Economy
Asia Sizzles in Heat Wave Warning.
In a foreboding sign ahead of the upcoming northern hemisphere summer, an emerging El Nino weather pattern is driving temperatures to unprecedented levels across southern parts of Asia. Vietnam experienced its highest recorded temperature of 44.2C, causing concerns over power shortages, while Laos likely shattered its own records. The scorching heat index in the Philippines prompted a reduction in classroom hours, highlighting the dangerous blend of intense heat and humidity.
These searing temperatures are part of a growing trend of extreme weather events in recent years, pushing the world into uncharted territory. The blistering conditions are testing governments’ abilities to safeguard public health and prevent disruptions to agriculture and power generation in economies still recovering from the impacts of Covid-19.
El Nino, characterized by warmer ocean temperatures in the Pacific, has wide-ranging effects on global weather patterns. While it may bring relief to drought-stricken areas in Argentina and the southern US, it blankets parts of Asia and Australia with hotter, drier conditions, posing a significant threat to coffee, sugar, palm oil, and cocoa crops.
Thailand experienced temperatures above 40C in several regions, leading to a surge in power demand. Businesses and banks have urged the government to prepare an action plan to address a potential three-year drought. Meanwhile, Malaysia anticipates a drastic 40% reduction in rainfall in certain areas, endangering palm oil production in one of the world’s leading suppliers. Authorities are closely monitoring forest fires and air pollution, recalling the disastrous haze episode in Southeast Asia caused by a previous El Nino in 2015.
Other parts of Asia, including China, India, and Bangladesh, have also been scorched by the relentless heat in recent weeks. Yunnan province in southwest China faced its worst drought in ten years, while India remains on high alert for further heatwaves after experiencing soaring temperatures in April. These extreme conditions have already led to school closures and tragic heat stroke fatalities.
As the world grapples with the alarming consequences of this heatwave, it becomes evident that urgent action is required to address the escalating impacts of climate change. Failure to mitigate these effects could have severe implications for the environment, public health, and the global economy.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
