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WTO haggles over food, fishing, vaccines ahead of deadline
Deutsche Welle
16 Jun 2022, 18:11
Photo: Collected
The global trade watchdog WTO has debated through the night as it struggles to secure various deals. One country in particular has thrown a wrench in the negotiations. Ministers from 164 member states of the World Trade Organization negotiated in Geneva overnight to Thursday on deals on food security, fishing and fighting COVID-19 as an afternoon deadline loomed. It is the first conference in nearly five years for the organization, whose members represent 98% of global trade and global GDP. An extra fifth day of negotiations was added in a bid to break a deadlock.
What is being discussed?
The issues at stake have included how to curb fishing subsidies, introducing a temporary waiver on COVID-19 vaccine patents and agreements on food security. Also under discussion were topics connected with agriculture, e-commerce, the WTO’s general response to pandemics, and reforms to the organization itself. A Geneva trade official told reporters that concessions were traded past dawn in a bid to secure deals. They’re looking at a broad package: what can be achieved, trade-offs in different areas, the official said. The negotiations come as Russian Interfax news agency cited a deputy foreign minister as saying that Moscow was not considering leaving the body, despite tensions over its invasion of Ukraine.
Why is it difficult?
The problem on reaching agreement is that all 164 members must all agree for new global trade rules to be passed. That means that just one member can block deals. This time round, India has been blocking negotiations by insisting on maintaining subsidies for fisheries and agriculture, and pushing for extra concessions. Indian Commerce Minister Piyush Goyal said on Twitter that India is strongly representing its perspective at the WTO to protect the future of every Indian and that of the marginalized. The negotiation situation at the WTO has drawn criticism from trade experts. The ministerial [conference] laid bare the increasing dysfunction that inhibits collective action at the WTO, said Jake Colvin, president of the National Foreign Trade Council. However, WTO officials have been more upbeat about the possibility of reaching deals, saying that negotiations often seem fruitless until the very last minute.
The WTO, headquartered in Geneva, Switzerland, was established in 1948 and is the world’s largest international economic organization. In recent years, it has faced criticism for being too unwieldy to cope with growing global challenges.
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Gold Prices Suddenly Volatile, Reason Revealed
There has been a sudden surge in the price of gold in the global market. Accordingly, the price of this precious metal can increase at any time in the domestic market.
On Friday (November 29), at around 5:15 pm, the price of gold per ounce was at $2,662.02 in the spot market. The price has increased by $21.18 per ounce or 0.79 percent in a day.
Analysts claim that the new devastating Russian missile attack in the Russia-Ukraine war and the allegations of ceasefire violations between the Israeli armed forces and the Iran-backed Hezbollah have caused uncertainty among investors. Investors are choosing gold as a safe investment. Livemint reports.
Jatin Trivedi, VP Research Analyst at LKP Securities, said, 'There was significant volatility in the price of gold on Friday. Although the precious metal was initially low, the renewed tension in the Russia-Ukraine conflict has increased demand for gold as a safe-haven investment. Currently, immediate support is at $2,662 (a support level is a price at which demand for the metal is so strong that it resists a decline) and resistance is at $2,655 to $2,665. If the resistance is broken, the price of gold can reach $2,690. And if it falls below $2,620, the price can deteriorate to $2,580.'
Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said regarding the Israel-Hezbollah ceasefire violation, 'The demand for gold has increased again due to the allegations of ceasefire violations between Israel and Hezbollah along with the Russia-Ukraine war. Investors are currently looking at gold as a safe alternative.'
Meanwhile, the Bangladesh Jewellers Association (BAJUS) increased the price of gold on Wednesday (November 27) evening and set a new price. According to the new price, the price of 22-carat gold will be Tk138,708. 21-carat gold will be Tk132,398 per bhori. 18-carat gold will be Tk113,491 per bhori. The price of gold per bhori according to the traditional method is Tk93,160.
The decision to increase or decrease the price of gold on behalf of BAJUS was taken by the BAJUS Standing Committee on Pricing and Price Monitoring Committee. A member of this committee said, 'The decision to increase or decrease the price of my gold is taken based on the international market as well as the local market. If the price of mature gold increases in the local market, it is natural to decide to increase the price. On the other hand, if the price of mature gold decreases, the decision to reduce the price is taken. The global market price picture affects the price of pure gold.'
