United News of Bangladesh

Chinese Premier Li Qiang met with Indonesia’s President Prabowo Subianto on Sunday to discuss ways to expand trade and investment during the U.S. global trade war and as economic globalization faces headwinds. Li arrived in Indonesia’s capital, Jakarta, on Saturday afternoon for a three-day visit to Southeast Asia’s largest economy. It was the first stop of his first overseas visit this year. Indonesia and China are member states of the Group 20 major developing countries and emerging economies and of BRICS. Li brought 60 Chinese prominent businesspeople for his address to the Indonesia-China Business Reception on Sunday evening. He emphasized in his remarks that China’s economy has achieved rapid growth this year despite increasing external challenges. “The current international situation is a stalemate,” Li said at the event which was also attended by Subianto, “Unilateralism and protectionism are on the rise, bullying behavior is increasing.” Li noted that this year marks the 70th anniversary of the Non-Aligned Movement which was held by Asian and African countries in Indonesia’s Bandung city, when the world was at a historical crossroads more than seven decades ago. The Bandung spirit of solidarity, friendship and cooperation has played a pivotal role in the unity and cooperation of the Global South countries, Li said. “More than seven decades later, the world is once again at an important crossroads,” Li said. He called on all countries to seek common ground while resolving differences through dialogue and peaceful coexistence. Trump hints at approval of Nippon-US Steel deal, HQ to stay in Pittsburgh Subianto expressed gratitude to the Chinese government and its companies “that have participated in our economy, created jobs, transferred technology and built trust among all businesses, especially in our homeland.” He also invited Chinese businesspeople to invest more in Indonesia. Two-way trade exceeded US$147.8 billion last year, growing by 6.1%. Li said for nine consecutive years, China has been Indonesia’s largest trading partner, and its Belt and Road cooperation program has seen substantive progress, including nickel smelting plants and Whoosh, the commercial service of Southeast Asia’s first high-speed railway which has been operating since October 2023, carrying nearly 10 million passengers. Indonesia wants a larger role in supplying nickel and other raw materials to China’s fast-growing electric car makers. Trump hosts top crypto investors as some industry leaders fear he's putting personal profits first On Sunday, Subianto hosted Li in a ceremony at Merdeka Palace in Jakarta. Li is also scheduled to meet with Indonesian parliament members on Sunday. He will head on to Malaysia on Monday where he and Prime Minister Anwar Ibrahim will address the ASEAN-GCC-China Economic Summit, attended by leaders from Southeast Asian countries and the Gulf Cooperation Council.

A three-day candidate introduction meeting for the upcoming BGMEA elections 2025-2027 has begun in Dhaka, organised by BGMEA and overseen by the BGMEA Election Board. The event aims to facilitate interaction between candidates and voters in the Dhaka region. The meeting was held at the BGMEA Complex auditorium in Dhaka's Uttara on Saturday. BGMEA to prepare garment supply chain for EU Market compliance Candidates (ballot numbers 1-35), led by Mahmud Hasan Khan (Babu), Managing Director of Rising Fashions and the Forum’s panel leader, introduced themselves and their election manifestos to voters. The event was attended by former BGMEA Presidents Anisur Rahman Sinha and Anwar ul Alam Chowdhury (Parvez), along with other senior leaders of the Forum. Former BGMEA President Dr. Rubana Huq also delivered a video message. BGMEA election to be held May 28 The session was presided over by Mohammad Iqbal, Chairman of the BGMEA Election Board and former Chairman of Bangladesh Chemical Industries Corporation (BCIC). Members of the Election Board and a large number of voters were present. In his address, Mohammad Iqbal thanked the candidates and urged all parties to cooperate for a smooth election process.

