Speaking at the 4th Bangladesh Economic Conference on Saturday, he said facilities such as bonded warehouses and back-to-back LC (letter of credit) mechanisms will be opened up for emerging export sectors.

“We want to create more export-earning sectors like RMG in the coming days, and it will be included in our election manifesto,” he added.

Mr. Khasru said the BNP aims to create 10 million jobs within the first 18 months of its government if elected.

“It requires funding, and we have chalked out a plan for where the money will come from,” he said.

“We don’t want to put more pressure on banks, which are already under strain. We plan to revitalise the capital and bond markets for long-term investment,” the BNP leader added.

BBN/SSR/AD

This is the finding of a new Asian Development Bank (ADB) report, which calls for the urgent expansion of interconnected and modernized grids—both to keep up with rising energy demand and to integrate intermittent renewable energy sources across the region.

The analysis, nevertheless, shows the region is at the forefront of a global energy transformation. According to the most recent data, clean energy investment in developing Asia grew more than 900 per cent since 2013 to reach $729.4 billion in 2023—comprising about 45% of global investment. While the People’s Republic of China (PRC) accounted for a majority of this investment, the PRC was joined by India and seven other developing regional countries where renewables exceeded 75 per cent of new national energy capacity addition in 2022.

The report, Energy Transition Readiness Assessment for Developing Asia and the Pacific, conducted in collaboration with the World Economic Forum (WEF), is ADB’s first to measure regional countries’ ability to transform their energy systems and uses a new readiness framework based on the WEF’s Energy Transition Index.

Although the PRC leads on most dimensions, the report concludes that Georgia, Malaysia, and Thailand have improved their regulatory frameworks to support a clean energy transition. Bangladesh, India, and Indonesia have led the region in expanding electricity access to over 1 billion people since 2010.

“The expansion of digitalized grid infrastructure is essential to integrate low-carbon electricity seamlessly into national power generation and transmission systems,” said ADB’s Energy Sector Senior Director Priyantha Wijayatunga in a press statement. “With Asia and the Pacific forecast to generate two-thirds of global energy growth by 2040, meeting this daunting power supply gap will require multidimensional efforts including strong policies, innovative technologies, and long-term financing.”

“This extensive analysis highlights opportunities and challenges developing Asian economies face in meeting their energy transition needs,” said WEF's Centre for Energy and Materials Head Roberto Bocca. “Reliable, affordable, and sustainable energy systems are key to supporting national and regional economic progress.”

The report finds that while differing national characteristics require countries to forge their own clean power trajectories, in-country connectivity and regional interconnections—such as in Central West Asia, Southeast Asia, and South Asia—can provide a universal boost to economic efficiency and power affordability. 

ADB’s Asia Clean Energy Forum in June will explore cross-border energy trading and other ways to ensure the powering of homes, factories, and transport systems in the region meet the needs of rapid urbanization and industrialization.

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

BBN/SSR/AD

The home ministry issued a gazette notification in this regard which will come into force immediately.

The notification states that the Bangladesh Chhatra League, the student wing affiliated with the Awami League, has been involved in activities that undermine public safety, including murder, torture, systematic oppression in student dormitories, seat trading, tender manipulation, rape, and sexual harassment during various periods following Bangladesh's independence, particularly during the last 15 years of authoritarian rule. Substantial evidence of these activities has been published in major media outlets, and some of the organisation's members have been convicted in court for their involvement in terrorist activities.

During the anti-discrimination student movement that began on July 15, Chhatra League members launched frenzied and indiscriminate armed attacks on protesting students and the general public, resulting in the killing of hundreds of innocent students and civilians and endangering the lives of countless others.

The government has sufficient evidence to prove that even after the fall of the Awami League government on August 5, the Bangladesh Chhatra League has continued to engage in conspiratorial, destructive, and provocative activities, as well as various acts of terrorism.

In light of this, the government has declared the Bangladesh Chhatra League banned under Section 18(1) of the Anti-Terrorism Act, 2009, and has listed the organization as a prohibited entity in Schedule 2 of that law.

