Singapore, Sep 7 (AP/UNB) — Asian stocks were mostly lower on Thursday as the U.S. and China moved closer to imposing tariffs on billions of dollars of each other's goods, sounding a call of caution in the markets.
KEEPING SCORE: Japan's benchmark Nikkei 225 fell 0.9 percent to 22,296.35 and the Kospi in South Korea dropped 0.5 percent to 2,275.89. Hong Kong's Hang Seng fell 0.5 percent to 26,828.82. The trade spat is one reason the Hong Kong index has dropped 18 percent since its peak in late January. The Shanghai Composite index was 0.2 percent higher at 2,697.76. Australia's S&P/ASX 200 shed 0.4 percent to 6,136.70.
WALL STREET: On Thursday, U.S. technology companies suffered sharp losses for the second day in a row and emerging markets slid on trade fears. The S&P 500 index dropped 0.4 percent to 2,878.05. The Nasdaq composite, which has a high concentration of technology companies, dipped 0.9 percent to 7,922.73. The index has lost 2.3 percent this week. The Russell 2000 index of smaller-company stocks was 0.8 percent lower at 1,714.47. The Dow Jones Industrial Average added 0.1 percent to 25,995.87, as industrial companies and high-dividend stocks rose.
US-CHINA TENSIONS: The Trump administration may impose tariffs of up to 25 percent on an additional $200 billion in Chinese goods, after a public comment period ended Thursday. The imports are equal to nearly 40 percent of all the goods China sold the United States last year. Doing so would escalate a confrontation between the world's two biggest economies and likely squeeze U.S. companies that import everything from handbags to bicycle tires. China has said that it is ready to retaliate with "necessary countermeasures" if President Donald Trump goes ahead with the tariff hike. Commerce Ministry spokesman Gao Feng said Thursday that the country is confident it can maintain "steady and healthy" economic growth. It has announced a $60 billion list of American products targeted for retaliation. The Chinese government has said it would help local and even foreign businesses in the country mitigate the effects of the trade dispute.
ANALYST'S TAKE: "The market is risk-off and pricing in the effects of new tariffs. It's a done deal as far as investors are concerned," said Francis Tan, investment strategist at UOB Private Bank. "I don't think that China will retaliate with a full-fletched devaluation of the yuan. They will turn to other non-tariff measures," he added.
ENERGY: Benchmark U.S. crude added 9 cents to $67.86 a barrel. The contract dropped 1.4 percent to settle at $67.77 a barrel in New York. Brent crude, used to price international oils, lost 1 cent to $76.49 a barrel. It lost 1 percent to $76.50 a barrel in London on Thursday.
CURRENCIES: The dollar fell to 110.67 yen from 110.83 yen. The euro strengthened to $1.1637 from $1.1625.
Dhaka, Sept 7 (UNB) - Micro Industries Development Assistance and Services (MIDAS) aims to be the frontline business development service provider in Bangladesh, says its Managing Director Dr ASM Mashi-ur-Rahman.
Its mission is to help generate jobs to reduce poverty and promote socio-economic development.
MIDAS, creating economic opportunities for many individuals and organisations by providing financial and technical assistance, is celebrating 35 years of its presence in Bangladesh on Saturday.
It has emerged one of the leading promotional organisations in the MSME sector of Bangladesh.
MIDAS Financing Ltd (MFL) started operation in full swing with effect from January 2000 and MIDAS ceased to perform its financing function from the same date.
“MIDAS is committed to development of a sound and rapidly growing micro, small and medium enterprise sector through Consultancy and Technology Transfer services in Bangladesh,” Dr Mashi-ur said.
Accordingly, it underpins several issues, including entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) across the world.
MIDAS, established with USAID grant, has been playing a vital role in development of entrepreneurship, especially focusing on women, since 1982.
“MSMEs in Bangladesh have emerged as a highly-vibrant and dynamic sector of the country’s economy and we take pride in announcing that MIDAS is one of the key players in this sector,” Dr Mashi-ur said.
About the contribution of organisations like MIDAS, he said, “Despite achieving economic growth consistently, income inequality at the individual level is causing skewness in consumption in the country.
The issues need to be addressed as Bangladesh continues to expand its presence in global trade it faces serious challenges and risks along with opportunities, he added.
In such a scenario, it is imperative that organisations such as MIDAS take initiatives to remove the bottlenecks so as to empower the country to achieve sustainable development, leaving no one behind.
About the history of the organisation, Dr Mashi-ur said, USAID was instrumental in the birth of MIDAS in 1982 and it supported MIDAS for about 11 years.
“However, MIDAS is continuing to render non-financial business development services. MIDAS is now a leading organisation in the private sector, providing high-quality services to MSMEs and playing a vibrant role in the field of consulting and development in Bangladesh,” he added.
Washington, Sep 6 (AP/UNB) — President Donald Trump said terrorism, Syria and Yemen were among the topics of discussion during a White House meeting Wednesday with the emir of Kuwait.
Trump said Sheikh Sabah Al Ahmad Al Sabah was a "very special friend" of his, while the 89-year-old Kuwaiti ruler said he was "very happy" to meet Trump for the third time in nearly a year.
The president said the U.S. and Kuwait practice "large-scale" trade and investment, and work together against terrorism. He declared Kuwait a "great partner" in that effort.
The emir said before the meeting that he and Trump would also discuss trade and investment, and cooperation on the military, energy and education.
Dhaka, Sep 6 (UNB) - A leading digital service provider of the country, Robi, has implemented the Electronic Telecom Subscriber Acquisition Form (ETSAF) based paperless e-registration process from September 1 following the directive of BTRC.
The new e-registration process certainly marks yet another milestone in the country’s journey towards implementing the Digital Bangladesh vision. Robi welcomes the great initiative taken by the government.
While many countries around the world are still contemplating on how to use digital ID for citizens to establish their relationship with the state, Bangladesh, with the successful implementation of the paperless e-registration process has taken a commendable lead in this regard, said a press release on Thursday.
Initially, Robi subscribers will enjoy the benefits of the new process while purchasing new SIM and for replacing their existing SIM. Other services like change of SIM ownership, mobile number portability will be done through e-registration process gradually.
Customers will be required to provide four basic information: NID number, full name, present address, date of birth, and biometric finger print to complete the e-registration process. The new process does not require the customers to submit photocopy of NID and photographs like before- adding to the level of convenience.
While it will benefit the customers in terms of added convenience and enhanced privacy, the move will significantly increase the efficiency of the entire telecom eco-system.
Besides, since the new process is entirely paperless, it will immensely contribute towards ensuring a healthy environment around us, by stemming deforestation and reducing air and water pollution.
Dhaka, Sep 6 (UNB) - A view exchange meeting was held between Islami Bank Bangladesh Limited (IBBL) and State Bank of India at Islami Bank Tower on Wednesday.
Md Mahbub-ul-Alam, Manging Director and CEO of IBBL and Dr. Prakash Chand Saboo, Country Head of Bangladesh Operations of State Bank of India were present on the occasion.
The program was also attended by Abu Reza Md Yeahia, Deputy Managing Director and CAMLCO, Hasne Alam, Deputy Managing Director and Head of International Banking Wing, Md Rafiqul Islam and Mahmudur Rahman, Senior Vice Presidents, Shuaib Ahmed, Senior Assistant Vice President and Mohammad Habibur Rahman, Assistant Vice President of IBBL, Mohan Yelisetty, Head of Credit of Bangladesh Operations, Pravash Roy, Branch Head and Chief Operating Officer of Gulshan Branch and Polly Rani Podder, First Assistant Vice President of Gulshan Branch of State Bank of India.