Bangla to stakes in Dhaka Stock Exchange to China; rejects India's offer

Agencies
February 21, 2018

Dhaka, Feb 21: Bangladesh has said it will sell 25 percent stakes in the Dhaka Stock Exchange (DSE) to a Chinese consortium, rejecting a rival bid from India's National Stock Exchange, Nasdaq of the US and others.

Bangladesh's premier bourse directors had decided to accept the Chinese consortium's proposal on February 10 as it looked acceptable to them considering financial and technological aspects, bdnews24 reported.

They gave the final nod to the proposal by the consortium of Shenzhen Stock Exchange and Shanghai Stock Exchange at a meeting of the board last evening, the DSE Managing Director KAM Majedur Rahman told reporters here.

They would "soon" send the proposal to the regulators, the Securities and Exchange Commission or SEC, for endorsement, he added.

Shanghai and Shenzhen stock exchanges are among the top bourses in the world boasting USD 3.5 trillion and USD 2.2 trillion market capital, respectively.

The market capital of the DSE is over USD 51.42 billion.

Another consortium of India's National Stock Exchange, Frontier Bangladesh and Nasdaq stock market of the US took part in the bidding to become the DSE's partners.

A DSE official earlier said that the Mumbai-based National Stock Exchange had offered 15 taka (USD 0.18) per share to buy 25.1 percent shares of the DSE.

Officials said the Chinese consortium has proposed buying 25 percent stakes into the DSE for Tk 9.9 billion (USD 122 million) at Tk 22 per share. In its proposal, the consortium mentioned it will spend over Tk 3 billion (USD 37 million) to give the DSE a technological upgrade.

The DSE is trying to lure foreign investment as part of its demutualisation process to get technical and technological support from the strategic partners to further modernise the exchange.

According to the 2013 demutualisation scheme, 25 percent of the 1.8 billion shares of the DSE will be sold to strategic partners, 35 percent to small investors while 40 percent will be with the Trading Right Entitlement Certificate or TREC holders.

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News Network
June 18,2020

Washington, Jun 18: US Defence officials are concerned over China's use of COVID-19 situation to gain stakes in strategically important companies of United States as the impact of novel coronavirus has left several companies in dire need of capital.

Amid the pandemic, it getting hard for the defence department to keep an eye on national security and help protect smaller companies down the chain, CNN reported.

"We are paying close attention to any indicators that China is leveraging Covid-19 to take advantage of a situation where defence companies need capital more than ever," a defence official told CNN.

In April, Ellen Lord, undersecretary of defence for acquisition and sustainment said it is paying close attention to 'adversaries' against the 'economic warfare' with the United States.

"We have to be very, very careful about the focused efforts some of our adversaries have to really undergo sort of economic warfare with us, which has been going on for some time," Ellen Lord, undersecretary of defence for acquisition and sustainment was quoted as saying by CNN.

US Committee on Foreign Investment protects its interest against hostile countries gaining ownership in strategically important companies. But the pandemic is changing the definition of national security concerns to include drugs, protective gear and medical supplies.

"These are now national security needs and we probably should have been thinking about it a long time ago in terms of biowarfare that we should have a trusted industrial base or a set of trusted allies -- the UK, or NATO allies or Japan or Korea -- who are trusted in that regard," Bill Greenwalt, a former Pentagon official.

Give the threat posed by foreign acquisition, Pentagon has been offering tools to help small US businesses defend themselves against adversarial investment and conducting background checks with other government agencies to ensure transparency.

US President Donald Trump's trade adviser Peter Navarro recently told CNN if Trump wins reelection, Washington DC will likely take offshore supply chains as national security priorities.

"If we fail to do that in the face of this crisis, we will have failed this country and all future generations of Americans," Navarro said.

The US State Department has also warned US allies to "avoid economic overreliance on China" and "guard their critical infrastructure" from China's influence.

Chad P Bown, a senior fellow at the Peterson Institute for International Economics, pointed to recent China's economic coercion of Australia on the political matter saying, "this is how China operates and everybody knows it."

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News Network
June 24,2020

Jun 24: The coronavirus tally in Pakistan reached 188,926 with the detection of 3,892 new cases in the last 24 hours, the health ministry said on Wednesday.

Sixty more people died due to the viral infection, taking the death toll to 3,755.

As many as 3,337 patients are in critical condition across the country, the ministry said.

With the detection of 3,892 new cases in the last 24 hours, the coronavirus tally in the country now stands at 188,926, it said.

Sindh reported the maximum number of 72,656 cases, followed by 69,536 in Punjab, 23,388 in Khyber-Pakhtunkhwa, 11,483 in Islamabad, 9,634 in Balochistan, 1,337 in Gilgit-Baltistan and 892 in Pakistan-occupied Kashmir (Pok).

Health authorities have so far conducted 1,150,141 coronavirus tests, including 23,380 in the last 24 hours.

A total of 77,754 patients have recovered so far from the disease.