Whirlpool Bangladesh has recently participated in a special refrigerator carnival at Rangs eMart in Dhaka's Gulshan 2 to enhance Eid celebrations for customers by offering a wide range of refrigerators. The carnival, which began on May 24, will run until Eid, as announced at a Press conference held at Rangs eMart on Saturday. Senior officials from Whirlpool Bangladesh, including Head of Marketing Khandaker Salim Saad Shanan, Head of Sales Md. Enamul Haque, and Key Account Manager Asif M. Hossain, attended the event. Rangs eMart Divisional Director Yeamin Sharif Chowdhury, Head of Business Rashedul Islam, Head of Sales Golam Azam Khan, COO Iraj H. Siddiqui, and other officials, were also present. With many people planning household upgrades for Eid, the Refrigerator Fair provides an excellent opportunity for buyers. Attendees can purchase modern, energy-efficient, and smart-featured refrigerators from Hitachi at attractive promotional prices. Hitachi emphasises quality food storage and environmental friendliness, reflecting its commitment through this event. A key highlight of the fair is the chance for buyers to win refrigerators, air conditioners, and other exciting prizes through the 'Buy and Win' campaign by purchasing specific refrigerators from any Rangs eMart outlet. The event also features discounts, bank offers, easy exchange schemes, and more. Khandaker Salim Saad Shanan, Head of Marketing at Whirlpool Electronics Bangladesh, said "Whirlpool has always been committed to providing the best technology to customers across the country." Yamin Sharif Chowdhury, Divisional Director of Rangs eMart, said that Rangs eMart consistently partners with brands dedicated to modern technology and improving lifestyles. "Through this fair, we aim to make shopping more enjoyable for our customers," he added.

President Donald Trump on Friday said that US Steel will keep its headquarters in Pittsburgh as part of what he called a “planned partnership” that seemed to signal that he’ll approve a bid by Japan-based Nippon Steel to make a big investment in the iconic American steelmaker, if not buy it outright. Still, Trump's statement left it vague as to whether he is approving Nippon Steel's bid after he vowed repeatedly to block the deal to prevent US Steel from being foreign-owned, AP reports. More recently, Trump suggested that Nippon Steel would invest in US Steel, not buy it, and one union official suggested Friday that the federal government will have a role in the company's management going forward. But investors seemed to take Trump's statement as a sign that he's approving some sort of merger, sharply pushing up US Steel's shares, and the companies issued approving statements. Nippon Steel said the partnership is a “game changer — for US Steel and all of its stakeholders, including the American steel industry, and the broader American manufacturing base.” Trump tariff threats on EU, Apple, send US futures and global markets skidding US Steel said it “will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years." Nippon Steel's nearly $15 billion bid to buy US Steel was blocked by former President Joe Biden on his way out of office and, after Trump became president, subject to another national security review by the Committee on Foreign Investment in the United States. In his statement Friday, Trump said that “after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh.” What Trump called a “planned partnership” will add $14 billion to the US economy, he said, although it wasn't clear what the terms of the deal would be or who would control US Steel under the arrangement. Neither company explained Friday how the partnership would be structured. Japan’s chief tariff negotiator Ryosei Akazawa told reporters Friday that he was closely watching the development. He said Nippon Steel has made a proposal that could win support from US Steel and make a good investment for both Japan and the US. Josh Spoores, the Pennsylvania-based head of steel Americas analysis for commodity researcher CRU, said that, from what he’s seeing, “this ‘partnership’ is a green light for the acquisition.” Shares of US Steel jumped 21% on the news, and continued rising in aftermarket trading.

Markets on Wall Street and in Europe declined rapidly early Friday morning after President Donald Trump posted a pair of tariff threats on social media, one aimed at Apple and the other at the European Union. Futures for the S&P 500 and the Dow Jones Industrial Average slid 1.5% and Nasdaq futures tumbled 1.7% before the bell. Oil prices fell and Treasury yields sank as well, AP reports. Markets took a sharp turn downward after Trump posted on social media that he wants “a straight 50% Tariff” on the EU beginning June 1 because representatives of the bloc have been difficult in negotiations. European markets fell nearly immediately after Trump's post on his own Truth Social site. Germany’s DAX quickly swung to a 1.9% loss, while the CAC 40 in Paris fell 2.4%. London's FTSE 100 shed 1.1%. Global shares slip as investors register their worries about U.S. debt Trump has dialled back or paused many of his tariff threats in recent weeks, bringing some peace to markets which had been swinging wildly in both directions for weeks as Trump fired off tariff threats. Shares of Apple were down 3.8% in morning trading after Trump threatened to put a 25% tariff on Apple products unless the company moves its iPhone manufacturing to the United States. The threat delivered over social media could dramatically increase the price of iPhones, potentially hurting sales and the profits of one of America’s leading technology companies. US benchmark crude oil tumbled $1.07, or 1.3%, to $60.13 per barrel while Brent crude, the international standard, fell 99 cents to $63.45 per barrel.

