Bangladesh has proposed to the IMF to revise down the Net International Reserves (NIR) target for June below $18 billion, as the existing $20.11 billion target appears difficult to achieve due to the prevailing external sector situation. Meeting the NIR target is a condition for securing the fourth tranche of IMF’s $4.7 billion loan programme. Bangladesh has also requested to revise down the tax revenue collection target for June.
The three state-run oil companies in Bangladesh – Jamuna Oil, Meghna Petroleum, and Padma Oil – reported double-digit profit growth in the first nine months of the current fiscal year, despite a decline in sales. This growth was primarily driven by higher bank deposit interest incomes, benefiting from the rise in interest rates, rather than from their core operations. The companies’ profits rose between 11% and 28% year-on-year, boosted by the increased non-operating income from bank deposits.
A recent study reveals that people who fell into poverty due to the COVID-19 pandemic remain unable to recover their previous economic status amid financial crises and high inflation. The “new poor” lack strong networks, access to loans, and social safety nets, making them vulnerable to further economic deterioration. The study highlights the constraints faced by these households in coping with pandemic-induced shocks and their struggles to overcome poverty.
International clothing retailers and brands are optimistic about Bangladesh’s denim products due to promising business prospects. They are expanding operations in the country as local manufacturers’ response is growing. The global supply chain recovery and Bangladesh’s increasing production capacity and competitive prices have boosted confidence in sourcing denim products from Bangladesh.
Research by a Dhaka University professor revealed that Bangladesh’s stock market is profitable in the short-term but not lucrative for long-term investors. The study found that investors earned profits in the short-run but incurred losses over the long haul, with the yearly market return falling short of risk-free interest rates offered by banks.
The 2023 Pulitzer Prizes recognized journalists’ coverage of the Gaza war, including The New York Times and Reuters for their reporting on the Israel-Hamas conflict. The awards also honored jailed Russian opposition leader Vladimir Kara-Murza for his columns criticizing Putin’s regime. Other winners highlighted reporting on migrant labor, racial injustice, and gun violence in the US.
As the automotive industry shifts away from combustion engines, German auto suppliers are cutting thousands of jobs. Workers like Emrullah Karaca, who made brakes for 20 years at Continental, are being retrained for new roles like assembling heat pumps. The transition is hitting towns reliant on auto suppliers hard, with factories closing and few alternative jobs available, especially as competition from cheaper Chinese suppliers intensifies. Photo: Reuters/
Medics and first responders in Gaza reported that 16 Palestinians were killed in Israeli air strikes in the southern city of Rafah on Sunday. The casualties included seven people from one family and nine from another. This came hours after Hamas rockets had killed three Israeli soldiers earlier in the day. Medical sources confirmed two separate strikes took place in different locations around Rafah. Photo: Reuters
Bangladesh’s successful family planning initiatives led to a decline in fertility rates, but the progress has stagnated. The country now faces challenges like a high rate of unintended pregnancies and a potential expiration of the demographic dividend by 2035-36. Experts stress the need to refocus on family planning services, especially for disadvantaged groups, to address these issues and achieve maternal and child health targets under the Sustainable Development Goals. PHOTO: REUTERS
A Dhaka court has directed the Criminal Investigation Department (CID) to submit its probe report by July 9 in the Bangladesh Bank cyber heist case involving the theft of $101 million in 2016. CID has now taken 78 dates to complete the investigation into the case filed after $81 million was transferred from Bangladesh Bank’s New York account to Manila, from where most of it went missing. So far, Bangladesh has recovered $35 million of the stolen funds.
Acclaimed British actor Bernard Hill, best known for portraying Captain Edward Smith in “Titanic” and King Theoden in “The Lord of the Rings” trilogy, passed away unexpectedly on Sunday morning. Hill’s agent confirmed the news, leaving fans heartbroken over the loss of the versatile actor who captivated audiences with memorable performances throughout his decades-long career in film and television. Photo: Collected
The Biden administration paused a shipment of US-made ammunition to Israel last week amid Israel’s ongoing attack on Gaza, though reasons were unclear. This marks the first time since Hamas’s October 7 attack that the US has stopped weapons shipment to Israel. While Israeli officials expressed concerns, the US stated it has provided billions in security aid to Israel and will continue ensuring Israel can defend itself, amid mounting pressure over support for Israel’s campaign against Palestinians in Gaza. Reuters file photo
In a first for Bangladesh, Chittagong University (CU) will introduce mandatory dope tests for students who passed the recent entry exams for the 2023-24 academic session. The decision aims to prevent drug abuse among freshers. Students must pass the dope test at Chattogram Medical College Hospital to secure final admission. Those testing positive will be denied admission, with vacant seats filled from the waiting list after dope testing.
