Industries Minister Nurul Majid Mahmud Humayun on Sunday said the government is implementing a massive plan to establish a modern wel-equipped laboratory to enhance the capacity of Bangladesh Standards and Testing Institution (BSTI). Humayun said there is no alternative to boost the capacity of BSTI like in developed countries to certify Bangladesh goods and products in the global markets. Also read:ACC to submit report after drive at BSTI The minister said this while addressing a seminar at BSTI auditorium held on the occasion of World Metrology day. This year the day is being observed on the theme of ‘Metrology in the digital era’. The BSTI has organized different programmess in Dhaka and its regional offices to mark the day. Zakia Sultana, secretary of the industries ministry, said that BSTI conducted 1666 ‘mobile court’ operations from May 2021 to April 2022. Around 2985 cases were filed, resulting in a fine of Tk14.96 crore while the 2019 surveillance team of the entity conducted the drive. Also read:BSTI for allowing import of downgraded Petrol The BSTI sealed 27 business establishments, punished 25 people for different tenure for violating rules of BSTI. Besides, the BSTI seized and destroyed different companies’ products worth Tk 10 crore as it was harmful for human bodies. State minister of the ministry Kamal Ahmed Majumder, senior vice-president Mustafa Azad Chowdhury, Director General of BSTI Dr Md Nazrul Anowar also spoke at the function.

Centre for Policy Dialogue (CPD), a private research organization, in a study revealed that prices of different types of rice are much higher in Bangladesh than in Vietnam, Thailand and other countries. Similarly, prices of flour, sugar, edible oil, onion, powdered milk, eggs and meat are much higher than the international market, the study said. “Prices of essential commodities have skyrocketed in Bangladesh. But inflation in the international market is not the only reason for price hikes,” said Dr Fahmida Khatun, Executive Director of CPD. Also read: Dishonest traders raising prices of essentials: Food Minister She came up with the remarks while addressing CPD’s media briefing titled 'Bangladesh Economy in the changed global context', held at its office in Dhanmondi, Dhaka on Sunday. Dr Fahmida presented two research papers on 'Skyrocketing prices amid stable inflation?’ and 'Changing global scenario and Bangladesh Economy: what should be the policy stance?’ on the occasion. Professor Mustafizur Rahman, distinguish fellow CPD, Dr Zahid Hossain, former lead economist, World Bank, Dr Shah Mohammad Ahsan Habib, BIBM, Professor M. Tamim, Dr Tawfiqul Islam Khan, CPD’s senior fellow, among others, spoke in the program. The speakers focused on the essential commodity prices' situation, external sector, energy and power, banking sector and budget management. Presenting a research paper, Fahmida Khatun said that the prices of essential commodities are skyrocketing. But food inflation is controlled in government accounts, which is not matching with economic theory. From October 2021 to January 2022, the government entity calculates inflation constant at 5.3 percent. At this time inflation of some particular products was between 6 percent to 30 percent during that time while the inflation of food remained constant at 5.3 percent. Dr Fahmida questioned how that is possible. Professor Mustafizur Rahman said the export volume has not grown compared with the huge import; resulting in a trade deficit of $ 10 billion. Dr Zahid Hossain said the government budget expenditure is not growing despite surplus money. He urged a policy to fix up energy prices in the country for sustainable investment. For curbing inflation CPD suggested policy attentions at the government policy makers considering its more adverse impact on the vulnerable and marginalized groups. “All available policy tools should be utilized to control food inflation, including exempting duties and taxes on essential commodities both at domestic and import levels, extending social safety net programmes and raising income tax exemption level,” the CPD said. Stability of exchange rate must be ensured as the value of taka against major currencies should be stabilised in view of its inflationary implications. An independent banking commission should be formed on an immediate basis to mitigate the disarrays within the sector and loan recovery should receive the highest attention. Despite huge imports, the export did not grow. But this is not an accurate picture compared to reality. The pressure on low-income people is mounting. Non-food inflation has also risen sharply, the CPD suggestion urged to change the situation. The need for strong market intelligence is critical as unscrupulous market players have always been active to take advantage of difficult periods, by stockpiling and creating artificial crises in the market, CPD study said. Efficient market management through close monitoring and supervision will be critical to keep the commodity prices under control during Ramadan and beyond. Also read: LGRD minister blames soaring prices of essentials on pandemic & war The volume of sale of essential commodities through the open market system (OMS) should be increased. Distribution of these commodities must be managed effectively and without any corruption, so that the eligible people have access to these items at low prices. The government should provide direct cash support to the poor, enhance social protection for low-income families, and extend stimulus to the small businesses for their survival during difficult times, said CPD.

