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The Star
2 hours ago
- Politics
- The Star
Still in turmoil a year after uprising
The country was on the cusp of charting a new beginning last year after its former prime minister Sheikh Hasina was removed from power in a student-led uprising, ending her 15-year rule and forcing her to flee to India. As the head of a new interim government, Nobel Peace Prize laureate Muhammad Yunus promised to hold a credible election to return to democracy, initiate electoral and constitutional reforms and restore peace on the streets after hundreds were killed in weeks of violence that began on July 15, 2024. A year later, the Yunus-led administration has struggled to contain the fallout of the uprising. Bangladesh finds itself mired in a growing political uncertainty, religious polarisation and a challenging law-and-order situation. Here's what to know about Bangladesh a year after the protests that toppled Hasina. Uncertainty about the future of democracy looms large in Bangladesh. The student protesters who toppled Hasina formed a new political party, promising to break the overwhelming influence of two major dynastic political parties – the Bangladesh Nationalists Party, or BNP, and Hasina's Awami League. But the party's opponents have accused it of being close to the Yunus-led administration and creating chaos for political mileage by using state institutions. New leadership: Yunus taking the oath of office as the head of Bangladesh's interim government on Aug 8, 2024. — AP Meanwhile, Bangladesh's political landscape has further fragmented after the country's largest Islamist party, the Jamaat-e-Islami, returned to politics more than a decade after it was suppressed by Hasina's government. Aligned with the student-led party, it's trying to fill the vacuum left by the Awami League, which was banned in May. Its leader, Hasina, is facing trial for crimes against humanity. The strength of Jamaat-e-Islami, which opposed Bangladesh's independence from Pakistan in 1971, is unknown. Both BNP and the Jamaat-e-Islami party are now at loggerheads over establishing supremacy within the administration and judiciary, and even university campuses. They are also differing over the timing of a new parliamentary election. Yunus has announced that the polls would be held in April next year, but poor law and order situation and a lack of clear-cut political consensus over it have created confusion. The chief of Bangladesh's military also wanted an election in December this year – a stance Yunus didn't like. 'Post-revolution honeymoons often don't last long, and Bangladesh is no exception,' says Michael Kugelman, a Washington-based South Asia analyst and senior fellow of Asia Pacific Foundation. 'The interim government faced massive expectations to restore democracy and prosperity. But this is especially difficult to do as an unelected government without a public mandate.' Yunus has delayed an election because he wants reforms – from changes to the constitution and elections to the judiciary and police. Discussions with political parties, except Hasina's Awami League, are ongoing. Some of the reforms include putting a limit on how many times a person can become the prime minister, introduction of a two-tier parliament, and appointment of a chief justice. Students clashing with police during a protest in Dhaka in this file photo. — AP There appears to be little consensus over some basic reforms. While both the BNP and the Jamaat-e-Islami parties have agreed to some of them with conditions, other proposals for basic constitutional reforms have become a sticking point. The Jamaat-e-Islami also wants to give the interim government more time to complete reforms before heading into polls, while BNP has been calling for an early election. The student-led party mostly follows the pattern of the Jamaat-e-Islami party. Kugelman says the issue of reforms was meant to unite the country, but has instead become a flashpoint. 'There's a divide between those that want to see through reforms and give them more time, and those that feel it's time to wrap things up and focus on elections,' he says. Human rights in Bangladesh have remained a serious concern under Yunus. Minority groups have blamed his administration for failing to protect them adequately. The Bangladesh Hindu Buddhist Christian Unity Council says minority Hindus and others have been targeted in hundreds of attacks over the last year. Hasina's party has also blamed the interim government for arresting tens of thousands of its supporters. The Yunus-led administration denies these allegations. Meenakshi Ganguly, deputy Asia director for Human Rights Watch, says while the interim government has stopped enforced disappearances and extrajudicial