President Donald Trump rewarded top investors in one of his cryptocurrency projects with a swanky dinner on Thursday night, an event that showed the ascendance of an emerging financial industry — and also the president's willingness to mix public office with personal profit. Some 220 of the biggest investors in the $TRUMP meme coin were invited to Trump's luxury golf club in Northern Virginia, where they dined on filet mignon and halibut. According to participants' posts on social media, Trump spoke for about half an hour before dancing to the song “YMCA.” Despite the White House insisting that Trump would be attending the event “in his personal time,” he stood behind a lectern with the presidential seal as he touted an industry that's generating profits for his family business. After feeling unfairly targeted under President Joe Biden, the crypto industry has quickly become a powerful political force, donating huge sums to help Trump and friendly lawmakers. The U.S. Senate is advancing key pro-crypto legislation while bitcoin prices soar. However, even some pro-Trump crypto enthusiasts worry that the president's personal involvement may be undermining their efforts to establish credibility and stability for the industry. “It’s distasteful and an unnecessary distraction,” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures, who said the president is “hugging us to death” with his private crypto businesses. “We would much rather that he passes common sense legislation and leave it at that.” As the president uses crypto as a platform to make money for his brand in unprecedented ways, it's also creating an opportunity for potentially shadowy buyers to use the anonymity of the internet to buy access to the president. The lack of transparency was evident on a poster board at the dinner, where participants signed a ranking of top investors. Some used their real names; others used pseudonyms. No media was allowed into the dinner, and the president was at his golf club for only about an hour. Protesters gathered outside the club holding signs that said “stop crypto corruption” and “no corrupt fools.” Text messaging scammers stole $2M in cryptocurrency from victims Trump said the event was “good, very good” as he returned to the White House. Concerns about Trump’s crypto ventures predate Inauguration Day Three days before Trump took office on Jan. 20, he announced the creation of the $TRUMP meme coin at the fancy Crypto Ball held down the street from the White House. He described it as a way for his supporters to “have fun.” Meme coins are the crypto sector’s black sheep. They are often created as a joke, with no real utility and prone to extremely wild price swings that tend to enrich a small group of insiders at the expense of less sophisticated investors. The president's meme coin is different, however, and has a clear utility: access to Trump. In addition to Thursday's dinner, the top 25 were invited to a private reception with the president, with the top four getting $100,000 crypto-themed and Trump-branded watches. Trump’s meme coin saw an initial spike in value, followed by a steep drop. Its creators, which include an entity controlled by the Trump Organization, have made hundreds of millions of dollars by collecting fees on trades. First lady Melania Trump has her own meme coin, and Trump’s sons, Eric and Don Jr. — who are running the Trump Organization while their father is president — announced they are partnering with an existing firm to create a crypto mining company. The Trump family also holds about a 60% stake in World Liberty Financial, a crypto project that provides yet another avenue where investors are buying in and enriching the president’s relatives. World Liberty has launched its own stablecoin, USD1. The project got a boost recently when World Liberty announced an investment fund in the United Arab Emirates would be using $2 billion worth of USD1 to purchase a stake in Binance, the world’s largest cryptocurrency exchange. Stablecoins have values pegged to fixed assets like the U.S. dollar. Issuers profit by collecting the interest on the Treasury bonds and other assets used to back the stablecoins. Crypto is now one of the most significant sources of the Trump family’s wealth. “He’s becoming a salesman-in-chief,” said James Thurber, an American University professor emeritus who has long studied and taught about corruption around the world. “It allows for huge conflicts of interest.” How Trump changed his mind on crypto “I’m a big crypto fan,” Trump told reporters aboard Air Force One during last week’s trip to the Middle East. “I’ve been that from the beginning, right from the campaign.” China declares all cryptocurrency transactions illegal That wasn’t always true. During his first term, Trump posted in July 2019 that cryptocurrencies were “not money” and had value that was “highly volatile and based on thin air.” “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade,” he added then. Even after leaving office in 2021, Trump told Fox Business Network that bitcoin, the world’s most popular cryptocurrency, “seems like a scam.” Trump began to shift during a crypto event at his Mar-a-Lago club in Florida in May 2024, receiving assurances that industry backers would spend lavishly to get him reelected. Another major milestone came last June, when Trump attended a high-dollar fundraiser at the San Francisco home of David Sacks. Those close to Trump, including his sons and billionaire Elon Musk, helped further push his embrace of the industry. Sacks is now the Trump administration’s crypto czar, and many Cabinet members — including Commerce Secretary Howard Lutnick and Defense Secretary Pete Hegseth — have long been enthusiastic crypto boosters. “I don’t have faith in the dollar,” Transportation Secretary Sean Duffy said in a 2023 interview. “I’m bullish on bitcoin.” Trump + crypto: A political marriage of convenience Many top crypto backers were naturally wary of traditional politics, but gravitated toward Trump last year. They bristled at how Biden's Securities and Exchange Commission aggressively brought civil suits against several major crypto companies. Since Trump took office, many such cases have been dropped or paused, including one alleging that Justin Sun, a China-born crypto entrepreneur, and his company engaged in market manipulation and paid celebrities for undisclosed promotions. Sun, who once paid $6.2 million for a piece of art involving a banana taped to a wall, and then ate the banana, helped the Trumps start World Liberty Financial with an early $75 million investment. Sun has disclosed on social media that he is the biggest holder of $TRUMP meme coins and is attending Thursday’s dinner. Coinbase is here: A cryptocurrency exchange goes public “I’m excited to connect with everyone, talk crypto, and discuss the future of our industry,” Sun said in advance. He posted a video of Trump entering the private reception. “Did you get to see the helicopter?” Trump said. “Yeah! Super cool,” Sun responded. Are Trump family profits hurting other crypto investors? Trump has signed executive orders promoting the industry, including calls to create a government bitcoin reserve. In March, Trump convened the first cryptocurrency summit at the White House. But some of the industry’s biggest names, often brash and outspoken, have kept mostly mum on Trump’s meme coins and other projects. “It’s not my place to really comment on President Trump’s activity,” Coinbase CEO Brian Armstrong said at a recent public event. Meanwhile, a top legislative priority for crypto-backers, a bill clarifying how digital assets are to be regulated, has advanced in the Senate. But some Democrats have tried to stall other pro-crypto legislation over the president's personal dealings — and see the dinner as a particularly egregious case. Sen. Richard Blumenthal, a Connecticut Democrat, said the gathering was “in effect, putting a ‘for sale’ sign on the White House.” “It’s auctioning off access,” Blumenthal said on a Thursday press call. White House press secretary Karoline Leavitt said the president is attending “in his personal time.” The White House has also said it has nothing to do with Trump's meme coin.

