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Elon Musk's Department of Government Efficiency has canceled a $21 million grant aimed at boosting voter turnout in India, citing concerns over government efficiency and questionable overseas political activities. The BJP condemned the funding as "external interference" in India's electoral process, linking it to foreign influence, particularly from George Soros. Additionally, $29 million intended for political strengthening in Bangladesh has raised suspicions of U.S. involvement in recent political upheavals there.
Legal notices have been issued to the governor of Bangladesh Bank and other officials to halt the transfer of Taka 230 crore worth of Novartis Bangladesh shares to Radiant Pharmaceuticals Limited. The notices highlight concerns over potential violations of the Money Laundering Prevention Act, as the sale process, initially approved under Salman F Rahman, is now being advanced by Naser Shahriar Jahedi Mohul, who is linked to the business interests of Sheikh Hasina's family.
Shares of Indian textile exporters, including Gokaldas, Trident, and Welspun, surged up to 14% as financial troubles mount for Bangladesh's Beximco Group. The Bangladeshi government plans to sell 32 struggling garment companies amid ongoing worker protests over unpaid wages, following the arrest of Beximco's Vice-Chairman. Trident saw a notable increase, with its stock rising 13.96% to an intraday high of Rs 39.27.
A committee appointed by the Bangladesh government is reviewing power generation contracts, including one with India's Adani Power. It has recommended that the interim government engage a global legal firm to conduct a comprehensive and transparent investigation into the agreements made during former Prime Minister Sheikh Hasina's administration.
The EMRO region's recent discussions highlighted the severe impact of conflicts in Gaza, Sudan, Yemen, and Lebanon on health infrastructure, with calls for solidarity and global cooperation to address health crises. WHO's Director General urged member states to finalize Pandemic Agreement negotiations and participate in a $7 billion investment initiative to support the organization's budget. Meanwhile, the South-East Asian regional meeting adopted resolutions on adolescent health and celebrated significant health achievements despite political unrest in Bangladesh.
Adani Power Jharkhand Limited has warned Bangladesh that it will cut electricity supply if outstanding dues of nearly $850 million are not settled by November 7. The company has already halved its power output, leading to a shortfall of over 1,600 megawatts, due to unpaid bills. Despite the Bangladesh Power Development Board making weekly payments, the total charges have exceeded payments, resulting in accumulating debts.
Bangladesh's central bank chief has condemned the unprecedented theft of nearly $17 billion from banks, orchestrated by businessmen linked to former Prime Minister Sheikh Hasina, often under duress. Following Hasina's fall, the new leadership aims to reform the banking sector and recover stolen funds, highlighting systemic corruption and mismanagement that led to repeated bank bailouts. The S. Alam Group, a major player in this scandal, is accused of exploiting political connections to siphon off vast sums, leaving the banking system in disarray.
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