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Yahoo
02-07-2025
- Business
- Yahoo
Strike at Bangladesh's Busiest Port Paralyzes Trade, Threatens $222M Hit to Garment Industry
A two-day strike at Bangladesh's biggest port shut down the movement of containers over the weekend, grinding shipping activity in the area to a standstill before the country's government issued a back-to-work order late Sunday. At Chattogram Port, customs officials walked off the job on Saturday and Sunday in solidarity with the federal government's National Board of Revenue (NBR), the parent organization of the Chattogram Customs House. More from Sourcing Journal Thailand-Cambodia Border Closures Snarl Regional Trade, Apparel Manufacturing Long Excluded in Climate Conversations, Fashion's Suppliers Create Own Seat at Table DHL Express Canada Reaches Deal With Union, Resumes Service NBR officials implemented a 'complete shutdown' program on Saturday, with the agency's employees all stopping work in tax, customs and VAT offices across the country. The agency has already held several labor disruptions, including hunger strikes and human chains, in protest of an ordinance on May 12 that would abolish the organization and establish two new entities in its place. The absence of customs clearance officers at Chattogram Port effectively stalled the hub's import-export processes, as there was no one to scan, inspect and clear the goods, preventing the port from releasing any cargo. Employees who were present did not perform any duties, a Chattogram Customs House told Bangladeshi publication The Business Standard. Cessation of customs activities spread to multiple land ports on the border of India, including the Akhaura Land Port and Bhomra Land Port, halting trade through Sunday. The Indian government had already restricted imports including readymade garments (RMGs) through these land gateways. In a statement shared with Reuters, the interim government of Prime Minister Muhammad Yunus said that import-export operations must continue uninterrupted to protect the economy, and that all NBR jobs were deemed essential services. During the two-day stretch, transportation of import and export containers to and from Chattogram Port had also been entirely suspended. This meant none of the 19 private inland container depots (ICDs) in Dhaka—which are typically used to alleviate congestion at Chattogram by adding more area for container handling—sent export-laden containers to the port. More than 14,000 containers piled up across the ICDs due to the NBR shutdown over the weekend, according to a report from The Business Standard. Under normal circumstances, the depots collectively hold roughly 10,000 to 11,000 containers, according to Mohammad Ruhul Amin Sikder, secretary general of the Bangladesh Inland Container Depot Association. 'In the past two days alone, around 3,000 to 3,500 containers were supposed to move from the ICDs to the port for shipment. But due to the shutdown, they couldn't be transported,' Sikder told The Business Standard, At least four vessels were unable to depart the port because they could not receive containers from the ICDs, the report said. On Monday, the Chattogram Port (also known as Chittagong Port) is scheduled to dispatch between 6,000 and 7,000 containers on five vessels. At the port, clearing and forwarding agents resumed work Monday morning. According to the Chattogram Port Authority, 10 container vessels are were berthed at the port's jetties as of Monday morning, while 19 more ships are waiting at the outer anchorage. Mahmud Hasan Khan Babu, the recently elected president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the suspended port operations would cost the country's RMG industry an estimated $222 million. 'The cost of recovery will be staggering—beyond comprehension—and many factories risk going bankrupt,' he told French news agency Agence France-Presse (AFP). Apparel is the backbone of Bangladesh's export economy, with the southeast Asian nation exporting $36.6 billion in RMGs throughout the first 11 months of the 2024-2025 fiscal year through May, according to the Export Promotion Bureau. Chattogram has recently been a hotbed for congestion, seeing significant delays due to the country's political unrest last year and other events like flooding and a software glitch that coincidentally caused the port's customs clearance systems to malfunction. Ahead of the strike, Kuehne + Nagel identified the Chattogram port as 'heavily disrupted' in a Thursday update. Average waiting times for ships to berth at the port totaled 4.89 days in the week prior to the update, the logistics giant said. At the time, the port had a yard occupancy rate of around 79 percent, with the company saying the yard is facing 'severe space constraints' due to the extended Eid al-Adha holiday in early June. The lack of space has more heavily affected imports slowing vessel operations at two of Chattogram Port's terminals: New Mooring Container Terminal (NCT) and Chittagong Container Terminal (CCT). Export loads are also limited because of 'time consuming' cargo unloading operations, worsened by CPA equipment issues, according to Kuehne + Nagel. Due to a rail shortage, dwell times for Dhaka ICD-bound imports are seven to 10 days for 20-foot containers and two to three days for 40-foot containers.