executions that had occurred under the Hasina government, 'there has been little progress on lasting security sector reforms or to deliver on the pledge to create robust, independent institutions'. Meanwhile, Islamist factions – some of whom have proposed changes to women's rights and demanded introduction of Syariah law – are vying for power. Many of them are planning to build alliances with bigger parties like the BNP or the Jamaat-e-Islami. Such factions have historically struggled to gain significant electoral support despite Bangladesh being a Muslim majority, and their rise is expected to further fragment the country's political landscape. During Hasina's 15-year rule, Bangladesh was India's closest partner in South Asia. After her ouster, the Yunus-led administration has moved closer to China. Yunus' first state visit was to China in March, a trip that saw him secure investments, loans and grants. On the other hand, India is angered by the ousting of its old ally Hasina and hasn't responded to Dhaka's requests to extradite her. India stopped issuing visas to Bangladeshis following Hasina's fall. Globally, Yunus seems to have strong backing from the West and the United Nations, and it appears Bangladesh will continue its foreign policy, which has long tried to find a balance between multiple foreign powers. But Kugelman says the country's biggest challenge may be the 'Trump factor'. In January, the Trump administration suspended USAID funds to Bangladesh, which had sought significant levels of US support during a critical rebuild period post Hasina's ouster. 'Dhaka must now reframe its relations with an unconventional US administration that will largely view Bangladesh through a commercial lens,' Kugelman says. — AP
News18
8 hours ago
- Politics
- News18
Yunus Govt Arrests Ex-Bangladesh Chief Justice, Links Him To Killing During Anti-Hasina Protests
Bangladesh police arrested 81-year-old ABM Khairul Haque and sent him to jail. Bangladesh's police arrested the country's former top judge, 81-year-old ABM Khairul Haque, on Thursday in connection with a murder-related case that happened during the anti-Hasina protests last year. According to an AFP report, a court in Dhaka later sent the former chief justice to jail. 'Haque is facing several other cases, but he was shown arrested for his alleged involvement in a murder," police officer Nasir Islam was quoted as saying by news agency AFP. He said the cases are from the student uprising last year that ousted former premier Sheikh Hasina. The murder case was filed by Ala Uddin, a leader of the Bangladesh Nationalist Party (BNP) — which is widely expected to win the next election — accusing Haque, Hasina and 465 others for killing his son during the popular uprising. Haque was brought into a packed courtroom in Dhaka where he remained silent as the judge ordered him to jail, according to witnesses. He served as Bangladesh's chief justice for eight months beginning in late 2010, and was later appointed chairman of the Law Commission by the Hasina government. Haque has faced criticism for a 2011 ruling that scrapped the caretaker government system, which previously required ruling parties to step down during election periods to ensure fairness. The decision was widely seen as benefiting Hasina's Awami League and helping it stay in power. He also delivered several high-profile but contentious verdicts, including in the case surrounding the assassination of Sheikh Mujibur Rahman, Bangladesh's founding president. Following Haque's arrest, BNP leader Mirza Fakhrul Islam Alamgir said, 'We hope exemplary punishment will be ensured so that the judiciary can never be weaponised against the state." Mahbub Uddin Khokon, president of the Supreme Court Bar Association, said Haque had 'enjoyed various privileges after declaring the caretaker government system illegal." He added, 'His verdict helped the Awami League unleash a reign of terror, including enforced disappearances and murders". view comments First Published: July 24, 2025, 23:39 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Reuters
13 hours ago
- Business
- Reuters
Breakingviews - EU bank surge masks discrete capital soap operas
