Bangladesh Election: Awami League and others

According to reports, besides finalizing candidates for its own party and alliance partners, the ruling Awami League (AL) is considering providing some seats to parties willing to join the next election amid boycotts by major opposition parties.

The ruling party is now passing a busy time to select its own contestants while working with seat-sharing mechanisms to create opposition as the last date of filing nominations is approaching for the January 07, 2024 election.

Candidates for the election can submit nomination papers until November 30, 2023. The AL is likely to announce candidates for 300 constituencies on Sunday.

The AL-led alliance partners are now adamant about joining the election as a coalition and are now lobbying for more seats than the 11th parliamentary polls amid uncertainty over the participation of the main opposition BNP.

During the past general election held in 2018, the AL candidates contested for 261 seats and refrained from participating for 26 seats in favour of the Jatiya Party, five seats in favour of the Workers Party of Bangladesh, three each in favour of Jatiya Samajtantrik Dal-Jasod and Bikalpa Dhara Bangladesh, and one each in favour of the Bangladesh Tarikat Federation and Jatiya Party.

“We are negotiating with AL for more nominations for our party in the forthcoming election. We are pressing for more seats than in the previous elections,” Workers Party president Rashed Khan Menon told New Age.

He said that there was time until the withdrawal of nomination papers to settle the issue.

AL joint general secretary AFM Bahauddin Nasim said that they would declare the party candidates first and then think about nominating candidates from partners.

Asked about the AL’s negotiation with other lesser-known political parties, he said that it was part of the party’s policy.

“We believe that any registered political party can join an election if they want. Anyone can create alliances with anyone having similar ideologies,” he said.

He said that there might be many political strategies, and nothing could be guaranteed.

In addition to regular partners, some small parties, including the newly formed Trinamool BNP, are also lobbying the Awami League for seats in exchange for promising to join the polls.

Leaders of Trinamool BNP and some Islamic parties, including Islami Oikya Jote, Bangladesh Islami Font, Bangladesh Khelafat Andolan, Bangladesh Muslim League, Islamic Font Bangladesh, Bangladesh Supreme Party, Bangladesh Islami Oikya Jote, and Jamiat-e-Ulama-e-Islam Bangladesh, met Prime Minister Sheikh Hasina in recent days to discuss their respective election strategies.

Neither the prime minister’s office nor AL or the parties made any formal statements about the outcome of those meetings.

The allegation has it that the Trinamool BNP and Bangladesh Nationalist Movement, labelled as King’s Party by many, are negotiating with AL to become the opposition in the parliament.

The newly-formed alliance Jukta Front, led by the Kalyan Party, demanded a few seats, although AL insiders said they could end up with one seat for Kalyan chairman Syed Muhammad Ibrahim, a retired major general.

BNM, Bangladesh Supreme Party, Bangladesh Muslim League, and Bangladesh Khelafat Andolan may also get one seat, party insiders said.

Jasod, a partner of the Awami League, finalized 181 candidates, said the party general secretary, Shirin Akhter.

“We want to join the polls with the alliance. The alliance is not only for joining polls but also a place of ideology”, she added.

Shirin said that many parties were now willing to join their alliance, creating difficulties.

At a briefing on Friday, AL general secretary Obaidul Quader said that they were not thinking so seriously about the political alliance in terms of sharing seats.

“The party will not give nominations to anyone who cannot win an election and does not have popularity among the people”, he added.

AL presidium member Abdur Rahman told New Age that the party’s seat-sharing plan has no connection with BNP’s joining or boycotting elections.

‘Our leader, Prime Minister Sheikh Hasina, will give nominations to eligible candidates from the alliance. The party will give candidates for 300 seats, and then our leader will decide about other alliances,’ he said.

According to AL insiders, there is a possibility that its alliance partners may participate in the polls independently with their own party electoral symbols.

In that case, the AL may not give nominations to any of its aspirants in some constituencies to create a pathway for them to win.

The ruling AL has decided to participate in the 12th Jatiya Sangsad election in alliance in some constituencies and alone in other consultancies, AL office secretary Biplob Barua told reporters on October 18, 2023.

The AL-led alliance was formed in 2005 and came to power for three consecutive terms in 2009, 2014, and 2018.

The Workers Party, Jasod, Ganatantri Party, and Jatiya Party-JP are among the most active parties in the alliance.

Ganatantri Party president Shahadat Hossain hoped that prime minister Sheikh Hasina would make it suitable for all.

“The prime minister will meet with the alliance soon. We can tell it only after the meeting”, he added.

AL’s preparation for the forthcoming election is underway at a time when the leaders and activists of the main opposition BNP and its allies keep facing arrest, raids, prosecution, and conviction.

