Author: Arif ArifArman

ZOOMBANGLA DESK: Bangladesh Bank (BB) on Sunday announced a tight monetary policy statement (MPS) for July-December of FY24, lifting the interest rate cap and giving priority to taming inflation and stabilising the exchange rate. Governor Abdur Rouf Talukder announced the new monetary policy in a press conference at Jahangir Alam Conference Hall, at 3pm. Chief Economist Dr Md Habibur Rahman gave a presentation on the new MPS highlighting the different measures relevant to the macroeconomy. The governor said, “The BB adopted a contractionary monetary policy to bring down the rate of inflation to a desired level, while remaining supportive to…

INTERNATIONAL DESK: Embodying a key chapter of history, a potential Independence Day release is in the works for a movie on Attari Junction. The station of Attari, during the era of Partition, stood as the final threshold for those bidding adieu to their homes in search of new ones. It was this station that witnessed the chilling sight of ‘ghost trains,’ bearing corpses across its tracks. The station, with its 161-year history, once more came into spotlight in the 2000s with the resurrection of the Samjhauta Express between India and Pakistan, a 3km journey from the Attari station to Wagah,…

INTERNATIONAL DESK: Deep in the tranquil heartland of Sikkim, a tiny Himalayan hamlet called Borong is safeguarding a craft that connects art, tradition, and spirituality. At the core of this story is a humble, handcrafted product – paper. But not just any paper; this is a product with a rich heritage that spans millennia and reaches as far as Buddhist monasteries and global art studios. The Borong-Polok Handmade Paper Unit, tucked away within the idyllic precincts of the Wildflower Retreat, 17 km from the bustling Ravangla Town of Sikkim’s Namchi district, is more than just a manufacturing unit. It is…

INTERNATIONAL DESK: China has dropped the number of cremations held last winter from a quarterly report, withholding a key indicator of the pandemic death toll during the country’s largest Covid wave. The Chinese Ministry of Civil Affairs released summary statistics on marriage and social welfare for the fourth quarter of 2022 last Friday, after months of unexplained delays, which had prompted speculation that the country was not able to track the relevant data. Missing from the quarterly report was the number of cremations held across the country – a figure the ministry has made public since 2007. China’s ‘zero Covid’…

ZOOMBANGLA DESK: Bangladesh Bank is ready to announce a contractionary monetary policy statement tomorrow, withdrawing the single-digit interest cap to combat rising inflation, the central bank sources said. Usually, contractionary monetary policy is used to contain inflation and reduce the level of money circulating in the economy. Governor of Bangladesh Bank, Abdur Rouf Talukder, will release the policy statement for the first half (July-December) of FY 2024 at a press conference in Bangladesh Bank tomorrow. The chief of BFIU, deputy governors, Chief Economist, executive director of the Research Department, and concerned officials of Bangladesh Bank will be present at the…

INTERNATIONAL DESK: China’s rapid development of sea power, including the expansion of its navy and ship-building capabilities, has raised concerns among historians who compare it to the swiftness with which the United States assembled its armada after the attack on Pearl Harbor during World War II. Beyond warships, the Chinese Communist Party (CCP) has significantly increased its ship-building capacities, acquired numerous port operations worldwide, and invested heavily in oceanographic research. As tensions rise in the Taiwan Straits and South China Sea, the Pentagon acknowledges that the United States no longer possesses the maritime capacity to match China in cargo transport…

Waliur Rahman: Prime Minister Narendra Modi will be on his first state visit to the United States on June 21-24 following an official visit on September 22-25, 2014 and a working visit on June 7-8, 2016. Preceding the G20 Summit in September, this visit has captured the attention of global observers who remark that the significance of the visit may not be overstated, as it holds the potential to shape the course of Indo-US relations, enhance economic ties, and address pressing global challenges. White House spends time and money on the Indian Prime Minister as the US has made its…

ZOOMBANGLA DESK: State Minister for Foreign Affairs Md. Shahriar Alam has underscored an active role of the regional countries including ASEAN for the safe and sustainable repatriation of the Rohingyas to Myanmar. He also laid emphasis on efforts to end the armed conflicts and ensure a peaceful transition to a civilian administration through elections in Myanmar. The state minister shared the views at the two-day Oslo Forum hosted by the Ministry of Foreign Affairs of Norway in association with the Geneva-based Centre for Humanitarian Dialogue on June 13-14 in Oslo, Norway. The event drew retreats for over 100 international mediators…

