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Indian rupee hits record low on Fed rate hike worries

The Indian rupee plunged to a record low against the dollar on Monday, ahead of an expected US interest rate hike this week aimed at fighting surging inflation. The rupee hit 78.2825 per dollar for the first time as a forecast-beating US inflation report on Friday heightened prospects for a further tightening of monetary policy by the Federal Reserve. The ...

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Migrant labour shortage: Malaysia palm oil firms turn down orders

Malaysian companies from palm oil plantations to semiconductor makers are refusing orders and forgoing billions in sales, hampered by a shortage of more than a million workers that threatens the country’s economic recovery. Despite lifting a COVID-19 freeze on recruiting foreign workers in February, Malaysia has not seen a significant return of migrant workers due to slow government approvals and ...

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Oil prices slide on Beijing COVID warning, inflation concerns

Oil prices slipped more than $2 on Monday as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China’s fuel demand, while worries about global inflation and economic growth further depressed the market. Brent crude futures fell $2.06, or 1.7%, to $119.95 a barrel by 0033 GMT while US West Texas Intermediate crude was at ...

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Ministers gather for high-stakes WTO meet

The World Trade Organization gathers ministers in Geneva Sunday to tackle pressing issues including global food security threatened by Russia’s invasion of Ukraine, overfishing and equitable access to Covid vaccines. With its first ministerial meeting in years, WTO faces pressure to finally eke out long-sought trade deals and show unity amid the still raging pandemic and an impending global hunger ...

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Soybean oil price goes up again

Bottled soybean oil prices have jumped to Tk205 per litre, an increase by Tk 7. The new price of soybean came into effective on Thursday, the day the national budget for FY2022-23 was placed in the Parliament. On May 5, the price of soybean oil rose by Tk 38 to Tk 198. The new price has been set by the ...

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Grameenphone, NEG sign MoU on Philip Kotler’s book

Telecom operator Grameenphone and Northern Education Group (NEG), country partner of Kotler Impact, recently signed a memorandum of understanding on the textbook “Essentials of Modern Marketing” by Professor Philip Kotler and his associates – to be written and published in 2022. The book will illustrate Grameenphone’s success in Bangladesh in the local edition to inspire new era marketers to take ...

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Bangladeshi envoy to UK pays courtesy call on FBCCI President

High Commissioner of Bangladesh to the United Kingdom Saida Muna Tasneem paid a courtesy call on the President of FBCCI Md Jashim Uddin at FBCCI ICON in the capital on Wednesday. The Envoy said that during the post-Brexit era, the UK faces supply chain disruption and this is the high time to enter into the UK market supply chain. They ...

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World Bank approves $1.5 bn more aid for Ukraine

The World Bank on Tuesday announced an additional $1.5 billion in aid for Ukraine, bringing the total planned support package to more than $4 billion. The Russian invasion of Ukraine in late February has created a humanitarian crisis and devastated the country’s economy, destroying infrastructure and blocking key grain exports, as well as draining the government’s ability to pay its ...

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Export earnings to cross $80b by 2024, hopes Tipu

Commerce Minister Tipu Munshi today hoped that the country’s export earnings would cross $80 billion by 2024. “We’ve earlier set an export earnings target of $51 billion in this fiscal year (FY22). Now, we’re hoping that this figure would reach $60 billion in this year. I’m hopeful that the export earnings would cross $80 billion by 2024,” he said. The ...

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Bangladesh Bank devalues currency by Tk1.60

In a bid to tame the restive foreign exchange market the Bangladesh Bank has depreciated the local currency by Tk1.60, the highest so far, to fix the exchange rate of US dollar at Tk91.50. Monday’s devaluation of taka, for the ninth time this year, came as the central bank is grappling with the growing demand of the greenback compared to ...

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