BBN/SSR/AD

Spot gold was up 1.3 per cent at $2,620.63 per ounce by 1:43 p.m. ET (1743 GMT), while U.S. gold futures settled 1.2 per cent higher to $2,646.20, according to media reports.

Oil prices are expected to gain during the week ending Sept. 20 despite a fall on Friday following the US Federal Reserve’s 50-basis-point rate cut on Wednesday.

The International benchmark Brent crude traded at $74.58 per barrel at 2.01 p.m. local time (1101 GMT) on Friday, up by around 4.14 per cent relative to the closing price of $71.61 a barrel last week.

West Texas Intermediate (WTI), the American benchmark, traded at $70.89 a barrel at the same time on Friday, an increase of about 4.63 per cent from last Friday's session, which closed at $67.75 per barrel.

Oil price gains were limited by rising demand concerns after weekend data from China revealed economic weakness in the world’s biggest oil importer. August figures showed industrial production falling short of expectations, alongside increasing unemployment and further declines in house prices, casting doubt on future oil demand.

BBN/SSR/AD

The recent student protest-propelled destruction of lives, property and assets coupled with devastating floods clouded the start of the new fiscal year as the factors intensified financial woes and created uncertainty about the road ahead.

During the recent student unrest several hundreds were killed and thousands were injured.

The value of the lives lost is immeasurable, but the prolonged unrest had cast a massive negative impact on the Bangladesh's roughly $450 billion economy.

Official data shows that the country incurred losses of over $1 billion daily after economic activities came to a halt amid the violence and subsequent government-imposed-curfew.

The primary textile sector counted losses worth $58.8 million while the apparel sector lost Tk 6,400 crore as per the rough estimates.

On the other hand, the internet blackout, difficulties in shipping goods from port, expensive air shipments, work order cancellations or offering big discounts to international buyers also mounted the losses.

Meanwhile, in a televised address to the nation Chief Adviser Dr Muhammad Yunus called on the RMG factory owners to come to an understanding with workers for keeping the factories open for the sake of navigating the economy of the country.

Mr Yunus was addressing the nation on the occasion of his completion of one month as the chief Adviser of the interim government of Bangladesh.

Around 114 garment factories have been closed today following labour unrest in the Ashulia, Savar and Gazipur industrial zones of Bangladesh.

Sources from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) confirmed the closure.

The industrial zones which are primarily considered as home to export-oriented garment factories has become a hotspot of labour unrest over the past two weeks.

Research shows that the main causes of Bangladesh’s readymade garment factories turbulence include lack of minimum facility and safety at work, substandard living conditions, deferred payment of wages and benefits, lower allowances and benefits but longer working hours, discrepancies in offering bonuses to male and female workers, international conspiracy, coercive role of the law enforcing agency, too much dependency on buyers, mistreatment by mid-level staff and seeking equal employment opportunities for male and female workers.

The recent labour uproar attributed to both external influences and internal factory issues, sources inside the factories claimed.

Of the closed factories, 54 were closed on a ‘no work, no pay’ basis, as per a provision in the labour law, the BGMEA said.

The Section 13(1) of the Bangladesh Labour Act, 2006 states that the owner can partially or fully close a branch or division of an establishment due to an illegal strike and the workers participating in the strike will not receive any wages.

Insiders explained that under the Section 13(1), workers will not be paid while the factories remain closed, which could further fuel their frustration.

On the other hand, 60 remaining factories have announced a leave with pay.

In several factories, workers have seen sitting idle. However, authorities fear that the situation could escalate if large groups of workers leave the factories and join the protest.

In Ashulia industrial areas where a number of factories remained closed for several days, reopened today, but workers refused to resume their works.

A heavy police contingent and army personnel were deployed in Savar industrial area, with workers gathered inside their factories.

Yesterday, several factories in the Jamgara, Narsinghpur and Pukurpar areas were vandalised by angry workers. In response, factory owners decided to shut the factories today.

Notices regarding the closure were seen hung on the gates of the factories last night and this morning.

A number of workers claimed that they went to their factories in the morning but found closure notices positioned on the gate.

