Strike shuts down Bangladesh's biggest port
Operations at Bangladesh's biggest port were suspended on Sunday as a strike by customs officials brought shipping activity to a halt.
The shutdown at Chittagong Port is part of an ongoing dispute between tax authority employees and the government, which is trying to overhaul the body.
"The port typically handles around 7,000 to 8,000 containers daily... But since this morning, there has been no movement in offloading or onboarding of goods," said Mohammed Omar Faruq, secretary of the Chittagong Port Authority.
"This is having a huge impact on the country's economic situation," he told AFP.
Bangladesh is the world's second-largest garment manufacturer, while textile and garment production accounts for about 80 percent of the country's exports.
Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said the halt in port operations would cost the industry $222 million.
"The cost of recovery will be staggering -- beyond comprehension -- and many factories risk going bankrupt," he told AFP.
Staff at the National Board of Revenue (NBR) have been striking on and off for weeks over plans to split the authority into two separate bodies.
Bangladesh's interim leader, Nobel Peace Prize laureate Muhammad Yunus, urged them to end the walkout.
"We hope NBR's staff will report back to work setting aside their unlawful programme that goes against the national interest of the country," his office said in a statement.
"Otherwise for the sake of the people of this country and safeguarding the economy the government will be left with no option but to act firmly," the statement added.
NBR staff were prevented from entering their offices on Sunday after a government order sought to stop them from protesting within their building premises.
Meanwhile, 13 business chambers held a press conference on Saturday urging the government to resolve the issue as soon as possible.
sa/asv/rsc
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
5 Revealing Analyst Questions From nLIGHT's Q1 Earnings Call
nLIGHT's first quarter was marked by robust revenue growth and a significant year-over-year improvement in profitability, with results exceeding Wall Street expectations and prompting a strong positive market reaction. Management attributed the outperformance to another quarter of record defense revenue, which accounted for over 63% of total sales, up from 49% a year ago. CEO Scott Keeney highlighted that 'the outperformance was primarily driven by another quarter of record defense revenue,' specifically citing strong momentum in directed energy and laser sensing programs for aerospace and defense customers. Sequential improvements in microfabrication, supported by stabilized operations at a Thai contract manufacturing partner, also contributed to the quarter. Is now the time to buy LASR? Find out in our full research report (it's free). Revenue: $51.67 million vs analyst estimates of $47.34 million (16% year-on-year growth, 9.1% beat) Adjusted EPS: -$0.04 vs analyst estimates of -$0.19 (78.7% beat) Adjusted EBITDA: $116,000 vs analyst estimates of -$5.14 million (0.2% margin, significant beat) Revenue Guidance for Q2 CY2025 is $56 million at the midpoint, above analyst estimates of $50.15 million EBITDA guidance for the full year is -$1.5 million at the midpoint, above analyst estimates of -$11.98 million Operating Margin: -18.6%, up from -33.1% in the same quarter last year Market Capitalization: $970.5 million While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Jim Ricchiuti (Needham and Company) asked about the visibility for aerospace and defense product sales beyond Q2. CEO Scott Keeney responded that strong program pipelines and increased orders provide growing confidence, but broader economic uncertainties remain. Jim Ricchiuti (Needham and Company) also inquired about tariff impacts on different business segments. CFO Joe Corso explained that industrial fiber lasers are most exposed to tariff-related input cost increases, while defense is relatively insulated in the near term. Greg Palm (Craig Hallum) questioned what would be required to increase the full-year aerospace and defense revenue outlook. Keeney cited ongoing traction in both U.S. and international defense markets but pointed to tariff uncertainty as a limiting factor for guidance changes. Ruben Roy (Stifel) probed the company's approach to passing through increased costs from tariffs. Keeney described a mix of cost pass-through, production shifts, and regulatory mitigation, while Corso indicated that any widening of margin guidance is to reflect this uncertainty. Troy Jensen (Cantor Fitzgerald) asked about the sustainability of recent margin improvement and the significance of duty reclaim benefits. Corso clarified that while duty reclaim provided a one-time margin boost, future gross margins will depend on product mix and successful ramp-up in defense volumes. In the coming quarters, the StockStory team will be watching (1) continued ramp and delivery milestones for major defense programs like HEL-TD and DEM SHORAD, (2) the scale and timing of international defense contract wins, particularly with allies such as Israel, and (3) the extent to which nLIGHT can mitigate tariff-related cost pressures through supply chain adjustments. Progress in strengthening commercial market demand will also be a key indicator for broader business health. nLIGHT currently trades at $19.91, up from $8.60 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it's free). The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today. 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
Yahoo
an hour ago
- Yahoo
Rupee ends month and quarter a tad lower, trails most Asian peers
(Refiles to fix dateline to June 30) By Jaspreet Kalra MUMBAI (Reuters) - The Indian rupee slipped on Monday to end the month and quarter slightly lower, trailing most Asian peers amid muted portfolio inflows and weighed down by the country's external investment deficit. The currency closed at 85.7550 against the U.S. dollar, down 0.3% on the day and posted modest losses of 0.2% and 0.3% respectively for the month and quarter, underperforming most Asian peers amid a broad dollar downtrend. While the Indian unit is little changed on the year so far, Asian peers such as the Taiwan dollar and Korean won have risen about nearly 13% and 8% year-to-date, respectively, while the offshore Chinese yuan, a closely tracked peer of the rupee, is up over 2%. India's external investment deficit is among the key reasons cited by analysts behind the rupee's underperformance. The external investment positions of Asian countries have come into focus as investors ramp up hedge against persistent weakness in the dollar, thereby boosting currencies of countries with sizeable investment surpluses, like Korea and Taiwan. The dollar index is down over 10% on the year so far, bogged down by worries over U.S. trade and fiscal policies, worries over the future independence of the Federal Reserve and expectations of upcoming cuts to benchmark interest rates. Muted portfolio flows have also been a sore point for the rupee with foreign investors net pulling about $0.5 billion from local stocks and bonds over the April-June quarter. Despite the relative underperformance, analysts expect a broadly weaker dollar to support the rupee. "We see scope for USD/INR to consolidate in an 84-86 range with a downside bias," DBS said in a note, adding that it would consider lowering USD/INR's forecast if the US Federal Reserve pivots towards a rate cut later this year and sets the stage for more USD weakness. On the day, traders said that dollar bids from foreign bank and state-run banks weighed on the rupee even as most of its Asian peers logged gains.
Bloomberg
an hour ago
- Bloomberg
Top Global Pension Fund Japan GPIF's President Got $202,000 Pay
Japan's Government Pension Investment Fund, one of the world's largest retirement funds, said its departed president's compensation rose slightly in fiscal 2024 to ¥32.41 million ($202,000). The pay for Masataka Miyazono, who stepped down in March, rose ¥330,000 from the previous year, GPIF said. The compensation level was determined in reference to salaries at the Bank of Japan and other state-backed financial institutions, it said in a statement.