 

An illustration of corrupt US political system

Recent news out of Michigan, where actor and union organizer Hill Harper is running for US Senate and Rashida Tlaib has recently angered pro-Israel lawmakers and donors for her staunch support for Palestinian rights, offered an illustration of the corruption of the American political system, said one progressive House member late Wednesday.

As Politico reported, Harper recently rejected US$20 million from an anti-Palestinian rights entrepreneur, Linden Nelson, who offered the money in exchange for Harper dropping out of his Senate race and running instead against Tlaib for her House seat.

The offer came on October 16; the day Tlaib joined Cori Bush in introducing a resolution to back an immediate de-escalation and cease-fire in Gaza. The blockaded enclave was then nine days into a relentless bombardment by Israel, which was launched October 07 in retaliation for Hamas' attack on southern Israel but had already killed nearly 3,000 Palestinian civilians, including 1,000 children, at the time.

The death toll has now grown to more than 14,500 people, including 6,000 children.

Tlaib, the only Palestinian American member of Congress, has been the subject of vitriol from lawmakers who believe the US should continue supporting Israel regardless of what human rights groups and the United Nations have warned may amount to war crimes in Gaza. Earlier this month, 22 Democrats joined Republicans in voting to censure Tlaib for using the rallying cry for Palestinian rights, "From the river to the sea, Palestine will be free."

Pro-Israel Democrats are reportedly searching for a candidate to primary Tlaib, and last month, according to Politico, Nelson reached out to Harper offering US$10 million in bundled donations directly to his campaign and US$10 million in independent expenditures—if he would agree to be that House candidate instead of continuing his Senate run.

"The fact that in the US just one wealthy person can make a call and offer millions to unseat an official they dislike tells you everything about the corruption of our politics," said Rep. Alexandria Ocasio-Cortez.

Nelson has been involved with the powerful American Israel Public Affairs Committee (AIPAC) in the past, and has donated to both Democratic and Republican lawmakers.

AIPAC told The Hill that it "was absolutely not involved in any way in this matter" and said Nelson has not donated to the organization in over a decade, but considering the group's efforts to defeat other pro-Palestinian rights progressives in recent elections, Ocasio-Cortez expressed skepticism.

Harper, who is running for Debbie Stabenow's seat against the more conservative Elissa Slotkin, echoed Ocasio-Cortez, saying Nelson's rejected offer exemplifies a "broken political and campaign finance system that's tilted towards the wealthy and powerful."

"I'm running to be a voice for the people," said Harper. "I'm not going to run against the only Palestinian American in Congress just because some special interests don't like her. I'm running because I want to break the stranglehold wealthy special interests have on our politics, whether it's the Israel lobby, the NRA, or Big Pharma."

Harper himself has called for a "humanitarian cease-fire" in Gaza this month, saying in a statement, "The answers to ensure long-term peace and security for Israelis and Palestinians are neither simple nor pain-free, but one truth stands firm: violence against defenseless children, trapped and frightened, is abhorrent, regardless of who is behind it."

Saurav Ghosh, director for federal reform at the Campaign Legal Center, told Politico that Harper and Nelson would have broken the law if they had moved forward with the deal.

Nelson's offer, said Jewish-led anti-Zionist group IfNotNow, is "a clear example of how groups like AIPAC and its super PAC, Democratic Majority for Israel try to undermine the will of voters and attack representatives who truly represent our values."

Production of medicinal plants in Iran

Reportedly over 400,000 people are working in the production of medicinal plants in Iran. Also, 32,000 people are working in packaging of these plants.

As stated by Ministry of Health, Iran holds some 40% share of the market for medicinal plants in the neighboring countries.

“A large volume of pharmaceuticals, supplements, food products, and beverages are exported to Iraq, Turkey, Georgia, Armenia, and Afghanistan,” IRNA quoted Hamidreza Banafsheh as saying in late October.

Iran is among the leading countries in the field of medicine and health technology, supplying 98% of pharmaceutical items to the domestic market, the official noted.

“Nearly 450 out of 1,400 knowledge-based companies are active in the field of herbal medicines, biotechnology, and food industries.”

He went on to say that the National Institute for Medical Research Development aims at expanding exports of medicinal products.

Since most of the raw materials for the production of herbal medicines are native to the country, these products can internationally compete with those of the other countries, he added.

Besides, some 15 to 20 percent of Iran's herbal medicines are unique in the world. Iran has the capacity to introduce new herbal medicines to the world, he highlighted.

Producing and commercializing pharmaceutical plants are the best ways to introduce the rich resources of herbal medicines which, in addition to making foreign currency revenues for the country, will lead to the scientific authority of Iran in this field, he concluded.

According to the chairman of the Union of Medicinal Plants Exporters of Iran, the country’s export of medicinal plants can be increased through compliance more with the world standards.

