United News of Bangladesh

100 Days to 8th CIIE: Preps Harden as Global Exhibitors Eye Business Potential in China Facing the complex international landscape and mounting challenges, China International Import Expo (CIIE) consistently acts as a platform for global business exchange. With only 100 days to go, the 8 th CIIE is set to take place in Shanghai from November 5 to 10. As of now, over 50 countries and international organizations have confirmed their participation in the Country Pavilion. Sweden and the United Arab Emirates will serve as guest countries of honor at the 8 th CIIE, while Kyrgyzstan will make its debut. To help global enterprises across sectors better integrate into the Chinese market, the Corporate Pavilion features six major exhibition areas—encompassing Medical Equipment and Healthcare Products, Automobile and Smart Mobility, Intelligent Industry & Information Technology, Consumer Goods, Food and Agriculture Products, and Trade in Services—and will continue hosting its Innovation Incubation Special Section. Driven by strong interest and participation from overseas companies, total booked exhibition space has surpassed 330,000 square meters, with 170 companies and 26 institutions becoming eight-time full-attendance exhibitors. Notably, this year’s Corporate Pavilion introduces four fresh innovations, demonstrating its vibrant energy and vast collaboration opportunities for participants. Trump to visit Federal Reserve headquarters as feud with its chair continues A special section for the least-developed countries products will launch alongside an upgraded Africa products section, helping 53 diplomatic African partners leverage zero-tariff treatment to enter the Chinese market. A new section for overseas provinces and cities stands as another highlight. Focused on global premieres, a dedicated trail for exploring debuts and a section amplifying exhibitors’ presence are introduced. A cross-border e-commerce platform will be established for specialized promotion, matching, and livestreaming. The 8 th Hongqiao International Economic Forum (HQF) will convene under the theme “Opening-up for New Opportunities, Cooperation for a Shared Future.” Alongside the release of the World Openness Report 2025 and the latest World Openness Index, the HQF will host over 20 parallel sessions on revitalizing multilateral cooperation, empowering digital intelligence, green and sustainable development, and a more open China. Side events will retain previous categories, while people-to-people exchange activities will add a new “Charming Friends of City” zone, inviting international friendly provinces and cities to set up their booths.

Australia is set to ease restrictions on U.S. beef imports in a move welcomed by U.S. President Donald Trump’s administration as a significant trade breakthrough, despite concerns from critics over biosecurity risks. Agriculture Minister Julie Collins on Thursday said the decision to relax curbs originally aimed at preventing the spread of mad cow disease (bovine spongiform encephalopathy or BSE) would not compromise Australia’s biosecurity standards. “Australia supports open and free trade. Our cattle industry has greatly benefited from it,” Collins said in a statement. President Trump celebrated the development on his social media platform, Truth Social, calling it “undeniable and irrefutable proof that U.S. beef is the safest and best in the world.” U.S. Agriculture Secretary Brooke L. Rollins congratulated Trump, calling it “a major trade breakthrough” that would expand market access for American beef producers. “This is further proof of the kind of economic revival the President is delivering, with U.S. agriculture leading the charge,” she said. Australia has permitted U.S.-grown beef imports since 2019, but until now banned beef sourced from Canada and Mexico due to BSE concerns. However, new U.S. regulations now require the tracing of all cattle from those countries back to their farms of origin — a move that has satisfied Australian authorities. Collins said the updated controls in the U.S. “effectively manage biosecurity risks.” No specific timeline has been set for the relaxed restrictions to take effect. Trump had previously criticized Australia’s restrictions on American beef and in April announced tariffs of at least 10% on Australian imports, including 50% on steel and aluminum, saying, “They won’t take any of our beef.” Opposition lawmaker David Littleproud voiced concerns that the decision was politically motivated. “This is not just about animal health — it’s about human welfare,” he said, calling for independent scientific review to ensure public and industry confidence. About 70% of Australian beef is exported, and industry leaders fear that any outbreak of diseases like mad cow or foot-and-mouth could devastate global markets. Cattle Australia CEO Will Evans, representing over 52,000 grass-fed beef producers, said he trusted the government's scientific judgment. “They’ve made this assessment based on the best available science. Given the scale of the industry, I’m sure they’ve been very careful,” he said. In the U.S., beef prices continue to climb due to drought and a shrinking cattle herd. In June, ground beef averaged $6.12 per pound, up nearly 12% from a year earlier, while steak prices rose 8% to $11.49 per pound. Despite the policy shift, Australian demand for U.S. beef is expected to remain limited, partly due to the weaker Australian dollar. The easing of trade tensions is likely to feature prominently in upcoming talks between Prime Minister Anthony Albanese and President Trump, after a planned meeting on the sidelines of the G7 summit in Canada was cancelled. A new meeting is expected later this year. The United States and Australia have had a bilateral free trade agreement for two decades, with the U.S. consistently running a trade surplus. Source: Agency 