Economy Starting to Stabilize: Financial Advisor
The interim government's financial advisor, Dr Salehuddin Ahmed, said that the country's economy, which had started to deteriorate, has started to stabilize somewhat. At the same time, foreign exchange reserves are also increasing. Foreign partners are responding very positively in this regard.
He stated this at a trade conference organized by the Dhaka Chamber of Commerce and Industry (DCCI) at a hotel in the capital on Saturday (November 30).
At that time, Dr Salehuddin Ahmed also spoke about the irregularities and corruption of the previous government.
He said that the irregularities and corruption left by the previous government cannot be normalized in 2-4 months. However, no one will be able to launder money in the future.
Trade advisor Sheikh Bashir Uddin, DCCI President Ashraf Ahmed, Association of Bankers Bangladesh Limited (ABB) Chairman Selim RF Hussain, Foreign Investors Chamber of Commerce and Industry (FICCI) President Javed Akhtar and others were present at the time.
China Discovers World's Largest Gold Deposit Worth $83 Billion
A massive deposit of high-quality gold ore, containing an estimated 1,000 metric tons (1,100 US tons) of gold, has been uncovered in central China.
Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa, News Az reports, citing foreign media.
The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang.
These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers.
"Many drilled rock cores showed visible gold," says bureau prospector Chen Rulin.
Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams.
China already dominates the world's gold market with reserves considered to be in excess of 2,000 tons earlier in 2024 with its mining industry contributing around 10 percent of the global output.
Announcements of the findings have contributed to a further increase in the already skyrocketing gold price as demands for the resource continue to rise amid global uncertainty.
Based on these latest findings, we might be far from exhausting economically viable reserves.
Core samples taken around the periphery of the Hunan site hint that the deposit may extend even further than initial predictions, making the reservoir beneath its soil a true dragon's haul.
It's been a notable year for gold discoveries.
In March, a treasure hunter in England found what was estimated to perhaps be the biggest gold nugget ever found in the country.
And just two months ago, research by scientists in Australia discovered a new mechanism that may lead to the formation of gold, suggesting the seismic activity of earthquakes actually plays a role in the creation of large nuggets.
But that's not all. In addition to learning more about how gold naturally forms, scientists are also investigating new things that can be done to manipulate the precious resource.
A study published in April reported the creation of a new kind of two-dimensional gold called 'goldene', measuring only a single layer of atoms in height, which has some interesting properties not seen in the three-dimensional form of gold.
While gold is an ancient metal that has been prized all throughout human history, there's clearly a lot we're still finding out about it.
Mati Ul Hasan: Mercantile Bank Appoints New MD
Mercantile Bank has appointed Mati Ul Hasan as managing director (MD) of the bank. Earlier he was the Additional Managing Director & Chief Risk Officer of the bank, according to a press statement.
Mercantile Bank PLC announced this in a press release on Saturday (November 30).
Mati Ul Hasan started his career as a probationary officer at IFIC Bank Limited in 1984. He held various positions in different branches, head office including the Branch in charge of the local office at Motijheel. He was posted at Branches of overseas operations in Pakistan in different important positions & at Nepal Bangladesh Bank (Joint venture of IFIC) as DMD.
Mati Ul Hasan joined Mercantile Bank as DMD in 2014. During his career, he has participated in various training programs on banking at home and abroad.
He also holds a Diploma in Banking from 'The Institute of Bankers, Bangladesh, and Associates of the Institute of Bankers, Pakistan.
White Paper: Report Finds Several Dominant Channels For Corruption
The White Paper Committee identified several dominant channels of corruption including banking loan scams, misappropriation of loans, and politically motivated unviable projects, appearing to be a wide-ranging and deep-rooted manifestation of corruption during the deposed Awami League regime.
The White Paper Committee head and Distinguished Fellow of the Centre for Policy Dialogue (CPD) Dr Debapriya Bhattacharya today (December 02) formally unveiled the report to the media exposing the dominant channels of corruption at the NEC conference room in the city's Sher-e-Bangla Nagar area.
Other members of the committee were present.
The dominant channels are described below which include banking loan scams, fraudulent practices in illusory bank loans, and misappropriation of loans.
Bank Takeover: Forced takeover of ownership of banks with the help of state machinery.
Illicit financial outflows: Ill-gotten money is laundered out of the country in large volume.
Politically Motivated Unviable Projects: Resources are wasted on unviable projects, prolonging timelines and inflation costs.
