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DHAKA — Thousands of Bangladeshi garment workers barricaded roads in Dhaka on Wednesday demanding fair wages for clothing they make for major Western brands, with at least two killed during days of protests.

Sabina Begum, a 22-year-old seamstress, said she joined the protests because she was "struggling to ensure bread and butter" for her family, saying the monthly minimum wage of 8,300 taka ($75) did not cover basic needs.

"How can we spend a month with 8,300 taka when we need to spend 5,000-6,000 taka alone for the rent of a one-bedroom house?" Begum told AFP.

The garment worker protests come as Bangladesh also reels from separate anti-government demonstrations, with opposition party supporters demanding Prime Minister Sheikh Hasina step down ahead of elections due by the end of January.

Bangladesh's 3,500 garment factories account for around 85 per cent of the South Asian country's $55 billion exports, but conditions are dire for many of its four million apparel workers.

Major Western companies including Adidas, Gap, H&M and Levi Strauss purchase goods from Bangladesh manufacturers.

Bangladesh's powerful manufacturers' association has offered workers a 25 per cent pay raise, ignoring demands for a nearly threefold increase to the basic salary.

Police said at least 5,000 garment workers, demanding a monthly minimum wage of 23,000 taka ($208), set up roadblocks in the capital Dhaka.

An AFP correspondent at the protests said the number of workers could be significantly higher.

Assistant Commissioner of Dhaka Metropolitan Police Omar Faruq said no violence had been reported on Wednesday in the city.

However, a crowd of around 1,500 protesters hurled rocks at multiple factories in the industrial city of Gazipur, regional head of the industrial police unit Sarwar Alam told AFP.

"We fired tear gas and sound grenades to disperse the protesters," he said.

'Hunger and injustice' 

Garment worker Nurul Islam, 25, accused supporters of the ruling party of attacking the protesters.

"We want justice, we want a sufficient wage," Islam said.

Police could not confirm any such attack but the Prothom Alo newspaper quoted witnesses reporting that a ruling party activist had fired a gun.

"The ruling party men attacked our people yesterday," Islam said. "The owners don't want to raise our wages. Should we die of hunger and injustice?"

Protests began last week but violence escalated on Monday when tens of thousands left their shifts and staged protests in Gazipur, where a six-storey factory was torched by workers, leading to the death of one labourer.

Another worker was killed during clashes between police and protesters.

The Clean Clothes Campaign group, a global network supporting workers' rights, said it "strongly condemns the violent repression" of the garment protesters.

It also said "brands sourcing from Bangladesh have an undeniable role in the recent developments", and that "most refused" to publicly back the unions' demand for higher wages.

On Sunday, police charged opposition Bangladesh Nationalist Party (BNP) leader Mirza Fakhrul Islam Alamgir and more than 150 other top party members with the murder of a policeman during the anti-government demonstrations.

The violence has sparked international concern, with seven nations including the United States, Australia, Britain, Canada and Japan urging all sides to "exercise restraint, eschew violence and work together" for a free and fair vote.

The country of nearly 170 million people has overtaken neighbouring India in per capita income, with the garment industry at the centre of its impressive growth over the past two decades.

Hasina's government set up a panel this year to set a new minimum wage.

Unions say that garment factory owners — who include ministers and influential lawmakers — have played a role in fixing the minimum wage during past negotiations.

Faruque Hassan, the president of the Bangladesh Garment Manufacturers and Exporters Association, said on Tuesday they would raise minimum wages from next month but without specifying by how much.

BRUSSELS — Economic growth in the eurozone contracted in the third quarter, data showed on Tuesday, hit by the European Central Bank's (ECB's) painful rate-hiking campaign and Germany's weakening economy, but inflation slowed in October.

The EU's official data agency said the 20-country single currency zone's economy shrank by 0.1 per cent over the July-September period, after recording only 0.2 per cent growth in the second quarter. 

