United News of Bangladesh

Prediction market platform Polymarket is trying to rebuild its reputation as it returns to the US market after spending four years operating outside the country. The company is investing heavily in marketing and new partnerships while assuring regulators, policymakers and customers that its US business will operate under stricter rules than its international platform, which has faced criticism in recent years. Polymarket has worked with social media influencers to promote its services on TikTok and other platforms. Its account on X has attracted millions of followers, while the company has signed partnership deals with Major League Baseball, several sports teams and media organisations including CNBC and CNN. The company says its prediction markets offer a more accurate way to measure the likelihood of future events than traditional opinion polls or expert commentary. Polymarket left the US market in 2022 after settling federal charges over operating an unregistered derivatives exchange. Although Americans were officially barred from using its international platform, many continued to access it through other means. The offshore platform later drew criticism over allegations of insider trading and allowing bets linked to wars and other violent events. Polymarket officially returned to the US at the end of 2025 after acquiring derivatives exchange QCEX, giving it the regulatory licence needed to operate in the country. Company executives say the US business is completely separate from its international platform. They have also recruited compliance, regulatory and surveillance experts to ensure the platform follows US laws. "Trust is the product we are building here," Dan Lee, head of US operations at Polymarket, said in an interview. Lee joined the company earlier this year after working at Coinbase. Among the recent appointments is Megan McGrath, formerly of Robinhood, who has become Polymarket's chief compliance officer. The company has also hired former officials from the US Department of Justice and the FBI to oversee enforcement and market surveillance. Lee said earning public trust will be critical to the success of Polymarket's US operations. Both the US and international platforms allow users to trade on the probability of future events, including politics, sports, weather and current affairs. However, the two services operate differently. The international platform is built on blockchain technology and requires users to trade with cryptocurrency, while the US platform is regulated by the Commodity Futures Trading Commission (CFTC) and uses traditional US dollars. Customers will notice little difference apart from the payment method, although the US platform offers fewer contracts and operates under tighter regulations. Todd Phillips, a prediction market researcher at the Roosevelt Institute, said the key distinction is that the US platform must comply with American laws, while the international version operates under far fewer restrictions. The competition has also intensified since Polymarket exited the US market. The prediction market industry has expanded rapidly, with combined trading volume on Polymarket and rival Kalshi reaching $26.6 billion, according to blockchain analytics firm Dune. That compares with $9.75 billion recorded across the platforms in October last year. Kalshi currently dominates the US market, largely because of its sports-related contracts, and was valued at $22 billion in its latest funding round. The industry has also received support from the Trump administration. The CFTC has challenged state efforts to regulate prediction markets, arguing that federal law should take precedence. Meanwhile, Donald Trump Jr. is an investor in Polymarket through venture capital firm 1789 Capital. Despite its return, Polymarket has faced fresh scrutiny over its promotional campaigns. The Wall Street Journal reported that some of the company's advertisements allegedly used paid influencers who appeared to profit from trades that were not genuine. Politico also reported in June that a Polymarket executive paid at least 20 political content creators without many of them publicly disclosing the partnerships. The company said it is investigating both its advertising and promotional activities. Questions also remain over whether Polymarket's US business can separate itself from controversies involving its international platform. Earlier this year, a US Army sergeant was indicted over bets related to the capture of Venezuelan President Nicolás Maduro that were placed on Polymarket's international platform. In April, The Associated Press also reported that dozens of newly created accounts placed large bets on a US-Iran ceasefire shortly before President Donald Trump announced the ceasefire on social media, raising concerns about possible insider trading. Lee said he believes the safeguards introduced in the US business will strengthen its credibility despite the controversies surrounding the international platform. He added that the size of the international business often overshadows the progress Polymarket is making in establishing a trusted and fully regulated operation in the United States.

Bangladesh and the United States on Monday signed an agreement whereby the US committed to establishing a mechanism for certain textile and apparel goods from Bangladesh using American cotton and man-made fibres to enjoy zero tariff entry into the lucrative US market. At the same time, the agreement reduces the 'Reciprocal Tariff' rate for all other goods between the two nations to 19%.  It was originally set at 37 percent and later reduced to 20 percent in August last year. On the Bangladesh side, the signatories were Commerce Adviser Sheikh Bashir Uddin and National Security Adviser Khalilur Rahman, and on US side Ambassador Jamieson Greer, US Trade Representative. Negotiations on the agreement spanned over nine months since April last year. "The agreement marks a historically new level in our bilateral economic and trade relations. It will provide substantially enhanced access of Bangladesh and the US to each other's respective markets," said Commerce Adviser Sheikh Bashir Uddin, who led the Bangladesh side.  "The reduction of reciprocal tariff from 20 percent to 19 percent will grant further advantage to our exporters, while zero reciprocal tariff on specific textile and apparel exports from Bangladesh will give substantially added impetus to our garments sector," said NSA Rahman, who was the lead negotiator of Bangladesh. The agreement was approved by the Council of Advisers today (Monday) and will be operational once notifications are issued by the two sides. Present during the signing were Commerce Secretary of Bangladesh Mahbubur Rahman and Assistant US trade Representative Brendan Lynch.

