United News of Bangladesh

The 10th Belt and Road Summit in Hong Kong (Sept 10-11) drew around 6,200 participants from governments, global organisations, businesses and media to celebrate 10 years of progress under the Belt and Road Initiative (B&RI). Jointly hosted by the Hong Kong Special Administrative Region (HKSAR) Government and the Hong Kong Trade Development Council (HKTDC), the flagship event carried the theme “Collaborate for Change – Shape a Shared Future.” In his opening remarks, HKSAR Chief Executive John Lee noted, “Over the past 10 years, more than 45,000 people from over 120 countries and regions have participated in the Summit. Together, they have presented over 2,800 projects along the Belt and Road, shaping a shared vision through collaboration and connectivity, which are the fundamental values of the Belt and Road Initiative.” This year’s summit produced a record 45 memoranda of understanding (MOUs) and commercial agreements between governments and enterprises. Including deals concluded ahead of the summit, their combined value is close to US$1 billion. Highlighting Hong Kong’s role as a key platform for the B&RI, Lee said, “Hong Kong is the ideal Belt and Road hub. As the only world city that converges both the China advantage and the global advantage, Hong Kong stands as the premier gateway for co-operation, bridging people, trade, business, education, culture and values across the region, connecting Asia and the world.” Lee also outlined Hong Kong’s strengths in finance, legal services, competitiveness, connectivity, sustainability, and talent. He noted that under the Belt and Road Scholarship and related schemes, more than 4,000 students from Belt and Road countries pursue higher education in Hong Kong each year. FAA proposes $3.1 million fines for Boeing over safety violations The summit featured thematic sessions on legal services, trade, insurance, architecture, green finance and logistics, aimed at building a greener and more interconnected future. Alongside, Hong Kong is hosting major Belt and Road-linked events such as the Future Investment Initiative PRIORITY Summit, the Saudi Super Cup, and next year’s first global edition of LEAP East, a major Middle Eastern tech expo. Over 20 other activities — spanning business, arts, music, sports and academia — are also taking place, including the “Wonders of Imperial Carpets” exhibition at the Hong Kong Palace Museum and a Belt and Road concert by the Hong Kong Philharmonic Orchestra on Sept 27. Source: Agency 

The Federal Aviation Administration (FAA) is seeking $3.1 million in fines against Boeing over safety violations, including the January 2024 midair blowout of a door plug panel on an Alaska Airlines Boeing 737 Max 9. The violations occurred between September 2023 and February 2024, the FAA said Friday. In the January incident, a paneled-over exit door, known as a door plug, detached shortly after takeoff from Portland, Oregon. None of the 171 passengers or six crew members were seriously injured, and the pilots safely returned the plane to the airport. A 17-month investigation by the National Transportation Safety Board attributed the incident to lapses in Boeing’s manufacturing and oversight, along with ineffective FAA inspections and audits. The FAA cited hundreds of quality system violations at Boeing’s Renton, Washington, 737 factory and at subcontractor Spirit AeroSystems’ facility in Wichita, Kansas. Read: Boeing fighter jet builders launch strike after rejecting contract offer The regulator also found that a Boeing employee pressured an FAA-authorized Designated Engineering Representative to certify a 737 Max despite non-compliance with safety standards to meet delivery schedules. Boeing has 30 days to respond and said it is reviewing the proposed penalty, emphasizing safety and quality improvements implemented under FAA oversight last year. The 737 Max, Boeing’s bestselling jet, has faced persistent scrutiny following crashes in 2018 and 2019 that killed 346 people. Source: Agency 

