Fog of war thickens as India and Pakistan trade blame and accusations
NEW DELHI — As India and Pakistan entered their third day of hostilities, the two nuclear-armed nations remained on the brink of a head-on military confrontation — but how close was difficult to tell, the fog of war made even murkier by tit-for-tat accusations of strikes and false-flag attacks.
As of Friday, New Delhi still had not commented on Islamabad's claims to have downed up to five Indian warplanes in response to Indian strikes deep inside Pakistan on Wednesday — a loss that, if true, would constitute a humiliation of the Indian military, analysts said. Meanwhile, in Pakistan, officials remained tight-lipped about their next actions and whether they would seek retaliation for India's strikes Wednesday, which Islamabad said killed 26 people.
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Special report: What is the price of freedom? We went to Bangladesh to find out
Editor's note: This is the first in a five-part series on the price of freedom, by exploring the work and experience of Nobel laureate Muhammad Yunus in Bangladesh. Deseret News Opinion Editor Jay Evensen has known Yunus since 1997 when the world leader first visited Utah. Evensen traveled to Dhaka to speak again with Yunus, entrepreneurs, politicians in the country, and even revolutionaries seeking change, to understand the risks Yunus is enduring and why peace and opportunity in Bangladesh are so important to the United States. DHAKA, BANGLADESH — Muhammad Yunus has had a tumultuous year. Last summer, as the world watched the summer Olympics in Paris, his life teetered on a precipice. Although he had won the Nobel Peace Prize in 2006 jointly with Grameen Bank, which he founded in order to alleviate poverty through innovative and unsecured micro-loans, he had become a target of Prime Minister Sheikh Hasina. There were charges that his telecommunications company, which had provided affordable mobile phones to a nation where the average monthly salary today is a scant $213, had defrauded employees. Most serious, however, were Hasina's baseless accusations that Yunus had used his influence to get the World Bank to withdraw funding for a major bridge project. Time magazine said the regime had initiated more than 200 cases against Yunus. Long-time Bangladeshi politicians today say it was common for Hasina's political enemies to be arrested and tortured, with some of them disappearing permanently. 'They had taken away our right to food, our right to speak, and our right to justice,' Aparna Roy Das, the assistant secretary for marginal manpower development affairs in the Bangladesh Nationalist Party, told me through an interpreter. 'They took control of the judiciary, using it for their own benefit. Only their voices were allowed to prevail, and everything had to go according to their will.' But now, as Yunus visited Paris for the Olympics, Bangladesh was coming apart. University students had begun anti-government and pro-democracy protests. These had started as a movement against a quota system that limited government job opportunities for students, but they took on a broader meaning as Hasina cracked down on the protesters with deadly force. According to some estimates, more than 1,400 people were killed on the streets. Yunus didn't know what he should do. 'I'm hiding in Paris at that time. My colleagues were saying, don't come back now; that as soon as you come back you will be put in jail,' Yunus told me in late February inside the expansive and elegant Jumuna Guest House, located on a tightly guarded compound in Dhaka that includes his current official residence. 'This is the beginning of this uprising. I already made a statement pleading to the world that some terrible things are happening in Bangladesh. The world must respond to it and stop it, because our government is killing people in the street.' He contemplated fleeing to Germany, Italy or Brazil. And then, momentum shifted. Hasina fled for her life to neighboring India. And in Paris, his phone began to ring. 'The students who are the leaders of this movement, they called me up,' Yunus said. 'In the beginning I tried to excuse myself. I said, 'No, I don't want to get involved in that, I have always avoided that in the past.' 'They kept insisting. They called me up again, and I said the same thing. They were so insistent.' The students told Yunus he was urgently needed. At the time, Bangladesh had already gone three days without a government. And so, Yunus, who hours earlier had faced a choice between prison or exile, suddenly became the man in charge of a troubled nation in search of a peaceful way forward after 15 years of oppression. The official title of this unassuming peacemaker, who celebrates his 85th birthday at the end of the month, is Chief Adviser to the Government, a temporary assignment. With parliament dissolved, his job is to organize a path forward to a popular election as soon as possible. But at what price for a man who faced more opposition last week, and a country beset by problems? And why is freedom in Bangladesh important for America? The skies above Dhaka, or Bangladesh in general, are listed among the most polluted in the world, fueled by Dhaka's overcrowded, dense, cacophonous and chaotic population of 22.5 million people. But on the ground, the grey dissolves into vibrant colors. Modern cars mix with the bright reds, yellows and blues of rickshaws — some pedaled by drivers, others powered by electric motors — and forest-green three-wheeled taxis with cages on the sides to keep passengers from falling out. Wherever you go, the city's millions seem in perpetual motion, bound to