United News of Bangladesh

Russia and Ukraine remain entrenched in their positions ahead of a possible summit between Russian President Vladimir Putin and US President Donald Trump in Alaska, raising concerns that Moscow could use the meeting to pressure Kyiv into accepting a deal on unfavorable terms. Putin continues to push the goals he set with the launch of Russia’s full-scale invasion of Ukraine on February 24, 2022, seeking recognition of its territorial gains, a bar on Ukraine joining NATO, and a ban on Western troops in the country. Moscow hopes a broad agreement with Trump could draw Ukraine back into its orbit. Ukrainian President Volodymyr Zelenskyy has agreed to a Trump-proposed ceasefire but rejected any recognition of Russia’s annexations and reaffirmed Kyiv’s NATO aspirations. Russia’s positionIn a June memorandum presented in Istanbul, Russia offered Ukraine two ceasefire options — one requiring withdrawal from the four partially occupied regions Moscow annexed in 2022, and another halting mobilization, freezing Western arms supplies, and banning foreign troops in Ukraine. Moscow also demands recognition of its 2014 annexation of Crimea, limits on Ukraine’s armed forces, and neutral status. Trump says he will meet Putin in Alaska next Friday to discuss ending Ukraine war It wants both countries to lift sanctions, resume trade, and restore diplomatic ties. Kremlin adviser Yuri Ushakov said there has been “no shift” in Russia’s stance. Ukraine’s positionKyiv’s memorandum calls for a full, unconditional 30-day ceasefire, rejects demands for neutrality, and insists on no limits to its military or foreign troop presence. It refuses to recognize Russian territorial gains, demands security guarantees, the return of deported children, and a full prisoner exchange. Trump’s roleTrump has alternated between admiration for Putin and frustration over his resistance to a ceasefire. He plans to meet Putin without Zelenskyy present, prompting fears in Kyiv and Europe that this could lead to concessions. Trump has suggested “swapping of territories” could be part of a peace deal. Putin Considers United Arab Emirates as Potential Venue for Trump Meeting Analysts warn that Putin could agree to a temporary truce to win Trump’s sympathy while keeping leverage for future aggression. Observers also note that Russia may frame its terms as concessions without altering its core demands, which amount to Ukraine’s capitulation. Despite calls with allied leaders suggesting Putin is preparing for potential agreements, experts predict the talks are likely to fail, prolonging a conflict that could oscillate between open warfare and uneasy stalemate. Source: Agency 

Toyota's profit plunged 37% in the April-June quarter, the company said Thursday, cutting its full year earnings forecasts largely because of President Donald Trump’s tariffs. The Japanese automaker said it based its report on the assumption that Trump’s tariffs on exports from Japan, including autos, would be 12.5% starting this month. As of now they stand at 15%. The world’s top automaker also makes vehicles in Mexico and Canada. Toyota’s profit in the last quarter totaled 841 billion yen, or $5.7 billion, down from 1.33 trillion yen in the same period the year before. Its quarterly sales rose 3%. The status of those exports is unclear since Mexico and Canada are beneficiaries of the U.S. Mexico Canada Agreement, renegotiated from a 1990s pact during Trump's first term in office, that eliminated most tariffs and trade barriers between the three countries. Toyota Motor Corp.’s April-June profit totaled 841 billion yen ($5.7 billion), down from 1.33 trillion yen in the same period of 2024. Quarterly sales rose 3% to 12 trillion yen ($82 billion). Toyota said the tariffs cost its quarterly operating profit 450 billion yen ($3 billion). Cost reduction efforts and the negative impact of an unfavorable exchange rate also hurt its bottom line. The company, which makes the Camry sedan and Lexus luxury models, forecast a 2.66 trillion yen ($18 billion) profit for the full fiscal year ending in March 2026, down from an earlier forecast for a 3.1 trillion yen ($21 billion) profit. Toyota earned nearly 4.8 trillion yen in the previous fiscal year. “Despite a challenging external environment, we have continued to make comprehensive investments, as well as improvements such as increased unit sales, cost reductions and expanded value chain profits,” Toyota said in a statement that outlined its efforts to minimize the impact of the tariffs. At the retail level, Toyota sold 2.4 million vehicles globally, with sales growing in Japan, North America and Europe from the previous year, when global retail totaled 2.2 million vehicles. Analysts say Toyota is likely among the worst hit by the tariffs among global companies, even compared with other Japanese automakers. Also Thursday, Toyota announced it was building a new car assembly plant in Japan that it expects to have up and running in the early 2030s. It is acquiring a site in Toyota city, Aichi Prefecture, central Japan, where the automaker is headquartered. The models to be produced there are still undecided, but the plant will be part of the company's plan to maintain a production capacity of 3 million vehicles in Japan, according to Toyota. Billed as “a plant of the future,” it will also feature new technology tailored for what Toyota said will be a diverse work force.