Mohammad-Ali Rezaei Kamal-Abad stated that world standards are increasing due to the health-oriented consumption of herbal products, and failure to comply with these standards will lead to the return or destruction of these products.

“In the past years, poisons have entered the country, which are not only not used in other countries, but have also caused water and soil pollution in our country”, he lamented.

Referring to the importance of agricultural product export standardization, he added, “Standardization is done in our country, but this standardization is not up-to-date. With the coordination of ministries, expenditure and updating of information can help to standardize agricultural products and develop the export of these products”, he commented.

He said that having more than 11 climates out of 13 climates, Iran has 8,000 varieties of medicinal plants, which is at least twice as much as Europe.

 

Pakistan Stock Exchange benchmark index posts 3.55%WoW increase

During the week ended on November 24, 2023 the benchmark index of Pakistan Stock Exchange skyrocketed to touch an all time high of 59,086 points on Friday, reflecting a significant increase of 3.55%WoW.

Positive developments encircled the current account deficit narrowing to US$74 million in October, a decline of 91%YoY, keeping in line with shortage of dollars in the market needed to open L/Cs.

During 4MFY24, FDI rose by 7% to US$ 525 million which further contributed to the bullish market. Moreover, the IT export remittances for July-October increased by 4.4%YoY to US$893 million and total borrowing fell by US$0.41 million to US$3.85 billion.

International oil prices (Brent Crude) fell significantly to US$78.93/barrel on Wednesday amidst delayed OPEC Plus meeting, but recovered to US$81.42/barrel on Friday.

Market participation witnessed a decline, with an average daily traded volume of 657 million shares, marking 8.9%WoW decrease from the earlier week's average of 721.3 million shares.

On the currency front, the rupee appreciated by 0.39%WoW against the greenback, closing at PKR285.37/US$ on Friday.

Other notable news for the week included: 1) foreign exchange reserves by Pakistan’s central bank dropped by US$217 million to US$7.2 billion, 2) power generation cost fell by 19% in first four months of the current financial year, 3) Dr. Shamshad Akhtar said Pakistan’s GDP likely to grow by 2% to 2.5% during the ongoing financial year, 4) power ministry recovered PKR55 billion from delinquent consumers, 5) during 4MFY24 developmental projects worth PKR300.9 billion were approved under PSDP and 6) Nepra approved PKR1.52 per unit surcharge on KE consumers.

Woollen, Leasing Companies, and Glass & Ceramics were amongst the top performers, while Synthetic & Rayon, Tobacco, and Refinery were amongst the laggards.

Major net selling was recorded by Banks with a net sell of US$5.03 million. Individuals absorbed the selling with a net buy of US$3.52 million.

Top performing scrips included: PGLC, BNWM, GHGL, ABOT, and PSMC, while top laggards were: UNITY, EFUG, CNERGY, PIOC, and OGDC.

Analysts forecast positive outlook of the market owing to favorable economic developments like easing inflation and expected positive economic recovery in the current fiscal year. While the market is flourishing, analysts strongly advise the market participants to avoid potential pitfalls and instead concentrate on companies with robust fundamentals.

Furthermore, considering companies with healthy dividend yields can be a prudent strategy for navigating inflation safely.

 

 

Bolton terms hostage swap a very bad deal

Former US Ambassador to the UN John Bolton has slammed the Hamas hostage and cease-fire agreement reached as a very bad deal for Israel.

“The deal itself, at least as I understand the terms as they’ve been announced, is a very bad deal for Israel,” Bolton said. “It’s another swap of hostages — innocent victims — for criminals that are in Israeli jails at a ratio of 3:1 in favor of the Hamas terrorists.”

Bolton made the comments Wednesday on the Cats & Cosby radio show with host John Catsimatidis.

The deal was announced late Tuesday after hours of difficult negotiations within the Israeli cabinet. It frees about 50 of the approximately 240 hostages held by Hamas over the course of four days, beginning no sooner than Friday. An undisclosed number of Palestinian prisoners will also be released.

Fighting in the ongoing war between the two sides will cease during the exchanges, a halt which will be extended by one day for every 10 hostages released.

The agreement was the culmination of weeks of negotiations between the United States, Qatar, Israel and Hamas, and is expected to result in a window for increased humanitarian aid for the enclave.

Bolton said Israel folded, accepting the deal due to pressure from the Biden administration, which he claims is no longer backing Israel as strongly as it has previously.

“I don’t see how this, on net, benefits Israel strategically,” he said. “I’m sure the Israeli Defense forces get some benefit from a pause…but fundamentally, time is on Hamas’ side here.”