converge simultaneously to block your path. Horns blare incessantly. Crosstown drives can take hours or minutes, playing havoc with schedules and interview plans. It was into this teeming Third World capital I landed late one night in February with Deseret News photographer Scott Winterton, in search of the new leader I had first met years ago in Utah, and who now is trying to reform his home country in a lasting and meaningful way. Dhaka hardly seems like the sort of place where answers to the world's great problems could be found. And yet, that is what Yunus has been providing for much of his life. His radically innovative approach to wars, poverty and environmental concerns has already had a profound impact on many in his country and elsewhere. And he loves Utah. We arrived after a typically long and laborious ride through crowded streets, horns blaring on every side. As he greeted me, Yunus was quick to remind me of his connection to Utah and his affinity for the Deseret News. 'Deseret News is very important for me,' he said as we sat in Italian rococo-styled chairs arranged in a reception room filled with art works and a large Bangladeshi flag. 'Because, it was at an historical moment when I had eye surgery, and he took me to visit your editorial board.' Yunus motions toward Dr. Scott Leckman, a longtime friend and general surgeon in Salt Lake City, who, with his wife Kay, accompanied me and Winterton on this trip. At our first meeting, in 1997, Yunus, only three hours prior, had undergone cataract surgery. I reminded him that he kept marveling, during that first meeting, how his eyesight was improving by the minute as the fog of the operation lifted. At the time, I wrote that this was a metaphor of how, for many people trapped in poverty, Yunus had been able to lift the fog of despair from their lives. It would be hard to find two places that contrast more than Utah — the fastest-growing state in the U.S. during the past decade and a place the American Legislative Exchange Council has, for 18 years running, ranked as having the nation's best economic outlook — and Bangladesh. In contrast to Bangladesh's average yearly salary of $2,556, Utah's average salary for full-time workers is $80,382, while the average household income is $131,648 — figures compiled by And yet Utah's brand of poverty, from its Native American reservations to its urban pockets in its largest metro area, are not so different from Bangladesh. The Navajo Nation, much of which lies within the state, has a per capita income of $17,443, which is two-fifths that of the national average. Utahns have welcomed Yunus during his several trips to the state through the years, including his speeches to civic organizations. Maybe this is because his successful approaches to poverty rely heavily on capitalist principles, although with the twist of applying profits toward solving societal problems, rather than lining the pockets of investors. Maybe it is because he often expresses his core belief that every person is born to be an entrepreneur. In the mid-1970s, Yunus discovered that poor village women were being held back by usurious lenders. A woman who made bamboo furniture, for instance, had to give nearly all her profits to the lender, making it impossible for her to advance. Mainstream banks, then as now, were not interested in loaning money to poor people without collateral. But Yunus discovered that if he loaned a woman a small amount, she could secure the materials to make her own furniture and keep the profits, repaying the loan and borrowing even more to keep the business going. In the 1980s, he established the Grameen Bank using this principle. Borrowers were formed into support groups, becoming co-guarantors of their loans and helping each other succeed. Nearly all the borrowers are women. Yunus has said he learned that women tend to be more focused on the family's future than are their husbands, although many of the borrowers I met in Bangladesh turned the operation of their businesses over to their husbands. Yunus also has pioneered the concept of a 'social business,' which operates like a normal business except that it exists to solve a societal need, whether it's ending homelessness, developing a yogurt designed to contain the nutrition necessary to prevent night blindness or a way to provide affordable health care, and not to enrich investors. His message seems to have resonated with many Utahns, although not all business leaders are standing in line to forgo profits in favor of a social good. But both micro credit and social businesses have thrived despite the hardships of a hostile governing regime in Bangladesh. Near the outskirts of Dhaka lies the Grameen Caledonian College of Nursing, a social-business-based private school with about 700 students. Its aim is to solve a debilitating nursing shortage in Bangladesh. Next to the college, the foundation of a new 750-bed hospital and medical school is being laid. This is many years behind schedule, but its progress is a symbol of regime change. 'It was blocked by the old regime,' said Lamiya Morshed, the principal coordinator for Sustainable Development Goals at the Chief Adviser's Office in Bangladesh. 'Everything we tried to do was blocked.' But now, Yunus has been forced to transition from 'banker to the poor,' as he often is called, to leader of a nation emerging from 15 years of autocratic rule. The paths forward are not clear. Less than three weeks ago Yunus threatened to resign after the nation's chief military leader, Gen. Waker-uz-Zaman, gave a speech highly critical of the pace of reforms and the perceived delay in holding elections. That led to protests and demands by the Bangladesh Nationalist Party, which sees a chance to gain power through quick elections. Sources close to Yunus told me his cabinet talked him out of resigning, which would have led to a chaotic and possibly dangerous power vacuum. He also may have been influenced by an op-ed by Mahfuz Anam, editor and publisher of Bangladesh's Daily Star. 