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      "body": "![image.png](https://cdn.steemitimages.com/DQmW2P7W2KeFnK747WxFESzAsxsY5uvbDvtTYRhkXepyT1n/image.png)\nAs the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can't supply the adequate American greenback needed to finance imports.\n\nThis means many companies can't secure the raw materials required to keep their factories up and running, which has forced them to cut production and hampered job creation.\n\nMost of the listed companies representing various sectors that disclosed their financial reports last week said the LC opening problem has hurt their production of goods. As a result, profits have fallen drastically.\n\nAgainst the backdrop, economists are recommending the government make the foreign exchange rate market-based and allow the depreciation of the local currency gradually against the US dollar in a bid to reduce the demand for the American greenback and draw remittance.\n\nIn September, the central bank fixed uniform buying and selling rates of the US dollar in order to contain the volatility in the foreign exchange market, which has been caused by a dollar shortage driven by higher import bills amid lower export and remittance receipts.\n\nThe move eased the volatility initially to some extent but has largely failed to overcome the crisis. Rather, the dollar shortage has deepened and the crunch may linger since the factors responsible for the current situation such as the Russian war in Ukraine and the global energy crisis are still there.\n\n\"There are multiple issues in the economy and the government is worried about investment, the banking sector and higher inflation. But a coordinated macro-management is still missing,\" said Debapriya Bhattacharya, a distinguished fellow at the Centre for Policy Dialogue.\n\nThe government has unveiled some policies but they were not inter-lined. So, for example, when the exchange rate was adjusted, the interest rate cap on loans was not removed.\n\n\"A crawling downward adjustment of the local currency against the greenback is a must at the moment,\" said Bhattacharya.\n\nHe thinks that if the government does not allow the adjustment, there will be a crash-landing for the taka like it happened recently.\n\nAs the foreign exchange reserves depleted fast, the local currency lost its value by about 25 per cent against the US dollar in the last one year and the major depreciation took place between August and September.\n\nBhattacharya said the government thinks that the downward adjustment of the currency may stoke inflationary pains.\n\n\"But the government should reduce the money supply by raising the interest rate in a bid to contain the inflationary pressure.\"\n\nInflation eased for the fourth consecutive month in December as it slipped to 8.71 per cent. In August, inflation surged to a 10-year high of 9.52 per cent.\n\nAhsan H Mansur, executive director of the Policy Research Institute of Bangladesh, also thinks that the exchange rate and the interest rate should be left to the market instead of being determined by the central bank.\n\nIn April 2020, the central bank set the lending rate at 9 per cent. The lending rate was adjusted upwards to 12 per cent in January for only consumer loans.\n\nWith a market-based exchange rate, the local currency may weaken further, but it will be helpful in bringing stability in the demand and supply of dollars, Mansur said.\n\n\"If the government keeps the rate low artificially, there will be a point when it would have to be adjusted drastically and the consequences of such drastic adjustment would be much dire.\"\n\nFor a proper macroeconomic situation, an environment needs to be created where demand and supply should be market-based.\n\n\"However, the government is trying to fix all the things from the stock market to the interest rate of the banking sector,\" said Mansur.\n\n\"In reality, the fixing policy is not working in any sector.\"\n\nThe former economist of the International Monetary Fund warns that if manufacturers continue to face challenges in opening LCs, it will squeeze production and job creation will be impacted.\n\nOwing to the dollar crunch, LC opening slumped 14 per cent year-on-year in July-December of the current financial year of 2022-23. Settlement declined 9 per cent, central bank data showed.\n\nMansur advised the government to reduce the costs of local-funded projects and speed up the implementation of foreign-funded projects.\n\nThe implementation of foreign-funded projects under the Annual Development Programme has remained slow, with just 26.5 per cent of the allocation being spent in the first six months of 2022-23.\n\nAB Mirza Azizul Islam, a former adviser to the caretaker government, says since the sourcing of raw materials in the manufacturing sector is almost entirely import-dependent, the government should ensure their smooth imports.\n\n\"Otherwise, a dearth of raw materials would create disturbance in the economy.