U.S.A. - Bangladesh Business News

Bangladesh export earnings from USA rises 2.23% in Q3

BBN Desk — Thu, 24 May 2018 13:33:35 +0000

An apparel factory in Bangladesh. Photo: BBN file photo

Dhaka, Bangladesh (BBN) - Bangladesh’s export earnings from the USA witnessed 2.23 per cent growth in the third quarters Q3) of this fiscal year (FY) compared to the same period of the previous fiscal.

Bangladesh export to the USA rose to $ 4.41 billion in the July-March period of the FY 2017-18 from $4.32 billion in the same period of the FY 17.

The amount of export earnings represents 16.08 per cent of the country's total export earnings during the period under review.

The major exports to the US market during period under review were woven garment ($2.91 billion), knitwear ($1.01 billion), home textiles ($140.99 million) and cap ($ 97.05 million), according to the state-run Export Promotion Bureau (EPB)’s latest statistics.

During the period, around 25.32 per cent of the country's total woven garment exports entered the US market, one of Bangladesh's key destinations, followed by knitwear (8.96 per cent) and home textile (18.23 per cent).

Despite political unrest, Bangladesh's export earnings from the US in the FY 15 were impressive with $5.783 billion, up from $5.583 billion in the FY 14.

Export earnings from the USA, however, witnessed a 6.01 per cent fall in the FY 17 compared to the FY 16 mostly due to the moderate performance of the RMG sector.

Bangladesh exports to the USA totaled $5.85 billion in the FY 17 compared to $6.22 billion in the previous fiscal, the EPB data showed.

The exports in fiscal 2012-13 were also impressive with $5,419.60 million.

The exports in FY 12 were also laudable totaling $5.10 billion, slightly down from $5.12 billion in the FY 11.

The export earnings in FY 10, however, totaled $3.95 billion, down from $4.05 billion in the FY 09, mostly because of the global economic recession.

The FY 10 fiscal marked the end of an ups-and-downs period for Bangladesh exports to the US. From the robust $2.5 billion during the FY 01 fiscal, exports had fallen below $2.0 billion by the FY 04. Exports to the US rose steadily to cross the $3.0 billion mark in the FY 06, and peaked at nearly $3.6 billion during the FY 08.

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China 'not a currency manipulator': Donald Trump

BBN Desk — Thu, 13 Apr 2017 07:31:15 +0000

Mr Trump made the comments days after meeting Chinese President Xi Jinping in Florida. Photo: Getty Images

Florida, US (BBN) - Donald Trump has said his administration will not label China a currency manipulator, rowing back on a campaign promise.
The US president also left open the possibility of re-nominating Janet Yellen as the head of the Federal Reserve, despite having criticised her, reports BBC.
He made the comments days after meeting China's President Xi Jinping.
China has been accused of suppressing the yuan to make its exports more competitive with US goods.
Before the US election, Trump likened this to "raping" the US, and promised to label China a currency manipulator on his first day in office.
That would have triggered talks between the countries and potentially led to US sanctions - something experts warned would have prompted retaliation.
But in an interview with the Wall Street Journal on Wednesday, Trump said China had not been "currency manipulators" for some time and had been trying to prevent further weakening.
He also said: "I think our dollar is getting too strong, and partially that's my fault because people have confidence in me."
He added that a strong dollar had benefits, but would ultimately hurt the US economy.
"[It is] very, very hard to compete when you have a strong dollar and other countries are devaluing their currency."
'RESPECT' FOR YELLEN
Trump has been highly critical of Yellen in the past, saying that the Fed's low interest rate policy had hurt savers.
He has also indicated that he would not nominate her for a second four-year term when her current one expires in February 2018.
But in Wednesday's interview he said he now liked "a low-interest rate policy" and "respects" the Fed chair.
He also said she would not be "toast" when her current term ended, although he added: "It's very early."
Trump's administration was also said to be "very close" to filling three vacancies on the Fed's board.
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US cuts funding for UN Population Fund

BBN Desk — Tue, 04 Apr 2017 06:44:00 +0000

US Ambassador to the UN Nikki Haley is overseeing potential funding cuts to the international body. Photo: Getty Images

