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THE US trade deficit climbed to $68.51 billion increasing by 5.3 per cent. The exports of goods and services rose by 2.5 per cent to $114.47 billion largely because of strong shipment of aircraft and manufactured goods. Imports outstripped export by 1.0 per cent to a record $ 182.88 billion. The trade deficit with China at $17.91 billion narrowed from the figure of $20.51 billion in October. Trade figures are counted month wise and tallied at the end of the year. The US trade deficit in 2005 was $723 billion, and this year's gap is being projected to be more. The question is: if an undervalued Yuan could be the principal reason for phenomenal growth of Chinese exports world-wide, why should Bangladesh fail to boost its export with a weak taka against dollar.
If the imports cost more in Bangladesh, the same is true for China. Labour is cheap in China so it is in Bangladesh. So what is the difference between China and Bangladesh. To know the answer one need not go far, political stability, peace and tranquility have helped China to grow. Bangladesh on the other hand has been plagued by disruptive activities, political instability and a poor infrastructure. Both Awami League and BNP must bear this in mind. The posterity will not exonerate for their willingful crimes.
In another development, the staff of the United Nations voted in unision to express 'no confidence' against secretary general Kofi Anan who steps down at the end of his second term in December this year. This has no legal binding. The reason for UN staff's resentment is unveiling of a reform package by Kofi Anan. The motion, of censure, was passed by 498 to 2. The secretary general plans to move out UN staff from New York to other areas. He recommended more financial oversight, simplified hiring and firing procedures and offering golden handshake to the staff. The UN announced the creation of $500 million fund as a measure to respond instantaneously to any natural calamity taking place around the globe without waiting for commitments from the donors.. Canada has pledged $17.24 million, US $10 million and Netherlands $22 million to the fund.
Financial impropriety in the handling of fund meant for reconstruction of Iraq both by the US and Iraqi officials has been a huge embarrassment for the US government. A federal jury in Virginia found an US contractor guilty of defrauding the United States by filing grossly inflated invoices for work in Iraq. Two former associates accused Custer Battles of faking invoices from shell companies to overcharge the US led coalition authority then governing Iraq by tens of millions of dollars. The present case is about defrauding of $3.0 million. There have been 73 cases of frauds in Iraq. In one instance, a contractor filed a fake bill of $176,000 to build a helipad against the actual spending of $96,000. The United States has decided to abandon the Abu Ghraib detention cell and hand it over to Iraqi officials. Abu Ghraib cell in Iraq had drawn worldwide attention after inhuman treatment was perpetrated on the Iraqis by the US soldiers. This was acknowledged as one of the worst instances of human rights violation ever witnessed anywhere in the world.
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