The Bangladesh Bank has simplified the process to send money for students studying in language education courses abroad. The Foreign Exchange Policy Department of the central bank issued a directive with immediate effect on Thursday. The students enrolling in language programmes will no longer require prior approval from the Bangladesh Bank to remit foreign education fees. According to the Bangladesh Bank, students admitted to recognised foreign institutions for language courses can now directly send the necessary funds through authorised banks by presenting the required documents. Bangladesh Bank simplifies overseas payments for professional course fees Previously, this facility was limited to Bachelor's or higher degree programmes, but now language education has been brought under the same framework. Experts believe this decision will strengthen Bangladesh's position in the international labour market. Language proficiency offers easier access to jobs and higher education opportunities in countries like Japan, South Korea, and some European nations. This new policy is expected to reduce reliance on recruiting agencies and open up direct avenues for studying abroad.

Global shares fell Thursday as investors reacted to growing worries over surging U.S. debt. France's CAC 40 slipped 0.8% to 7,849.87, while Germany's DAX declined 0.7% to 23,962.00. Britain's FTSE 100 fell 0.7% to 8,728.84. The future for the Dow Jones Industrial Average inched 0.1% lower while that for the S&P 500 gained nearly 0.2%. In Asian trading, Japan's benchmark Nikkei 225 shed 0.8% to finish at 36,985.87. Hong Kong’s Hang Seng lost 1.2% to 23,544.31, while the Shanghai Composite edged down 0.2% to 3,380.19. Australia's S&P/ASX 200 slipped 0.5% to 8,348.70. South Korea's Kospi dropped 1.2% to 2,593.67. Shares skidded Wednesday on Wall Street after the U.S. government released the results for its latest auction of 20-year bonds. Such bonds help to pay government bills and the auction had to offer a yield of more than 5% to attract enough buyers. China launches crackdown on online defamation, extortion targeting businesses The S&P 500 fell 1.6% for a second straight drop after breaking a six-day winning streak. The Dow lost 1.9%, while the Nasdaq composite sank 1.4%. Rising yields for U.S. Treasury bonds are a canary in the coal mine, Stephen Innes of SPI Asset Management said in a commentary. “The U.S. still has the biggest markets, the deepest liquidity, and the dollar’s inertia working in its favor. But even inertia can’t outrun compound interest and structural deficits forever,” he wrote. The declining U.S. dollar also weighed on Asian regional markets, according to some analysts, because some Asian nations have significant holdings in dollars. It also affects Asian exporters, such as Japanese automakers and electronics companies, by reducing the value of their overseas earnings when they are converted into yen. In currency trading, the U.S. dollar fell to 143.04 Japanese yen from 143.68 yen. It had been trading at 150 yen levels a year ago. The euro stood unchanged at $1.1330. Investors remain worried over President Donald Trump's actions, including tariff policies that directly affect Asian companies and decisions on major legislation such as a funding bill now in Congress. “U.S. equities slumped in a ‘Sell America’ move as things turned ugly on Trump’s ‘big, beautiful tax bill.’ ” said Tan Jing Yi, analyst at Mizuho Bank in Singapore. U.S. stocks had recently recovered most of their steep losses from earlier in the year after Trump delayed or rolled back many of his stiff tariffs. Investors are hopeful that Trump will lower his tariffs more permanently after reaching trade deals with other countries. India's steel expansion threatens climate goals and global efforts to clean up industry: report In energy trading, benchmark U.S. crude lost 55 cents to $61.02 a barrel. Brent crude, the international standard, fell 61 cents to $64.30 a barrel.