Postal traffic into the United States has plunged by more than 80% after the Trump administration scrapped a long-standing tariff exemption for low-cost imports, the United Nations postal agency said Saturday. The Universal Postal Union (UPU) said it has begun rolling out measures to help postal operators worldwide calculate and collect duties after Washington eliminated the “de minimis exemption” for parcels valued at $800 or less. According to the UPU, 88 postal operators have suspended some or all services to the U.S. until a solution is found. “The global network saw postal traffic to the U.S. come to a near-halt after the new rules took effect on Aug. 29, 2025, placing the burden of customs duty collection on transportation carriers or U.S. Customs and Border Protection-approved companies,” the agency said. Data exchanged through the UPU’s electronic system showed traffic from its 192 member countries had dropped 81% on Aug. 29 compared with the week before. The agency, based in Bern, Switzerland, said “major operational disruptions” occurred because airlines and carriers refused to collect duties, while foreign postal operators lacked systems to link with U.S.-qualified partners. Ahead of the change, the postal union had written to U.S. Secretary of State Marco Rubio warning about its impact. Asian shares rise as Wall Street steadies on tech rally, weaker dollar The exemption, first introduced in 1938, had long allowed lower-value imports to bypass customs. The Trump administration argued it had become a loophole exploited by foreign businesses to avoid tariffs and by criminals smuggling drugs into the country. Under the new rules, purchases that once cleared customs duty-free are now subject to origin-based tariff rates ranging from 10% to 50%. Exceptions remain for U.S. residents receiving gifts worth up to $100 and souvenirs up to $200 from overseas trips, the White House said. The UPU stressed that members were not given sufficient time or guidance to comply with the July 30 executive order that ended duty-free eligibility for low-value goods. Source: Agency 

Asian stocks mostly advanced Thursday after a rebound in technology shares lifted Wall Street and a softer U.S. dollar made regional assets more attractive. Japan’s Nikkei 225 gained 1.2% to 42,437.37, Australia’s S&P/ASX 200 added 0.6% and South Korea’s Kospi edged up 0.2%. Taiwan rose 0.7% and India’s Sensex climbed 0.6%. However, Hong Kong’s Hang Seng fell 1.1% to 25,006.22 and Shanghai’s Composite dropped nearly 2% to 3,738.32 amid concerns of tighter regulatory controls. On Wall Street Wednesday, Alphabet jumped 9.1% after easing fears in its antitrust case, fueling a broader tech rally. The S&P 500 rose 0.5%, ending a two-day slide, while the Nasdaq added 1% and the Dow slipped 0.1%. Bond yields also eased after weak U.S. job openings data boosted expectations the Federal Reserve could cut rates this month. The 10-year Treasury yield retreated to 4.22% from 4.28%. Nippon Sanso Holdings launches unified global brand logo under “NIPPON SANSO” name Lower rates could support growth but also risk fueling inflation, especially as tariffs raise import costs. In commodities, U.S. crude fell 42 cents to $63.55 a barrel, while Brent lost 35 cents to $67.25. The dollar edged up to 148.24 yen, while the euro slipped to $1.1653. Source: Agency 

An 11-member delegation from  the International Chamber of Commerce, Bangladesh (ICCB), led by its President Mahbubur Rahman, left here for Melbourne, Australia on Sunday to participate in the ICC’s 14th World Chambers Congress (WCC), scheduled for September 2-4. Tanvir Ahmed, managing director of Green Textile, has been invited as a speaker, spotlighting Bangladesh’s increasing presence on the global business stage. Following the WCC, the delegation will continue its international outreach with visits to ICC New Zealand and the Auckland Chamber of Commerce, where high-level discussions on enhancing bilateral trade and investment between Bangladesh and New Zealand are planned. Other delegation members are AK Azad, Vice President, ICC Bangladesh; Anwar-Ul-Alam Chowdhury (Parvez), Managing Director, Evince Group; Kutubuddin Ahmed, Chairman, Envoy Textiles; Mohd. Arshad Ali, Managing Director, The Merchants Limited; Mohammed Abdul Jabbar, Managing Director, DBL Group; Engr Syed Ishtiaq Ahmed, Managing Director, Saiham Cotton Mills Limited; Matiur Rahman, Chairman & Managing Director, Uttara Group of Companies; Simeen Rahman, CEO, Transcom Group; Tanvir Ahmed, Managing Director, Green Textile Limited and Ataur Rahman, Secretary General, ICC Bangladesh. The delegation is expected to return to Dhaka on September 10, said a media release on Sunday. The premier global forum, organised by the ICC World Chambers Federation (WCF), in partnership with the Victorian Chamber of Commerce and Industry (VCCI), brings together over 1,000 business, chamber and political leaders from more than 100 countries. The event, held biennially, offers an unparalleled platform for exchanging best practices, sharing market insights, fostering cross-border networks, and introducing innovations that shape today’s business landscape. The theme of the congress is ‘Business, Chambers, Government: Partners for Prosperity’, underscoring the collaborative potential among businesses, chambers of commerce and governments to drive sustained economic growth and opportunity. The key focus areas of the Congress are addressing geopolitical shifts, clean energy transitions, digital leadership, life sciences, workforce evolution and resilience in global trade.

