Haque Specialized Group's News

Asian shares slipped Thursday after the latest Fed minutes raised the possibility that a US rate hike could come sooner than expected. Japan's benchmark Nikkei 225 lost 0.4 per cent to 19,312.07 and South Korea's Kospi dipped 0.1 per cent to 2,104.70. Hong Kong's Hang Seng shed 0.5 per cent to 24,088.57. The Shanghai Composite index in mainland China retreated 0.3 per cent to 3,251.95. Australia's S&P/ASX 200 declined 0.3 per cent to 5,790.60. The Dow Jones industrial average rose 0.2 per cent to 20,775.60. The S&P 500 index lost 0.1 per cent to 2,362.82. The Nasdaq composite shed 0.1 per cent to 5,860.63.  The dollar slipped to 113.26 yen from 113.37 yen in late trading Wednesday. The euro rose to $1.0554 from $1.0546. Benchmark US crude oil futures rebounded, rising 45 cents to $54.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 74 cents, or 1.4 per cent, to settle at $53.59. Brent crude, the standard for pricing international oils, rose 44 cents to $56.48 a barrel in London, according to AP.....

Published at: 2017-02-23 00:00:05

A fire broke out at a paper godown at gate No 4 of Chittagong port here on Thursday. Monayem Billah, warehouse inspector of Chittagong Fire Service and Civil Defence, said the fire broke out at the godown around 8:45 am and it soon spread around burning down machines and documents, reports UNB. On information, two firefighting units rushed in and were trying to put out he flame.....

Published at: 2017-02-23 00:00:05

Pakistan has launched its first ever nationwide military operation to “indiscriminately” eliminate remnants of terrorism, a military statement said on Wednesday. Operation Radd-ul-Fasaad was announced after army chief Qamar Javed Bajwa met the corps commanders of Punjab, and the heads of intelligence agencies. Pakistan’s air force, navy, civil armed forces and other security and law enforcement agencies will jointly participate in efforts to eliminate terror from the country in the drive.  The decision to deploy the paramilitary forces came after a wave of attacks killed more than 125 people last week, including an Islamic State suicide bombing at a famed shrine that killed 90. But observers said the operation is not expected to target India-centric groups like the Jamaat-ud-Dawah. Pakistan has maintained close ties to the Afghan Taliban as well as Islamic militant groups fighting in Kashmir while battling the Pakistani Taliban and other extremist groups that are bent on overthrowing the government. The military meanwhile said airstrikes in a tribal region along the Afghan border killed several militants on Wednesday.  Rao Anwar, a police official in the southern city of Karachi, said eight Taliban-linked militants were killed in a raid, according to news agencies reports.....

Published at: 2017-02-23 00:00:05

US oil prices rose nearly 1.0 per cent on Thursday after data released by an industry group showed a surprise decline in US crude stocks as imports fell, reports Reuters. The US West Texas Intermediate crude April contract added 41 cents, or 0.8 per cent, to $54.00 a barrel at 0011 GMT. Brent crude was yet to trade. It ended 82 cents, or 1.5 per cent, lower at $55.84 a barrel on Wednesday. Crude inventories fell by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with analysts' expectations for an increase of 3.5 million barrels, data from industry group the American Petroleum Institute showed on Wednesday. Crude stocks at the Cushing, Oklahoma, delivery hub were down by 1.7 million barrels and US crude imports fell last week by 1.5 million barrels per day (bpd) to 7.398 million bpd, according to the API. Refinery crude runs fell by 182,000 bpd, the data showed, while gasoline stocks dropped by 893,000 barrels, largely in line with analysts' expectations in a Reuters poll. Official data from the US Department of Energy's Energy Information Administration (EIA) is scheduled to be released at 11:00 am EST (1600 GMT) on Thursday, a day later than normal because of a holiday Monday. ....

Published at: 2017-02-23 00:00:05

Five global high street fashion brands have pulled out of a major garment industry event in Bangladesh due to concerns over a crackdown on unions demanding better pay in textile factories, campaigners said on Wednesday. The retailers - H&M, Inditex, C&A, Next and Tchibo - who all source clothes from Bangladeshi factories, were expected to attend the Dhaka Apparel Summit which is due to be attended by Prime Minister Sheikh Hasina on Feb 25. The Clean Clothes Campaign said the brands' "unprecedented" decision to pull out of the event was a "major embarrassment" for the government and Bangladeshi Garment Manufacturers Export Association (BGMEA). "It underscores growing international concern over the deterioration of labour rights in the Bangladesh garment industry," the Netherlands-based group said in a statement.  C&A confirmed it had withdrawn from the summit amid concerns over the detention of trade unionists and advocates of workers rights following protests for better pay in December which, activists say, led to the dismissal of hundreds of workers.  "C&A condemns any form of violence and injustice in connection with the labour protests," it said in a statement.  "We strongly encourage the Government of Bangladesh to take immediate steps to ensure the protection of the workers' rights, with special attention to the legitimate representatives of the workers who have been arrested." H&M also confirmed in a statement it was pulling out of the summit saying it believed attending it "would create confusion and send the wrong signals regarding our commitment to freedom of association" and that "the ongoing situation must be peacefully resolved before business as usual can be resumed". The other brands which together with C&A represent billions of dollars in revenue for Bangladesh were not immediately available for comment.  The German retail association and trade union federation also expressed concerns about the reported arrests and dismissal of garments workers in a joint letter to the Dhaka government. Bangladeshi government and apparel industry officials dismissed allegations that the labour rights of garment workers had deteriorated since workers protested in Dhaka's Ashulia industrial area in December demanding higher pay. Officials said the decision by the five western retailers not to attend the summit was unfortunate. The fashion industry has come under increasing pressure to improve factory conditions and workers' rights since the Rana Plaza garment factory complex collapsed in Bangladesh four years ago, killing more than 1,100 people. Campaigners have criticised many retailers for failing to improve working conditions in their supply chains with long hours, low pay, poor safety standards and not being allowed to form trade unions common complaints from garment workers. "Campaign of repression"  At least 1,500 workers were fired, trade union offices shut down and union leaders detained in a "campaign of repression" after the Ashulia protests, activists said. But Mohammad Mujibul Haque, junior minister at the ministry of labour and employment, denied workers' claims of violations, saying the protests were illegal and threatened law and order. "To maintain a peaceful environment, the law enforcement agency took measures, but it does not mean that the workers' rights have been violated," Haque told the Thomson Reuters Foundation. He said representatives from the government, industry and trade unions met on Wednesday to discuss the dispute. Mohammad Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association, dismissed the protests in December as "chaos and lawlessness created by a unruly section of workers". "Due to their illegal activities the genuine workers could not work for nine days," Rahman said. "In such a situation what could we do? We were forced to seek assistance from the government. They detained some people who created obstacles in production in the factories." The Ethical Trading Initiative (ETI), an alliance whose members include H&M, Inditex, C&A, Next and Tchibo, also said it was pulling out of the event as the only scheduled speaker from a labour union due to "an increasingly hard-line response" by authorities and industry. "Unfortunately, the current intimidation of workers and their representatives is at odds with a progressive industry looking to secure the sustainable development of the sector," said ETI Executive Director Peter McAllister.  ....

Published at: 2017-02-23 00:00:05