In a recorded speech at the 8th Extraordinary Islamic Summit in Riyadh on November 9, Prime Minister Sheikh Hasina presented five recommendations to address the ongoing brutal Israeli aggression against Palestine. The summit was convened by the Kingdom of Saudi Arabia to address the unprecedented Israeli attacks on the Palestinian people.
Firstly, Prime Minister Sheikh Hasina called for an immediate ceasefire to halt the unjust and ruthless violation of human rights and international humanitarian laws. She highlighted the continuous devastation in Gaza, with Israel engaging in a merciless rampage, bombing hospitals, civilian infrastructure, and causing the death of thousands, predominantly women and children.
As her second recommendation, Sheikh Hasina emphasized the urgent need for a humanitarian corridor to ensure a continuous, rapid, and safe supply of essential supplies like food, water, medicine, and other lifesaving materials for the trapped residents of Gaza. She urged the international community to act swiftly to establish a secure humanitarian corridor amidst the ongoing Israeli bombing.
Thirdly, Sheikh Hasina underscored the necessity to punish those responsible for the killing of innocent civilians and the use of barbaric means, creating an environment of terror. She called for accountability to ensure that the people in Gaza can lead peaceful lives in their homeland.
In the fourth recommendation, Prime Minister Hasina urged a revisit of all agreed decisions at the UN, the Arab Peace Initiative, and the Quartet Road Map, working towards an early solution that brings permanent peace to the region.
Finally, Sheikh Hasina emphasized the importance of Muslim unity on the issue of Palestine, urging collective support for the Palestinian people’s right to self-determination and their demand for an independent homeland. She called for solidarity with the suffering of Palestinians, especially women and children, and reiterated Bangladesh’s support for the Two-State Solution based on the 1967 border, with Al-Quds Al-Sharif as its capital.
The Prime Minister expressed gratitude to Mohammad Bin Salman Bin Abdulaziz Al-Saud for hosting the summit and hoped that the meeting would serve as a powerful platform to urge Israel to halt its cruel onslaught against defenseless Palestinians. She drew attention to Gaza’s status as the most densely populated open-air prison globally and criticized the once-persecuted Jewish people for destroying the homes, hopes, and families of Palestinians who sheltered them during difficult times.
BGMEA Urges Gloria Jeans to Boost Garment Sourcing from Bangladesh
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has encouraged Gloria Jeans, a prominent Russian high street retail giant, to explore increased sourcing of garments from Bangladesh, particularly focusing on high-value and non-cotton items. The plea was made during a courtesy meeting between Faruque Hassan and Moyeen Ahmed, the regional general manager for Bangladesh and India at Gloria Jeans, held at the BGMEA head office in the capital.
In the meeting, discussions revolved around mutual interests and efforts to strengthen the collaborative relationship between Gloria Jeans and the Bangladeshi garment industry. Faruque Hassan provided insights into Bangladesh’s garment industry initiatives aimed at enhancing manufacturing capabilities, emphasizing the production of high-end products like manmade fiber and technical textile-based garments. Additionally, he highlighted BGMEA’s ongoing endeavors to promote eco-friendly processes and the adoption of a circular economy model in Bangladesh’s ready-made garment (RMG) industry.
Dollar Slides as Traders Bet on Fed Rate Cuts Amid Inflation Battle
The US dollar continued its decline on Wednesday as traders increased bets on the Federal Reserve cutting interest rates in the coming year, fueled by optimistic statements from officials regarding the battle against inflation. Meanwhile, equity markets showed a mixed performance after another subdued day on Wall Street, with attention turning to the central bank’s preferred gauge of prices, set to be released later in the week.
Recent indicators have suggested a softening in the US job market and a slowing economy, though not at a pace that raises significant concerns about a recession. This has led investors to shift back into risk assets, although profit-taking has restrained the latest gains in anticipation of a potential “Santa rally.”
Market data indicates that traders are now anticipating a Fed rate cut in June, with an 80 percent likelihood of such a move in May. Billionaire investor Bill Ackman has even suggested the possibility of a rate cut as early as the first quarter. The dovish comments from Fed officials, falling yields, and adjusted rate expectations have weighed on the dollar, causing it to reach its weakest level since September against the yen, near a four-month low versus the euro and sterling, and lower against various other currencies.
Fed Governor Christopher Waller expressed confidence in the current policy’s ability to slow the economy and bring inflation back to the target, signaling a positive shift. Michelle Bowman, his counterpart, supported potential rate hikes but remained conditional in her assessment. The market’s reaction to these comments has been significant, leading to a decline in the dollar’s value.
Despite the dovish turn, some analysts noted the potential challenge posed by falling yields, which may limit the effectiveness of higher Treasury yields as a substitute for further rate hikes. Equity markets struggled for direction as investors awaited the release of the personal consumption expenditures (PCE) data, the Fed’s preferred guide for inflation.
In Asian markets, Tokyo, Sydney, Seoul, Wellington, Taipei, and Jakarta saw gains, while Hong Kong, Shanghai, Seoul, and Manila experienced declines. The subdued performance on Wall Street persisted, even as reports indicated an increase in US consumer confidence and healthy sales over the recent shopping weekend.
Bangladeshi Enterprises Shine at Global Sourcing Expo Melbourne 2023
The “Global Sourcing Expo Melbourne 2023,” a three-day international trade exhibition, commenced today at the Melbourne Convention and Exhibition Center in Australia. The event is facilitated by the Bangladesh High Commission in Canberra, with the participation of 19 Bangladeshi enterprises. Among them, 15 garment manufacturers and suppliers are showcasing their products, supported by the Export Promotion Bureau (EPB). Additionally, four other Bangladeshi companies, specializing in RMG and home décor, are partaking in the exhibition.
The inauguration of the Bangladeshi exportable items exhibition at the Global Sourcing Expo in Melbourne was conducted by Bangladeshi High Commissioner to Australia M Allama Siddiqui and Marry Kinsella, the Chief Executive Officer of the organizing firm. Political Counselor Tahleel Delawar Moon and Commercial Counselor Rony Chakma from the Bangladesh High Commission were also present at the inaugural event.
The exhibition draws the participation of around 900 manufacturers and suppliers from 20 countries, marking it as a significant platform in the realm of international trade. These expos are held twice a year in Sydney and Melbourne, offering a crucial avenue for importers, exporters, manufacturers, and suppliers to showcase their products, explore new markets, and foster communication.
In terms of Bangladesh’s exports to Australia, the readymade garment sector constitutes approximately 93 percent. Bangladesh currently holds the position of Australia’s 32nd largest trade partner.
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