INTERNATIONAL DESK: Sheikh Asif, a visionary entrepreneur, is on a mission to transform the lives of Kashmiri youths by providing them with IT education and empowering them to pursue independent careers. Born and raised in the vibrant neighbourhood of Batamallo, Srinagar, Asif has defied all odds to become a successful business leader and a beacon of hope for the aspiring entrepreneurs of his region. Asif’s journey began with his strong passion for entrepreneurship, driven by his desire to help businesses grow and succeed. Starting with Thames Infotech, an IT company based in Manchester, Asif established himself as a founder and…

SPORTS DESK: In the picturesque town of Dangiwacha, nestled in the heart of North Kashmir’s Baramulla District, history was being made. The air crackled with excitement as the first-ever Women’s Cricket League took centre stage. The ‘North Kashmir Women’s Premier League’ was not just an ordinary sporting event; it symbolized a triumph for women’s empowerment and shattered the gender norms that had confined women to the sidelines for far too long. With the noble objective of providing equal opportunities to women cricketers and propelling them into the limelight, the ‘We Care Foundation’ joined hands with the army to organize this…

INTERNATIONAL DESK: China’s Vice Minister of Foreign Affairs, Sun Weidong, recently visited Sri Lanka and held a meeting with Sri Lankan President, Ranil Wickremesinghe, Sri Lanka-based Mawrata News reported. However, there was no mention of debt restructuring in the official announcements issued after the meeting between the two leaders. The official statement released after the meeting only mentioned that China will give maximum support to Sri Lanka to recover from the economic crisis. China’s Vice Minister of Foreign Affairs invited him to China for a conference on China’s belt and road initiative, as per the news report. Ranil Wickremesinghe might…

INTERNATIONAL DESK: India’s seafood exports, both in terms of volume and value, achieved an all-time high in 2022-23. It shipped 1.7 million tonnes of seafood worth Rs 63,969.14 crore (USD 8.09 billion) during the financial year, growing 26.73 per cent in quantity terms and 4.31 per cent in value terms over 2021-22. According to a press statement from the Ministry of Commerce & Industry, Frozen shrimp remained the major export item in terms of both quantity and value while USA and China turned out to be the major importers of India’s seafood. Frozen shrimp, which earned Rs 43,135.58 crore (USD…

INTERNATIONAL DESK: India will soon overtake China as the largest driver of global oil demand even as it has an opportunity to become a world leader in green hydrogen production, International Energy Agency (IEA) chief Fatih Birol said Wednesday. A swelling population, which has likely already surpassed that of China, is driving demand in the world’s third-largest energy-consuming nation. Its transition from fossil fuels to cleaner sources is expected to lag other regions, but cheap electricity produced from renewable energy sources like solar energy can help transform the nation into a green hydrogen leader. “India’s oil demand will grow. I…

ZOOMBANGLA DESK: Prime Minister Sheikh Hasina today called for making sure that the Fourth Industrial Revolution (4IR) tools are not assigned to hurt or undermine humanity. “We have to ensure that the 4IR tools are not assigned to hurt or undermine our humanity,” she said. The premier made this call while responding to a question in a talk at the event “New Economy and Society in Smart Bangladesh” organised by the World Economic Forum (WEF) at its office in Geneva, Switzerland. Prime Minister’s Speech Writer Md Nazrul Islam told the reporters after the programme that she also laid emphasis on…

INTERNATIONAL DESK: International Energy Agency (IEA) executive director Fatih Birol has underlined the need for advanced economies to take a bigger responsibility for supporting energy transition in developing nations even as developed nations have opposed the inclusion of the scaling up of mitigation action on the agenda of the ongoing Bonn Climate Change Conference. Speaking at a G20 event in New Delhi on Wednesday titled “India’s Role in Future of Energy”, Birol said climate change caused by the concentration of carbon is not a problem of today. “…it is an issue of hundred years of accumulation of carbon in the…

INTERNATIONAL DESK: Walmart’s Flipkart marketplace and PhonePe payments business in India could be $100 billion businesses buoyed by strong growth, the retailer’s chief financial officer said on Wednesday at an investor conference. Walmart does not break out sales of Flipkart and PhonePe but over the past few months, executives have singled out the two businesses as key drivers in meeting its target of doubling the gross merchandise volume it sells in foreign markets to $200 billion in five years. Walmart’s international chief has previously called India’s 1.4 billion population a “significant” opportunity for the retailer. In its most recent quarter…