Washington, US (BBN) - The US has withdrawn funding for the United Nations Population Fund (UNFPA), an agency that promotes family planning in more than 150 countries.
The state department said the UNFPA "supports or participates in the management of a program of coercive abortion or involuntary sterilisation", reports BBC.
This is the first of the promised cuts to US financial contributions to the UN by the Trump administration.
The UNFPA said it "regrets the decision" and had not broken any laws.
In total $32.5m (£26m) in funds is being withdrawn for the 2017 financial year.
'ERRONEOUS' CLAIMS
Earlier this year, President Trump reinstated a ban on US funding of any international organisation that provided any kind of abortion service or advice.
The Department of State referred to the presidential directive from January and a provision called the "Kemp-Kasten Amendment" in its statement on Monday.
"This determination was made based on the fact that China's family planning policies still involve the use of coercive abortion and involuntary sterilisation, and UNFPA partners on family planning activities with the Chinese government agency responsible for these coercive policies," the state department said.
The UNFPA calls those claims "erroneous" and that all of its work promotes the rights of individuals and couples to make their own decisions, free of coercion or discrimination.
With the support of the US, last year UNFPA says it was able to save the lives of thousands of women from dying during pregnancy and childbirth, prevent unintended pregnancies, and unsafe abortions.
The BBC's Nada Tawfik in New York reports that the UN Population Fund has often been the target of conservative Republican administrations. President Ronald Reagan, as well as both of the Bush administrations withheld funding for the same reason.
The money that had been allocated to the UNFPA for the fiscal year 2017 will be "transferred and reprogrammed to the Global Health Programs account," the state department said.
The account will be used by the US Agency for International Development (USAID) to support family planning, maternal and reproductive health activities in developing countries, it added.
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Colombia landslide 'killed 44 children'

BBN Desk — Mon, 03 Apr 2017 06:12:10 +0000

Bogota, Colombia (BBN) - Dozens of children are among those killed in devastating mudslides in south-west Colombia, according to President Juan Manuel Santos.
The total death toll is now 254, with hundreds also injured, reports BBC.
Heavy rain flooded the town of Mocoa in the country's south-west, with mud and rocks burying whole neighbourhoods and forcing residents to flee their homes.
More than 1,000 soldiers and police are involved in the relief effort in Putumayo province.
"Until we have the last person identified we are not going to stop," said President Santos, who flew to the area on Saturday after the landslide struck.
The relief efforts continued throughout the weekend.
President Santos said the death toll was 254, with at least 170 of the dead identified, including 44 children.
The army had previously reported 200 people missing, but the president tweeted on Sunday afternoon that there were officially no disappeared persons.
Earlier in the day, video footage from Mocoa showed residents crying over a list of missing children, with their names and aged pinned to a board.
"We have lost a baby, who has gone missing," one resident told reporters.
"A little baby, we can't find him anywhere."
Another woman told reporters she was desperately seeking her two daughters and one young granddaughter.
"Whether they are dead or alive, I just want to see them," she said through tears.
The exact death toll is hard to confirm with the rescue operation still under way - some local media estimate up to 300 people have been killed.
The Colombian Red Cross said it was working to help family members contact each other, and the Air Force has brought supplies.
President Santos has vowed investment will be made to make Mocoa better than it was before.
His critics said more should have been done to protect the area from such disasters.
The landslide struck in the early hours of Saturday morning, when many people were asleep in bed.
Colombia's director of the National Disaster Risk Management Unit told the AFP news agency that a third of the region's expected monthly rain fell during one night.
Although rainfall is abundant in the area, this downpour was unusually heavy and caused rivers to burst their banks.
The overflow then picked up mud and debris, creating a cascade.
Video footage of the aftermath showed currents so strong that abandoned lorries were propelled through the flooded streets.
A senior UN official in Colombia, Martin Santiago, blamed climate change, saying it had caused "tremendous results in terms of intensity, frequency and magnitude of these natural effects" in the region.
Others said deforestation has also played a role. "When the basins are deforested, they break down. It is as if we remove the protection for avoiding landslides," said Adriana Soto, a Colombian conservationist and former environment minister.
With no running water in Mocoa, one resident told El Tiempo newspaper that they had been collecting rainwater. Power lines are also out across the area.
Photos posted to social media by the air force showed some patients being evacuated by air.
Local resident Mario Usale, 42, told Reuters he was searching for his father-in-law.
"My mother-in-law was also missing, but we found her alive 2km (1.25 miles) away. She has head injuries, but she was conscious," he said.
Landslides have struck the region several times in recent months.
In November, nine people died in the town of El Tambo, about 140km (90 miles) from Mocoa, during a landslide that followed heavy rain.
Less than a month before that, another landslide killed several people near Medellin, almost 500km (300 miles) to the north.
And in neighbouring Peru, more than 90 people have died since the start of the year because of unusually heavy rainfall, which also caused landslides and flash floods.
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Trump: US will 'solve' N Korea alone

Siddique Islam — Mon, 03 Apr 2017 05:47:19 +0000

Washington, US (BBN) - Donald Trump has said the United States will "solve" the nuclear threat from North Korea, with or without China's help.

