RELIANCE

SINGAPORE/BEIJING, Aug. 3 As China prepares for a new round of high-stakes trade discussions with the European Union and the United States, Beijing is signaling a firmer commitment to its current economic development model, indicating that major policy shifts are unlikely despite growing international pressure. Chinese policymakers continue to emphasize that advanced manufacturing, technological innovation, and industrial competitiveness remain at the heart of the country's long-term growth strategy. While Western governments have repeatedly urged China to strengthen domestic consumption and pursue a more balanced economic structure, Beijing has shown little indication that it intends to fundamentally alter its development approach. According to analysts, a series of recent official statements and policy documents suggest that China is not only defending its economic model domestically but is also strategically defining its negotiating position ahead of upcoming trade talks w...

LONDON, Aug. 2 OPEC+ has agreed to increase oil production from September, marking the completion of a key phase in the gradual reversal of voluntary output cuts that have shaped global energy markets over the past several years. The producer alliance approved an increase of approximately 188,000 barrels per day (bpd) beginning next month. The decision was reached during a meeting held on Sunday and represents the final step in unwinding a voluntary production reduction program introduced in 2023, under which participating countries had collectively withheld around 1.65 million bpd from the market. According to market analysts, several production increases announced by OPEC+ throughout this year have had only a limited impact on global supply. Ongoing geopolitical tensions involving Iran and Ukraine, disruptions to export infrastructure, and logistical constraints have prevented a significant portion of the planned output from reaching international markets. The latest agree...

BEIJING/WASHINGTON — China’s accelerating progress in semiconductor manufacturing is reshaping the global technology landscape, raising questions about the future balance of power in one of the world’s most strategically important industries. For decades, advanced chipmaking technologies have been dominated by the United States and its allies. However, recent developments in China’s domestic semiconductor sector suggest that the country is making significant strides toward reducing its dependence on foreign technology, despite years of export restrictions imposed by Washington and its partners. According to reports from international media outlets, China has begun commercial production of its first domestically developed immersion deep ultraviolet (DUV) lithography machine, a milestone that industry observers view as a significant step toward greater self-sufficiency in chip manufacturing. The project is reportedly being led by Shanghai Aisina Electronic Technology Group, a state-back...

DHAKA, Bangladesh — Asian Development Bank (ADB) Country Director for Bangladesh Qingfeng Zhang met with Finance and Planning Minister Amir Khasru Mahmud Chowdhury on a courtesy visit, as both sides reaffirmed their commitment to strengthening cooperation on Bangladesh’s long-term development agenda. The meeting focused on a range of strategic priorities considered critical to sustaining economic growth and enhancing the country’s resilience, according to officials familiar with the discussions. Key areas of focus included the development of integrated growth networks, capital market expansion, water resources management, strengthening the water-energy-food security nexus, and advancing skills development to support a rapidly evolving economy. Minister Chowdhury reiterated the government’s commitment to accelerating reforms and investments in these sectors, emphasizing their importance in achieving sustainable economic growth and improving the quality of life for citizens. “The govern...

DHAKA, Bangladesh : Pubali Bank, one of Bangladesh’s leading private-sector lenders, has approved a proposal to acquire the under-construction Swiss Tower from financially troubled conglomerate Bengal Group for approximately BDT 800 crore (around $66 million), as part of a strategic move to establish a new corporate headquarters. The transaction, however, remains subject to approval from Bangladesh Bank and other relevant regulatory authorities before it can be finalized. According to officials familiar with the matter, the bank intends to consolidate its operations into a single location by relocating multiple offices currently spread across different premises in the capital. The move is expected to enhance operational efficiency, improve coordination among departments, and significantly reduce long-term rental expenses. Pubali Bank executives said the planned headquarters would provide a modern and centralized working environment, supporting the institution’s long-term growth strateg...

Central bank allows depositors to withdraw up to Tk 1 million for medical and other urgent personal needs under revised repayment scheme DHAKA, Bangladesh, July 29 — Bangladesh Bank has broadened the scope of its depositor support program for customers of five merged Islamic banks, allowing eligible account holders to withdraw up to Tk 1 million not only for medical treatment but also for other urgent personal and family-related needs. The decision was approved at a meeting of the central bank's Board of Directors on Wednesday, chaired by Bangladesh Bank Governor Mostakur Rahman , according to officials familiar with the proceedings. The revised policy applies to customers of the five institutions that were brought together under a government-led restructuring initiative: First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank, and EXIM Bank . Under the previous framework, depositors could access a limited portion of their funds primarily for their ...

UEFA and several national federations raise concerns over proposed private investment in FIFA commercial operations  ZURICH, Switzerland, July 29 — FIFA's proposal to open part of its commercial operations to private investment has triggered growing opposition across the global football community, with several European football authorities warning that the plan could fundamentally alter the governance of the sport's most valuable competitions. The controversy follows FIFA's announcement that it intends to establish a new commercial entity, FIFA Forward Enterprises , to manage the business operations of major tournaments, including the FIFA World Cup and FIFA Club World Cup. Under the proposal, up to 21% of the new company's shares could be sold to private investors, a move expected to generate approximately $4.2 billion in fresh capital. FIFA President Gianni Infantino has presented the initiative as a long-term strategy aimed at strengthening football develop...