Nippon Sanso Holdings Corporation announced it will standardize its industrial gas business under the unified global brand “NIPPON SANSO,” introducing a single logo across all regions in stages. The group, one of the world’s largest suppliers of industrial, electronic and medical gases, said the move aims to strengthen recognition as a cohesive global entity, boost corporate value and support sustainable growth. The rebranding does not affect the Thermos Group, which operates consumer household goods under the THERMOS brand. During the transition, both new and old logos may appear simultaneously. Mexico halts postal shipments to US amid tariff uncertainty Founded in 1910, Nippon Sanso operates in over 30 countries across Japan, the U.S., Europe and Asia-Oceania, employing more than 19,000 people. Its consumer arm supplies Thermos products to 120 countries. The company also cautioned investors that its common stock is listed only on the Tokyo Stock Exchange. It does not support or participate in any unsponsored American Depository Receipt (ADR) programs and disclaims responsibility for related trading activities. Source: Agency 

Mexico’s postal service has suspended package deliveries to the United States as Washington prepares to end a long-standing exemption on low-value imports, the government announced Wednesday. The move comes as the Trump administration phases out the “de minimis” exemption, which allows packages worth under $800 to enter the U.S. duty free. The exemption, set to expire Friday, covered 1.36 billion shipments worth $64.6 billion in 2024, according to U.S. Customs and Border Protection. Correos de Mexico said it would halt shipments starting Wednesday, joining postal operators in the European Union, Australia and Japan that have also paused services while awaiting clarity on the new import duties. “Mexico continues its dialogue with U.S. authorities and international postal organizations to establish mechanisms for the orderly resumption of services, providing certainty to users and avoiding setbacks in deliveries,” the government said in a statement. European postal operators halt shipments to US over new tariff rules The suspension has already affected individuals. At a Mexico City post office, Yunnueth Hernández said she had hoped to show her children how letters were once sent but was told U.S. shipments had been canceled. Outside, another woman wept after being unable to send a letter and photos to her boyfriend. The measure comes as Mexico continues talks with U.S. President Donald Trump to prevent wider tariffs, offering greater cooperation on security and extraditions of cartel leaders. Source: Agency 

India is preparing for a severe blow to its exports as steep U.S. tariffs on Indian goods came into force Wednesday, threatening more than half of the country’s shipments to its largest overseas market. President Donald Trump had initially announced a 25% duty, but earlier this month signed an executive order imposing an additional 25% penalty over India’s purchase of Russian oil. The combined 50% tariff now applies to a wide range of Indian products. According to government estimates, $48.2 billion worth of exports will be affected, with officials warning the new duties could make sales to the U.S. unviable, leading to job losses and slower growth. Labor-intensive sectors such as textiles, gems and jewelry, leather goods, food and automobiles are expected to be hardest hit, according to the Global Trade Research Initiative. “The new tariff regime is a strategic shock that threatens to wipe out India’s long-established presence in the U.S.,” said its founder Ajay Srivastava. Exporters fear small and medium enterprises will suffer most. “This is an absolute shock,” said Puran Dawar, a footwear exporter in Agra. “The U.S. should understand that these steep tariffs will hurt its own consumers.” Asian shares mostly higher as Wall Street ends mixed Prime Minister Narendra Modi has vowed not to yield to U.S. pressure to open India’s agriculture and dairy markets. “For me, the interests of farmers, small businesses and dairy are topmost,” he said this week. India is now weighing tax cuts, export incentives and new trade deals to cushion the impact. Source: Agency 