'Every beat of my patriotic heart, every spark of my nation building energy, every iota of my common sense, every conclusion of my rational thinking compels me to most ardently, passionately and humbly appeal to Prof. Yunus not to resign from the position of holding the helm of the nation at this crucial time,' he wrote. When we sat together in Dhaka, Yunus was blunt when asked what has surprised him most after taking control of the government. It is the degree to which corruption is ingrained into every sector, he said. 'You don't realize, until you get into it, the extent of it, and how intricate it is all over the whole government system,' he said. His plan is to make more interactions with government electronic rather than face-to-face. If you pay fees or taxes online, there are fewer chances for someone to expect a bribe. 'Avoid contact with government officials,' he said. He admits it's not the perfect solution. He also admits he won't have time to unravel all government corruption in Bangladesh. His goal is to get momentum going in the right direction. 'If you can take care of 10% or 15% of it, people will see that this is possible,' he said. 'You will initiate — start the process.' From the day Yunus accepted the call to serve on that warm night in Paris, time has been a constant factor. Without a parliament, he is running the nation by himself, and although people I spoke to are grateful for basic freedoms they lacked for many years — speech, assembly and protest, for example — they need local representation and a way to legislate changes. Late last week, Yunus announced that elections will be held in April of 2026. Politicians may protest the timing, but sources near the government tell me they believe a majority of people in Bangladesh support Yunus and his efforts. One of the main obstacles is compiling a reliable database of voters, which takes time. But Yunus understands the perils elections may bring. Two things are most important, he said. One is to have real, fair and honest elections, free from any corruption. The other is to enact real and lasting reforms. And, because reforms can change or dissolve from one leader to the next, he has a plan for this, too. After being named chief adviser to the government, he initiated 15 reform commissions. These were charged with, among other things, reforming the banking sector, the judiciary, the police and the constitution. All have now submitted their recommendations. The next step is to build a consensus and to demand commitments to agreed-upon principles. 'We will take all the recommendations and ask every political party to check off if they agree or don't agree' to each, individually. 'When all of these are marked, we can say these are the things with which all political parties agree,' he said. 'They sign it and we call it the 'July Charter,'' in commemoration of the revolution that began last July. But while some reforms may take place before the elections, others may have to wait. He wants political parties to commit to enacting them in the event they assume power. More than just an honor system, the consensus sign-off provides a form of transparency and accountability or, alternatively, shaming. Ultimately, the people are in charge of what happens. 'If the party which signed it is not following it up, the people always have a chance to ask them, why did you do that?,' he said. 'So, next time we don't want to vote for you, because you didn't keep your word. You said you agreed. Nobody forced you to say that, but you fooled us.' Like all of Yunus' ventures, there is a strong undercurrent of faith in humanity in this — a full measure of hope in the desires he believes most people have to succeed and to help others. It is the same optimism that leads him to say that poverty one day will disappear. 'The ultimate goal was to create a new Bangladesh,' he said. 'We don't want to go back to the old Bangladesh.' The Awami League, the party that supported Hasina, was outlawed in May, pending an investigation into possible criminal actions. Some I spoke to accuse it of spreading lies about Yunus' government fomenting sectarian violence against Hindus. They blame Hasina and her followers for causing mischief from exile. Yunus acknowledges that political violence occurred during the revolution, but only for a short period and without his support. More than 100 people have been arrested in connection with these incidents, a member of his staff said. 'Awami League is the one who created all this mess,' Yunus said. 'They're hated everywhere.' Sources tell me there is little concern that outlawing the Awami League will lead to violence. 'They were going to be a threat no matter what,' one said. Reforming an entire corruption-leaden nation in a little more than a year would be a tall order for any leader, let alone one who is nearly 85 years old. But it would have been an even taller order a year ago for Yunus to believe he could escape the certainty of prison to be given the chance. If Yunus succeeds, it may be impossible for other nations to ignore, especially in South Asia. Political freedom leads naturally to economic freedom, as well as increases in health and longevity, innovation, and enterprise. Spend any length of time talking with the 'banker to the poor,' and you're bound to believe it can happen.