"If China is not going to solve North Korea, we will, reports BBC.

That is all I am telling you," he said in an interview with UK paper Financial Times.

Pressed on whether he thought he could succeed alone, he replied: "Totally."

Trump was speaking ahead of a scheduled visit from Chinese President Xi Jinping this week.

"China has great influence over North Korea.

And China will either decide to help us with North Korea, or they won't.

And if they do that will be very good for China, and if they don't it won't be good for anyone," Trump told the FT.

Asked if he meant "one-on-one" unilateral action, Trump said: "I don't have to say any more. Totally."

He did not give any further details on what action he would take.

Trump's brief comments, published just days before the key meeting with Xi at Mar-a-Lago on Thursday, are the latest in a series of warnings over North Korea's nuclear development.

There are fears that Pyongyang could eventually develop the ability to launch long-range nuclear missiles capable of striking the mainland United States.

During a trip to Asia in March, US Secretary of State Rex Tillerson said pre-emptive military action was an option "on the table".

A month earlier, Defence Secretary James Mattis warned that any use of nuclear weapons would be met with an "overwhelming" response.

China - which is North Korea's only international ally - has taken action in light of the reclusive nation's latest missile tests.

In February, it banned coal imports from North Korea until the end of 2017, cutting a major source of cash income for Pyongyang.

But Trump is expected to pressure China's president to do much more at their meeting this week - and he has implied that the issue of trade could be used as leverage.

The president told the Financial Times that "trade is the incentive. It is all about trade." But he said he did not plan to discuss tariffs during the meeting.

At the end of March, he signed two executive orders to deal with the US trade deficit, reviewing current rules and foreign trade abuses.

White House officials insisted China was not the focus of his orders - but it is the largest source of the US trade deficit, accounting for about $347bn (£276bn) a year, out of a total of $502bn (£400bn).

And Trump himself tweeted that "the meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits".

Trump has not said how he will negotiate trade with China while also pressuring them to influence Pyongyang.

Analysts say China has maintained its support for Pyongyang as it fears a complete collapse of the North Korean regime could lead to Korean unification, with US soldiers based in a country with a land border with China.

It is thought that China is also concerned at the prospect of millions of North Korean refugees entering its borders.

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254 dead in Colombia landslides

BBN Desk — Sun, 02 Apr 2017 03:36:48 +0000

Bogota, Colombia (BBN) - Colombia's security forces say they are searching for hundreds of missing people after heavy mudslides left at least 254 dead.
About 1,100 soldiers and police are involved in the rescue effort, reports BBC.
Heavy rain flooded the city of Mocoa in the country's southwest with mud and rocks, burying whole neighbourhoods and forcing residents to flee their homes.
An army statement said there were at least 400 injured and 200 still missing in the capital of Putumayo province.
Colombian Red Cross volunteers in the area also put the death toll at more than 200.
The aid group said it was working to help family members contact each other, and that the operation was continuing into the night.
President Juan Manuel Santos declared a state of emergency in the region and flew in to oversee the rescue effort.
"We will do everything possible to help them," he said. "It breaks my heart."
The Colombian Air Force is bringing equipment, water and medicine to the area as the search operation continues.
Photos posted to social media by the air force showed some patients being evacuated by air.
"Our heroes will remain in the tragedy zone until the emergency is over," the army's statement said.
Colombia's director of the National Disaster Risk Management Unit told the AFP news agency that a third of the region's expected monthly rain fell during one night.
The unusually heavy rain caused the rivers to burst their banks.
"It was torrential rainstorm, it got really strong," local resident Mario Usale, 42, told Reuters.
He was searching for his father-in-law, the news agency said.
"My mother-in-law was also missing, but we found her alive 2km (1.25 miles) away. She has head injuries, but she was conscious," he added.
The mayor of Mocoa, Jose Antonio Castro, told local media that the town was "totally isolated", without electricity and water.
His own house had also been destroyed in the flood, with mud reaching as high as his roof.
Mocoa is the capital of the Putumayo region, on the border with Ecuador and Peru.
Landslides have struck the region several times in recent months.
In November, nine people died in the town of El Tambo, about 140km (87 miles) from Mocoa, during a landslide which followed heavy rain.
Less than a month before that, another landslide killed several people near Medellin, almost 500km (310 miles) to the north.
And in neighbouring Peru, more than 90 people have died since the start of the year because of unusually heavy rainfall, which also caused landslides and flash floods.
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Creator of the LGBT rainbow flag dies

