Singapore, Oct 2 (AP/UNB) — Asian shares fell on Tuesday as relief that the United States had brokered a trade deal with Canada gave way to concerns that negotiations with China were at a standstill.
KEEPING SCORE: Japan's benchmark Nikkei 225 gained 0.2 percent to 24,294.43. Hong Kong's Hang Seng tumbled 1.6 percent to 27,333.36. Australia's S&P/ASX 200 lost 0.7 percent to 6,130.20, ahead of a statement by the Reserve Bank of Australia, which is expected to keep its benchmark interest rate at a record-low 1.5 percent. South Korea's Kospi lost 0.7 percent to 2,322.58. Markets in the Chinese mainland were closed for a week-long holiday.
WALL STREET: Stocks advanced after the U.S. and Canada agreed to a new trade deal, but the rally fizzled, leaving major indexes mixed on Monday. The S&P 500 index added 0.4 percent to 2,924.59. The Nasdaq composite fell 0.1 percent to 8,037.30, while the Dow Jones Industrial Average jumped 0.7 percent to 26,651.21. The Russell 2000 index of smaller-company stocks gave up 1.4 percent to 1,672.99, its worst loss since late June.
U.S.-CANADA DEAL: Canada joined the revamped North American trade agreement with the U.S. and Mexico late Sunday after weeks of negotiations. On Monday, President Donald Trump hailed the agreement as a breakthrough for U.S. workers and vowed to sign it by late November. Trump branded the U.S.-Mexico-Canada Agreement as "USMCA" and added that the new name had a "good ring to it." Canadian Prime Minister Justin Trudeau said the deal was a "win-win-win for all three countries." But the new agreement still faces a lengthy path to congressional approval, having been a lightning rod for criticism among labor unions and manufacturing workers.
ANALYST'S TAKE: "The revamped trade pact adds to KORUS, the bilateral trade agreement between the U.S. and Korea, to show that the Trump administration has capacity to strike trade deals," Zhu Huani of Mizuho Bank said in a commentary. "Nonetheless, a protracted trade war with China is still expected given both sides have little appetite for further negotiation at this juncture," she added.
TESLA: Tesla logged its biggest gain in five years after company founder Elon Musk reached a settlement with securities regulators on Monday that will allow him to stay on as CEO of the electric car maker. Its stock soared over 17.3 percent to $310.70. Musk agreed to give up the chairman's role for at least three years, while Tesla will appoint two new, independent directors to its board. On Friday, Tesla plunged 14 percent after the Securities and Exchange Commission said Musk had misled investors with a tweet saying he had secured the funding to take Tesla private. The SEC said in a court filing that it wanted to bar Musk from serving as an officer or director of a publicly traded company and called his actions securities fraud.
ENERGY: Benchmark U.S. crude added 24 cents to $75.54. The contract climbed 2.8 percent to $75.30 a barrel in New York on Monday, its highest price since November 2014. Brent crude, used to price international oils, added 3 cents to $85.01 per barrel in London. It was also trading at four-year highs, after adding 2.7 percent to $84.98 per barrel in London.
CURRENCIES: The dollar weakened to 113.94 yen from 113.92 yen on Monday. The euro fell to $1.1572 from $1.1575. The Canadian dollar rose to $1.2805 from $1.2787.
Birmingham, Oct 2 (AP/UNB) — Britain's Brexit chief appealed for Conservative Party unity on Monday, as he warned the European Union that the U.K. will leave the bloc without a divorce deal rather than accept one that makes Britain follow too many EU rules.
Brexit Secretary Dominic Raab's call to "come together, because this is a moment for the optimists" fell largely on deaf ears at the Conservative conference in Birmingham. Instead, pro-Brexit politicians took pot-shots at the EU, pro-EU Conservatives battled to stop the U.K.'s exit from the bloc — and British Prime Minister Theresa May was caught in the middle, trying to cling to power.
The Conservatives are holding their annual meeting in the central English city 10 days after EU leaders told May that her proposed divorce terms were unacceptable. That rejection has sparking an impasse in Brexit negotiations and a crisis for Britain's leader, with less than six months to go until Britain leaves the 28-nation bloc on March 29.
