Economy
“May Day: A Global Celebration of Labor and Solidarity!”
May 1st marks International Workers’ Day, also known as May Day, a day that celebrates the contributions and rights of workers around the world. From Europe to Asia, Africa to the Americas, people take to the streets to commemorate the achievements of the labor movement and advocate for the improvement of workers’ rights.
The history of May Day can be traced back to the late 19th century when labor movements in the United States and Europe began advocating for an eight-hour workday. On May 1, 1886, thousands of workers in Chicago went on strike, demanding that employers recognize their rights to work eight hours a day. The strike led to a violent confrontation between police and workers, known as the Haymarket affair, which resulted in the deaths of several workers and police officers.
Despite the tragic events of the Haymarket affair, the labor movement continued to fight for workers’ rights, and May Day became a symbol of the global struggle for better working conditions, fair pay, and workers’ solidarity. Today, May Day is celebrated in over 80 countries, with parades, rallies, and protests taking place to honor the contributions of workers and advocate for their rights.
In many countries, May Day is a public holiday, with workers taking the day off to participate in rallies and events. In some places, the day is marked by protests and strikes, as workers demand better wages and working conditions. In others, May Day is a time for celebration, with music, dancing, and cultural events.
This year, May Day comes at a time when workers’ rights are under threat in many parts of the world. The COVID-19 pandemic has exposed the vulnerability of many workers, with many losing their jobs or facing unsafe working conditions. In response, workers and labor unions have been calling for stronger protections and support from governments and employers.
As we celebrate May Day, it is important to remember the struggles and achievements of the labor movement and continue to advocate for the rights of workers around the world. Whether through protests, rallies, or cultural events, May Day is a time to come together and show our solidarity with workers everywhere.
/NR
Commerce Minister Tipu Munshi underscored the pivotal role of controlling commodity prices, emphasizing its special importance in the upcoming general election as a key aspect of the Awami League’s manifesto. While addressing concerns about global challenges impacting price control, the minister pointed out the government’s successful efforts to maintain reasonable prices, acknowledging the limitations imposed by the global context.
Speaking at an event organized by the Directorate of National Consumer Rights Protection and Debate for Democracy at the Bangladesh Film Development Corporation (BFDC), Tipu Munshi provided insights into the government’s commitment to ensuring affordable daily necessities for low-income individuals. He highlighted ongoing programs aligned with Prime Minister Sheikh Hasina’s directives, aimed at providing essential items at lower prices to mitigate the hardships faced by the economically vulnerable.
The minister acknowledged the abnormal increase in product prices globally due to factors such as the Russia-Ukraine war and the aftermath of the Covid-19 pandemic. Tipu Munshi stressed the significance of a collaborative effort between the public and private sectors in effectively managing and controlling commodity prices, especially in the face of global uncertainties.
Concluding his remarks, Tipu Munshi emphasized the collective strength of consumers, stating that neither the government nor any syndicate holds ultimate power; rather, the united force of the common people is the most influential. He called on consumers to remain vigilant, asserting that no force can endure if the public remains united.
In a letter signed by FBCCI president Mahbubul Alam, the trade body emphasized that taxpayers faced challenges due to the recent implementation of the new Income Tax Act-2023. The complexities introduced by the new tax regulations, coupled with delayed releases of income tax circulars, have created difficulties for individuals and businesses in preparing their tax returns within the stipulated timeframe.
The FBCCI’s letter further highlighted that various trade bodies have approached them, expressing concerns about the limited time provided for taxpayers to comply. Additionally, the ongoing political situation and the imminent general election have contributed to the constraints faced by taxpayers in meeting the November 30 deadline.
Under the provisions of the new Income Tax Act, there is a mandatory requirement for taxpayers to submit their income tax returns within the designated income tax day. The FBCCI, in light of Section 334 of the Income Tax Act-2023, has formally requested the NBR to extend the deadline for the submission of income tax returns until December 31, 2023.
The FBCCI’s appeal underscores the need for flexibility in recognizing the unique challenges posed by the current circumstances and aims to provide relief to taxpayers who require additional time to comply with the new tax regulations.
The third-quarter performance of Singapore’s economy exceeded expectations, registering a robust 1.1 percent expansion. This growth was propelled by the construction industry and the services sector, particularly tourism. The data from the trade ministry surpassed the anticipated 0.8 percent and marked a significant improvement from the preceding three months.
In response to the positive momentum, officials have revised the full-year forecast for 2023. They now anticipate the economy to grow by 1.0 percent, adjusting from the earlier estimated range of 0.5-1.5 percent. The decision is influenced by improved performance in the US economy since the previous forecast in August. However, officials cautioned that inflation-fighting interest rate hikes may pose challenges in the coming months.
The ministry projected that growth in the US and eurozone would moderate due to the cumulative effects of monetary policy tightening. Similarly, China’s growth is expected to decelerate further due to ongoing weaknesses in its property sector, domestic consumption, and subdued external demand. Despite sluggish global demand for electronics, one of Singapore’s major exports, there are indications that the downturn may be stabilizing.
Continued growth in tourism arrivals is anticipated to support aviation and tourism-related businesses. Taking into account the overall performance of Singapore’s economy in the first three quarters of the year, along with the latest external and domestic developments, the GDP growth forecast for 2023 has been narrowed to around 1.0 percent.
Looking ahead to 2024, the ministry foresees a growth range of 1.0-3.0 percent. However, potential downside risks include high inflation and an escalation of conflicts, such as those between Israel and Hamas or the war in Ukraine. The confluence of these factors could impact business and consumer sentiments, leading to a potential slowdown in global growth and trade.