BBN Desk — Sat, 01 Apr 2017 13:12:50 +0000

New York, US (BBN) - Gilbert Baker, an artist based in San Francisco who created the rainbow flag as a symbol for the gay community, has died aged 65.
The San Francisco Chronicle said Baker died in his sleep at his home in New York on Thursday night, reports BBC.
He initially designed an eight-colour flag in 1978 for the city's gay freedom day, the precursor to the modern pride parade.
The rainbow flag has been raised in central San Francisco to honour him.
It is flying near Harvey Milk Plaza, named after America's first openly gay politician, a close friend of Baker before his assassination in 1978.
Baker's close friend Cleve Jones said on Twitter: "My dearest friend in the world is gone. Gilbert Baker gave the world the Rainbow Flag; he gave me forty years of love and friendship."
Screenwriter Dustin Lance Black, who wrote the screenplay for Milk, the biopic of the politician, tweeted: "Rainbows weep. Our world is far less colourful without you, my love.
Gilbert Baker gave us the rainbow flag to unite us. Unite again."
California State Senator Scott Weiner said Baker's work had "helped define the modern LGBT movement".
"Rest in power, Gilbert," he said.
'A PEOPLE, A TRIBE'
According to his website, Baker was born in Kansas in 1951 and served in the US army from 1970 to 1972, which stationed him in San Francisco in the early days of the gay liberation movement.
He was honourably discharged, taught himself to sew and began a flag-making career which would include creating designs and displays for several world leaders including the presidents of France, Venezuela and the Philippines.
Baker's original flag had eight colours, each representing a different aspect of humanity:
Pink - sexuality
Red - life
Orange - healing
Yellow- sunlight
Green - nature
Turquoise - art
Indigo - harmony
Violet - human spirit
It would later be reduced to six stripes, removing pink and indigo, and swapping blue for turquoise.
Baker said he wanted to convey the idea of diversity and inclusion, using "something from nature to represent that our sexuality is a human right".
In 2015, New York's Museum of Modern Art acquired the flag for its design collection, calling it a "powerful design milestone".
"I decided that we should have a flag, that a flag fit us as a symbol, that we are a people, a tribe if you will," Baker told the Museum in an interview.
"And flags are about proclaiming power, so it's very appropriate."
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Protesters set Paraguay congress on fire

BBN Desk — Sat, 01 Apr 2017 10:21:55 +0000

Asuncion, Paraguay (BBN) - Demonstrators in Paraguay have set fire to the country's congress amid violent protests against a bill that would let the president seek re-election.
The head of the main opposition party said an activist had been shot dead, reports BBC.
The country's 1992 constitution, introduced after 35 years of dictatorship, limits the president to a single five-year term.
But sitting President Horacio Cartes is trying to remove the restriction and run for re-election.
Protesters were photographed smashing in windows of the congress building in Asuncion on Friday night and setting fire to the interior.
The AFP news agency said protesters "ransacked" the offices of those who backed the bill.
Police used mounted units, rubber bullets, and water cannons to disperse the crowd. Local media reports said dozens of people had been injured, including protesters, politicians, and police officers.
The head of Paraguay's opposition Liberal party, Efrain Alegre, said a young man had been killed during the protests. Police are yet to confirm this.
Santi Carneri, a journalist in Asuncion, told the BBC the congress building was on fire for "more than one or two hours".
There were "a lot of battles between people and the police in the streets", he said, adding that it was the worst violence of its kind since Paraguay became a democracy in 1992.
'A COUP'
In a statement released on Twitter, President Cartes appealed for calm.
"Democracy is not conquered or defended with violence and you can be sure this government will continue to put its best effort into maintaining order in the republic," he said (in Spanish).
The attorney general's office said it had followed the events closely and was investigating the violence.
Earlier, the crowd took to the streets following a private meeting of 25 senators - a slight majority of the house - which approved a bill to amend the constitution.
The bill must also be approved by the other house of parliament - the chamber of deputies - where President Cartes' party holds a majority.
The chamber's president, Hugo Velazquez, told ABC Color (in Spanish) that the sitting planned for the following morning would no longer take place and no decision would be made on Saturday.
Opponents say the bill will weaken the country's democratic institutions.
Opposition senator Desiree Masi said: "A coup has been carried out. We will resist and we invite the people to resist with us."
Paraguay was controlled by military ruler General Alfredo Stroessner, who seized power in a coup, from 1954 until 1989.
The new constitution in 1992 created the modern government, but there has been a long period of political instability and party infighting, as well as a failed coup attempt.
President Cartes' term is due to end in 2018.
The change, if approved, would also allow former president Fernando Lugo to run again.
Lugo was ousted in 2012 over his handling of a land eviction in which 17 people were killed.
His supporters, however, would like to see him run again.
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White House staff finances revealed

