretary and Road Transport and Bridges Minister Obaidul Quader today said that the main goal of the ruling Awami League (AL) is to work for the welfare of the toiling people of the country. &nbsp; &ldquo;The goal of AL is to change the fate of farmers, workers and the toiling people,&rdquo; he said in a statement sent to the media today, protesting the misleading and provocative statements of BNP Secretary General Mirza Fakhrul Islam Alamgir.
Recalling BNP-Jamaat&rsquo;s tenure, the AL general secretary said that when the BNP-Jamaat evil forces were in power, the people of the country had to live in misery due to their misrule.
&ldquo;Today, they talked about the rights of working people. But they never increased the wages of the workers while in power,&rdquo; he added.
Highlighting BNP-Jamaat&rsquo;s atrocities, he said this evil force shot dead laborers who were agitating for salary and bonus, killed farmers who were agitating for fertilizer and murdered ordinary people who were agitating for electricity.
Thus, the BNP-Jamaat clique crushed Bangladesh by holding people hostage at gunpoint, he said.
Obaidul Quader said that they made the life of working people miserable by shutting down different factories, including the Adamjee Jute Mills. &nbsp; On the other hand, Awami League has increased the salaries of garment workers as well as tea workers after coming to power, he said, adding that the living standard of all, including working people, has improved.
Quader further said that Awami League always comes to power with people's vote.
Awami League is not like a political party which came into being from the pocket of a military dictator, he said, adding that this party led the struggles for establishment of all rights, including democratic rights, of the people of this country, he said.
In continuation of that, Awami League is working to establish people's voting rights and other rights, he added.
He said that the 12th national election, held on January 7 last, was fairer than all the elections held in the country after 1975.
&ldquo;Awami League has come to power through elections by ensuring people's right to vote and is running the country with people's mandate,&rdquo; he said.
Obaidul Quader said that BNP had always taken away the voting rights of the people to grab the power. &ldquo;For this, they are afraid of elections and they don't want to participate in it,&rdquo; he added.
&ldquo;Once they excluded half a crore voters from the list to make smooth their way to grab power. They also created 1.23 crore fake voters,&rdquo; he said.
He said that issues like democracy and right to vote do not fit in the mouth of those who undertook different tactics to snatch the voting rights of the people.
&ldquo;The main objective of BNP&rsquo;s politics is to seize power by any means,&rdquo; he continued.
They seized state power and used it illegally to make Bangladesh a dysfunctional state through corruption and looting, he said.
Bangladesh had the stigma of being the champion of corruption for five times because of BNP, he said.

AL’s main goal is to work for welfare of toiling people: Quader

India's Kerala state has closed all schools and colleges until Monday due to scorching temperatures, urging people in the coastal region to limit exposure to the sun and take care to prevent wildfires.
With most parts of India reeling from high temperatures, the weather department has forecast an unusually high number of heatwave days for April to June, as the country stages a general election that has seen a low voter turnout.
Heatwaves are rare in Kerala and data from the India Meteorological Department (IMD) shows that the state recorded five heatwave days in April.
Referring to the current El Nino weather pattern, the IMD said on Wednesday that El Nino years typically have more heating, with hot and dry weather in Asia and heavier rains in parts of the Americas.
Fewer thunderstorms and an anti-cyclonic circulation near India's southeastern coast were causing heatwaves, the IMD said.
Kerala's state government on Thursday directed people to minimize exposure to the sun and urged authorities to monitor situations to avoid fires. With several districts issuing heatwave warnings, the government asked all educational institutions to be shut till Monday.
Heatwaves have forced school closures in parts of Asia and North Africa too, widening learning gaps between developing nations in the tropics and developed countries, experts told Reuters.
Local media reported that at least two people died earlier this week in Kerala, but authorities are yet to confirm if their death was due to extreme heat.
On Thursday, temperature in state capital Thiruvananthapuram touched 35 degrees Celsius (95 degrees Fahrenheit) but the IMD said it felt like 46 (115) due to high humidity.
Soaring temperatures and dry spells have caused frequent forest fires in other parts of India, and the blazes have been worsened by people burning the forest to collect a flower used to brew alcohol in Odisha state.
&nbsp;