Inflated Project Costs: Systematic cost overestimation to siphon funds.
Project Cost Escalation Post-Approval: Costs are artificially escalated after project approval to divert funds.
Non-Competitive Tender Processes: Cronyism and favoritism dominate procurement, excluding qualified bidders.
Unnecessary or Poorly Designed Projects: Resources are wasted due to weak feasibility studies, prolonging timelines, and inflating costs.
Nepotism in Appointments: Project management, particularly Project Directors, is often appointed based on political connections rather than merit.
Illegal Land and Asset Acquisitions: Land and assets are seized or acquired through illegitimate means.
Misappropriation of Land Acquisition Funds: Politically weak landowners are coerced into unfair deals, and funds allocated for land acquisition are misused.
Awarding Overpriced Contracts: Contracts are often granted to politically connected contractors at inflated prices and given without competitive bidding.
Abuse of Project Resources: Misuse of vehicles, travel budgets, and other project resources for personal or political gain.
Bribery as a Standard Management Practice: Bribes are routinely exchanged to expedite processes or secure favors.
Misallocation of Public Funds: Funds intended for development are diverted to serve political and/or personal objectives by the leaders.
Tax Exemptions for Elites: Tax policies disproportionately benefit influential groups.
Distorted Supply Chains: Manipulated supply chains lead to unfair pricing and market inefficiencies.
Sharing Insider Information: Policy decisions are leaked to select groups for financial gain.
Collusive Corruption: Collaboration between public officials and private actors for mutual benefits.
Extortion-Based Corruption: Coercion is used to extract bribes or enforce unfair deals.
Monopolistic Corruption: Market conditions are manipulated to favor specific individuals or entities.
Pre-emptive Information Sharing Corruption: Early access to critical information is exploited for undue advantage.
Information Concealment Corruption: Withholding important information to mislead stakeholders.
Corruption by Inaction: Deliberate delays are used to create opportunities for rent-seeking.
Corruption for Career Advancement: Bribes and connections are leveraged to secure promotions or influential positions.
Commission-Sharing Corruption: High-level officials demand a share of commissions for approvals.
Corruption for Political Favour: Resources and decisions are manipulated to secure political allegiance or favor.
Legislative Manipulation Corruption: Laws and policies are tailored to serve vested interests.
The review of the White Paper puts the banking sector on top of the most corruption-ravaged sector, followed by physical infrastructure, and energy and power.
Information and Communication Technology (ICT) was also identified as one of the most corruption-affected sectors by its operational and technological novelty.
This non-exhaustive list of pervasive corrupt practices highlights the urgent need for systemic reforms and robust accountability mechanisms to restore governance integrity and economic resilience, the paper said.
Source: BSS
Gold Price Today (December 3)
Since gold is an imported material, its price tends to fluctuate almost daily in Bangladesh. The price is determined accurately by the Bangladesh Jewellers Association (BAJUS). The latest prices of gold in Bangladesh as of December 3, 2024, are as follows:
The price of per bhori (11.66 grams) of 22-carat gold is 137,227 BDT.
The price of per bhori of 21-carat gold is 130,998 BDT.
The price of per bhori of 18-carat gold is 112,289 BDT.
The price of per bhori of traditional gold is 92,134 BDT.
These prices were last updated on Sunday, December 1, 2024, by Bangladesh Jewellers Association (BAJUS).
Home Textile Products Witnessed Highest Growth in Exports.: EPB
In the recently concluded month of November, Bangladesh earned $4.11 billion from exports, marking a 15.63% increase compared to the same period last year.
This information was revealed in the latest report from the Export Promotion Bureau (EPB) on Wednesday, December 4.
According to EPB data, the total export earnings in the first five months of the current fiscal year (July to November) amounted to $19.90 billion, reflecting a growth of nearly 12% compared to the same period last year. Among the sectors, home textile products witnessed the highest growth in exports.
In November alone, $3.30 billion of export revenue came from the ready-made garments (RMG) sector, which recorded a year-on-year growth of 16.25%.
During this period, exports of home textiles increased by nearly 21%. Additionally, agricultural exports grew by approximately 16%, and exports of industrial goods rose by 15.60%. However, there was a slight decline in the export volume of leather and leather products.
The data further indicates that in the first five months of the current fiscal year, the RMG sector exported goods worth $14.34 billion, registering a growth of approximately 12.5%.
