Economy
UN Chief Guterres Pledges Support to Bangladesh’s Interim Govt for Democratic Restoration
United Nations (UN) Secretary-General António Guterres has pledged the UN’s full support to Bangladesh’s interim government in its efforts to restore an inclusive and prosperous democracy. In a message directed to Chief Adviser Prof Dr. Muhammad Yunus, Guterres expressed his best wishes following Yunus’s assumption of the interim government’s leadership and lauded the efforts to bring stability and organize parliamentary elections in Bangladesh.
“Bangladesh is at a pivotal moment in its history,” Guterres remarked. “The United Nations is fully committed to supporting the efforts towards an inclusive and prosperous democracy. We are ready to work closely with your government and provide any necessary assistance through the Resident Coordinator and the United Nations Country Team to benefit the people of Bangladesh.”
Guterres emphasized that during this transitional phase, Prof Yunus’s leadership will be critical in ending violence, ensuring accountability, restoring law and order, and steering the country towards democratic elections.
He also underscored the importance of adopting an inclusive approach by the interim government, highlighting the need to consider the voices of youths, women, minorities, and indigenous communities.
Additionally, the UN Secretary-General urged the interim government to ensure the protection of all citizens, particularly minorities, and expressed concern over the situation of Rohingya refugees. “I strongly encourage you to safeguard the wellbeing of Rohingya refugees, especially in light of the worsening situation in the Republic of the Union of Myanmar,” he stated.
The Criminal Investigation Department (CID) has filed 17 cases against Beximco Group’s Vice-Chairman, Salman F Rahman, and 27 others, accusing them of laundering approximately Tk1,000 crore ($83 million) under the guise of export trade. This development was confirmed by Additional Superintendent of Police Azad Rahman through a notification on 18 September.
The investigation, conducted under the Money Laundering Prevention Act, found that Salman F Rahman and his brother, ASF Rahman, who serves as the Chairman of Beximco Group, were involved in laundering around Tk1,000 crore. This was done through the export of goods linked to 93 Letters of Credit (LCs) from Janata Bank PLC between 2021 and 2024. However, the proceeds from these exports were not repatriated to Bangladesh.
The CID revealed that the accused individuals, through an organised operation involving their affiliated companies, exported goods with the malicious intent of transferring money abroad. The probe indicated that they deliberately failed to return the export proceeds, violating multiple sections of the Money Laundering Prevention Act.
According to the CID, Salman F Rahman and his associates used their influence and collaborated with an organised criminal group to launder money. This resulted in 17 cases being filed by the CID’s financial crime unit at Motijheel Police Station.
Salman F Rahman, who has long been a prominent figure during Sheikh Hasina’s 15-year rule, is now facing an in-depth investigation by the CID’s financial crime unit. The investigation focuses on significant allegations of money laundering and financial misconduct, as highlighted in a preliminary report from the CID on 1 September.
Salman is also accused of laundering Tk33,470 crore abroad, allegedly obtained through loans from seven banks over the past 15 years. Of this, Tk21,681 crore was borrowed from state-owned Janata Bank, while Tk5,281 crore came from IFIC Bank, where Salman previously served as chairman.
In addition to these allegations, Salman is believed to have profited Tk6,600 crore through manipulation of the capital market and is accused of failing to repatriate Tk1,485 crore from export proceeds.
The Bangladesh Meteorological Department (BMD) has predicted light to moderate rain or thundershowers, accompanied by temporary gusty winds, in all eight divisions of the country over the next 24 hours, starting from 9 AM today.
According to the BMD forecast, Chattogram and Sylhet divisions are likely to experience light to moderate rain or thundershowers, while Dhaka and Barishal divisions may see similar weather at a few locations. In Rajshahi, Rangpur, Mymensingh, and Khulna divisions, rainfall is expected in one or two places, with some areas potentially experiencing moderately heavy showers.
The BMD also stated that both day and night temperatures might rise slightly across the country.
On Tuesday, the highest temperature was recorded at 36.5 degrees Celsius in Rajarhat, Rangpur division, while today’s lowest temperature was 24.6 degrees Celsius in Tetulia, also in Rangpur.
In the last 24 hours up to 6 AM today, Cumilla in the Chattogram division recorded 3 mm of rainfall.
The sun is expected to set at 5:58 PM today and rise at 5:46 AM tomorrow in Dhaka.
On Wednesday, an EU court will decide on Google’s appeal against a €1.49 billion ($1.65 billion) fine imposed by the European Union. This comes just a week after the tech giant faced a major legal defeat over a larger penalty.
Regulators worldwide are ramping up scrutiny on Google’s parent company, Alphabet, as legal trials and investigations continue to target the multinational giant. Last week, the European Union secured a legal victory when its top court upheld a 2017 fine of €2.42 billion against Google for abusing its dominant position by promoting its own comparison shopping service.
The European Commission has led the charge in cracking down on big tech abuses, imposing a total of €8.2 billion in fines on Google between 2017 and 2019 for antitrust violations.
The latest case, set for a ruling on Wednesday, concerns the third of those fines—worth €1.49 billion—stemming from Google’s misuse of its dominance through the AdSense advertising service. The Luxembourg-based General Court is scheduled to release its decision on Google’s appeal shortly after 0730 GMT.
Google has requested the court to either fully or partially annul the European Commission’s decision, or at least reduce the fine.
Ongoing Legal Battles
The EU’s actions against Google are far from over. The tech giant is also contesting a €4.3 billion fine levied in 2018 for placing illegal restrictions on Android smartphones to boost its internet search business. This remains the largest antitrust penalty ever imposed by the EU. While the General Court reduced the fine slightly to €4.1 billion in 2022, it largely upheld the EU’s arguments that Google had violated competition laws. Google has since appealed this ruling to the European Court of Justice.
Meanwhile, the EU has strengthened its regulatory arsenal with the introduction of the Digital Markets Act (DMA), designed to prevent antitrust violations before they occur. This law provides clear guidelines on what tech companies can and cannot do online, aiming to correct behaviors proactively rather than reactively issuing fines.
Google, Meta (Facebook’s parent company), and Apple are currently under investigation under the DMA.
Global Pressure Mounts
Google is also facing mounting legal challenges in the US. Last week, it entered its second major antitrust trial within a year, with the US government accusing it of monopolizing ad technology. This follows a US judge’s August ruling that declared Google’s search business an illegal monopoly, sparking fears that the company may face a potential breakup.
Globally, Google’s advertising technology is under intense scrutiny, with British regulators accusing the company of market dominance earlier this month. The EU reached similar conclusions last year, recommending that Google divest its ad tech business. Google has the opportunity to respond to these charges before the final decisions are made.
Despite the growing regulatory pressure, Alphabet reported revenue from online ad searches totaling $48.5 billion for the second quarter of this year.
