Fire kills 69 in Bangladesh capital: official

Agencies
February 21, 2019

Dhaka, Feb 21: At least 69 people have died in a huge blaze that tore through apartment buildings also used as chemical warehouses in an old part of the Bangladeshi capital Dhaka, fire officials said Thursday.

Dozens of people were trapped in the buildings, unable to escape onto narrow streets clogged with traffic, as the highly combustible stores of chemicals, body sprays and plastic granules erupted in flames.

Fire control room official Mahfuz Riben told news agency that 69 people had been killed while Bangladesh's fire service chief Ali Ahmed said the death toll could rise further.

"The number of bodies may increase. The search is still going on," he told AFP.

Ahmed said the blaze at Chawkbazar in the old part of the city may have started with a gas cylinder before quickly spreading through a building where chemicals were stored.

The flames raced through four adjoining buildings, which were also used as chemical warehouses.

"There was a traffic jam when the fire broke out. It spread so quickly that people could not escape," he said, describing a part of town where the streets are very narrow and residential buildings stand just centimetres apart.

Another fire official told reporters the blaze, which began around 10.40pm (16:40 GMT) on Wednesday, has been "confined" but not yet extinguished despite the efforts of more than 200 firefighters.

"It will take time. This is not like any other fire," he said, adding the inferno became so devastating due to the "highly combustible" chemicals stored there.

TV images showed the main gate of one of the buildings was locked, leaving its residents trapped, unable to escape the blaze as it swept through its five storeys.

Witnesses said members of a bridal party in a nearby community centre were also caught in the fire and many of them were injured.

Deputy commissioner of Dhaka Metropolitan Police Ibrahim Khan said at least two cars and 10 cycle rickshaws were burned in the fire.

"The victims included passersby, some people who were eating food at restaurants and some members of the bridal party," he said.

Television images showed firefighters climbing ladders to try to spray water on one of the buildings where the fire had largely been contained. One helicopter was also seen hovering over the area.

Bacchu Mia, a police inspector at the Dhaka Medical College Hospital said at least 45 people were injured, including four who were in critical condition.

Hundreds of people rushed to the hospital to look for missing relatives.

Haji Abdul Kader, whose shop was destroyed in the fire, said he only survived the blaze as he had left the shop to go to a pharmacy.

"When I was at the pharmacy, I heard a big bang. I turned back and saw the whole street, which was jam-packed with cars and rickshaws, in flames. Flames were everywhere," he told AFP.

"I got burned and rushed to the hospital," he said.

Sohag Hossain, one of the injured, told the Daily Star that he and two of his friends were working at a plastic factory in one of the buildings at the time of the fire.

Suddenly, they heard a huge noise. They tried to flee but could not escape the fire.

A similar blaze in 2010 in an old Dhaka building, which was also used as a chemical warehouse, killed more than 120 people in one of the worst fire-related disasters in Dhaka.

Dhaka city authorities launched a crackdown on chemical warehouses in residential areas following the blaze, but efforts to rein in the practice have waned in recent years.

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News Network
July 17,2020

Jul 17: US President Donald Trump has said that he wants to do everything possible to keep peace for the people of India and China, according to his spokesperson

Over the past several weeks, the Trump administration has come out in support of India against China.

“He (Trump) said I love the people of India and I love the people of China and I want to do everything possible to keep the peace for the people,” White House Press Secretary Kayleigh McEnany told reporters at a news conference here on Thursday.

She was responding to a question on Trump’s message to India, which recently had a standoff with China in eastern Ladakh along the Line of Actual Control.

Earlier in the day, White House Economic Advisor Larry Kudlow described India as a great ally, saying President Trump is a great friend of Prime Minister Narendra Modi.

On Wednesday, Secretary of State Mike Pompeo said that India has been a great partner of the US.

“India has been a great partner… They are an important partner of ours. I have a great relationship with my foreign minister counterpart. We talked frequently about a broad range of issues. We talked about the conflict they had along the border with China. We've talked about the risk that emanates from the Chinese telecommunication infrastructure there,” Pompeo told reporters in response to a question.

Travelling in Europe, US National Security Advisor Robert O’Brien told reporters that China has been very aggressive with India.

O’Brien said that India is a democracy and is a great friend of the United States. Prime Minister “Modi and President Trump have a super relationship,” he said.

“In fact, it was the last foreign trip that I took with the president before the COVID-19 crisis hit, was to India, and we had a great reception of the Indian people there. We have a lot in common with them, we speak English, we're democracies. We've got a growing, very strong relationship with India,” O’Brien said.

Welcoming the White House statement, Al Mason, co-chair of the Trump Victory Indian American Finance Committee, said that unlike his predecessor, President Trump has come out openly in support of India.

“Most of the Indian-Americans have observed that every earlier president - be it a Democrat or Republican, like Clinton or Bush Senior or Bush Jr or Obama have been very scared to side with India openly, for fear of hurting China.

“Only President Trump has had the courage to say that… I love India, America respects India… US stands with India - and that also, to over one billion Indians in India at the Namaste Trump rally held in India… and that too… near India’s neighbour China,” Mason said in a statement.

“And he is consistent in his love for India and Indian-Americans,” he added.

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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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News Network
January 24,2020

Jan 24: India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.

The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

“Animal spirits” is a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month numbers.

The nascent recovery would need a helping hand, with expectations building that Finance Minister Nirmala Sitharaman will provide some stimulus when she presents the budget Feb. 1. Official forecasts show the economy is set to expand at 5% in the year ending March 2020 -- the weakest pace in more than a decade.

Here are the details of the dashboard:

Business Activity

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose -- to 52.7 from 51.2 a month ago -- boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

The uptick in business confidence was accompanied by a rise in inflationary pressures, the survey showed. That trend may keep monetary policy makers from resuming interest-rate cuts anytime soon, leaving most of the heavy-lifting to boost growth with the government.

“The relative stability in macro indicators over the past two months suggests that the worst is behind, but the recovery is likely to be prolonged,” said Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai. “Still, sluggish growth and rising inflation indicate that India may well remain in stagflation for most of 2020.”

Exports

Exports remained a laggard, falling 1.8% in December from a year ago. The drag was mainly because of a fall in export of engineering goods, which constitute a third of India’s non-oil exports.

Capital goods imports continued to contract and was lower by 16.5% year-on-year in December after a 22% drop in November. This was the seventh consecutive month of continuous decline, underscoring the weakness in the capex cycle, according to IDFC First Bank.

Consumer Activity

Weakness in demand for passenger vehicles persisted, with local sales falling 1.2% in December from a year ago, according to the Society of Indian Automobile Manufacturers. That capped the worst yearly passenger vehicle sales on record. A Nielsen study on demand for fast-moving consumer goods showed volume growth dropped to 3.5% in the last quarter of 2019 from 3.9% in the same period of 2018.

Funding conditions held out hope, showing considerable improvement in December, according to the Citi India Financial Conditions Index. Credit growth remained tardy though, with demand for loans rising at a slower 7.1% pace from a year ago compared with a nearly 8% growth in November.

Industrial Activity

Industrial output rose for the first time in four months in November. The pick up was broad-based, led by mining, manufacturing and electricity. Mining and manufacturing, in particular, posted a second month of sequential growth. Production of consumer goods also rose after a few months of contraction.

The index of eight core infrastructure industries, which feeds into the index of industrial production, however, declined 1.5% in November from a year ago -- the fourth straight month of contraction. That was on account of shrinking production of electricity, steel, coal, natural gas and crude oil. Both the core sector and industrial output numbers are reported with a one-month lag.

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