Regional & International Economy

Britain is staring down the barrel of a self-inflicted economic catastrophe. This week saw the pound fall to an all-time low against the dollar amid a mass sell-off of U.K. bonds. Analysts are laying the blame on just one man. Kwasi Kwarteng, 47, has been chancellor of the exchequer, Britain’s …

Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe’s major economies as higher prices undermine consumers’ spending power. Consumer prices in the 19-country eurozone rose a record …

World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia after its invasion of Ukraine, prolonging the risk of stagflation, or a period of low growth and high inflation. In a speech at Stanford University, Malpass said there …

The Asian Development Bank (ADB) said Friday that it has approved a financial project to support restoration, conservation and management of coral reefs in four countries in Southeast Asia and the Pacific region. The Manila-based bank said the project will develop climate risk financing and insurance solutions to protect coral …

Export and import activities between Bangladesh, and India, Nepal, and Bhutan via Panchagarh’s Banglabandha land port will remain suspended for eleven days starting from today (September 30, 2022) for Durga Puja and Eid-e-Miladunnabi. The port will resume trade from October 10, reports our Thakurgaon correspondent quoting Abul Kalam Azad, in-charge …

Oil prices firmed on Thursday, erasing earlier losses, on indications that Opec+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6 per cent, to $89.84 a barrel by 1027 GMT and US crude futures rose …

Bangladesh has never defaulted on foreign loans in its 51-year history and remained among the lowest borrowers, Finance Minister AHM Mustafa Kamal said while seeking fresh ADB development assistance. He informed the Asian Development Bank (ADB) president Masatsugu Asakawa on Tuesday that Bangladesh was among the lowest-borrower countries compared to …

Dhaka has sought a revised list of goods on which Jakarta can offer tariff concessions for Bangladeshi products before signing the proposed preferential trade agreement (PTA.) The Commerce Ministry sent a letter to the Indonesian authorities concerned through foreign ministry on Monday. Bilateral free-trade or preferential-trade pact is a matter …

The government extended the tenure of Hilsa export to India until October 5 next. The Commerce Ministry on Tuesday issued a circular in this regard. The tenure of the previous export order is scheduled to expire on September 30. Only seven traders who were allowed earlier for export of the …

The International Monetary Fund has openly criticised the UK government over its plan for tax cuts, warning that the measures are likely to fuel the cost-of-living crisis. In an unusually outspoken statement, the IMF said the proposal was likely to increase inequality and add to pressures pushing up prices, reports …