\"\n\nThe cost of manufacturing has already gone up owing to the hikes in the tariffs of gas and electricity, higher raw material prices globally, and escalated freight costs.\n\nThe government has raised the retail price of gas by 14.5 per cent to 178.9 per cent for industries, power plants and commercial establishments, effective this month.\n\nOn Tuesday, the government increased the electricity price once again by 5 per cent at the retail level -- the second hike in 19 days as it steadily retracts subsidies from the power sector.\n\nIslam also thinks that a market-based exchange rate may give some relief now.\n\n\"It may bring about the devaluation of the local currency. But remittance flow will be higher. On the other hand, capital flight will be costlier amid a higher exchange rate regime.\"\n\nAs the demand for US dollars can't be met, banks are delaying the opening of LCs, so the government should try to increase the supply of the American greenback, said Mustafa K Mujeri, executive director of the Institute for Inclusive Finance and Development.\n\nExport and remittance receipts have to be increased to ensure higher availability of the US dollar, he said, adding that the loans from the IMF may improve the situation.\n\nOn January 30, the IMF approved a $4.7 billion credit facility for Bangladesh.\n\nMujeri, also a former director-general of the Bangladesh Institute of Development Studies and a former chief economist of the central bank, says if the government allows a market-based foreign exchange rate and lets a slow depreciation of the local currency, it may offer some respite since the move is expected to bring down the demand for dollars.\n\n\"However, a higher depreciation will fuel inflationary pressure, so the process should be slow.\"",
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      "body": "![image.png](https://cdn.steemitimages.com/DQmTGkbdG99cVsho6ZFMd1A3LeDnFUTjGoZkMGMCsBsMN4z/image.png)\n\nBeneficiaries of a Re-skilling and Employment Reintegration Programme of UCEP Bangladesh and Standard Chartered Bangladesh apply their training in manufacturing batteries at a factory inside an industrial estate of the Bangladesh Small and Cottage Industries Corporation in Sylhet. The photo was taken recently. Photo: Dwoha Chowdhury\ns soon as the coronavirus pandemic hit Bangladesh in early 2020, thousands of people, mostly in the informal sector, lost their jobs. \n\nOne of them is Rasel Miah. He lost his job at a workshop as soon as the government imposed the nationwide shutdown.\n\nUnemployed for over a year, he heard non-governmental organisation Underprivileged Children's Educational Programmes (UCEP) Bangladesh offering a training in Sylhet and enrolled.\n\n\"After completing the automobile servicing course at UCEP, I got my job back at the same workshop where I was working. But now, I am being paid Tk 3,000 more,\" he said.\n\nThe vocational training was a part of a Re-skilling and Employment Reintegration Programme of UCEP Bangladesh.\n\nThe programme was launched on December 2020 in collaboration with Standard Chartered Bangladesh (SCB) and hundreds of youths from around the country are being reintegrated into the workforce through reskilling.\n\nAccording to a study conducted by the Bangladesh Institute of Development Studies (BIDS) in 2020, around 57 per cent of people working in informal sectors became unemployed and 32 per cent faced reduced incomes due to the pandemic.\n\nWhile many returned to work after the shutdown was withdrawn, thousands still remain unemployed.\n\nThe programme aimed to reskill those unemployed youths who were between the ages of 18 years to 35 years and reintegrate them into the workforce.\n\nIn the first three phases of the programme, 1,600 people from Rajshahi, Rangpur and Khulna divisions received training in welding, mechanical and electrical services, tailoring and automobile servicing. Around 91 per cent of them have already secured employment.\n\nThe fourth phase of the programme is progressing in Sylhet division now, with 278 people of Sylhet district having already received training and in the process of being reintegrated.\n\nMoreover, as the region was recently hit by a devastating flood, 222 flood-hit people from Sunamganj and Habiganj are also planned to be reskilled and reintegrated.\n\nAccording to UCEP Bangladesh, before selecting beneficiaries for trainings, they conduct a rapid needs assessment.\n\nThen they form each group of beneficiaries making sure that 50 per cent are women, 50 per cent men, 50 rural people and 2 per cent people differently abled.\n\nUCEP Bangladesh, with the support of the SCB, also extended food packages to the beneficiaries four times during the training.\n\nJoly Begum is another beneficiary who lost her job at a biscuit factory during the pandemic. After receiving training from UCEP Bangladesh, she got a new job at a battery factory named Suntec Energy.\n\n\"After the training, I got the job placement here and the management is happy with my and others' performances,\" she said during a conversation at her workplace recently.\n\n\"We train them in the trades that are high in demand and ensure their employment by communicating with the companies,\" said Mohammad Kayum Mollah, acting regional manager of UCEP Bangladesh in Sylhet.\n\n\"One-time financial help does not benefit for long,\" said Bitopi Das Chowdhury, head of corporate affairs of the SCB. \n\n\"That's why, being a force for good, we are engaging in such programmes where we can help people with something sustainable and might help them become successful and solvent,\" she said.",