INTERNATIONAL DESK: Under Prime Minister Narendra Modi’s vision of “One Earth One Health” and belief “Vasudaiva Kutumbakam,” India supplied ‘Made in India’ Covid vaccines to 42 countries of the Africa continent, External Affairs Minister S Jaishankar said on Wednesday. Addressing the inaugural address at the 18th CII-EXIM Bank Conclave, Jaishankar said, “During the pandemic, India continued unabated its engagement with Africa. The 15th and 16th editions of the CII-Exim Bank Africa Conclave were actually held, though they were held virtually. To support our friends in Africa, India provided medical support to 32 countries. “From January 2021 till March 2023 we…

INTERNATIONAL DESK: The Kingdom participated in the Group of Twenty (G20) Ministerial Development Meeting held over the past three days in the Indian city of Varanasi, highlighting its efforts towards achieving sustainable development goals. The Kingdom was represented at the meeting by the General Supervisor of the General Department of Research and Economic Visions at the Ministry of Economy and Planning, Dr. Yasser Bin Osama Fakih, who spoke in two sessions. The first was entitled, “The G20 Action Plan to Accelerate Progress in Achieving the Sustainable Development Goals,” and the second entitled “The High Principles of a Lifestyle for Environment…

INTERNATIONAL DESK: Rise of Africa is key to global rebalancing, External Affairs Minister S Jaishankar said on Wednesday. “We are there for the long term with a focus on promoting capabilities and creating capacities. For India the rise of Africa is key to global rebalancing,” he said while addressing the 18th CII-EXIM Bank Conclave on India-Africa Growth Partnership in Delhi. “India believes in forging a development partnership with Africa that is based on the needs and priorities of our partners,” he said. Speaking of India’s commitment to ties with Africa, Jaishankar cited the concessional loans of over $ 12.37 billion.…

INTERNATIONAL DESK: Central Reserve Police Force (CRPF) Director General Sujoy Lal Thaosen on Wednesday said that border guarding forces of India and Bangladesh have worked tirelessly to ensure that illegal border crossing at the border is less. CRPF DG Sujoy Lal Thaosen who held the additional charge of DG of the Border Security Force (BSF) till Wednesday, made the remarks at a joint press conference along with Major General AKM Nazmul Hasan, Director General, Border Guard Bangladesh here in the national capital. In response to a question about immigrants, Sujoy Lal Thaosen said that the India-Bangladesh border traverses through mountains,…

INTERNATIOANL DESK: Japan’s State Minister for Foreign Affairs Shunsuke Takei on Wednesday took a ride in Delhi Metro and visited the museum of the Delhi Metro Rail Corporation (DMRC), officials said. He was travelling as part of a Japanese G20 delegation that included the Ambassador of Japan to India, Hiroshi Suzuki, among others. “The members of the delegation travelled by metro from Central Secretariat to Chawri Bazaar,” a senior official of the DMRC said. The group took a tour of the Chawri Bazaar underground station located in old Delhi. On their return journey, the group stopped to visit the Delhi…

INTERNATIONAL DESK: India will soon overtake China as the largest driver of global oil demand even as it has an opportunity to become a world leader in green hydrogen production, International Energy Agency (IEA) chief Fatih Birol said Wednesday. A swelling population, which has likely already surpassed that of China, is driving demand in the world’s third-largest energy-consuming nation. Its transition from fossil fuels to cleaner sources is expected to lag other regions, but cheap electricity produced from renewable energy sources like solar energy can help transform the nation into a green hydrogen leader. “India’s oil demand will grow. I…

INTERNATIONAL DESK: Head of the Office of the President of Ukraine Andriy Yermak had a phone call with National Security Advisor to the Prime Minister of India Ajit Kumar Doval on Wednesday. The two discussed the implementation of the agreements reached by Ukraine President Volodymyr Zelenskyy during the talks with Indian Prime Minister Narendra Modi when he took part in the G7 Summit held in Japan on May 20, according to the President of Ukraine Volodymyr Zelenskyy’s official website. The main topic of their conversation was the implementation of the Ukrainian Peace Formula, in particular, the consolidation of international support…

ZOOMBANGLA DESK: Prime Minister Sheikh Hasina on Wednesday urged the international community to invest in social justice in order to build peaceful, just and inclusive societies across the world. “We can achieve lasting peace and sustainable development on the foundation of social justice. We must invest in social justice in our efforts to build peaceful, just and inclusive societies worldwide,” she said. The premier was addressing the plenary session of the two-day ‘World of Work Summit: Social Justice for All’ here in Geneva, which is a high-level forum for global voices to address the need for increased, coordinated and coherent…