The week’s final trading day concluded on Thursday with a decline in both the Dhaka and Chattogram stock exchanges, as most listed companies saw their share prices fall. On the Dhaka Stock Exchange (DSE), the benchmark index DSEX dropped by 16 points. The Shariah-based index DSES fell by 3 points, while the blue-chip index DS30 decreased by 4 points. Out of 391 companies that took part in the day’s trading on the DSE, the majority experienced price declines. Prices rose for 114 companies, dropped for 200, and remained unchanged for 77. Although most A and B category shares losing value, the prices of Z-category shares saw a rise. Among the 97 companies in the A category, share prices rose for 38, declined for 23, while prices of the remaining 36 stayed unchanged. The majority of mutual funds also faced a fall in value. Of the 36 mutual funds traded, 21 saw price drops, 2 recorded gains and 13 remained unchanged. Stocks: Dhaka sees gains in early trade, Chattogram dips Shares worth Tk 7 crore from 20 companies were traded in the DSE block market, with Uttara Bank leading by offloading shares worth Tk 1 crore. Total turnover at the DSE stood at Tk 253 crore, down from Tk 326 crore in the previous session. Sonargaon Textile topped the gainers’ list on the DSE with a 9.84% price increase, while United Finance faced the steepest drop, losing over 8.40% of its value. Decline in Chattogram as Well Like Dhaka, the Chattogram Stock Exchange (CSE) also witnessed a downturn, with the overall index falling by 14 points during the day’s trade. Among the 190 companies traded, prices increased for 79, dropped for 77, and remained unchanged for 34. Total turnover at the CSE reached Tk 7.98 crore, slightly higher than the previous day’s figure of Tk 7.84 crore. Sonargaon Textile also led the gainers on the CSE with a 10% rise, whereas Envoy Textile suffered the biggest loss, dropping by 9.545%.

Take-Two Interactive, the publisher of the “Grand Theft Auto” franchise, has announced plans to raise $1 billion by selling common stock, with an option for underwriters to purchase an additional $150 million in shares over the next 30 days, subject to market conditions. The move, revealed on Tuesday, comes less than a week after the company reported its latest earnings, which included a writedown exceeding $3 billion. Following the announcement, Take-Two’s shares fell nearly three per cent in after-hours trading, reports Variety. According to the company, “Take-Two intends to use the net proceeds for general corporate purposes, which may include the repayment of outstanding debt and future acquisitions.” The stock sale arrives amid heightened anticipation—and some investor concern—over the delayed release of “Grand Theft Auto 6,” which has been pushed back from its initially planned fall 2025 launch to May 26 next year. The game is being developed by Rockstar Games, a Take-Two subsidiary. Rockstar confirms GTA VI to launch 'May 26, but not this year' Take-Two chairman and CEO Strauss Zelnick acknowledged the impact of the delay on expectations for fiscal year 2026, which runs from April 1 to March 31 next year. “Obviously, the net bookings that are expected for Fiscal ’26 are lower without the release of ‘GTA 6,’ that goes without saying,” Zelnick said. “But we haven’t actually parsed what the specific effect is, although analysts have speculated.” “I think the key point to bear in mind is, once again, we’re setting a record, which is what we said we would do,” he added. “We certainly expect growth in Fiscal ’27. This company is in extraordinarily sound shape and well positioned both for the challenges and opportunities ahead.”