United News of Bangladesh

Colombia's government has applied to join a China-based development bank, another sign of Latin America's drift away from the U.S. as the Trump administration's foreign aid cuts, trade barriers and crackdown on immigration spurs many leaders in the region to seek closer ties with Washington's geopolitical rival. Colombian President Gustavo Petro wrapped up a visit to China this week with a stop in Shanghai, where he met with former Brazilian President Dilma Rousseff, the head of the New Development Bank. The multilateral lender was set up a decade ago as a project of Brazil, Russia, India, China and South Africa — the so-called BRICS nations of major developing markets — as a counter to U.S.-dominated institutions like the World Bank and Inter-American Development Bank. To date, the New Development Bank has approved loans for 122 infrastructure projects totaling more than $40 billion in areas such as transport, sanitation and clean energy, according to Rousseff. UN forecasts slower global economic growth following Trump's tariffs and trade tensions Petro, speaking to reporters in China on Saturday, said that Colombia is committed to purchasing $512 million worth of shares in the bank. He said that he was especially excited by the possibility of securing the New Development Bank's support for a 120-kilometer (75-mile) canal, or railway, connecting Colombia's Atlantic and Pacific Ocean coastlines that he said would position the country at the “heart” of trade between South America and Asia. Colombia is the second Latin American country to try and join the bank after tiny Uruguay sought membership in 2021. But Colombia's traditional role as a staunch U.S. ally and caretaker in the war on drugs is likely to raise eyebrows in Washington. The U.S. State Department this week said that it would “vigorously oppose” financing of projects linked to China's Belt and Road Initiative in Latin America. Petro signed up to the initiative during a summit with fellow leftist leaders from Brazil and China. Petro, a former leftist guerrilla, said he wouldn't be dissuaded by U.S. pressure and reaffirmed that Colombia seeks to remain neutral in a new era of geopolitical wrangling. American Eagle shares slide after pulling 2025 outlook, $75m inventory write-down “We made this decision freely,” Petro told reporters from Shanghai. “With the United States we can speak face to face, with China too.”

The Bangladesh Jewellers Association (Bajus) has increased the gold price again, this time by Tk 1364  per bhori, effective from Sunday (May 18). The Bajus have fixed the price of a bhori of 22-carat gold at Tk 1,67,098, which was sold at Tk 1,65,734 per bhori on Saturday. The Bajus notification said that the price of pure gold (acid gold) has increased in the local market. As a result, the new price of gold has been determined considering the overall situation. The price hike notification was issued on Saturday night, and the new prices will come into effect from Sunday. According to the new prices, the price of 22-carat gold per bhori (11.664 grams) has been fixed at Tk 1,67,098; 21-carat gold at Tk 1,59,505; 18-carat gold at Tk 1,36,714; and the price of traditional gold at Tk 1,12,978. On Saturday, the price of gold was: 22-carat per bhori at Tk 165,734; 21-carat at Tk 1,58,199; 18-carat at Tk 1,35,606; and traditional gold at Tk 1,12,033. Although the price of gold has increased, the price of silver has remained unchanged.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has signed an MoU with two institutions to introduce blockchain-enabled Digital Product Passport (DPP) system in the Bangladeshi garment industry. DigiProd Pass Ltd. and Digital Architect, signed a Memorandum of Understanding (MoU) in this regard at BGMEA complex at Uttara on Saturday. This initiative is signifying a major step forward in the industry’s commitment to transparency, sustainability, and alignment with international regulatory standards, said BGMEA. The MoU was signed by BGMEA Administrator Anwar Hossain, Salauddin Sohag, Managing Director of DigiProd Pass Ltd., and Dr. Fahim Chowdhury, CEO of Digital Architect and Technovative Solutions Limited. Over the 24-month pilot Project, BGMEA will onboard selected garment manufacturers and coordinate data provision and integration support. DigiProd Pass Ltd. will lead the technical development and implementation of the DPP platform, while Digital Architect will act as the local technology partner, delivering services such as Life Cycle Assessment (LCA), data collection, system deployment, training, and integration. The pilot initiative seeks to assess the feasibility of designing, developing, and implementing a Digital Product Passport (DPP)—a digital tool aimed at enhancing traceability and accountability throughout the garment value chain.  By capturing and sharing verified data on a product’s lifecycle, environmental footprint, and sustainability performance, the DPP is positioned to strengthen Bangladesh’s competitive edge in the global apparel market. The urgency of this pilot project is underscored by the fact that a very significant percentage (almost 60%) of Bangladesh’s garment exports are destined for the European market, making the EU the country’s single largest apparel market. As such, compliance with evolving EU standards is not optional—it is essential. The DPP is a fundamental requirement under the EU’s Ecodesign for Sustainable Products Regulation (ESPR), adopted by the European Parliament in April 2024, with phased implementation beginning in 2026.  This legislation will mandate that textile and other high-impact products entering the EU market carry a digital passport containing data on sustainability, durability, and environmental impact. For Bangladesh, which is the second-largest garment exporter globally, embracing DPP now is a strategic move to safeguard and future-proof its access to the EU market. This pilot project’s core objectives include evaluating the technical and operational viability of the DPP system, promoting transparency and traceability in garment production, supporting adherence to sustainability and regulatory standards, and training relevant stakeholders while assessing the system’s potential for broader industry-wide adoption. 