President Donald Trump is set to visit the Federal Reserve headquarters in Washington on Thursday, just a week after suggesting that Fed Chair Jerome Powell could be dismissed over the ballooning cost of renovating two of the central bank’s buildings. Trump has repeatedly expressed frustration with Powell, particularly over his decision to keep the Fed’s key short-term interest rate at 4.3% throughout this year. While Powell argues the Fed is monitoring how Trump’s broad tariffs on imports might impact inflation, the president has urged for interest rate cuts to boost economic activity and lower federal borrowing costs. Trump announces trade deal with Japan, reduces tariff to 15% At the center of the latest dispute is a major renovation of the Fed’s main building and a nearby facility. With construction extending underground and material costs surging following high inflation in 2021 and 2022, the project’s estimated price tag has soared from $1.9 billion to roughly $2.5 billion. Trump, speaking last week, criticized the renovation’s cost, calling it “disgraceful,” and said the scale of the spending could justify Powell’s removal. “When you spend $2.5 billion on, really, a renovation, I think it’s really disgraceful,” he remarked. However, any move to fire Powell would raise serious concerns about the independence of the Federal Reserve—an institution whose autonomy is widely supported by economists and financial markets.

President Donald Trump on Tuesday unveiled a new trade framework with Japan that imposes a 15% tariff on imported Japanese goods, down from the previously threatened 25% rate set to take effect on August 1. Calling it a landmark agreement, Trump wrote on Truth Social: “This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it.” He also emphasized the strong U.S.-Japan relationship, saying the United States “will continue to always have a great relationship with the Country of Japan.” Under the deal, Trump said Japan would invest $550 billion into the U.S. “at my direction” and open its market to American automobiles and rice. Japanese Prime Minister Shigeru Ishiba acknowledged the agreement early Wednesday, saying it would benefit both countries and strengthen economic cooperation. The announcement marks another attempt by Trump to showcase his negotiating skills, especially after earlier tariff threats led to financial market volatility and concerns about slowed economic growth. However, the White House has yet to clarify if Japanese-built cars would still be subject to the steeper 25% tariff imposed on that sector. Faraday future unveils two world-first products, advanced tech architecture in LA The administration continues to frame tariffs as a tool to rebalance trade and boost domestic manufacturing. Officials argue that the revenue will reduce the budget deficit and incentivize companies to move factories back to the United States. But the tariffs have also triggered uncertainty. On Tuesday, General Motors reported a 35% drop in second-quarter net income and warned of further disruptions due to tariffs — news that caused its stock to fall sharply. Alongside the Japan deal, Trump announced a similar trade framework with the Philippines, which includes a 19% tariff on its exports to the U.S., while American goods would face no import tax. He also reaffirmed a 19% tariff on Indonesian imports. In 2024, the U.S. reported a $69.4 billion trade imbalance with Japan, $17.9 billion with Indonesia, and $4.9 billion with the Philippines, according to the U.S. Census Bureau. With the August 1 tariff deadline approaching, Trump also revealed that the European Union would be sending representatives to Washington for trade discussions. He previously warned the 27-member bloc of a 30% tariff on EU goods if no agreement is reached. Meanwhile, negotiations with China continue, with Treasury Secretary Scott Bessent scheduled to meet Chinese officials in Stockholm early next week. The U.S. currently imposes a 30% baseline tariff on Chinese goods. Trump administration limits Mexican flights, threatens Delta-Aeromexico alliance amid trade dispute “President Trump is remaking the U.S. into a manufacturing economy,” Bessent said on Fox Business. “If we can get China to consume more while we manufacture more, it would be a home run for the global economy.” Source: Agency 