They also alleged they had not served with any prior notice regarding the shutdown.

The closed factories are mainly located in Ashulia industrial area.

The sources said the owners had no other choice, but to keep their factories closed to protect the workers and assets of the industry.

Internally, many terminated workers who are reportedly blacklisted through the BGMEA database, also fuelled the chaos due to their unemployed crisis.

In another development, workers of Beximco Industrial Park also demonstrated blocking the Nabinagar-Chandra highway in Savar since morning today, causing long tailback on both sides of the highway.

After the workers’ unrest began and the situation became chaotic, many owners called for factory closures under section 13(1).

The factory owners' demands were also raised during a Bangladesh Garment Manufacturers and Exporters Association (BGMEA) meeting.

However, for the sake of the workers and the industry as a whole, collective decision is yet to be made.

The Bangladesh’s garments industry has been facing crisis even before the current round of labour mayhem.

The operations in the textile industry were severely impacted during the student protests, which led to curfew for several days and shut down of the industry.

The situation became to improve following the resignation of ex-prime minister Sheikh Hasina on August 5 and subsequently formation of an interim government-led by Nobel Laureate Dr Muhammad Yunus on August 8.

The recent floods in Bangladesh accompanied by frequent power shortages further aggravated the situation.

Bangladesh's garment industry plays a viral role in its economy and is a main performer in the global apparel market especially with the US, EU, UK and Canada being its largest export markets.

However, in the first half of 2024, RMG exports to the EU fell by 4.98% year-on-year to €8.72bn ($9.65bn), according to local media reports citing Eurostat data.

Experts believe that India’s RMG sector could benefit from the crisis in Bangladesh.

Meanwhile, Sandeep Jain, executive director of Ludhiana-based Monte Carlo Fashions, stated in an interview with Mumbai-based business news channel CNBCTV18 last month that the crisis could boost India’s garment industry by positioning the country as a preferred alternative for global buyers.

New Delhi-based research firm Primus Research suggests that Indian textile businesses could potentially gain an additional $300-400mn in monthly revenue if 10-11% of Bangladesh’s textile exports are redirected to India.

To take advantage on the situation, India is mulling strategic approach and infrastructural development for securing favourable trade deals, the Primus Research report published last month added.

Around 25% of garments units in Bangladesh owned by Indian companies—such as Shahi Exports, House of Pearl Fashions, Jay Jay Mills, TCNS, Gokaldas Images, and Ambattur Clothing—are anticipated to wrap up their operations to India, the report stated.

Indian cloth hubs like Tirupur, known for their vigorous industrialized competence, are expected to see a surge in orders.

BBN/SS/TA

Agricultural prices declined by 1.40 per cent in August. Food prices fell by 2.30 per cent, driven by oils and meals dropped by 5.10 per cent.

On the other hand, raw materials gained by 1.80 per cent, while beverages dipped by 1.20 per cent. Fertilizer prices remained relatively stable.

However, metal prices dropped by 3.10 per cent, led by iron ore fell by 6.50 per cent, lead dropped by 5.30 per cent, and copper decreased by 4.40 per cent.  Precious metals rose by 1.80 per cent, with gold rose by 3.0 per cent leading the increase.

BBN/SSR/AD

A team of detectives arrested him, Rezaul Karim Mallic, additional commissioner of Detective Branch of Police, told media this morning.

He also said details of the arrest would be disclosed later.

Several cases were filed against him after the fall of Sheikh Hasina's government on August 5.

Last month, the Anti-Corruption Commission (ACC) decided to launch an inquiry into Khan.

Khan, also a former MP from the Madaripur-2 constituency, was previously summoned by the ACC in 2014 over allegations related to irregularities in plot allocation and the accumulation of illegal assets.

His affidavit for the 11th parliamentary election revealed substantial wealth, including two cars, 96 bhori of gold belonging to his wife, two buses, an SUV, a microbus, and a 10-katha plot of land from Rajuk, registered under his wife's name.

Khan also served as the chairman of the standing committee of Ministry of Liberation War Affairs.