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      "body": "![image_2023_02_02T08_08_47_626Z.png](https://cdn.steemitimages.com/DQmRNFQb2Cse4Vx8EBQNbaqjSe93N4sYhfjkAGtSGiUfdU2/image_2023_02_02T08_08_47_626Z.png)\nEuropean thinkers have long debated the West’s role in sustaining modernity.\nTwenty-five years ago, Harvard Professor Samuel Huntington penned an influential article on the West and the Rest. Building on his 1993 classic The Clash of Civilizations, he argued that the West has won the Cold War, but it cannot flourish in a more hostile world until it abandons its universal aspirations.\n\nIn his mind, the clash is about identities defined by cultural civilisations. He defined eight civilisations: Sinic, Japanese, Hindu, Islamic, Western, Latin American, Orthodox, and African. For him, \"the West\" refers to broadly Western Christendom, covering Western Europe and North America, including Australasia. Japan is counted as part of the West today, not just for being the first Asian state to industrialise, but also to emulate Western imperial history.\n\nEuropean thinkers have long debated the West's role in sustaining modernity. America carries the mantle of leading the West, but much of her intellectual power was boosted by European science and social scientists who fled from Nazism or Communism after the 1930s. Milton Friedman's free market views were hugely influenced by Austrian philosopher/economist Friedrich Hayek (1899-1992). But it was the Hungarian political philosopher Karl Polanyi's (1886-1964) ideas that are more durable than the neoliberal thinking that pervades the West today.\n\nIn his book For a New West, Polanyi saw presciently in 1958: \"The material and scientific products of the West are avidly consumed by the nascent nations, but with an unconcealed contempt for the interpretations set upon them by ourselves. That cultural entity, the West, of which the thinkers and writers were the traditional vehicles, is no longer listened to; not on account of a hostile public, as we persuade ourselves to believe, but because it has nothing relevant to say.\n\n\"Western universalism – this is the Jewish-Christian inheritance – was the claim to a way of life of universal validity… it was not a conversation, rather a spirited monologue. Since no answer came, we carried on in our train of thought – unsustained, but also uncontradicted.\"\n\nSixty years later, the Russia-Ukraine war has revealed cracks in that logic. The fact that 59 percent of the world's population voted against or abstained on the UN condemnation of Russia in March last year showed that the West today is a minority \"we.\" The Rest remains unconvinced that the West is able to condemn with clean hands, having also violated international principles to invade other countries in its own interests. Many saw parallels between the Ukraine conflict as a civil war with Great Power intervention, not unlike those in Syria, Iraq, Libya and Afghanistan.\n\nUkraine events essentially upended the view that wars can be fought on purely moral grounds. The brutal realist view is that amid the complex domestic civil war issues, the geopolitical game is to weaken Russia in order to determine who ultimately controls energy, food and military security at the European and global levels. Some cynics think that Europe fell into a trap whereby in defending Ukraine sovereignty, she lost her own sovereignty by being ultimately dependent on American energy and military security, including dictating who she can or cannot trade with. India saw very clearly that the war was more about self-interest, and therefore chose not to be on anyone's side except her own. The fog of war and propaganda cannot hide the ugly truth that power is ultimately determined by sources of energy.\n\nWe see today that the Industrial Revolution was really an energy revolution. Production driven by coal and fossil fuels made the West realise that the command of energy ensured imperial power. Hence, colonial expansion was all about the grab for land, people, energy and power. The Americans improved on the British imperial model by using the power of reserve currency, namely the US dollar, to acquire global goods and services, rather than having to conquer colonies. But the financialisation model has reached the stage whereby the West is on the brink of World War III with World War II debt levels. Every aircraft carrier and missile launched is funded by more debt. If we were on the gold standard, there would be no more money to fight.