BBN Desk — Sat, 01 Apr 2017 06:37:58 +0000

Washington, US (BBN) - Documents released by the White House reveal millions of dollars in assets held by its senior staff.
President Trump's daughter Ivanka and her husband, Jared Kushner, have assets valued between $240m and $740m, reports BBC.
That includes a stake in Trump International Hotel, which earned Ms Trump between $1m and $5m last year.
The financial disclosure documents released late on Friday also detail recent salaries of several other high-profile figures in the administration.
Ethics regulations require such financial disclosures for staff working in the White House.
The documents show income and assets at the time they started working for the US government - before any assets were sold or disposed of.
Neither President Donald Trump or Vice-President Mike Pence were part of the disclosure release.
The documents, which US media have uploaded online, also list asset values within a range, rather than giving precise figures.
Among the revelations are:
Ivanka Trump's business empire is worth more than $50m, and the value of her stake in Trump International Hotel is between $5m and $25m, according to the filing of her husband, Jared.
Ms Trump only recently became a formal White House employee, and may file her own disclosure form later.
Jared Kushner's disclosure document runs to 54 pages, detailing positions held at 267 organisations, many of which he has since divested himself of.
In the previous year, he earned hundreds of thousands of dollars from real estate and other assets.
Steve Bannon, now a senior White House adviser, was paid $191,000 in consulting fees by conservative media outlet Breitbart, in addition to at least $1m in other employment income.
He also had between $3.3m and $12.6m in assets.
Sean Spicer, the White House press secretary, was paid $260,000 for his role as chief strategist and communications director at the Republican National Committee, and holds several real estate assets.
Kellyanne Conway, Trump's campaign chief turned advisor, earned more than $800,000, mostly for consulting services, including Mr Trump's campaign.
Gary Cohn, head of the White House National Economic Council and a former Goldman Sachs president, has assets worth at least $230m - but potentially more, as many of his assets are simply listed as worth "over $1m".
The White House said Mr Cohn resigned from all his positions at Goldman Sachs.
In a briefing before the release, White House officials stressed that "these are not the current holdings that everyone has today.
These are the holdings that everybody had at the time when they came into office."
Potential conflicts of interest may have already been eliminated.
"These are incredibly successful individuals, very high net worth, very sophisticated, complex asset structures, numerous sub-LLCs [limited liability companies], trusts and other items, all of which have to be worked through," the White House official said, adding that every staff member had a "sit-down" about their assets.
Reuters news agency quoted a White House official as saying about 25 per cent of Mr Trump's White House were classified as having "extremely complex" filings, indicating they were very wealthy.
They appeared much wealthier than officials in previous administrations, including Barack Obama's White House, US media reported.
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FBI re-releases 9/11 photos of Pentagon

BBN Desk — Sat, 01 Apr 2017 04:21:10 +0000

Washington, US (BBN) - Photos taken after the attack on the Pentagon on 11 September 2001 have reappeared on the FBI's website six years after they were first released.
The 27 images show fire crews battling the blaze, as well as recovery teams and investigators searching the rubble, reports BBC.
American Airlines Flight 77, travelling from Virginia to LA, slammed into the building at around 09:37 local time.
US authorities said the plane struck between the first and second floors of the Pentagon, killing 184 people.
It was previously thought that the images had been newly released because of the fresh date stamp.
But FBI spokeswoman Jillian Stickels said the pictures were first posted online in 2011.
A technical glitch caused them to disappear from the site for an undetermined period of time, she added.
They were restored in recent days to public view once the FBI learned they were missing, according to the FBI spokeswoman.
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