India's Kerala shuts schools, colleges amid sweltering heat

Adani Ports and Special Economic Zone (APSEZ), India's largest private port operator, posted a 76% rise in its fourth-quarter profit on Thursday, helped by record cargo volumes.
The company, which is part of billionaire Gautam Adani's conglomerate, said its consolidated net profit rose to 20.40 billion rupees ($244.6 million) in the quarter ended March 31, from 11.58 billion rupees a year earlier.
Adani Ports achieved its highest ever quarterly volumes at 109 million metric tonnes (MMT) in the January-March period, helping revenue rise by 19% to 68.97 billion rupees as business activities picked up pace in the early months of 2024.
APSEZ operates 13 ports and terminals in India, including the country's largest container handling port in Mundra in the western state of Gujarat.
The Adani group company last month said more than a fourth of India's cargo volumes was routed through its ports in FY24, while flagging a growing share of cargo volumes for its non-Mundra ports.
APSEZ handled 420 MMT cargo in FY24, surpassing its guidance of 370 MMT-390 MMT.
In March, the company said it would acquire 95% of Odisha's Gopalpur Port for $162 million to expand its east-coast presence.
Shares of APSEZ were up 1.5% after the company reported its results. So far this year, the stock has risen about 31%, outperforming a 4.5% gain in the blue-chip Nifty 50 index (.NSEI).
($1 = 83.3970 Indian rupees)

India's Adani Ports Q4 profit soars 76% on record cargo volumes

The death toll from the collapse of an expressway section in China's Guangdong province that caused vehicles to tumble down a slope has risen to 48, with rescue work hampered by mudslides, state media reported on Thursday.
The road collapsed in the wee hours of Wednesday, the first day of the five-day May Day holiday break as millions in the country travel.
The collapse, triggered by heavy rain, occurred at around 2:10 a.m. on the Meizhou-Dabu Expressway, Xinhua news agency reported, adding that 17.9 meters (58.7 feet) of the road gave way and caused 23 vehicles to plunge. Another 30 people sustained injuries, it said.
Meizhou is one of the areas in southern China's Guangdong that has been badly hit by heavy rain and hail since late April which set off dangerous mudslides, inundated homes and destroyed bridges.
Meizhou officials told a press conference on Thursday livestreamed on state broadcaster CCTV that 577 relief personnel and more than 80 rescue vehicles and equipment had been dispatched to the site but rescue work proved difficult as some vehicles were buried deep in the mud after their fall.
Video from state media showed a twisted metal guardrail and a big hole in the path of the forested green area where the collapse happened. Rescue personnel with cranes and excavators as well as a few damaged cars could also be seen.
Some vehicles fell and caught fire, according to social media accounts in China. A driver of a vehicle said in a video posted on Weibo he saw a crack in the road in front of him and mistook it for a puddle, but sped off before the road collapsed.
President Xi Jinping called for the utmost efforts to save lives and eliminate danger as rainy weather continued in the region, according to a Xinhua report.
Task forces from the central and local governments have been dispatched for the rescue work, the report added.
&nbsp;

Road collapse in southern China kills 48, state media reports

Rajshahi University (RU) has attained its place among 500 top universities in Asia.
Times Higher Education (THE), a periodical related to education based in the United Kingdom (UK), has recently published a ranking list of 2024 showing RU's place among 401-500.
In the list, 21 universities in Bangladesh including RU have come, said a press release issued by RU Public Relation Office here today.
The ranking list has been made based on some indicators, including education standard, teachers-students ratio, research standard and citation rate and international students. &nbsp;
Published in THE's website on April 30 the list showed RU, Dhaka University and Brac University grabbed the third position jointly among Bangladesh's universities.
The release added that RU Vice-chancellor (VC) Professor Golam Sabbir Sattar has joined a conference on 'Going Global Asia Pacific' held in Singapore in November 2022 and talked with the THE education and research officials about planning towards taking the RU to world standard through development.&nbsp;
Subsequently, the VC has adopted all sorts of time-fitting steps and implemented those efficiently.

Gold price reduced by Tk840 per bhori

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