India.com
20-06-2025
- Business
- India.com
Have 4 wives, owns 38 private jets, 300 cars, 52 golden boats and..., he is world's richest king, his name is..., not richer than Mukesh Ambani, Adani
Have 4 wives, owns 38 private jets, 300 cars, 52 golden boats and..., this is world's richest king, his name is..., not richer than Mukesh Ambani, Adani There are many billionaires across the world, but very few live as richly and royally as King Maha Vajiralongkorn of Thailand, also known as King Rama X. According to The Business Standard , he is believed to be the richest king in the world, with an estimated wealth of around Rs 3.7 lakh crore (which is about 43 billion US dollars). Where does his wealth come from King Vajiralongkorn didn't make his money like most businesspeople. His wealth comes from centuries of royal inheritance, and it grew even more after his father, King Bhumibol Adulyadej, passed away in 2016. Since then, he has made major investments in some of Thailand's biggest companies and owns a lot of valuable land and buildings. In fact he owns more than 17,000 properties in Bangkok alone which makes him one of the largest landowners in Thailand. These include hotels, old palaces, and commercial buildings, many of which earn large amounts of rent. A life of extreme luxury King Vajiralongkorn lives a life of true royal luxury. His collection includes: Over 300 luxury cars 38 private jets A fleet of 52 golden boats used for special royal events These boats are not for travel, but part of grand traditional ceremonies, showing the rich culture of Thailand's royal family. A royal with military training Born in 1952, he is the only son of King Bhumibol and Queen Sirikit. Raised from an early age to take over the throne, he was given elite military training abroad, where he studied in the United Kingdom and then at the University of New South Wales in Australia, graduating in military studies. He also had pilot training and served with the Royal Thai Army, where he saw action in counter-insurgency campaigns during the politically charged 1970s. A controversial figure Even though his personal life has been full of headlines, he has been married four times and often attracts media attention. Out of the four, three of them ended in divorce and have been the subject of tabloid headlines. He also remains an important and powerful figure in Thailand. He represents both the rich royal tradition and the modern face of the monarchy. Meanwhile, in India… India's richest people are well-known business tycoons. As of May 2025, Mukesh Ambani is the richest Indian, with a net worth of about 92.5 billion dollars. Gautam Adani is second with 56.3 billion dollars, with businesses in ports, energy, and infrastructure. But even compared to these corporate giants, King Vajiralongkorn stands out—not just for his huge fortune, but for a lifestyle filled with palaces, private jets, golden boats, and royal ceremonies that few others in the world can match.