Bangladesh should not be overly concerned about potential reciprocal tariffs from the United States, said Dr Debapriya Bhattacharya, Distinguished Fellow at the Centre for Policy Dialogue (CPD), on Saturday. Speaking at a seminar titled “U.S. Reciprocal Tariff and Way Forward for Bangladesh”, Dr. Bhattacharya asserted, “I say this with responsibility. The impact of the tariffs is also affecting our competitor countries. As a result, we are not losing too much in comparative competition.” The seminar was jointly organised by the Dhaka Chamber of Commerce and Industry (DCCI) and Business Initiative Leading Development (BUILD), and held at DCCI’s Motijheel headquarters. Dr. Debapriya presented the keynote paper. Describing the US counter-tariff regime as a “toxic tariff treatment,” he said the measures under the new US administration appear more politically motivated than economically sound. He questioned the effectiveness of President Trump’s counter-tariff policy, expressing doubt that it would deliver on its intended goals, or be readily accepted by the market. According to Debapriya, the policy is flawed in its reliance on goods trade deficits as the basis for imposing duties, overlooking the rapid expansion of the global service sector. He also noted the instability caused by annual tariff adjustments, which he said discourages investment. Policy Research Institute launches Monthly Macroeconomic Insights Debapriya urged policymakers to treat this challenge as an opportunity to implement long-overdue trade and policy reforms. Commerce Secretary Md Mahbubur Rahman said Bangladesh is now prioritising bilateral discussions with the US rather than relying solely on multilateral forums. Bangladesh believes it is currently on the right diplomatic and trade path, which is why it has not tabled any formal proposal at the World Trade Organization (WTO), he added. Mahbub revealed that talks are ongoing with the US on 100 specific Bangladeshi products, including a review of how US imports from third countries are accounted for in trade figures. He warned that if the US does not accept Bangladesh's position, the country may revise its import policies—possibly banning imports from those third countries. Such a policy already applies to certain automotive imports. He also pointed to recent steps to reduce trade barriers, including the scrapping of unnecessary radioactivity tests. Special guests at the seminar included Mahbubur Rahman, President of the International Chamber of Commerce (ICC) Bangladesh, and Moinul Khan, Chairman of the Bangladesh Trade and Tariff Commission.

The participation of Haier in the SAFE HVACR & Cold Chain expo is introducing a new dimension to commercial and residential climate control technology. SAFE HVACR & Cold Chain is the one and only dedicated exhibition on heating, ventilation, air-conditioning, air-filtration, purification, refrigeration systems, cold chain management system, solutions and services in Bangladesh.  The 10th Edition which began on May 15 at the International Convention City Bashundhara (ICCB) will end tomorrow. At this expo, Haier showcased its cutting-edge products through live demonstrations, featuring the MRV5 series VRF air conditioners, Light Commercial AC units, and Room Air Conditioners. Zamiruddin, frequent visitor shared his experience who is planning to buy latest model. He said he visited different stall to experience. "As part of the visit, I have also entered the Haer stall which have introduced the latest technology and briefed about the difference.This will help me buy the best one," he also said. Sellers informed that single modules from 8 to 42 HP with the ability to connect units up to a maximum of 126 HP (100.2 tons) will be ensured while it utilizes advanced DC inverter scroll compressors and fan motors to ensure energy savings and uninterrupted performance  They also informed that they use Four-Way Heat Exchanger where this new technology increases heat transfer efficiency by up to 30% and providing extended pipe connections which is flexible solutions for large buildings with connection lengths up to 1000 meters. Smart Link Wi-Fi Technology enables wireless communication between units while it maintains performance at heating mode down to -26°C and cooling mode up to 54°C. The company is also exhibiting  Light Commercial AC, Room Air Conditioner (RAC).  Inverter technology units ideal for restaurants, banks, clinics, retail shops, and other medium-sized commercial spaces, offering easy installation and energy efficiency while Haier’s room air conditioner range for personal and residential use features powerful cooling, inverter technology, fast cooling, and smart control systems. "By participating in this exhibition, we aimed not only to share product information but also to provide visitors with direct experience and confidence in the technology. Our objective was to present Haier’s high-quality products directly to customers and business partners," one of the seller at the stalls said.

