Connect with us

World Biz

BD agreed to Pay Russia in Chinese Yuan for Nuclear plant

Published

on

Yuan

Bangladesh and Russia have agreed to use Chinese yuan to settle payment for a nuclear plant Moscow is building in the South Asian country, a Bangladesh government official said on Monday (17 April).

Bangladesh is constructing the first of two nuclear power plants in collaboration with Russia’s state-owned atomic company Rosatom in a $12.65 billion project, 90% of which is financed through a Russian loan repayable within 28 years, with a 10-year grace period.

“Russia wanted us to make payment in rouble but that’s not possible for us. So we have agreed to pay in Chinese yuan,” Uttam Kumar Karmaker, a senior official in the Bangladesh Economic Relations Division, told the international news media.

The project will help curb frequent power cuts which analysts expect to worsen this year as Bangladesh’s ability to import fuels has taken a hit following a rapid decline in the value of its currency and foreign exchange reserves.

Share this

World Biz

Google to Invest $2bn in Malaysia for First Data Center & Cloud Region

Published

on

Google

Google will invest $2 billion in Malaysia to establish its first data center and “cloud region” in the country, the government announced Thursday.

The Ministry of Investment, Trade & Industry confirmed the commitment from Google, which amounts to 9.4 billion ringgit, to develop the tech giant’s initial data center and cloud region in Malaysia.

This investment is expected to support 26,500 jobs across various sectors in Malaysia, including healthcare, education, and finance, according to the ministry’s statement.

Ruth Porat, president and chief investment officer of Google and its parent company Alphabet, highlighted the significance of this investment. “Google’s first data center and Google Cloud region is our largest planned investment so far in Malaysia—a place Google has been proud to call home for 13 years,” she said.

Porat added that this initiative builds on Google’s partnership with the Malaysian government to advance its “Cloud First Policy,” which includes implementing top-tier cybersecurity standards.

Google’s investment comes on the heels of a pledge by US tech giant Microsoft to invest $2.2 billion in artificial intelligence and cloud computing in Malaysia.

Share this
Continue Reading

World Biz

Norway along with Ireland, Spain Recognise Palestine as Independent State

Published

on

norway spain ireland

Norway, Ireland and Spain recognized a Palestinian state on Wednesday(May 22) in a historic move that drew condemnation from Israel and jubilation from the Palestinians. Israel ordered back its ambassadors from Norway and Ireland.

It was a lightning cascade of announcements. First was Norway, whose Prime Minister Jonas Gahr Store said “there cannot be peace in the Middle East if there is no recognition.”

Gahr Store said the Scandinavian country will officially recognize a Palestinian state as of 28 May. “By recognizing a Palestinian state, Norway supports the Arab peace plan,” he said.

Several European Union countries have in the past weeks indicated that they plan to make the recognition, arguing a two-state solution is essential for lasting peace in the region.

Norway, which is not a member of the European Union but mirror its moves, has been an ardent supporter of a two-state solution between Israel and the Palestinians.

“The terror has been committed by Hamas and militant groups who are not supporters of a two-state solution and the state of Israel,” the Norwegian government leader said. “Palestine has a fundamental right to an independent state.”

The move comes as Israeli forces have led assaults on the northern and southern edges of the Gaza Strip in May, causing a new exodus of hundreds of thousands of people, and sharply restricted the flow of aid, raising the risk of famine.

The Scandinavian country “will therefore regard Palestine as an independent state with all the rights and obligations that entails,” Gahr Store said.

The development comes more than 30 years after the first Oslo agreement was signed in 1993. Since then, “the Palestinians have taken important steps towards a two-state solution,” the Norwegian government said.

It said that the World Bank determined that a Palestinian state had met key criteria to function as a state in 2011, that national institutions have been built up to provide the population with important services.

“The war in Gaza and the constant expansion of illegal settlements in the West Bank still mean that the situation in Palestine is more difficult than it has been in decades,” the Norwegian government said.

Also Wednesday, Irish Prime Minister Simon Harris made his announcement, saying it was a move coordinated with Spain and Norway, “an historic and important day for Ireland and for Palestine.” He said the move was intended to help move the Israeli-Palestinian conflict to resolution through a two-state solution.

The Irish prime minister said he thinks other countries will join Norway, Spain and Ireland in recognizing a Palestinian state “in the weeks ahead.”

Spanish Prime Minister Pedro Sanchez said that his country will recognize a Palestinian state also on 28 May. Sanchez, Spain’s Socialist leader since 2018, made the expected announcement to the nation’s Parliament on Wednesday.

Sanchez has spent months touring European and Middle Eastern countries to garner support for the recognition of a Palestinian state, as well as a possible ceasefire in Gaza. He has said several times that he was committed to the move.

Earlier this month, Spain’s Foreign Minister Jose Albares said he had informed US Secretary of State Antony Blinken of his government’s intention of recognizing a Palestinian state.