China's foreign trade has shown steady growth this year despite global uncertainties, with a particularly strong performance in July dispelling concerns about the country's economic resilience. China's total goods imports and exports in yuan-denominated terms rose to 25.7 trillion yuan (about 3.6 trillion U.S. dollars) in the first seven months of 2025, up 3.5 percent year on year, official data showed Thursday. The growth rate accelerated from an increase of 2.9 percent registered in the first half of the year, according to the General Administration of Customs (GAC). Despite a challenging external environment, China's foreign trade has maintained upward momentum this year, underpinning a steady economic recovery, said Lyu Daliang, director of the GAC's Department of Statistics and Analysis. RESILIENT DATA Customs data showed a strong performance in foreign trade last month. Total goods trade in July rose 6.7 percent year on year to hit a new monthly record of 3.91 trillion yuan this year, with the growth pace also quickening from 5.2 percent in June. Exports jumped 8 percent, while imports climbed 4.8 percent to mark the second consecutive month of growth. In the first seven months combined, exports were mainly driven by mechanical and electrical products, which accounted for about 60 percent of China's total exports. Notably, exports of automatic data processing equipment, integrated circuits, and automobiles all posted solid gains. On the import side, while volumes of certain bulk energy commodities declined, crude oil and soybeans rose. The import value of mechanical and electrical products also recorded steady growth. ASEAN retained its position as China's largest trading partner, with bilateral trade growing 9.4 percent year on year in the first seven months, accounting for 16.7 percent of the country's total foreign trade. The European Union ranked second, with trade up by 3.9 percent. The United States was China's third-largest partner, though bilateral trade declined by 11.1 percent during the period. Meanwhile, China's trade with countries participating in the Belt and Road cooperation reached 13.29 trillion yuan, up 5.5 percent from a year earlier. BRAVING CHALLENGES Analysts noted that rising protectionism since the beginning of the year has seriously undermined international trade norms and dealt significant blows to Chinese export-oriented enterprises. In response, the Chinese government has ramped up efforts to keep foreign trade stable and secure economic momentum, rolling out a series of measures from bolstering cross-border e-commerce to deepening reform and innovation in national economic and technological development zones. In a landmark move, China has announced that its Hainan Free Trade Port will launch an island-wide independent customs operation on Dec. 18, which features favorable zero-tariff policies and more relaxed trade regulations. At a meeting of the Political Bureau of the Communist Party of China Central Committee last Wednesday, policymakers pledged to assist foreign trade enterprises that suffered huge blows and intensify financing support to promote the integrated development of domestic and foreign trade. The efforts are gaining traction. The latest trade climate survey shows that confidence among both export and import enterprises has risen for two consecutive months. As supportive policies continue to intensify, Chinese enterprises can better face challenges and the country's foreign trade will continue to show resilience and provide sustained economic momentum, said Zhang Yu, a researcher at the National Academy of Economic Strategy under the Chinese Academy of Social Sciences.