U.S. President Donald Trump will meet Philippine President Ferdinand Marcos Jr. at the White House on Tuesday as both nations look to deepen security and trade ties amid rising tensions with China in the Indo-Pacific. Marcos, currently on a three-day U.S. visit, already met with Secretary of State Marco Rubio and Defense Secretary Pete Hegseth on Monday. He becomes the first Southeast Asian leader to visit Trump in his second term. With China's increasing aggression in the South China Sea — particularly around Scarborough Shoal — defense and economic cooperation are expected to top the agenda. Trump has threatened a 20% tariff on Philippine goods starting August 1 unless a new bilateral trade agreement is reached. Trump plans over 10% tariffs on smaller nations Marcos has signaled Manila's readiness to negotiate a mutually beneficial deal, potentially offering zero tariffs on certain U.S. products. The White House has indicated trade talks are underway. Defense Secretary Hegseth reaffirmed America’s commitment to the mutual defense treaty, while Marcos highlighted growing cooperation, especially in joint military drills and modernization efforts. Source: Agency 

Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI), a California-based electric vehicle manufacturer, unveiled two groundbreaking global-first products and a transformative technology platform during a launch event in Los Angeles on July 17. The company introduced the FX Super One and the Super EAI F.A.C.E. system, alongside its FF EAI Embodied AI Agent 6x4 Architecture, signaling a bold step forward in its expansion into the global AI electric vehicle (AIEV) market. YT Jia, Faraday’s Founder and Global Co-CEO, shared the updates in the firm’s 12th weekly investor letter. “This week was huge,” he said, describing the launch as a milestone moment not just for the company, but for the broader mobility industry. The debut event, held against the backdrop of the Los Angeles skyline, also marked the opening of consumer pre-orders for the FX Super One. Despite last-minute challenges nearly forcing a venue change, Jia praised his team for staying true to FF’s motto — “Never Give Up.” He said, “True to FF’s spirit, the team overcame every obstacle to make the impossible possible.” Major Investor Support and Financing Secured The company received a notable endorsement from BlackRock, the world’s largest asset manager, which increased its holdings in FFAI nearly sevenfold, from 780,000 to approximately 5.39 million shares as of June 30. This marks the fourth consecutive quarter of increased stake by BlackRock. Additionally, Faraday Future secured $105 million in new financing commitments, which will help drive the company’s aggressive growth strategy, including the FX Super One rollout and further development of its AI-driven vehicle lineup. Global markets climb following wall street rally on strong US economic data Political Recognition and Policy Momentum Faraday also gained visibility on the policy front. Donald Trump Jr. recently acknowledged Faraday’s role in advancing American technology and manufacturing, positioning the company as a contributor to the country's industrial resurgence. Jia said this recognition may lead to a more favorable policy environment for Faraday and its global strategy. A Vision Rooted in Innovation and Resilience Founded in 2014, Faraday Future aims to disrupt the traditional automotive landscape by delivering user-centric, intelligent, and luxury EVs. While the FF 91 remains the company’s flagship high-end model, the FX platform targets broader affordability, with the same innovation DNA. Faraday Future says its mission is to redefine transportation through AI-driven mobility. “Promises made, promises kept,” Jia added, thanking suppliers, partners, and fans for their ongoing trust and support. PepsiCo overcomes lagging US sales in a strong second quarter About Faraday FutureFaraday Future is a California-based global shared intelligent electric mobility ecosystem company. Its vision focuses on blending luxury, technology, and AI to redefine modern transportation. The company’s FX series aims to bring advanced luxury technology to a broader market segment, while continuing innovation through its flagship FF 91 model. More information is available at www.ff.com. Forward-Looking StatementsThis release contains forward-looking statements, including projections about new product success, financial commitments, and market strategy. These are subject to significant risks and uncertainties. Readers are advised to review the “Risk Factors” detailed in the company’s Form 10-K filed with the SEC on March 31, 2025. Source: Agency 