The fast-moving developments drew Israel’s condemnation. Israel’s Foreign Minister Israel Katz ordered Israel’s ambassadors from Ireland and Norway to immediately return to Israel, as Norway said it would recognize a Palestinian state and Ireland was expected to do the same.

“Ireland and Norway intend to send a message today to the Palestinians and the whole world: terrorism pays,” Katz said.

He said that the recognition could impede efforts to return Israel’s hostages being held in Gaza and makes a cease-fire less likely by “rewarding the jihadists of Hamas and Iran.” He also threatened to recall Israel’s ambassador to Spain if the country takes a similar position.

Palestinian President Mahmoud Abbas welcomed Norway’s recognition of a Palestinian state and called on other countries to follow.

In a statement carried by the official Wafa news agency, he says Norway’s decision, announced Wednesday, will enshrine “the Palestinian people’s right to self-determination” and support efforts to bring about a two-state solution with Israel.

Share this
Continue Reading

World Biz

Iranian President Ebrahim Raisi, Key Officials Die in Helicopter Crash

Published

on

Iranian President

Iranian President Ebrahim Raisi, along with the country’s foreign minister and several other officials, were found dead on Monday following a helicopter crash in a foggy, mountainous region in northwest Iran, state media reported. Raisi was 63 years old.

The crash occurred amidst ongoing regional tensions fueled by the Israel-Hamas conflict, during which Raisi, under the guidance of Supreme Leader Ayatollah Ali Khamenei, had recently ordered an unprecedented drone-and-missile attack on Israel. Raisi’s tenure saw Iran enrich uranium to near weapons-grade levels, escalating tensions with Western nations, while also supplying drones to Russia for its war in Ukraine and arming regional militia groups.

Domestically, Iran has been grappling with years of mass protests against its Shiite theocracy, driven by economic hardships and demands for women’s rights, making this incident particularly sensitive for Tehran.

State television did not immediately provide a cause for the crash, which took place in Iran’s East Azerbaijan province. Among the deceased was Iranian Foreign Minister Hossein Amirabdollahian, aged 60, as well as the governor of East Azerbaijan province, other officials, and bodyguards, according to the state-run IRNA news agency.

Early Monday morning, Turkish authorities released drone footage showing a fire in the wilderness, suspected to be the helicopter wreckage. The footage’s coordinates indicated the fire was located about 20 kilometers south of the Azerbaijan-Iranian border on a steep mountain.

Footage from IRNA showed the crash site across a steep valley in a green mountain range, with soldiers speaking in the local Azeri language confirming the wreckage’s location.

Supreme Leader Khamenei had urged the public to pray for Raisi and the other officials’ safe return on Sunday night, expressing hope for their well-being.

“We hope that God the Almighty returns the dear president and his colleagues in full health to the arms of the nation,” Khamenei said, receiving an “amen” from the worshipers he addressed. However, he assured that Iran’s government would continue its operations. Under the Iranian constitution, the vice president assumes the presidency with Khamenei’s approval, and a new presidential election would be held within 50 days if the president dies.

First Vice President Mohammad Mokhber had already begun receiving calls from officials and foreign governments in Raisi’s absence. An emergency cabinet meeting was held, and a statement was issued, pledging to follow Raisi’s path and ensure the country’s management continues smoothly.

Raisi, a hard-liner and former head of the judiciary, was considered a protégé of Khamenei. Analysts had speculated that he might succeed the 85-year-old supreme leader after Khamenei’s death or resignation.

With Raisi’s passing, Mojtaba Khamenei, the 55-year-old son of the supreme leader, is the only other suggested successor. However, there are concerns about the position becoming hereditary, particularly given the Islamic Revolution’s overthrow of the Pahlavi monarchy in 1979.

Raisi won the 2021 presidential election, which had the lowest turnout in the Islamic Republic’s history. He was sanctioned by the U.S. for his role in the mass execution of thousands of political prisoners in 1988.

Under Raisi, Iran enriched uranium to near weapons-grade levels and impeded international inspections. The country also armed Russia in its war against Ukraine and launched a large-scale drone-and-missile attack on Israel during its conflict with Hamas. Iran continued to support proxy groups in the Middle East, including Yemen’s Houthi rebels and Lebanon’s Hezbollah.

Mass protests have persisted in Iran, most notably following the 2022 death of Mahsa Amini, who was detained for allegedly not wearing a hijab properly. The subsequent crackdown on protests resulted in over 500 deaths and more than 22,000 detentions.

In March, a United Nations panel found Iran responsible for the “physical violence” leading to Amini’s death.

Raisi is the second Iranian president to die in office; President Mohammad Ali Rajai was killed in a bomb blast in 1981 during the turbulent post-revolution period.

Share this
Continue Reading