Indian Prime Minister Narendra Modi is set to visit China for the first time in more than seven years, according to a government source, marking a step toward improving diplomatic relations with Beijing amid growing tensions with the United States. Modi’s visit comes as India faces its most significant strain in ties with the US in years. The crisis follows President Donald Trump’s decision to impose the highest tariffs among Asian nations on Indian imports, along with an executive order that places an additional 25 percent tariff on India in response to its continued imports of Russian oil. Modi will travel to the Chinese city of Tianjin to attend a summit of the Shanghai Cooperation Organisation (SCO), a regional political and security bloc that includes Russia. This will be his first visit to China since June 2018. India-China relations soured significantly after a deadly military confrontation along their contested Himalayan border in 2020. However, Modi and Chinese President Xi Jinping held discussions on the sidelines of a BRICS summit in Russia in October, which marked the beginning of a diplomatic thaw. The two major Asian powers are gradually easing tensions that had disrupted business and travel links. India slams U.S. tariffs over Russian oil imports as 'unfair, unjustified' At the same time, India’s National Security Adviser Ajit Doval is currently in Russia on a planned visit, where he is expected to address issues related to India’s purchases of Russian oil amid US pressure to stop those transactions, according to another government source who requested anonymity. Doval is also likely to discuss ongoing defence cooperation with Moscow, including efforts to expedite pending exports of Russia’s S-400 air defence systems to India, as well as a potential visit to India by President Vladimir Putin. His visit will be followed in the coming weeks by a trip from Foreign Minister Subrahmanyam Jaishankar. Officials from both India and the US said that a combination of political miscalculations, missed signals, and growing resentment derailed trade negotiations between the world’s first and fifth-largest economies, whose bilateral trade exceeds $190 billion. India braces for 50% tariffs as Trump announces additional 25% import tax According to four separate sources citing an internal government analysis, India fears that Trump’s actions could undermine its competitiveness in roughly $64 billion worth of exports to the US, which represent 80 percent of its total shipments to the American market. Nonetheless, with exports forming only a modest portion of India’s $4 trillion economy, the overall impact on economic growth is expected to be limited. Source: Agency

President Donald Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%. The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes. Trump's moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republican president. As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi. Trump had previewed for reporters on Tuesday that the tariffs would be coming, saying the U.S. had a meeting with Russia on Wednesday as the Trump administration tries to end the war in Ukraine. “We’re going to see what happens," Trump said about his tariff plans. "We’ll make that determination at that time.” In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning it imported more than it exported, according to the U.S. Census Bureau. At a population exceeding 1.4 billion people, India is the world’s largest country and represented a way for the U.S. to counter China's influence in Asia. But India has not supported the Ukraine-related sanctions by the U.S. and its allies on Moscow even as India's leaders have maintained that they want peace. The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products.

Malaysia's asset tokenisation market could be worth up to US$43 billion by 2030, according to a new white paper titled Project Juara: Malaysia's Asset Tokenisation Opportunity, released jointly by Kenanga Investment Bank, Saison Capital, Helicap Labs, and Satori Research. The report outlines the significant potential of tokenising regulated financial products such as unit trusts, bonds, and sukuk to transform Malaysia’s financial landscape. It calls for a coordinated national effort to build a robust digital asset ecosystem, engaging financial institutions, regulators, infrastructure providers, and community leaders. “Tokenisation offers deep structural reform beyond digitalisation by reshaping how assets are issued, traded, and governed,” the paper notes. It also aligns with Malaysian Prime Minister Datuk Seri Anwar Ibrahim’s recent call to position Malaysia as a digital asset hub. Asian markets mixed as Wall Street slumps on weak U.S. jobs data Kenanga Group has already made major strides in the digital finance space with platforms like Rakuten Trade and Kenanga Digital Investing (KDI), as well as investments in digital asset exchanges and fintech firms. The group’s strategic partnerships—including with Ant Group—underscore its commitment to driving innovation in digital finance and tokenisation. The report serves as both a roadmap and a call to action for transforming Malaysia’s capital markets. Source: Agency 