A delegation of BGMEA comprising leading apparel exporters from Bangladesh have participated in an international trade exhibition -- Texworld USA Summer 2022 – to explore more business opportunities in the USA market.  Texworld USA, one of the largest sourcing events for suppliers, buyers, designers, merchandisers and overseas sourcing professionals, was held in New York on July 19-21, said the BGMEA on Saturday. The international exhibition offers a wide product range covering the entire fabric spectrum. Also read: Canadian Trade Union delegation calls on BGMEA President From casual cotton to function fabrics and sophisticated knits to intricate laces, season-to-season attendees discover textiles of innovative structures, material mixes and surprising color palettes. The delegation headed by BGMEA Vice President Shahiduallh Azim showcased the strengths of Bangladesh’s RMG industry in the fair, especially its growing importance on manufacturing diversified products including value-added apparels made from non-cotton and technical textiles. Ambassador of Bangladesh to the USA M Shahidul Islam visited Bangladeshi stalls in the exhibition where he assured the delegation of cooperation of the embassy in exploring business opportunities in the USA market. Also read: BGMEA wants faster, smoother security clearance services for RMG BGMEA Vice President Shahidullah Azim said that Bangladesh has huge scope to increase its share of apparel exports to the US market. Participation of Bangladeshi exporters in the international trade exhibitions like Texworld, will help to connect with the prospective buyers in the US market and beyond and seize the opportunities.

Speakers at a webinar on Saturday said Bangladeshi entrepreneurs can invest in manufacturing and agricultural sectors of some countries in African continent under African Growth and Opportunity Act (AGOA) to expand export to the US market. They said Africa is a big continent with huge investment opportunities even though the trade share of Bangladesh is remarkably very low for lack of PTA/FTA, tariff and non-tariff barriers and infrastructure. The speakers came up with the remarks in the webinar titled “Trade & Investment Cooperation of Africa and Bangladesh: Towards a new Trajectory” held on the fifth day of Bangladesh Trade and Investment Summit 2021. “Private sector needs to be aggressive to invest both at home and abroad. Food processing and agriculture have good prospects there. We’ve to grab the market,`` Planning Minister MA Mannan told the webinar. As Bangladeshi entrepreneurs entered the African market, he suggested that they can invest more in that region with a plan. DCCI President Rizwan Rahman in his presentation said the bilateral trade is about $1.5 billion between Bangladesh and Africa having a positive trade balance for Bangladesh. “Our export to Africa accounts for 1.02 per cent of Bangladesh’s our total export.” Read: Bangladeshi investors keen to invest in South Africa: FM Though African investment is declining in Bangladesh, Bangladeshi investment in Africa is on the gradual rise, he added. The African investment in Bangladesh was recorded only $306 million. AHM Ahsan, Vice Chairman and CEO, Export Promotion Bureau (EPB), said African trade with the rest of the world in 2020 was $888 billion accounting for only 3 per cent of total global trade. Last year, the intra-African trade volume of $133 billion was heavily influenced by African Growth and Opportunity Act (AGOA) and Common Market for Eastern and Southern Africa (COMESA), he said. “Our trade with Africa is significantly low compared to other regions. Bangladesh exports to only 5-6 countries of Africa. Their high import tariff is an obstacle to export increase. But the service sector is a potential sector for investment,” he added. Md Tarikul Islam, DG Africa Wing, Ministry of Foreign Affairs, said Africa is a resourceful country having enormous potentials. “African investment in Bangladesh is not remarkable due to their restrictions over foreign investment. But textiles, pharmaceuticals, footwear, RMG, leather, paper and pulp, ship breaking and agriculture are some of the sectors they can invest in. The visa process for African investors will be eased,” he said. Abdus Samad Al Azad, Joint Secretary, Ministry of Commerce, Muhammad Zahangir Alam, Director, Square Pharmaceuticals and M Mosaddek Hossain, Managing Director, UniMed UniHealth Pharmaceuticals, among others, spoke at the webinar.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan has urged the American Apparel and Footwear Association (AAFA) to promote Bangladesh as the safe and sustainable apparel-sourcing destination among its members. He also encouraged them to source more garments including non-cotton items from Bangladesh. Read:BGMEA, USGBC keen to promote green growth in Bangladesh BGMEA President Faruque Hassan and Vice President Miran Ali met with Stephen  Lamar, President and CEO of the AAFA in Washington recently and discussed the issues, said the BGMEA on Sunday. High officials of AAFA and other organizations were also present at the meeting. They had discussions on various issues including how to enhance cooperation between BGMEA and AAFA to deepen mutual business engagement and explore areas of further collaboration. BGMEA President Faruque Hassan highlighted the unprecedented strides made by Bangladesh's RMG industry over the years in safety, sustainability and social compliance, which have earned the sector global recognitions. A recent survey report by Hong Kong-based supply chain compliance solutions provider, QIMA, ranked Bangladesh’s garment industry second in “Ethical Manufacturing." Read: BGMEA, WRAP to join forces for Bangladesh's apparel market expansion Apart from ensuring workplace safety, Bangladesh is the home of the highest number of green garment factories in the world. The BGMEA chief highlighted the future prospects of the industry and stressed the importance of industry up-grading particularly in the areas of skills and efficiency enhancement, technological upgrading, and diversification of products, especially non-cotton. Faruque Hassan welcomed investments from AAFA members in these areas, particularly in non-cotton and technical textiles and high-end apparel items. He urged US brands and buyers to collaborate with their suppliers to build their capacities in manufacturing those apparel items which have demand in the US market. Diversification of products is very important to ensure sustained growth of Bangladesh’s apparel industry. Read: Remove derogatory comments about 'Made in Bangladesh' from French movie: BGMEA The BGMEA President also talked about how Bangladesh’s RMG industry has been able to turn around by addressing unprecedented challenges caused by the COVID-19 pandemic. He pointed out that production costs have increased while price has witnessed fall in the US market. He urged for justified prices and sought the support of AAFA and their members to be more empathetic towards their supply chain partners to make the supply chain sustainable.  The AAFA expressed willingness in working closely with BGMEA to promote brand Bangladesh and business interests through their membership.