LONDON/BERLIN, July 24 (Reuters Breakingviews) - Europe's banks are having a decent 2025. For all the new-year talk about the motoring U.S. economy and the stuttering European Union, bank stocks in the euro zone are up 46% since January – while U.S. lenders have on average risen just 16%. Yet while the sector seems to have become dull and dependable, there's still room for stock-specific soap operas. Lenders across Europe used to trade miles below book value due to a vicious cycle of negative rates and insufficient capital ratios. Second-quarter results from France's $106 billion BNP Paribas, opens new tab( opens new tab and $65 billion Deutsche Bank, opens new tab( opens new tab on Thursday show how rising rates and European rearmament plans have flipped the script. BNP made a return on tangible equity of 11.6%, while Deutsche managed 10.1% - both ahead of year-end targets. Stripping out the unhelpful effect of the stronger euro, the banks' fixed income and currency trading operations rose in line with or above the 15% year-on-year jump Wall Street rivals managed. The upshot is a stark re-rating: Deutsche shares have jumped from around half of expected tangible book value in January to above 80%. Yet both the German bank and BNP lag $134 billion Spanish rival Banco Santander's ( opens new tab 1.2 times multiple. One potential driver is the three banks' different capital situations. Neither BNP boss Jean-Laurent Bonnafé nor Deutsche Chief Executive Christian Sewing have a solvency headache: the French bank's 12.5% common equity Tier 1 (CET1) ratio is over 200 basis points above its minimum level as stipulated by the European Central Bank, and Deutsche's 14.2% ratio is similarly comfortable. But investors in a utility-like sector are laser-focused on share buybacks, and anything that could conceivably diminish them. By selling, opens new tab her Polish assets in May for 7 billion euros and flagging a 13% CET1 ratio, Santander boss Ana Botín has nixed lingering fears that her bank lacks enough capital for its Latin American-heavy business. That raises investor confidence that a 10 billion euro buyback programme will be maintained. In contrast, BNP and Deutsche's capital outlooks appear fuzzier. A recent ECB interpretation may mean Bonnafé can't fully use the so-called Danish Compromise capital wheeze to bed down last year's AXA Investment Managers deal, which could reduce the bank's CET1 ratio by up to 35 basis points. Meanwhile Deutsche's risk-weighted assets might balloon, opens new tab by over 100 billion euros by 2033 if reforms reducing the flexibility in calculating these RWAs aren't watered down. Neither of these count as real capital angst – especially as Deutsche is confident it can mitigate most of the pain. But now that banks are a defensive sector again, they're held to a higher bar. To hurdle that and trade above tangible book value, investors need more than hopeful words. Follow George Hay on Bluesky, opens new tab and LinkedIn, opens new tab and Pierre Briancon on Bluesky, opens new tab and LinkedIn, opens new tab.
Reuters
15 hours ago
- Business
- Reuters
BNP Paribas sees strong retail recovery, cushions profit fall
PARIS, July 24 (Reuters) - France's BNP Paribas forecast a strong rebound in its retail banking division for the second half of the year, soothing investor concerns on Thursday with tight cost control and a smaller-than-expected drop in quarterly profit. The euro zone's biggest bank by assets said it expected second-half revenue to rise more than 5% from a year earlier, fuelled by prolonged strict cost control and stronger sales in its retail and consumer businesses. The upbeat outlook helped overshadow a mixed quarter for BNP, as its investment bank lagged Wall Street rivals. BNP shares rose 2% in early Paris trading, outpacing France's blue-chip CAC 40 index (.FCHI), opens new tab. Deutsche Bank and other European lenders also reported second-quarter results on Thursday, with the German bank beating expectations. While the economic outlook remains uncertain, banks so far are not expecting a major hit from the latest wave of U.S. trade tariffs. BNP's net income in the April-to-June period fell 4% from a year earlier to 3.26 billion euros ($3.8 billion), slightly above analyst forecasts. Revenue rose 2.5% to 12.6 billion euros, in line with expectations, while provisions for bad loans matched estimates. At its investment bank, fixed income, currency and commodity trading revenues jumped 27%, lifted by market volatility due to U.S. President Donald Trump's tariff policies, but equity trading slumped and pre-tax income from global banking declined. Overall, investment banking revenue rose 4% from a year earlier. Several analysts welcomed the bank's lower-than-expected costs and the rebound in its retail operations. "Revenue performance in European retail was a standout and sets up well for H2 '25 acceleration," Jefferies analysts said in a note. "Elsewhere, the group exhibited strong cost control." CEO Bonnafe, whose tenure was extended in May, has made the investment bank a key part of his efforts to boost BNP's profits, while also cutting costs and bulking up in asset management with the recent acquisition of AXA Investment Managers. The bank's shares have underperformed rivals, however, and even this year's 22% gain lags the wider European banking sector (.SX7P), opens