Asian stock markets showed a mixed performance on Monday after Wall Street suffered its worst drop since May, triggered by a weaker-than-expected U.S. jobs report. Investors across Asia had already reacted on Friday to U.S. President Donald Trump’s surprise announcement of sweeping new tariffs on imports from several key trading partners. The new duties are set to take effect Thursday, further rattling markets. Tokyo’s Nikkei 225 index fell 1.6% to 40,134.97, recovering from deeper earlier losses. In contrast, Hong Kong’s Hang Seng inched up 0.2% to 24,589.21, while China’s Shanghai Composite remained nearly flat at 3,562.18. South Korea’s Kospi gained 0.7% to 3,140.92. Australia’s S&P/ASX 200 slipped 0.2% to 8,643.00. The cautious sentiment followed the U.S. Labor Department’s report showing that employers added just 73,000 jobs in July—far below forecasts. Additionally, earlier job growth numbers for May and June were revised down by a combined 258,000 jobs. “The labor market, once a pillar of resilience, is now looking more like a late-cycle casualty,” said Stephen Innes of SPI Asset Management, noting the shift in market sentiment from “soft landing” optimism to growing economic concern. Despite the weak data, U.S. futures edged up 0.3% early Monday. On Friday, the S&P 500 slid 1.6% to 6,238.01, its steepest drop since May 21 and its fourth consecutive daily loss. It ended the week down 2.4%. The Dow Jones Industrial Average lost 1.2% to 43,588.58, while the Nasdaq composite fell 2.2% to 20,650.13. Global stocks slide after Trump orders new tariffs on 68 countries, EU Tech stocks were hit hard, with Amazon tumbling 8.3% despite reporting strong quarterly earnings. Apple also beat expectations but fell 2.5%, citing a potential $1.1 billion impact from new tariffs this quarter. Adding to the turbulence, Trump’s abrupt dismissal of the head of the federal agency that produces monthly jobs data raised fears of political interference in future reports. The disappointing jobs numbers have fueled speculation that the Federal Reserve may cut interest rates as early as September. The yield on the 10-year Treasury dropped to 4.21% from 4.39% before the report, while the 2-year yield—a key indicator of Fed rate expectations—plunged to 3.68% from 3.94%. The Fed has held rates steady since December. While a rate cut could stimulate hiring and economic growth, it also risks stoking inflation, which remains above the Fed’s 2% target. An update last Thursday showed inflation rising to 2.6% in June, up from 2.4% in May. Although Fed Chair Jerome Powell has faced pressure from Trump to cut rates, decisions are made collectively by the Federal Open Market Committee. Meanwhile, American businesses and investors are grappling with the uncertainty surrounding U.S. trade policy. Companies like Walmart and Procter & Gamble have warned that ongoing and unpredictable tariff measures are driving up costs and could ultimately lead to higher consumer prices. In commodities trading early Monday, U.S. benchmark crude fell 18 cents to $67.15 a barrel, while Brent crude, the international benchmark, dropped 23 cents to $69.44. Microsoft's cloud revenue hits $75B, profit beats expectations In currency markets, the U.S. dollar rose to 147.80 Japanese yen from 147.26 yen, while the euro slipped to $1.1577 from $1.1598. Source: Agency 

India has signaled that it will maintain its oil trade with Russia, brushing aside warnings from U.S. President Donald Trump about possible trade penalties. At a regular press briefing on Friday, Indian foreign ministry spokesperson Randhir Jaiswal emphasized that India's energy policy is shaped by market availability and global conditions, not external pressure. He reaffirmed that India’s relationship with Russia is “steady and time-tested,” and should not be judged through the lens of any third country. His remarks came in response to Trump’s recent announcement that the U.S. may impose a 25% tariff on Indian goods, along with additional import duties, as retaliation for New Delhi’s ongoing purchases of Russian crude oil. The U.S. president, frustrated by Moscow’s refusal to agree to a ceasefire in Ukraine, has threatened fresh sanctions, raising concerns about secondary impacts on nations continuing to trade with Russia. Global stocks slide after Trump orders new tariffs on 68 countries, EU India’s imports of Russian oil have seen a dramatic surge since the Ukraine conflict began in February 2022. From just 68,000 barrels per day in January 2022, imports soared to 1.12 million barrels per day by June that year and peaked at 2.15 million in May 2023. At one point, Russian crude accounted for nearly 40% of India’s total oil imports, making Russia its top supplier, according to data cited by the Press Trust of India from analytics firm Kpler. India consumes approximately 5.5 million barrels of oil daily, with about 88% of that demand met through imports. While the country traditionally relied on Middle Eastern suppliers, it shifted focus to discounted Russian crude following Western sanctions against Moscow. India, the world’s third-largest oil importer after China and the U.S., has defended its procurement choices as a matter of national interest amid rising global energy prices and supply volatility. Source: Agency 