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2 days ago
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US trade team said to extend India stay as talks gather momentum
(Bloomberg) — A US trade team that's currently in India for negotiations has extended its stay, according to people familiar with the matter, in a sign talks are progressing ahead of a July deadline. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. The team, which was initially scheduled to hold talks with Indian officials on June 5-6, will now be staying till Tuesday to continue discussions, the people said, asking not to be identified because the information isn't public. Most of the issues may get finalized within a week, the people estimated. India and the US are working on a phased trade deal with an early agreement targeted for July, the deadline for implementation of the so-called reciprocal tariffs. At the same time, those tariffs are facing legal challenges in Washington. India's Commerce Ministry and the US Trade Representative's office in Washington didn't respond to email requests for comment outside of regular business hours. Local Indian media earlier reported the extension of the visit. Indian Commerce Minister Piyush Goyal described his meeting with US counterpart Howard Lutnick during a visit to the US in May as 'constructive.' Earlier this month, Lutnick said he's 'very optimistic' about prospects for a trade deal between the US and India 'in the not-too-distant future.' India was one of the first countries to begin negotiating a trade deal with the US, hoping to avert President Donald Trump's reciprocal tariffs, which are scheduled to kick in on July 9. —With assistance from P R Sanjai. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Sign in to access your portfolio
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India plans rare earth magnet incentives as supply threat mounts, sources say
By Aditi Shah, Neha Arora and Aditya Kalra NEW DELHI (Reuters) -India is holding talks with companies to establish long-term stockpiles of rare earth magnets by offering fiscal incentives for domestic production, people familiar with the matter said. Building such a supply chain could take years, but would reduce India's dependence on shipments from China, which sent shockwaves across global industries, particularly autos, with its April 4 move to curb exports of rare earth materials. China controls 90% of the processing of such magnets, also used in industries such as clean energy and defence. Now Prime Minister Narendra Modi's government wants to develop domestic manufacturing capabilities and is considering offering production-based fiscal incentives to companies, said two sources who sought anonymity as the talks are private. The scheme, being drafted by the ministry of heavy industries, also envisions partly funding the difference between the final price of the made-in-India magnet and the cost of the Chinese imports, the first source said. This would help achieve cost parity and boost local demand, the source said, adding that funding for the scheme has yet to be decided, with the government likely to meet industry officials next week to finalise the details. The heavy industries ministry did not respond to Reuters' queries. Although a state-run firm, IREL, has been mining rare earth materials for years, these are mainly used by the atomic energy and defence units, with most supplies for other uses still imported from China. India's move comes as auto companies the world over flag risks that they could face supply disruptions within days. In Japan, Suzuki Motor, has suspended production of its Swift car because of China's curbs. In India, auto industry body SIAM has privately told the government it expects production "to come to a grinding halt" within a timeframe starting from the end of May or early June. The heavy industries ministry also plans to send a delegation of auto industry executives to meet officials in Beijing to push for faster approvals, with two industry officials warning that was the only near-term solution. "The short-term solution has to be to get Chinese authorities to clear things," said one of the executives, who fears shortages at his company. "A radical shift in supply chain is not possible in the short term." Some auto companies and their suppliers will be able to stretch operations until the end of June, after which the situation will turn "really scary", said the second executive, adding it would affect not just electric cars but all vehicles. India has the world's third-largest reserves of rare earths of 6.9 million tons, the U.S. Geological Survey says, but only mines a fraction because private companies make limited investments. A government campaign launched in April, the National Critical Mineral Mission, aims to attain self-reliance in the sector. In recent years, it has begun exploration for neodymium, a rare earth widely used in magnets for the auto industry. India also exports neodymium to Japan for lack of domestic processing capability, two of the sources said. Commercially available export data showed India exported nearly $7 million worth of the rare earth material to Toyota Tsusho between January and April. This week, Modi's office discussed the impact of the magnet crisis on the small but fast-growing EV sector, to which investors have committed billions of dollars, a person familiar with the talks said. It also weighed the possibility of tariff exemptions for imports of machines required by domestic manufacturers, the source said, adding, "The government is looking into it critically. They are serious." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