The Trump administration has imposed new restrictions on flights from Mexico and is threatening to terminate a long-standing partnership between Delta Air Lines and Aeromexico, escalating a broader trade dispute rooted in aviation access and fairness. U.S. Transportation Secretary Sean Duffy announced Saturday that all Mexican passenger, cargo, and charter airlines must now submit their flight schedules to the Department of Transportation and obtain approval before operating in the U.S. The move comes in response to what Duffy described as unfair treatment of U.S. carriers by the Mexican government. At the center of the dispute is Mexico’s decision to reduce flights into Mexico City’s main Benito Juarez International Airport and force airlines to move operations to the new Felipe Angeles International Airport, located over 30 miles (48 km) away. Duffy said this violates a bilateral aviation agreement and favors Mexico’s domestic airlines. “Joe Biden and Pete Buttigieg deliberately allowed Mexico to break our bilateral aviation agreement. That ends today,” said Duffy. “Let these actions serve as a warning to any country who thinks it can take advantage of the U.S., our carriers, and our market. America First means fighting for the fundamental principle of fairness.” Mexico is the leading foreign destination for U.S. travelers, with over 40 million passengers flying there last year. Global markets climb following wall street rally on strong US economic data Delta and Aeromexico have pushed back strongly against the Transportation Department’s proposal to dissolve their joint venture, which has been in place since 2016. The airlines argue that punishing them for actions taken by the Mexican government is unjust and could jeopardize nearly two dozen routes and an estimated $800 million in shared economic benefits. Delta warned that ending the partnership would harm consumers, reduce competition, and affect U.S. jobs and tourism. Aeromexico said it is reviewing the order and plans to issue a joint response with Delta soon. While the order to terminate the partnership wouldn’t take effect until October, the two airlines are expected to continue challenging the decision. In a previous filing, they said losing the agreement could deter more than 140,000 U.S. tourists and nearly 90,000 Mexican travelers, leading to significant economic losses for both countries. Mexico’s President Claudia Sheinbaum has not yet commented on the restrictions. Source: Agency 

Global shares mostly advanced on Friday, following Wall Street’s record highs driven by upbeat U.S. economic indicators and mixed earnings from major companies. In early European trading, Germany’s DAX gained 0.4% to 24,479.86, France’s CAC 40 climbed 0.6% to 7,869.86, and the UK’s FTSE 100 edged up 0.2% to 8,987.81. Futures for the S&P 500 and Dow Jones Industrial Average each rose 0.1%. In Asia, Japan’s Nikkei 225 slipped 0.2% to 39,819.11, as investors awaited Sunday’s upper house election, which could impact the ruling coalition’s majority. Core inflation in Japan rose 3.3% in June, down from May’s 3.7%, but still above the Bank of Japan’s 2% target. Hong Kong’s Hang Seng advanced 1.2% to 24,825.66, while Shanghai’s Composite added 0.5% to 3,534.48. Taiwan’s Taiex rose 1.2%, bolstered by a 2.2% gain in Taiwan Semiconductor Manufacturing Co. (TSMC) after it reported a 61% jump in quarterly net income, driven by AI-related demand. TSMC’s U.S.-traded shares surged 3.4% Thursday. Beijing's GDP rises 5.5pc in H1 2025, surpassing 2.5 trillion yuan Australia’s ASX 200 gained 1.4% to 8,757.20, while South Korea’s Kospi dipped 0.1% and India’s Sensex declined 0.6%. “Asia’s riding the global rally wave, AI fever refuses to break, and even the Fed is making soothing noises,” wrote Stephen Innes of SPI Asset Management. “But underneath all the sunshine is a market running hot, with volatility on sale and positioning still cautious.” On Wall Street Thursday, the S&P 500 rose 0.5% to 6,297.36, the Dow added 0.5% to 44,484.49, and the Nasdaq climbed 0.7% to 20,885.65. Strong U.S. retail sales and a drop in jobless claims signaled continued economic resilience, likely keeping the Federal Reserve on hold regarding interest rate moves. Meanwhile, U.S. crude rose 84 cents to $67.07, and Brent crude gained 80 cents to $70.32. The dollar strengthened to 148.72 yen, and the euro increased to $1.1640.