Raab accused the EU of casting "jibes" at Britain and having a "theological approach (that) allows no room for serious compromise."
Raab said that if the EU tried to "lock us in via the back door" — by keeping Britain in the bloc's single market or customs union — "then we will be left with no choice but to leave without a deal."
Raab's combative comments followed Foreign Secretary Jeremy Hunt's remark on Sunday that the EU should not try to prevent a smooth departure by Britain because "it was the Soviet Union that stopped people leaving." His comparison of a bloc that includes several former Communist countries to the USSR drew a rebuke from former British diplomats and from the EU.
"We would all benefit, and in particular foreign affairs ministers, from opening a history book from time to time," said European Commission spokesman Margaritis Schinas.
Pro-Brexit flag-waving got a warmer reception at the Conservative conference, where party members mixed with lobbyists, think-tank academics and a group of men dressed as soldiers from the Battle of Bosworth in 1485 — a time when Britain was engulfed in civil war and Europe seemed far away.
May, meanwhile, faces a growing threat to her leadership amid deepening opposition to her Brexit plan, which would keep Britain in the EU single market for goods — in return for following EU regulations — while leaving it free to make its own rules on services.
Advocates of "hard Brexit" argue that would make the U.K. a "vassal" of the EU, whereas a clean break with the bloc would let Britain strike new trade deals around the world.
Former Foreign Secretary Boris Johnson, a rival of May's who is a likely future contender for her job, has called the prime minister's plan "preposterous" and "deranged." Johnson is set to address party delegates on Tuesday, a day before May's keynote speech to the conference.
In the speech widely seen as Johnson's leadership manifesto, he will urge the party to "follow our conservative instincts" and cut taxes.
On May's other flank are pro-EU ministers such as Treasury chief Philip Hammond, who called Johnson's claims about Brexit "fantasy land." Hammond used his own conference speech to stress that the Conservative Party "is, and always will be, the party of business."
It's a sign of how Brexit has upended British politics that the party of free-market former Prime Minister Margaret Thatcher needs to make such an assurance.
But many British businesses are anxious about Brexit, fearing barriers to trade and recruiting workers could hammer the U.K. economy.
Hammond echoed their concerns, saying "our businesses, and the workers whose jobs depend on them" need "friction-free access" to EU markets.
Hammond backed May's Brexit plan, but EU leaders say it amounts to "cherry picking" the benefits of membership in the bloc without assuming the costs and responsibilities.
May is sticking to her proposal. But with Brexit day looming on March 29, chances are rising that the U.K. could find itself crashing out of the bloc without a deal. The government has acknowledged that could leave planes grounded and trucks backed up at British ports.
Pro-EU Conservatives, who have been sidelined since the country voted in 2016 to leave the EU, think opinion is turning in their favor now that the downsides of Brexit are becoming clearer. Several hundred people packed a meeting in Birmingham on Monday to hear from Conservatives calling for a "people's vote" — a new referendum on any final Brexit deal, with the option to remain in the EU.
Speakers warned that the party would be punished by voters if it pushed through a "hard" Brexit.
"Every single socio-economic ill that takes place between now and the next general election is going to be blamed on 'Tory Brexit,'" said lawmaker Phillip Lee, who resigned as a junior minister over his opposition to Brexit.
Lee claimed to know three government ministers who privately supported a new referendum, and urged Conservative lawmakers with doubts about Brexit to speak up.
Conservative legislator Anna Soubry encouraged British businesses to go public with their concerns about Brexit.
"There are so many private conversations that should now be public conversations — and notably by British businesses," Soubry said. "We have only six months to save our country."
Dhaka, Oct 1 (UNB) – Commerce Minister Tofail Ahmed has inaugurated a newly built glass door manufacturing unit of Walton at the Walton Hi-Tech Industries Limited (WHIL) in Chandra, Gazipur.
During the opening ceremony, the minister on Sunday appreciated the wide ranges of products manufacturing units, processes as well as sound working environment at the WHIL, said a press release today.
“Walton is one of the giant industrial units in Bangladesh. It achieved goodwill in the international markets through delivering quality appliances,” said the minister hoping that Walton will be emerged as one of the global premier brands very soon.