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News Network
June 4,2020

New York, Jun 4: The Minneapolis police officer who used his knee to pin down George Floyd's neck before his death was the most experienced of the four officers involved in the arrest, with a record that included medals for bravery and 17 complaints against him, including one for pulling a woman out of her car during a speeding stop.

New details about Derek Chauvin and the other now-fired officers emerged Wednesday after prosecutors upgraded Chauvin's charge to second-degree murder and charged the others with aiding and abetting in a case that has convulsed the nation with protests over race and police brutality.

Heavily redacted personnel files show that Chauvin, a 19-year veteran of the force, was initially trained as a cook and served in the Army as a military police officer.

Eleven-year veteran and native Hmong speaker Tou Thao began as a community service officer and was the subject of six complaints.

The other two officers were relative newcomers to the department, including Thomas Lane, a former juvenile detention guard who did volunteer work with Somali refugees, and J. Alexander Kueng, who got his start in law enforcement by patrolling his college campus and a department store.

The files were notable for what they didn't include. Only one of the 17 complaints against Chauvin was detailed, none of the six against Thao were mentioned and there was no further detail about a 2017 excessive force lawsuit against Thao.

Records show that the 44-year-old Chauvin initially studied cooking before taking courses in law enforcement and doing two stints in the Army as a military police officer in the late 1990s, serving at Fort Benning, Georgia, and in Germany.

Chauvin became a Minneapolis police officer in 2001 and the lone reprimand in his file involved a 2007 incident when he was accused of pulling a woman out of her car after stopping her for going 10 mph (16 kph) over the speed limit.

Investigators found it was not necessary for Chauvin to remove the woman from the car and noted that his squad car video was turned off during the stop.

But Chauvin was also singled out for bravery. Files show he won two medals of valor, one in 2006 for being part of a group of officers who opened fire on a stabbing suspect who pointed a shotgun at them, and another in 2008 for a domestic violence incident in which Chauvin broke down a bathroom door and shot a suspect in the stomach.

He also won medals of commendation in 2008 after he and his partner tackled a fleeing suspect who had a pistol in his hand, and in 2009 for single-handedly apprehending a group of gang members while working as an off-duty security guard at the El Nuevo Rodeo, a Minneapolis nightclub.

Since his arrest, the former owner of the club, Maya Santamaria, said Chauvin and Floyd both worked as security guards there at various times but that she wasn't sure if they had known one another.

She said Chauvin was unnecessarily aggressive on nights when the club had a black clientele, quelling fights by dousing the crowd with pepper spray and calling in several police squad cars as backup, a tactic she called “overkill.”

Chauvin's wife, Kellie, a Laotian immigrant who became the first Hmong winner of the Mrs. Minnesota pageant, said shortly after his arrest last week that she intends to divorce him.

Before news of the upgraded charges, an attorney for Chauvin said he was not making any statements at this time. Lawyers for the others did not return messages seeking comment.

In cellphone video of the May 25 arrest of Floyd, Chauvin is shown pressing his knee onto Floyd's neck for more than eight minutes while Floyd cries out “I can't breathe” and eventually stops moving.

During much of the arrest, Kueng and Lane were helping Chauvin restrain Floyd. Thao was standing nearby keeping onlookers back.

According the complaint, at one point during the arrest, as Chauvin held Floyd down with his knee, Lane asked Chauvin twice whether they should roll Floyd over.

“No, staying put where we got him,” Chauvin replied, “I am worried about excited delirium or whatever,” Lane said. And Chauvin replied again, “That's why we have him on his stomach.” None of the three officers moved from their positions.

Lane joined the police early last year as a 35-year-old cadet — much older than most rookies — and became a full-fledged officer last December. He had no complaints in his file during his short time on the force.

On employment forms, the University of Minnesota graduate said he done volunteer work tutoring Somali youth and as a mentor helping at-risk elementary school students with reading and homework.”

Kueng, at 26 the youngest of the four officers, was also a recent recruit to the police force. He completed his year's probation just three months before the Floyd arrest.

His personnel file, which notes that he speaks, reads and writes Russian, did not include any commendations or disciplinary actions during his short time on force.

Kueng was a 2018 graduate of the University of Minnesota, where he worked part-time as part of the campus security force. He also worked nearly three years as a theft-prevention officer at Macy's.

Thao joined the police force part-time in 2008 while attending a community college. Before that, he worked as a security guard, a supermarket stocker and trainer at McDonald's.

City records show six complaints were filed against Thao, but there was no mention of that in the records released Wednesday. There also was no mention of a 2017 federal lawsuit accusing him and another officer of excessive force.

According to the lawsuit, Lamar Ferguson claimed that in 2014, Thao and his partner stopped him and beat him up while he was on his way to his girlfriend's house. The lawsuit was settled for $25,000 ___

Richmond reported from Madison, Wisconsin. Associated Press writer Scott Bauer in Madison and researcher Rhonda Shafner in New York contributed to this report.

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