Firefighters successfully doused the fire that had been raging since May 3 in the Chandpai range of East Sundarbans in Bagerhat, Bangladesh. The fire originated in Latif’s Chila area near Amurbunia patrol post. Efforts to contain the blaze were hindered by the lack of nearby water sources and the thick layer of leaves in the mangrove forest. Authorities took measures to prevent the fire from spreading further. photo/Tanjir H Rubel
A nor’wester storm lashed Kapasia upazila of Gazipur, Bangladesh, last night, causing widespread damage. Hundreds of trees were uprooted or broken, electric poles and a transformer were damaged, leading to power cuts. Several mud houses were also damaged, leaving some families homeless. Firefighters are working to remove fallen trees from roads.
The editorial highlights the urgency of preserving open green spaces like parks in Dhaka amid record heatwaves. It criticizes the Gulshan Youth Club for transforming the Shaheed Tajuddin Ahmad Park into a sports ground, restricting public access and violating environmental laws. The authorities are urged to remove illegal structures, adhere to the park’s original design, and manage it inclusively consulting locals. Proper management of all parks across cities is emphasized for public well-being.
A rights organization, Human Rights and Peace for Bangladesh (HRPB), has filed a writ petition with the High Court seeking directives to the government to stop cutting trees across the country, including Dhaka, to protect the environment. The petition argues that decreasing vegetation is adversely impacting living conditions and violating the right to decent living amid rising temperatures. It also contends that continued deforestation will severely damage Bangladesh’s environment and people’s right to live.
The Bangladesh Meteorological Department has predicted rain or thundershowers accompanied by gusty or squally wind in seven divisions, including Dhaka, over the next 72 hours starting today. Hailstorms are also likely at isolated places. A mild to moderate heatwave is sweeping over four divisions but may abate. Day and night temperatures may fall slightly in several divisions. The maximum temperature yesterday was 39.7°C in Rajshahi.
Traffic police say relatives of officials from various institutions, including the police force, are illegally using stickers of those institutions on their vehicles for undue privileges. Since April 12, they have taken legal action against 363 vehicles for carrying unauthorized stickers. Police are cracking down on the misuse of stickers as it aids in evading detection after crimes. They have also fined 461 unfit vehicles and impounded 2,350 other illegal vehicles during this period. Photo: Collected
Canadian PM Justin Trudeau defended the arrest of three Indian nationals in the murder of Khalistani terrorist Hardeep Singh Nijjar, stating Canada is a rule-of-law country with an independent justice system. The suspects allegedly played different roles in the killing. India’s External Affairs Minister said they appear to be Indians with a “gang background” but awaits police details.
Liverpool manager Jurgen Klopp is confident the club is well-positioned for continued success after his departure at the end of the season. He expects Dutchman Arne Slot to take over a squad bolstered by recent signings like Mac Allister and Szoboszlai. Klopp felt he couldn’t give 100% energy for another year, prompting his decision to leave after nine years at the helm. Photo: Reuters
Rail connectivity between Dhaka and Tangail, Narsingdi, and Mymensingh was disrupted for a day after a derailment at Joydebpur Junction. Seven coaches of an empty Dhaka-Tangail commuter train rammed into a stationary oil tanker train, injuring three staffers. Rescue operations continued for two days, and a probe committee was formed. Train services on the western routes faced delays due to single-line operations.
A Hamas delegation arrived in Egypt on Saturday for talks on a proposed truce and hostage release in Gaza. Egyptian state-linked media Al-Qahera News reported, citing an unnamed source, that “significant progress” has been made in the negotiations between the Palestinian militant group and Israel. The Egyptian mediators have reportedly “reached an agreed-upon formula on most points of contention,” indicating progress towards a potential agreement. REUTERS/
Bangladesh’s State Minister for Information and Broadcasting, Mohammad Ali Arafat, said the central bank must provide all information the public has a right to know, while protecting sensitive data. He acknowledged the need for a system that allows access to journalists while safeguarding confidential strategies. This comes after the Bangladesh Bank imposed restrictions on journalists’ entry into its headquarters, prompting condemnation from media bodies demanding free access. Photo: Amran Hossain
The Bangladesh Meteorological Department (BMD) has predicted rains or thundershowers in parts of the country, including Dhaka, over the next 24 hours. However, mild to moderate heat wave conditions may persist in Dhaka and five other divisions. A severe heat wave is sweeping over Pabna, Jashore, Chuadanga, and Bagerhat districts. Day and night temperatures are expected to remain nearly unchanged across the country.
The newly constructed 169km Dhaka-Jashore rail line, Bangladesh Railway’s biggest project costing around Tk 40,000 crore, will be inaugurated within two months by Prime Minister Sheikh Hasina. Additionally, Railways Minister Zillul Hakim and Chief Whip Noor-E-Alam Chowdhury jointly launched commuter trains on the Dhaka-Bhanga-Rajbari route, named Bhanga Commuter and Chandana Commuter respectively. Photo: Collected
India lifted the ban on onion exports after nearly six months, setting a Minimum Export Price of $550 per tonne. This decision is significant as onion is a politically sensitive commodity in India, and it comes amid the Lok Sabha elections there. In Bangladesh, onion prices soared to Tk 65-70 per kg from the previous week’s Tk 58-60, with traders blaming suppliers for allegedly stocking onions ahead of Eid-ul-Azha.