The United Nations on Thursday forecast slower global economic growth this year and next, pointing to the impact of the surge in U.S. tariffs and increasing trade tensions. U.N. economists also cited the volatile geopolitical landscape and threats of rising production costs, supply chain disruptions and financial turbulence. “These days, there’s so much uncertainty in the air,” said Shantanu Mukherjee, director of the Economic Analysis and Policy Division at the U.N. Department of Economic and Social Affairs. “It’s been a nervous time for the global economy,” he told reporters while launching the midyear forecast. “In January this year, we were expecting two years of stable — if subpar — growth, and since then, prospects have diminished, accompanied by significant volatility across various dimensions.” The U.N. is now forecasting global economic growth of 2.4% this year and 2.5% next year — a drop of 0.4 percentage point each year from its projections in January. Last year, the global economy grew 2.9%. Mukherjee said the slowing is affecting most countries and regions, but among the most severely hit are the poorest and least developed countries, whose growth prospects have fallen from 4.6% to 4.1% just since January. Chinese businesses view tariff pause with caution and uncertainty “That translates into a loss of billions in economic output for the most disadvantaged of countries,” which are home to over half the global population living in extreme poverty, he said. The world’s developed and developing countries also are projected to suffer, according to the U.N. report. Economic growth in the United States is now projected to drop significantly, from 2.8% last year to 1.6% this year, it said, noting that higher tariffs and policy uncertainty are expected to weigh on private investment and consumption. China’s growth is expected to slow to 4.6% this year from 5% in 2024 as a result of subdued consumer sentiment, disruptions in its export-oriented manufacturing companies, and continuing challenges in its property sector, the report said. The European Union’s growth is forecast to remain the same this year as it was last year — just 1%, the report said, citing weaker net exports and higher trade barriers. The United Kingdom’s economic growth of 1.1% last year is projected to fall to 0.9%. Weakening trade, slowing investments and falling commodity prices are also forecast to erode growth in other major developing economies, including Brazil, Mexico and South Africa. India will remain one of the world’s fastest-growing large economies, but the U.N. forecast said its growth is expected to drop from 7.1% in 2024 to 6.3% this year. American Eagle shares slide after pulling 2025 outlook, $75m inventory write-down The U.N.’s global economic growth forecast is lower than the International Monetary Fund’s. On a more positive note, Mukherjee said the U.N. is expecting that bilateral negotiations will lead to lower tariffs, although he said they won’t return to the levels before U.S. President Donald Trump’s February announcement. Nonetheless, Mukherjee said, resolving uncertainties would help individuals and businesses move forward with economic decisions and that would have a positive impact on the global economy.

The Policy Research Institute of Bangladesh (PRI) launched its inaugural edition of the Monthly Macroeconomic Insights (MMI) on Thursday. The MMI is a new initiative developed by PRI’s Center for Macroeconomic Analysis (CMEA) with support from the Australian Department of Foreign Affairs and Trade (DFAT), said a press release. The event was chaired by PRI Chairman Dr. Zaidi Sattar, with Dr. Anisuzzaman Chowdhury, Special Assistant to the Ministry of Finance, attending as the Chief Guest. Dr. Md. Habibur Rahman, Deputy Governor of Bangladesh Bank, joined as the guest of honour. Clinton Pobke, Deputy Head of Mission, and Mr. Joshua Gacutan, Second Secretary, from the Australian High Commission in Bangladesh, participated as Special Guests. Dr. Anisuzzaman Chowdhury said global economic history shows that nations achieve sustained development when policy coherence is paired with strong social capital. Bangladesh must prioritize both. The government is committed to aligning its policies around clear objectives. "While challenges are inevitable, LDC graduation offers a valuable opportunity to reassess our trajectory, learn from past missteps, and move forward with renewed strategic clarity and resolve,” he added. Dr. Md. Habibur Rahman said, “Exchange rate liberalization will benefit Bangladesh on multiple fronts. Notably, the exchange rate has remained stable even after the move to a floating regime. Considering the current reserve levels, improvements in the current account, and overall balance of payments, we are well-positioned to manage any potential exchange rate overshooting. I remain optimistic about the trajectory of economic recovery.” Mr. Clinton Pobke commended the initiative, “We are proud to support efforts that enhance evidence-based policy dialogue and contribute to more effective, timely policymaking. I commend PRI for bringing together macroeconomic data, rigorous analysis, and impactful presentation in a way that can meaningfully inform and influence policy decisions.” The March edition of the MMI highlighted key developments, including a modest rebound in GDP growth in Q2 FY25, persistent inflationary pressures, and progress in the external sector driven by robust export performance and strong remittance inflows. However, it also underscored persistent revenue collection challenges and limited fiscal headroom for counter-cyclical spending. PRI will host monthly discussions based on the MMI, bringing together stakeholders from government, development partners, industry, and academia. Designed to offer timely, data-driven insights, the MMI aims to support evidence-based policymaking and informed business decisions while fostering dialogue on Bangladesh’s evolving macroeconomic landscape.