new tab, with investors cautious about BNP's relative growth prospects. BNP said its average tax rate for the quarter was nearly six percentage points higher than a year ago, following changes to U.S. tax rules on financing expenses. That weighed on net earnings, with pre-tax income up 3.1%. Earnings from BNP's insurance operations rose sharply, driven by solid operating income and a one-off gain related to a financial stake in China. BNP's retail and consumer division saw a 4.3% rise in net interest income in France. Analysts expect further improvement following a recent cut in the regulated rate on the country's popular Livret A savings account, which offers room for margin expansion. French banks typically lag their Spanish and Italian peers in benefiting from higher interest rates, as 96% of French mortgages are on a fixed rate. BNP announced an interim dividend of 2.59 euros per share, to be paid on September 30. It also said it expected to surpass 12.2 billion euros in net income this year, in line with its 2024-2026 targets. ($1 = 0.8503 euros)
News18
21 hours ago
- Politics
- News18
Plane Tragedy Reminds Bangladesh Of A Friendly India, Failing Yunus Regime
Last Updated: Ordinary Bangladeshis are slowly beginning to see how, despite all the brickbats from across the border, Bharat calmly stands with a helping hand in the time of tragedy American poet Theodore Roethke, in his poem In a Dark Time, writes: 'In the darkest hour, the eye begins to see.' Profound tragedy has struck Bangladesh in the form of a plane crash which killed dozens, or possibly over a 100 students of Milestone school and college. The nation is inconsolable. India, made a villain in the eyes of millions of Bangladeshis by relentless propaganda, has rushed burn-specialist doctors and nurses to treat the victims. Prime Minister Narendra Modi was quick to express his condolences. But the tragedy has set in motion two very strong strains of public reaction in Bangladesh. The first is a massive and spontaneous outpouring of friendliness and gratitude towards India after years. India had accrued deep public resentment in Bangladesh for backing the increasingly unpopular Sheikh Hasina regime, which ultimately fell to a mob on August 5, 2024. Since then, chief advisor Muhammad Yunus, his virulently anti-India and loose-tongued student advisors, and their Islamist puppeteers like Jamaat and Hizbut Tahrir ensured that relations reach rock bottom. They tried their best to make people forget India's role in liberating Bangladesh from Pakistan during the 1971 Muktijuddo, or sending vaccines during peak Covid-19, or supporting its economy and developmental projects. India maturely navigated the bile. No irresponsible remark was fired from New Delhi to Dhaka. And now, ordinary Bangladeshis are slowly beginning to see how despite all the brickbats from across the border, Bharat calmly stands with a helping hand in the time of tragedy. Bangladeshi social media, which was hijacked for the last couple of years by radical voices, is now coming alive again with praise for India. Islamist influencers like Pinaki Bhattacharya (a Muslim neo-convert eager to prove his loyalty to his Islamist masters) are being mocked, shamed, and rejected for trying to play dirty, anti-India politics after the deaths of so many students and a few teachers. While the renewed warmth towards India cuts across BNP, Swami League and Jatiya Party lines, the buyers' remorse over the Yunus regime has accelerated even faster after the Milestone mishap. Bangladesh is realising that it has put in power a bunch of clueless and incompetent young bigots led by a malevolent and maladroit Nobel recipient. Bangladesh's GDP is at a 20-year low. Its lifeline, the garment industry, has been immobilised by the mobocracy. Local industrialists say a famine-like situation is advancing along with an energy crisis and total collapse of law and order. To add insult, Yunus was caught on video smiling heartily at an all-party meeting right after the crash which took so many young lives. But he did not stop at that. Instead of announcing an emergency financial package, he exhorted the Bangladeshi citizenry to collect money and help the victims. This growing callousness, coupled with the recent Gopalganj massacre and public lynching of a businessman, is slowly tipping the patience of the public. It is still too early to expect a paucity- and violence-torn citizenry to effect change, but it is becoming clear to all that the nation cannot indefinitely feed itself with political and sectarian hate. Knives will have to come back to the kitchen. Abhijit Majumder is a senior journalist. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect News18's views. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