PepsiCo posted better-than-expected earnings and revenue for the second quarter and expressed optimism about reviving sluggish North American sales with a range of high-protein snacks and reformulated products in the coming months. In a call with investors on Thursday, Chairman and CEO Ramon Laguarta said the company plans to roll out protein-enhanced versions of snacks such as Pop Corners and expand to high-protein versions of other best-selling items. New protein beverages are also expected later this year. “Consumers are embracing protein in their diets at a pace we haven’t seen before,” Laguarta said. “We aim to deliver accessible, scalable solutions.” PepsiCo also plans to relaunch Lay’s and Tostitos chips without artificial colors or ingredients in the U.S. later this year, following calls by U.S. health officials to eliminate synthetic additives from food products. However, Laguarta did not confirm whether PepsiCo will replace high-fructose corn syrup with real sugar in its U.S. beverages, after President Donald Trump claimed Coca-Cola had agreed to do so. “We follow the consumer,” Laguarta said, adding that PepsiCo will continue to adapt to preferences for natural ingredients. Trump says Coca-Cola to use cane sugar in US Despite overall gains, PepsiCo reported a 1% decline in North American snack sales and a 2% dip in beverage sales for the April-June period, attributed to years of price hikes and changing consumer habits. To counter perceptions of high prices, the company is expanding distribution of affordable brands like Chester’s and Santitas. Global sales rose modestly, driven by Latin America and Asia, with strong performance from low- and no-sugar Pepsi variants. PepsiCo’s revenue increased to $22.7 billion, exceeding analysts’ forecast of $22.3 billion. Adjusted earnings stood at $2.12 per share, also above expectations. However, net income fell 59% to $1.3 billion due to impairment charges on its Rockstar and Be & Cheery brands. Shares rose nearly 6% Thursday morning following the results. PepsiCo reaffirmed its lower full-year earnings outlook, citing ongoing tariff pressures and cautious consumer spending. Tariff costs have increased further after the Trump administration raised aluminum import duties to 50% in June. Source: Agency 

Bangladesh Bank arranged a special award ceremony at its headquarters in Motijheel on Thursday to formally recognize and honor officials from Sri Lanka's Pan Asia Banking Corporation PLC (PABC). The recognition was for their "exemplary vigilance, professionalism, and integrity" in preventing a US$20 million fraudulent transaction during the 2016 Bangladesh Bank reserve heist incident. The Governor of Bangladesh Bank Dr. Ahsan H. Mansur, stated that the ceremony transcended mere recognition, serving as a tribute to ethics, prudence, and human values that transcend borders. He highlighted that the decisive actions of the Sri Lankan officials not only safeguarded Bangladesh's financial interests but also bolstered global trust in the integrity of the banking system. Dr. Md. Habibur Rahman, Deputy Governor of Bangladesh Bank, welcomed the guests, expressing gratitude for their "exemplary role in preventing a financial breach that could have resulted in significant loss." He noted that the ceremony was a "long-overdue tribute to a group of individuals whose actions demonstrated the highest standards of vigilance and ethical conduct at a critical moment in global financial history." He added that their integrity not only protected monetary assets but also reinforced the values that bind the global financial community. The Inspector General of Police, Dr. Baharul Alam, thanked the Sri Lankan bankers for their due diligence and assistance provided to the Bangladeshi investigation team in Sri Lanka. Dr. Alam emphasized that the event symbolized appreciation and a reaffirmation of cross-border cooperation, financial integrity, and institutional accountability. The event also celebrated the enduring partnership between Bangladesh and Sri Lanka, underscoring shared commitments in financial regulation, cybersecurity, and regional cooperation. The ceremony included cultural showcases and multimedia presentations highlighting Bangladesh's economy, natural beauty, and contributions to peacekeeping and inclusive finance. The event concluded with a reaffirmation of bilateral cooperation between the central banks and a pledge to deepen collaboration in areas such as financial crime prevention, technology-driven oversight, and cross-border regulatory coordination. The event was attended by High Commissioner of Sri Lanka to Bangladesh. Top executives from Pan Asia Bank, including the award recipients, were also present, along with four Deputy Governors and the Head of the Bangladesh Financial Intelligence Unit, and other high officials from Bangladesh Bank, according to a press release.