Veteran actress Meryl Streep will be honored with the prestigious honorary Palme d’Or at the opening ceremony of the 77th Cannes Film Festival on May 14. This marks Streep’s celebrated return to Cannes after winning Best Actress in 1989. The star-studded festival lineup includes films by Francis Ford Coppola, Paul Schrader, and George Miller. Greta Gerwig will serve as the jury president. Festival officials praised Streep’s transcendent five-decade career, calling her “part of our collective cinematic heritage.” Streep may also participate in a panel discussion during the festival. Photos: Collected
Reminiscent of the 1968 anti-Vietnam War student protests that marked a watershed in US politics, major universities across the country are witnessing student demonstrations against Washington’s stance on the Israeli-Palestinian conflict. The younger generation finds the US government’s “unqualified” support for Israel amid the ongoing violence against Palestinians, including children and women, as unethical and unjust. Through these protests, students are demanding a course correction in the country’s policy that has largely backed Israel across the political spectrum, with few exceptions like Senator Bernie Sanders. PHOTO: REUTERS
French MPs have adopted a resolution urging organizers, athletes, trainers, and journalists to use French as much as possible during the 2024 Paris Olympics. The move aims to counter the creeping use of English in sports and the perceived loss of French language influence. The resolution, though non-binding, reflects France’s longstanding efforts to protect its language, including a 1994 law mandating French in advertising and media. However, the global dominance of English, especially in sports broadcasts, continues to challenge French linguistic purists. Photo: AFP
The process of handing over 500 acres of government-owned khas land to the Chattogram Port Authority (CPA) for the Bay Terminal project has reached the final stage. The district administration has instructed the CPA to deposit the token lease price of Tk 3 crore. Once complete, the mega expansion will allow larger vessels to berth at Chattogram port. The CPA is set to receive a total of 500.72 acres, while the acquisition of remaining required land is also in progress. The authority hopes to get around $8 billion in foreign investment for the project.
Taiwan’s defense ministry detected 26 Chinese aircraft and 5 naval vessels around the island in the last 24 hours, with 17 planes crossing the median line of the Taiwan Strait. The sorties come weeks before Taiwan’s new president Lai Ching-te, viewed by China as a separatist, takes office on May 20. Tensions have ramped up as Taiwan rejects China’s claims over the island. The incident follows Manila summoning a Chinese envoy over a water cannon incident damaging Philippine vessels in the disputed South China Sea amid joint US-Philippines military drills in the region. Photo: Reuters/Carlos Garcia Rawlins
Police forcibly removed pro-Palestinian protesters and encampments from several colleges, including UCLA, on Thursday. At UCLA, 210 arrests were made as police used flash bangs and riot gear to dismantle the tent city. Protests erupted at universities across the U.S. over Israel’s offensive on Gaza, with demonstrators demanding divestment from companies supporting Israel. President Biden condemned the protests, saying “destroying property is not a peaceful protest.” The crackdown followed clashes between pro-Palestinian and pro-Israeli groups at UCLA. Photo: Reuters
Turkey has stopped all exports and imports to and from Israel, citing the “worsening humanitarian tragedy” in Palestinian territories. The Turkish trade ministry stated, “Export and import transactions related to Israel have been stopped, covering all products.” This move comes after Turkey previously imposed trade restrictions on Israel over its offensive on Gaza. The two countries had a trade volume of $6.8 billion in 2023. Israel’s foreign minister accused Turkish President Erdogan of disregarding trade agreements and Turkish interests, vowing to find alternatives to trade with Turkey. Photo: Reuters
A UNESCO report revealed that 70% of environmental journalists from 129 countries experienced attacks, threats, or pressure related to their job. Two in five of those journalists subsequently faced physical violence. UNESCO warned of an increase in violence and intimidation against journalists reporting on the environment and climate. At least 749 journalists and news outlets covering environmental issues were targeted with murder, violence, detention, or legal attacks between 2009 and 2023, with a 42% increase in attacks from 2019 to 2023. UNESCO plans to launch a grants program to support persecuted environmental journalists. Photo: Reuters
Bangladesh recorded 17 new COVID-19 cases in the 24 hours till Thursday morning, taking the total caseload to 2,050,028, according to the Directorate General of Health Services (DGHS). No new deaths were reported, keeping the official death toll at 29,494. The daily case test positivity rate was 3.35% after testing 508 samples. The recovery rate remained unchanged at 98.41%, and the death rate stood at 1.44%