BBN/SSR/AD

According to Gold Return Attribution Model (GRAM), gold was pulled higher by a material drop in the US dollar and, to a lesser extent, lower 10-year Treasury yields as the Fed signalled the time had come for rate cuts, the World Gold Council said in its latest monthly market report.   

The main identifiable negative contribution came from a momentum factor, the gold return in the previous month, i.e. when high, the following month typically sees a lower return and vice versa.

Also of note in August, the significant cut in import duty on gold in India, which took place in late July, has been a shot in the arm for gold demand in the country. Anecdotal reports suggest the duty reduction was followed by strong buying interest from jewellery retailers as well as consumers.

Meanwhile, global physically-backed gold ETFs extended their inflow streak to four months. Western funds once again contributed the lion’s share of flows.

BBN/SSR/AD

This victory is particularly significant as it marks the first time the Tigers have defeated Pakistan in a Test series and their third-ever Test series win away from home.

Previously, Bangladesh secured series victories against a second-string West Indies side in 2009 and a one-off series against Zimbabwe in 2021.

The win in Rawalpindi also places Bangladesh in exclusive company, as they become only the second team to complete a clean sweep over Pakistan on their home soil in a Test series.

The only other team to accomplish this feat was England, who achieved a 3-0 victory over Pakistan in 2022.

The match was a culmination of outstanding individual and team performances.

Shakib Al Hasan and Mushfiqur Rahim were the heroes on the final day, guiding Bangladesh to a 185-run target in the second session.

Shakib sealed the victory with a match-winning boundary, with both he and Mushfiqur remaining unbeaten on 22 and 21 runs, respectively.

Their composed batting brought Bangladesh across the finish line, building on the solid foundation set by earlier contributions.

The Tigers were well-positioned to chase down the target, having reached 42-0 at stumps on the previous day.

However, they faced early setbacks as openers Zakir Hassan (40) and Shadman Islam (24) were dismissed in the first session.

A crucial 57-run partnership between Mominul Haque and captain Najmul Hossain Shanto then steadied the innings.

Despite both Shanto (38) and Mominul (34) being dismissed in the second session, the experienced duo of Mushfiqur and Shakib ensured there were no further hiccups as they guided the team to victory.

Earlier in the match, Bangladesh's comeback was orchestrated by a record-breaking seventh-wicket partnership between Liton Das and Mehedi Hasan Miraz.

With Bangladesh reeling at 26-6 in their first innings, the pair put on a remarkable 165-run stand. Liton’s majestic 138 and Miraz’s valiant 78 helped Bangladesh recover to post 262, limiting the deficit to just 12 runs.

The bowlers then took center stage, with Hasan Mahmud and Nahid Rana delivering match-defining performances.

Hasan claimed five wickets while Rana took four, dismantling Pakistan’s batting lineup and restricting them to 172 in their second innings.

This effort set up the 185-run target, which Bangladesh successfully chased down on the final day.

The match itself was not without challenges, as poor weather conditions wiped out the entire first day’s play, and only one over was bowled in the final session of the penultimate day.

Despite a forecast of rain on the fifth day, the weather held clear, allowing Bangladesh to complete their historic victory.

This clean sweep is not just a testament to the Tigers' growing prowess in Test cricket, but also a proud moment for the nation as they planted their flag firmly on Pakistani soil, marking a new chapter in their cricketing journey.

BBN/TA/AD

During the phone call initiated by Biden, "The two leaders expressed their shared concern over the situation in Bangladesh and emphasised the restoration of law and order and ensuring the safety of minorities, particularly Hindus, in Bangladesh," said a readout issued by the Indian Prime Minister's Office on Monday.

Besides Bangladesh, Modi and Biden had a detailed exchange of views about various regional and global issues, it added.

The two leaders reiterated their commitment to strengthen further the cooperation in multilateral fora, including the Quad and they agreed to remain in touch, according to the readout.

This was the first time Modi and Biden spoke to each other on the issue of Bangladesh since the ouster of Sheikh Hasina as prime minister, according to the Daily Star report.

Hasina resigned and escaped to India on August 5 in the face of weeks of street protests led by students.

BBN/SSR/AD