Yahoo
23-05-2025
- Business
- Yahoo
Bangladesh, US Engage in Free Trade Agreement Talks
The United States has agreed in principle to a bilateral free trade agreement (FTA) with Bangladesh, according to one of the country's top officials. A meeting between the Bangladeshi government and U.S. Trade Representative (USTR) Ambassador Jamieson Greer last month spurred discussions about rebalancing trade and lowering trade barriers between the two nations. Bangladeshi Commerce Secretary Mahbubur Rahman confirmed this week that the U.S. has agreed to negotiate a new deal, per a report in the country's daily newspaper, The Business Standard. More from Sourcing Journal India Ends Land Port Entry for Bangladeshi Garment Imports USTR Says 'Unfair' Trade Practices Are Undermining U.S. Apparel and Textiles How Pioneer Denim Is Growing Smart, Not Fast Rahman said Bangladesh has previously proposed the development of a FTA to the U.S., but 'This time, they have agreed, and we are now actively preparing to commence negotiations.' Calling the step a 'major breakthrough for Bangladesh,' Rahman indicated that the agreement would likely grant Bangladesh duty-free access to the U.S. market—a pivotal development for the country's ready-made garment (RMG) industry, which is responsible for more than 80 percent of the country's total exports. The U.S. is the country's largest export market, taking in more than 17 percent of total exports and 18 percent of its garment exports, according to Commerce Ministry data. As it stands, the U.S. charges an average duty rate of 15 percent on imports from Bangladesh, while the average tariff on American imports entering Bangladesh sits at 6.1 percent. The Ministry established an eight-member committee on May 12 'to swiftly prepare a draft text of the agreement,' Rahman said. The committee was given 15 days to turn over a preliminary text for the FTA. Reports from several Bangladeshi news sources say that the country is prepared to offer the U.S. generous terms—a total zeroing out of duties on hundreds of U.S.-made products, to be exact—in order to placate President Donald Trump, who levied 37-percent tariffs on Bangladesh on April 2. Following the 'Liberation Day' tariff announcements, the president deferred the duties for a period of three months to allow for negotiations with trade partners. More recently, Trump has said that his cabinet—including Greer, as well as Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent—would be revising tariff rates for impacted countries rather than meeting with each one directly, seemingly indicating that the high double-digit duties many are facing come July 9 could be reduced. But in order to secure the most favorable terms for Bangladesh, Chief Advisor Muhammad Yunus's interim government was given provisional approval to reduce import duties in the upcoming budget during a Monday meeting with the National Board of Revenue (NBR), according to news portal Members of the RMG sector in Bangladesh have been antsy about what will happen when the reciprocal duties resume. While the USTR is actively engaging with trade partners to hash out new terms for trade policies, the nation's foremost trade authority has also pulled no punches when it comes to attacking other nations over business practices and labor rights issues. Earlier this month, the agency posted on X to '[call] out the unfair trade practices undercutting the American textiles and apparel sector,' including, in the case of Bangladesh, 'pervasive' problems related to labor violations and wages, shift lengths, factory safety and anti-union discrimination.
India.com
20-05-2025
- Business
- India.com
4 wives, 300 cars, 38 private jets and gold boats…, meet World's richest king, not richer than Mukesh Ambani, Gautam Adani, he is…, his source of income is…
4 wives, 300 cars, 38 private jets and gold boats..., meet World's richest king, not richer than Mukesh Ambani, Gautam Adani, he is..., his source of income is... There are countless rich people in the world, but very few live with the kind of royalty and extravagance that King Maha Vajiralongkorn of Thailand does. Known as King Rama X, he is not just a ruler he is also believed to be the richest king in the world, according to a report by The Business Standard . But about him is not just only about money but also about a lifestyle so grand, it makes even the biggest celebrities look modest in comparison. His father ruled the Buddhist kingdom for 70 years, one of the world's longest-serving monarchs. Vajiralongkorn was crowned in May 2019 when his 88-year-old father Bhumibol Adulyadej passed away on October 13, 2016. A Fortune like no other King Vajiralongkorn's wealth is estimated to be around Rs. 3.7 lakh crore (approximately USD 43 billion). Most of this enormous fortune came to him as inheritance. However, instead of simply holding on to it, the King expanded his empire further by investing in land and some of Thailand's largest companies. He owns thousands of acres of land across Thailand, including over 17,000 properties in Bangkok alone. While most people spend their entire lives trying to