Global markets dropped sharply on Friday as investors reacted to U.S. President Donald Trump’s surprise order to impose new tariffs on 68 countries and the European Union, set to take effect in seven days. The announcement — which replaced a previous August 1 deadline — added fresh volatility to an already fragile global trading environment. In early European trading, Germany’s DAX fell 1.5% to 23,697.31, the FTSE 100 in London declined 0.7% to 9,068.97, and France’s CAC 40 lost 1.6% to 7,647.56. U.S. futures were also lower, with the S&P 500 and Dow Jones Industrial Average both down 0.8%. In Asia, Japan’s Nikkei 225 slipped 0.7%, South Korea’s Kospi tumbled 3.9%, Hong Kong’s Hang Seng dropped 1.1%, and China’s Shanghai Composite edged down 0.4%. India’s Sensex dipped 0.4%, and Taiwan’s TAIEX lost 0.5%. Stephen Innes of SPI Asset Management described the move as a “structural rewrite” of trade policy, raising the average U.S. tariff to 15.2% from 13.3%, compared to 2.3% before Trump returned to office. Canada is expected to be hit especially hard. Rabo Bank strategist Benjamin Picton criticized the policy as “imperial trade,” suggesting the U.S. is favoring high-value sectors at the expense of global partners. Trump announces 25% tariffs, penalty on India On Wall Street Thursday, major indexes closed lower as a rally in tech stocks faded. The S&P 500 dipped 0.4%, the Dow lost 0.7%, and the Nasdaq ended just below flat. Health care stocks led the losses after the White House asked major pharmaceutical firms to cut drug prices within 60 days. UnitedHealth dropped 6.2%, Eli Lilly fell 2.6%, and Bristol-Myers Squibb lost 5.8%. Meanwhile, Meta surged 11.3% after reporting strong earnings, and Microsoft rose 3.9% on upbeat cloud performance. In commodities, U.S. crude rose 15 cents to $69.41 a barrel, and Brent added the same to reach $71.85. The dollar weakened to 150.55 yen, while the euro edged up to $1.1419. Source: Agency 

Microsoft revealed on Wednesday that its Azure cloud computing platform generated over $75 billion in annual revenue, marking a 34% year-over-year increase. This is the first time the tech giant has publicly disclosed Azure’s revenue, highlighting its central role in Microsoft’s shift toward artificial intelligence. The announcement came as part of Microsoft’s end-of-year earnings report, which also showed a strong 24% jump in quarterly profit — surpassing Wall Street expectations and easing investor concerns over the company’s aggressive investments in data centers needed to support cloud and AI services. “We continue to scale our own data center capacity faster than any other competitor,” CEO Satya Nadella told investors, noting that Microsoft now operates more than 400 data centers across six continents. In the fiscal fourth quarter (April to June), Microsoft posted a profit of $34.3 billion, or $3.65 per share, exceeding analyst predictions of $3.37 per share. Revenue for the quarter stood at $76.4 billion, up 18% from the same period last year and above the $73.86 billion projected by FactSet analysts. Though Azure launched over a decade ago, it has become increasingly integral to Microsoft’s AI strategy. The company is working to integrate AI tools, including chatbots, into its core offerings for enterprise customers. Trump announces 25% tariffs, penalty on India Despite Azure’s impressive growth, it still lags behind Amazon Web Services (AWS), which reported $107.6 billion in revenue for its most recent fiscal year ending in December. The cost of building and maintaining the infrastructure needed for cloud and AI growth is substantial. In response, Microsoft has sought to cut costs in other areas, including laying off around 15,000 employees this year. Nadella acknowledged the toll of these layoffs but framed them as necessary for reimagining Microsoft’s mission in the AI era. Interestingly, the company’s overall headcount has remained stable at 228,000 full-time employees as of June 30, the same as the previous year. However, there has been a shift, with more employees now based in the U.S. and fewer working in support or consulting roles. Investors have responded positively to Microsoft’s more streamlined approach, especially as major tech firms face pressure to justify heavy capital expenditures needed to fuel the AI race. Microsoft’s CFO, Amy Hood, said capital spending is expected to reach $30 billion in the July-September quarter. By comparison, Google recently announced it would boost its capital expenditure budget by $10 billion, reaching $85 billion. While Microsoft didn’t provide details on how U.S. tariffs are currently affecting revenue, its annual report highlighted tariffs as one of the risks facing the company. It warned that increasing geopolitical instability and shifting U.S. trade policies are creating uncertainty, potentially affecting the supply chain and cost competitiveness of its cloud and device operations.