“I do understand humanitarian concerns, but there are 220 hostages and 9 million other Israeli citizens who are threatened, not just by Hamas but by Hezbollah and fundamentally by Iran,” he continued.

Israeli Prime Minister Benjamin Netanyahu has faced extreme domestic pressure to focus efforts on rescuing the hostages taken by Hamas militants at the beginning of the conflict early last month.

Over 1,200 Israelis died at the start of the war, in the attack which resulted in the hostage-taking. Israel’s air and ground campaign since has killed over 12,000 Palestinians, including over 4,600 children, according to the Gaza Health Ministry.

 

Growing Chinese influence in Asia

The new economic framework of United States was intended to counter China’s influence in the Indo-Pacific region. But the increasingly inward-looking Washington is no longer a champion of free trade, says S Rajaratnam School of International Studies’ Kevin Chen.

Three of the four Indo-Pacific Economic Framework (IPEF) pillars may have been completed, but the inability of United States to see through the trade deal aimed at countering China’s economic influence is a strategic failure.

Hopes of an agreement were dashed last week at the Asia-Pacific Economic Cooperation (APEC) forum, even before former US president Donald Trump threatened to knock out the initiative if he were to return to power.

The IPEF was supposed to fill the policy gap left by the Trump administration’s withdrawal from the Trans-Pacific Partnership (TPP) in 2017.

It was styled as a novel economic agreement that provides a template for future economic engagement after years of rudderless drifting in the Indo-Pacific.

“You can count on the United States,” said Joe Biden at APEC. At its most basic level, the IPEF aimed to reassure America’s partners that it is still interested in a meaningful economic relationship with them. However, it has ostensibly fallen short of even that.

Southeast Asian observers should recognize that for domestic political reasons, Washington is no longer a champion of free trade. While they should continue engaging with the US on security issues, they should also be mindful that their region’s economic agenda is increasingly diverging from that of Washington’s.

The IPEF was challenging to negotiate from the outset, its demands and constraints a product of US domestic politics.

The lack of access to the US market removed a key incentive from the American negotiating toolkit. It was an effort to avoid a sensitive political issue: American public opinion has become generally less supportive of free trade due to the perception that cheap foreign goods are displacing American products, especially in key swing states and unions.

Believing that deep trade liberalization failed to protect American jobs and capacity, Biden’s administration bucked decades of free trade promotion to aggressively subsidise favoured industries in its competition with China. US$39 billion in manufacturing incentives was allocated under the CHIPS Act alongside US$370 billion in investments for clean energy under the Inflation Reduction Act to grow the US industrial base.

Meanwhile, labour and environmental standards were always a hard sell to partners such as Vietnam and Indonesia. These US demands tapped on these growing sentiments against free trade.

A common rallying call was that trade deals need to ensure strong labour and anti-dumping standards so American workers can compete on a level playing field – not just with Chinese workers, but with supply chains linked to China as well.

Yet, the IPEF was still vulnerable to the domestic forces it sought to appease. As a White House initiative, the IPEF was unlikely to garner financial support from a split Congress and could also be cancelled with a simple executive order by a future president.

Negotiators likely understood that the odds were stacked against them. The timeframe to complete IPEF negotiations was also relatively short at two years, compared to seven years for the TPP.

 

Gaza disaster exposes double standards

Saudi Arabia emphasized on Wednesday that the Gaza disaster has exposed the double standards and selective application of international laws and UN resolutions by the global community.

In his speech, on behalf of Saudi Crown Prince and Prime Minister Mohammed bin Salman, at the virtual summit of the leaders of the G20 countries, Finance Minister Mohammed Al-Jadaan said the Israeli military escalation and violence are raging in the besieged Gaza in flagrant violation of international laws and it had resulted in one of the history’s worst humanitarian catastrophes.

“The Gaza conflict would inevitably lead to consequences that go beyond this crisis and jeopardize the credibility of the current international system, which will have a negative impact on the world’s future ability to maintain international peace and security,” he said.

Al-Jadaan stressed Saudi Arabia’s categorical rejection of targeting civilians, infrastructure, residential and medical facilities, and displacing Palestinians from Gaza. He reiterated the Kingdom’s demand to spare bloodshed and stop Israeli military operations immediately.

He underlined the need for urgent and safe access of relief and medical supplies to the residents of the Gaza Strip, and create conditions to restore stability and achieve a peaceful solution that guarantees the Palestinian people’s access to their legitimate rights and the establishment of their independent state within the 1967 borders, with East Jerusalem as its capital.

The virtual meeting comes as a continuation of G20 summit of leaders, held in New Delhi, India in September, and it aimed to discuss the outcomes of its final statement and a number of topics, including the role of multilateral development banks, climate action and green finance, technical transformation, digital infrastructure, and the role of women in development.