Shares fell in Asia on Tuesday after Wall Street logged its biggest drop in more than a year as markets were jolted by another surge in oil prices. Benchmarks declined in Tokyo, Sydney, Hong Kong, Seoul and Shanghai following a 3% tumble for the S&P 500. The surge in the price of oil past $130 per barrel on Monday was triggered by the possibility the U.S. might bar crude imports from Russia. Oil prices steadied later in the day and were moderately higher early Tuesday. Read:Oil prices jump, shares sink as Ukraine conflict deepens A third round of peace talks between Ukraine and Russia failed to produce major results. A top Ukrainian official said there was minor, unspecified progress toward establishing safe corridors to allow civilians to escape the fighting. But Russian forces continued their shelling as food, water, heat and medicine grew increasingly scarce in Ukraine. Surging prices for oil and other vital commodities are rattling global markets and the situation remains uncertain as investors search for safe havens from expanding sanctions against Russia. Analysts expect the war in Ukraine to top the agenda for some time to come and say the full impact of the conflict is yet to be fully taken into account. “Disruptions to energy markets and the possibility of a geopolitical paradigm shift make for a highly unpredictable environment," Stephen Innes of SPI Asset Management said in a commentary. However, he added, “we should reach a point at which equities start to price in a light at the end of the tunnel." Japan's benchmark Nikkei 225 shed 0.9% to 24,994.98. Australia's S&P/ASX 200 sank 0.2% to 7,023.20. South Korea's Kospi slipped 0.5% to 2,637.61. Hong Kong's Hang Seng lost 0.3% to 20,990.05, while the Shanghai Composite fell 2% to 3,305.83. On Monday on Wall Street, the S&P 500 fell 122.78 points to 4,201.09. The Dow Jones Industrial Average fell 2.4% to 32,817.38. The tech-heavy Nasdaq composite slid 3.6% to 12,830.96 and is now 20.1% below its record set in November. That means the index is in what Wall Street calls a bear market. The S&P 500 is down 12.4% from the peak it set in early January. Gold — a measure of nervousness on Wall Street — also rose, though not by quite as much as when oil prices hit their peak. The price of gold briefly touched $2,007.50 per ounce. Early Tuesday it was at $1,990.00, down 0.3%. Benchmark U.S. crude advanced $1.76 to $121.16 a barrel in electronic trading on the New York Mercantile Exchange. It settled at $119.40 per barrel on Monday, up 3.2%, after earlier touching $130.50. Brent crude, the international pricing standard, added $2.68 to $125.89 a barrel. It had settled at $123.21 per barrel, up 4.3%, after earlier topping $139. Worries are growing that Russia’s invasion of Ukraine will upend already tight supplies of oil. Russia is one of the world’s largest energy producers, and oil prices already were high before the attack because the global economy is demanding more fuel following its coronavirus-caused shutdown. A U.S. ban on imports of Russian oil and other energy products, if taken, would be a major step for the U.S. government, though the White House has said it hopes to limit disruptions to oil markets and limit price jumps at the gasoline pump. Reports also said U.S. officials may be considering easing sanctions against Venezuela. That potentially could free up more crude oil and ease concerns about reduced supplies from Russia. A gallon of regular already costs an average of $4.065 across the country after breaching the $4 barrier on Sunday for the first time since 2008. A month ago, a gallon averaged $3.441, according to AAA. Read:Brent crude up $10, shares sink as Ukraine conflict deepens The war puts extra pressure on central banks around the world, with the U.S. Federal Reserve on course to raise interest rates later this month for the first time since 2018. Higher rates slow the economy, which hopefully will help rein in high inflation. But if the Fed raises rates too quickly, it risks forcing the economy into a recession. “Their reaction to geopolitics can't really be measured, so there's uncertainty around that,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. Beyond sanctions brought on Russia by governments because of its invasion of Ukraine, companies are also levying their own punishments. The list of companies exiting Russia has grown to include Mastercard, Visa and American Express, as well as Netflix. On Wall Street, shares of Bed Bath & Beyond soared 34.2% to $21.71 after the investment firm of billionaire Ryan Cohen took a nearly 10% stake in the company and recommended big changes. Cohen is the co-founder of Chewy, and he's amassed somewhat of a cult following after he took a stake in GameStop, the struggling video game chain that eventually named him board chairman. Treasury yields climbed, with the 10-year rising to 1.78% from 1.72% late Friday. In currency trading, the U.S. dollar rose to 115.43 Japanese yen from 115.32 yen. The euro cost $1.0868, up from $1.0853.