\n\nThe 1970s was a masterstroke of Western ingenuity. Having induced China out of the Soviet camp, the West benefited from Chinese labour to produce cheap global goods, plus cheap Russian food and energy after the collapse of the Soviet Union in 1991. The West's Great Moderation period of good growth with low inflation relied on Chinese factories and Russian/Middle East oil, plus commodities from the Rest, because everyone loved the US dollar. The Middle East has woken up to the harsh reality that after discovering shale oil, America has become a strategic competitor rather than a major customer. The US dollar has also become weaponised.\n\nThus, the Russia-Ukraine war has realigned global energy power. Russia and the US are energy self-sufficient, but Europe, China, India and Japan remain energy-starved. By pushing Russia eastwards as not a part of Europe, the West has now pushed Russia, the largest country by geographical size, to provide food, energy and fertilisers to the Rest.\n\nThe emerging new world order is shaping up as a three cornered tussle whereby the South will try to balance the East (Russia and China) and the West as to who gives them more benefits. In an eight-billion world, the geopolitical contest is really about whether the one-billion West or 1.8-billion East can win the hearts and minds of the 5.2 billion in the South.\n\nPolanyi was clear on whether the West would thrive in a multipolar world. First, \"the survival of democracy depends upon the measure of its (West) success in tackling the global tasks of the time.\" Second, the market economy must be tamed by the nation-state, not in the name of what Polanyi called a \"predatory empire,\" but \"an adjusted, tolerant West\" where the Rest are partners, not vassals in the new order.\n\nWelcome to the new global power game.\n\nAndrew Sheng is a distinguished fellow of Asia Global Institute, University of Hong Kong, and chief adviser to the China Banking Regulatory Commission.\n\nCopyright: Asia News Network",
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      "body": "![image_2023_02_01T18_18_48_803Z.png](https://cdn.steemitimages.com/DQmZZj44vJBQJBxFh9ynphMAE9nHNTvKWLmvSa6xaZ1N16i/image_2023_02_01T18_18_48_803Z.png)\n\nস্টার অনলাইন গ্রাফিক্স\nধর্মীয় অনুভূতিতে আঘাতের অভিযোগে চট্টগ্রামে কৈবল্যধাম ট্রাস্টের করা ডিজিটাল নিরাপত্তা আইনের মামলায় এক যুবককে গ্রেপ্তার করেছে নগর পুলিশের কাউন্টার টেররিজম বিভাগ।\n\nগ্রেপ্তার ক্লিনটন ঘোষকে (২৯) বুধবার আদালতের মাধ্যমে কারাগারে পাঠানো হয়েছে বলে জানিয়েছেন কাউন্টার টেররিজমের অতিরিক্ত উপপুলিশ কমিশনার আসিফ মহিউদ্দিন।\n\nআসিফ মহিউদ্দিন জানান, ক্লিনটনকে ৩০ জানুয়ারি রাতে শরীয়তপুরের নড়িয়া এলাকা থেকে গ্রেপ্তার করা হয়। তিনি এ মামলার এজাহারনামীয় আসামি। তার কাছ থেকে ১টি মোবাইল ফোন জব্দ করা হয়।\n\nঅতিরিক্ত উপপুলিশ কমিশনার আরও বলেন, 'ক্লিনটন ঘোষসহ অন্য পলাতক অভিযুক্তরা বিভিন্ন সময় তাদের ব্যক্তিগত ফেসবুক আইডি থেকে ধর্মীয় অনুভূতিতে আঘাত ও কৈবল্যধাম মন্দিরের বর্তমান প্রধান মোহন্ত মহারাজসহ ট্রাস্টি বোর্ডের অন্যান্য সদস্যদের সম্পর্কে মানহানিকর কমেন্ট ও পোস্ট করেছেন।'\n\nকৈবল্যধামের ট্রাস্টি বোর্ডের সদস্য প্রদীপ কুমার দত্ত ২০২১ সালের ১৯ জুলাই ২ সিএমপির আকবরশাহ থানায় ডিজিটাল নিরাপত্তা আইনে মামলাটি করেন।",
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      "body": "![image_2023_02_01T11_09_28_196Z.png](https://cdn.steemitimages.com/DQmTuy3ZuaFaRiSbp1GFZSTF9cMQHnfpUkWQqxfMwcB7cPZ/image_2023_02_01T11_09_28_196Z.png)\n\nDetectives today said they arrested a member of a gang of motorcycle thieves who was involved in stealing around 1,000 bikes over the last 15 years.\n\nA team of DB arrested Abdul Khaleq yesterday while investigating a general diary filed with Turag Police Station, Mohammad Harun Or Rashid, chief of detective branch of Dhaka Metropolitan Police, told reporters at his office today.\n\nDetectives also recovered 12 stolen motorcycles based on his information.\n\n\"During primary interrogation, Khaleq admitted that he stole around 1,000 motorcycle in the last 15 years,\" he said.\n\n\"He had at least seven others accomplices who were arrested by law enforcers earlier. The gang members committed the same crime after getting released on bail,\" he said.\n\nThe DB official said the theft of motorcycles is rampant and they often get complaints that motorcycles are being stolen from garages or roads.\n\nHe asked people to be careful before buying old motorcycles, and to check if documents were valid.",
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      "permlink": "man-who-stole-a-thousand-motorcycles-in-15-years-arrested-db",
      "title": "Man who stole a thousand motorcycles in 15 years arrested: DB"
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