He also assured of providing cash incentives to the local electronics appliances’ exporters.
Just after the 10 years of starting local production, Walton is now manufacturing 25 types of essential electronics appliances like televisions, fridges, laptops, mobile phones and other appliances.
The press release said Walton has created direct employment for 20,000 personnel and indirect employment for more 60,000 people.
Earlier, WHIL’s Chairman SM Nurul Alam, Vice-Chairman SM Shamsul Alam, Managing Director SM Ashraful Alam and Walton Digi-Tech Corporation’s Chairman SM Rezaul Alam, SM Monjurul Alam, Walton Group’s Director Raisa Sigma Hima welcomed the commerce minister at the factory premises with bouquet.
Among others, Walton Group’s Executive Directors SM Zahid Hasan and Md. Humayun Kabir, Deputy Executive Director Uday Hakim, Senior Operative Director Golam Morshed, Operative Director Md. Firoj Alam and other high officials of the company were present at the function.
After visiting different production units like refrigerator and compressor units, Commerce Minister Tofail Ahmed inaugurated the newly built Walton Glass Door Manufacturing Unit through cutting ribbon.
Walton Glass Door Manufacturing Unit went into operation in April this year while the formal commencement of the Unit was held on Sunday.
Currently, 1,000 sets of glass doors are being produced in a day, which would be increased to 5,000 by mid-2019.
Toronto, Oct 1 (AP/UNB) — The U.S. and Canada reached the basis of a free trade deal Sunday night, a senior Canadian government official said.
The agreement preserved a NAFTA dispute-resolution process that the U.S. wanted to jettison, the official told The Associated Press ahead of an official announcement. The official was not authorized to speak publicly and requested anonymity.
The agreement also exempts tariffs on 2.6 million cars. On dairy Canada essentially gave the U.S. the same access it offered in the Trans Pacific Partnership trade agreement that President Donald Trump rejected.
"It's a good day for Canada," Prime Minister Justin Trudeau said as he left his office. He said he would have more to say Monday.
The U.S. and Canada were under pressure to reach a deal by midnight Sunday, when the U.S. must make public the full text of the agreement with Mexico.
Canada, the United States' No. 2 trading partner, was left out when the U.S. and Mexico reached an agreement last month to revamp the North American Free Trade Agreement.
The Trump administration officially notified Congress of the U.S.-Mexico trade agreement on Aug. 31. That started a 90-day clock that would let outgoing Mexican President Enrique Pena Nieto sign the new pact before he leaves office Dec. 1.
Mexico's economics ministry said in a tweet earlier Sunday that the text of the pact would be delivered to the Mexican Senate Sunday night, adding that "if there is agreement with Canada, the text will be trilateral. If there is not, it will be bilateral."
Trump had said he wanted to go ahead with a revamped NAFTA — with or without Canada. It was unclear, however, whether Trump had authority from Congress to pursue a revamped NAFTA with only Mexico, and some lawmakers said they wouldn't go along with a deal that left out Canada.
U.S.-Canada talks bogged down earlier this month, and most trade analysts expected the Sept. 30 deadline to come and go without Canada being reinstated. They suspected that Canada, which had said it wasn't bound by U.S. deadlines, was delaying the talks until after provincial elections Monday in Quebec, where support for Canadian dairy tariffs runs high.
Dhaka, Sept 30 (UNB)- Prominent Banker, Farman R Chowdhury joined the Al-Arafah Islami Bank Limited (AIBL) as Managing Director and CEO on Sunday.
He will formally start his duty from Monday.
Farman R Chowdhury was the managing director and CEO of Shahjalal Islami Bank Limited and ONE Bank Limited and served there 5 years and 6 years respectively, a press release said.
Chowdhury started his banking career in October 1986 as a management trainee in American Express Bank and served there for 12 years in various capacities.
Later, he joined ONE Bank Ltd. in July of 1999 as its first branch manager and served there up to July 2013 including holding the position of managing director for 6 (six) years.
Farman R Chowdhury holds MBA degree from IBA of the University of Dhaka.