Bangladesh Jewelers Association (Bajus) has decreased the price of gold by Tk 3452 per bhori, with effective from Friday. The Bajus has fixed the price of a bhori of 22-carat gold at Tk165,734, which was sold at Tk 169,186 per bhori on Thursday. Gold price reduced by Tk3137 per bhori, effective from Tuesday  The Bajus notification stated that the price of pure gold (acid gold) has decreased in the local market. As a result, the new price of gold has been determined considering the overall situation. According to the new prices, the price of 22-carat gold per bhori (11.664 grams) has been fixed at Tk 1,65,734, 21-carat gold per bhori at Tk 1,58,199, 18-carat gold per bhori at Tk1,35, 606 and the price of traditional gold per bhori at Tk 1,12,033. Gold price increases by Tk1562 per bhori from Wednesday On Thursday, the price of per bhori of 22-carat gold (11.664 grams) was at Tk 169,186, 21-carat per bhori at Tk1,61,499, 18-carat per bhori at Tk1,38, 428 and the price of traditional gold per bhori at Tk 1,14,435. Although the price of gold has deincreased, the price of silver has remained unchanged.

Bangladesh’s capital markets continued their downward trend for a third straight day, with indices on both the Dhaka and Chattogram stock exchanges falling in the first hour of trading on the week's final working day. At the outset of trading, the benchmark index of the Dhaka Stock Exchange (DSE), the DSEX, dropped by 9 points. Among the other indices, the Shariah-based DSES slipped by 1 point, while the DS30 index, which comprises selected blue-chip stocks, declined by 3 points. A majority of the listed companies experienced a fall in share prices. While 109 companies saw gains, prices declined for 179 companies and remained unchanged for 92. Market slumps again in Dhaka and Chattogram bourses In the first hour of trading, shares and units worth approximately Tk 65 crore were exchanged on the Dhaka market. Similar to Dhaka, the Chattogram Stock Exchange (CSE) also witnessed a declining trend. The overall index of the CSE fell by 32 points. Out of the 73 companies that participated in trading, share prices rose for 16, declined for 44, and remained unchanged for 13. At the start of the day, shares and units worth Tk 1 crore were traded on the Chattogram Stock Exchange.

While U.S. President Donald Trump has talked of victory after reaching a weekend deal with China to reduce the sky-high tariffs levied on each other’s goods, businesses in China are reacting to the temporary deal with caution. The U.S. and China have cut the tariffs levied on each other in April, with the U.S. cutting the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. The lower tariff rates came into effect on Wednesday. U.S. Treasury Secretary Scott Bessent, announcing the reduction in tariff rates this weekend in Geneva, had said, “We do want trade.” While the markets have responded to the agreement with gusto, rebounding to the levels before Trump’s tariffs, business owners remain wary. Businesses like one kitchen utensil factory in southern Guangdong province were eager to get back to work. The business said they put at least four orders from their American clients back into production on Tuesday after the tariff pause was announced. American Eagle shares slide after pulling 2025 outlook, $75m inventory write-down “We thought the negotiation would bring the tariffs down a bit, but didn’t expect it would be so much,” said Margaret Zhuang, a salesperson for the utensil factory in Guangdong province, one of China’s manufacturing hubs. Kahlee Yu, sales manager of Yangjiang Hongnan Industry and Trade Company, which also manufactures kitchen utensils, said he was reaching out to American customers again. “We’re a little bit optimistic about the trade deal between the two sides. But it is still possible the tariff policies will change again, resulting in no orders from our American clients,” he said. However happy they were in the moment, the damage from tariffs announced in April has already been done, Zhuang added, as they are seeing fewer orders. Currently, she has orders for products up until June. Earlier this year, before Trump’s trade war began, they had orders for production extending to August. The uncertainty also means companies are less willing to make new investments. Kelvin Liao, sales director at Action Composites, a manufacturer of carbon fiber auto parts in Dongguan, a major city in Guangdong, said he was originally planning to buy a piece of land to build a new factory, but opted instead to rent because of the tariff situation. “It is good to reach a trade deal between the two countries. But people have already lost confidence in Trump, and we will take a wait-and-see attitude,” he said. “We believe the signing a trade deal is just a pause and the ultimate goal of the US is to curb China’s development.” Tariffs also remain in place for some industries, which are not part of the general deal. Hong Kong businessman Danny Lau, who owns an aluminum-coating factory, said his company still faces about a 75% tariff from tariffs levied at different points since 2018 by the U.S. Still he welcomed the news from the weekend, saying he would reach out to existing American customers to gauge their views.