President Donald Trump said late Monday that he is firing Federal Reserve Governor Lisa Cook, in what is seen as a sharp escalation of his efforts to exert greater control over the U.S. central bank. In a letter posted on his Truth Social platform, Trump cited allegations of mortgage fraud — raised last week by Bill Pulte, a Trump appointee to the Federal Housing Administration — as the reason for dismissing Cook. She has previously said she would not step down. The move follows Trump’s repeated clashes with Fed Chair Jerome Powell, whom he has accused of mismanaging the institution and resisting his demands to cut interest rates. Powell has insisted the central bank must assess the impact of Trump’s sweeping tariffs on imports, which could push inflation higher. The episode has renewed debate over the independence of the Federal Reserve, a principle widely supported by economists and investors. The Fed, by raising or lowering interest rates, wields enormous influence over growth, inflation, and jobs. Economists argue that central banks function best when insulated from political pressure, allowing them to take unpopular but necessary steps to contain inflation. Read: US erconomy remains stable, but Federal Reserve faces uncertainty That independence was cemented after the painful lessons of the 1970s, when former Fed Chair Arthur Burns bowed to pressure from President Richard Nixon to keep rates low before the 1972 election — a move many blame for runaway inflation. His successor, Paul Volcker, appointed in 1979, raised rates to nearly 20%, triggering a deep recession but ultimately breaking the back of inflation. Markets are watching Trump’s actions closely. Any attempt to remove Powell could rattle Wall Street, push bond yields higher, and drive up borrowing costs across mortgages, auto loans, and credit cards. Still, the Fed is not entirely beyond political influence. Presidents appoint board members, subject to Senate approval, and can gradually reshape policy direction. Congress, meanwhile, sets the central bank’s mandate, which since 1977 has required the Fed to pursue both stable prices and maximum employment. Whether a president can fire a Fed chair mid-term remains legally murky. The Supreme Court has suggested it can only be done “for cause,” typically meaning misconduct or negligence. Any attempt to remove Powell on policy grounds could trigger a legal showdown. Source: Agency 

Cognite, a global leader in industrial artificial intelligence, has announced the incorporation of a new entity in Abu Dhabi as part of its expansion strategy to support the region’s growing demand for digitalization in energy and manufacturing. The move aims to accelerate the adoption of industrial AI across the Middle East, aligning with the UAE government’s ambition to establish itself as a global leader in AI. The Abu Dhabi office will serve as a regional hub, offering local expertise, technology, and customer support. “Cognite’s AI solutions are a game-changer for industry,” said Bernard Looney, board member of Abu Dhabi-based energy investment firm XRG. “They form the foundation for any AI application, enabling improvements in safety, emissions, and performance. I am delighted with Cognite’s new presence in the UAE — a country at the forefront of global AI leadership.” Cognite’s solutions center on AI agents powered by Cognite Data Fusion®, a platform that prepares industrial data for secure AI use. Integrated with Cognite Atlas AI™, these tools allow organizations to deploy and scale AI-driven workflows efficiently. “The UAE is leading the world in ambition and action around industrial AI,” said Cognite CEO Girish Rishi. “Our new entity will bring us closer to customers so we can co-innovate and deliver value with local talent.” Read more: European postal operators halt shipments to US over new tariff rules Cognite will further showcase its AI capabilities at its upcoming global conference, Impact 2025. About CogniteCognite partners with leading energy, manufacturing, and renewable companies to deliver secure, real-time data solutions that improve safety, sustainability, and profitability. Its scalable platform enables decision-makers at all levels to harness complex industrial data for smarter operations. Source: Agency