buy a single house, this King literally owns parts of an entire capital city. A lifestyle beyond imagination The King owns over 300 luxury cars, including top models from Mercedes-Benz, BMW, and even stretched limousines. If that wasn't enough, he also owns 38 private jets, many of which are decorated with royal emblems and golden interiors. But perhaps the most jaw-dropping part of his collection is his 52 golden boats. These are not just ordinary boats they're entirely decorated in gold and are used only during royal events. His education, marriage Vajiralongkorn, born in 1952, is the only son among the four children of Thailand's late King Bhumibol and Queen Sirikit. As reported by Reuters , he began his early education in Thailand before moving abroad for further studies. He attended private schools in the United Kingdom and Australia, eventually enrolling in the prestigious Royal Military College, Duntroon, in Canberra. He graduated with a bachelor's degree in military studies from the University of New South Wales in Australia. According to his official royal biography, Vajiralongkorn is not only academically accomplished but also a trained military professional. He is a certified fighter jet and helicopter pilot and served as a full-time officer in the Royal Thai Army. During his military career in the 1970s, he participated in operations against communist insurgents within Thailand. Over the years, he has had four marriages, and each of them has drawn attention for one reason or another. His personal life often makes headlines just like his extravagant spending. Despite controversies and criticism that have come his way, the King continues to live a life that very few in the world can even imagine. His name is often associated with luxury, power, and an unmatched royal aura. Net worth of Mukesh Ambani and Gautam Adani As of May 2025, Mukesh Ambani and Gautam Adani remain two of India's most prominent billionaires, though their fortunes have experienced notable shifts. Mukesh Ambani, chairman of Reliance Industries, holds the title of India's richest person. His net worth is estimated at approximately USD 92.5 billion, positioning him 18th on Forbes' global billionaire list . Gautam Adani, chairman of the Adani Group, ranks as India's second-richest person with a net worth of around USD 56.3 billion, placing him 28th globally . Adani's business empire spans sectors such as ports, energy, and infrastructure.
Yahoo
16-05-2025
- Business
- Yahoo
Critics accuse government of prioritizing profits in controversial energy roadmap: 'Lacks proper organization'
The interim government of Bangladesh has published a draft of its Energy Policy 2025. Though the country is one of the most climate-vulnerable nations, it has continued to trail far behind other countries in its green energy transition, according to The Business Standard. "[It lacks] proper organization," said Khondaker Golam Moazzem, Research Director at the Centre for Policy Dialogue (CPD), believing that the government is rushing the policy's formulation, which has caused it to be incomplete and not practically executable. Since Bangladesh is so reliant on dirty energy, it continues to protect the economic interests of that industry and has been slow to invest time or money into cleaner energy sources, per the report. Renewable energy made up a mere 4.5% of Bangladesh's power sources as of June 2023. This includes solar, wind, hydro, and biomass. As the world transitions away from fossil fuels toward cleaner energy sources and a cleaner economy, long-term investment in fossil fuel companies is becoming a liability. There is a growing push from researchers for governments around the world to put restrictions on new dirty energy projects, which could lead to a decline in the value of the minerals that fuel them. Sometimes, funds allocated for sustainable projects are instead put toward some of the world's largest polluters, which is a form of greenwashing. Greenwashing is a term used to describe the false or exaggerated claims a company makes to appear more environmentally friendly than it actually is. Bangladesh's newest energy policy revision promises 20% renewable energy generation by 2030 and 30% by 2041. Some researchers do not think these goals are realistic or achievable, even though they grossly lag behind other countries, according to the report. Shahriar Ahmed Chowdhury, director of the Centre for Energy Research at United International University, said the plans "leave the targets vague." Moazzem cited conflicting renewable energy policies as part of the plan's problem, explaining that the discrepancies could confuse investors. "We must recognize that expanding renewable energy within an economic framework heavily dependent on fossil fuels is not practical." It seems that in order to please investors and make a concerted effort to increase renewable energy production, Bangladesh may need to go back to the drawing board. Should the government be able to control how we heat our homes? Definitely Only if it saves money I'm not sure No way Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