The figures reflect the difficulties facing the eurozone including the cost-of-living crisis and concerns over the flagging demand in the global economy.

Although the eurozone has weathered the shocks from the coronavirus pandemic and the war in Ukraine, fears are growing over the economic effects of the Israel-Hamas war.

The data published by Eurostat on Tuesday showed, however, the whole 27-country European Union economy — including members who do not use the euro — fared better, growing by 0.1 per cent in the quarter.

Germany's economy shrank by 0.1 per cent in the third quarter, while Austria also recorded a contraction of 0.6 per cent.

France, the EU's second biggest economic powerhouse, only grew by 0.1 per cent, and Italy's economy stagnated in the third quarter, the data showed.

Germany has been hit hard by elevated energy costs, a sluggish manufacturing sector and high interest rates designed to tame inflation.

Consumer price inflation in the eurozone has slowed to 2.9 per cent, Eurostat data for October showed Tuesday, the lowest rate since July 2021 when it reached 2.2 per cent.

The figure is down from 4.3 per cent in September and lower than predicted by analysts who had expected inflation to remain above 3 per cent.

The inflation rate is also now closer to the ECB's 2 per cent target. Despite higher borrowing costs, the ECB remains steadfast behind its mission to tame red-hot inflation.

But signs of weakness in the economy as well as ebbing price pressures prompted the ECB to leave interest rates unchanged earlier this month after raising them in each of their previous 10 meetings.

"Continued deflation in energy prices and easing food price inflation were the main drivers," Tomas Dvorak, senior economist at Oxford Economics said, adding that he expected inflation to "dip below target" in 2024.

"We think the ECB will start with rate cuts already" as early as in April, he added.

Inflation slows 

Eurozone inflation is down from its peak of 10.6 per cent in October last year following Russia's invasion of Ukraine which sent energy prices spiralling.

Core inflation, which strips out volatile energy, food, alcohol and tobacco prices, also slowed to 4.2 per cent in October from 4.5 per cent in September, Eurostat said.

Core inflation is the key signal for the ECB.

Belgium and The Netherlands was the only countries where consumer prices fell, by 1.7 per cent and 1 per cent respectively in October, according to Eurostat figures.

Energy prices in the eurozone fell much further in October, sinking by 11.1 per cent on the back of a drop of 4.6 per cent the previous month.

The rise in food and drink prices also slowed down, reaching 7.5 per cent in October compared with 8.8 per cent in September, according to Eurostat.

ABU DHABI — Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale, the conference's chief said on Monday, calling it a chance to "reimagine entire economies".

Sultan Al Jaber, the COP28 president and head of state-owned oil giant ADNOC, was speaking at the start of preliminary discussions in Abu Dhabi where ministers will grapple with key climate issues.

"Inclusivity is a defining principle of COP28. That includes being open to the private sector on a scale we have never seen before," Jaber said in the UAE's capital.

Jaber has consistently tried to frame the climate crisis as an economic opportunity. He said about 70 ministers and 100 delegations are attending the two-day talks, more than double the usual number.

"Decision-makers in finance will be with us. Key figures in tech will be with us. Leaders across every significant industrial sector of the global economy will be with us," he said.

The future of fossil fuels is likely to be the biggest source of contention at the November 30-December 12 COP28 summit, along with providing help for poorer nations to cope with the effects of climate change.

"I know there are strong views about the idea of including language on fossil fuels and renewables in the negotiated text," Jaber said, without elaborating.

"We also need to transform international financial institutions, build carbon markets and incentivise private investment to turn billions into trillions," he added.

World leaders meeting in Dubai, the United Arab Emirate's commercial hub, for COP28 will also have to respond to a damning progress report on the world's commitments under the Paris Agreement.

The 2015 deal aims to limit global warming to well below two degrees Celsius since the pre-industrial era, and preferably a safer 1.5ºC.

"COP28 must deliver a robust global stocktake with a strong mitigation outcome, a comprehensive adaptation agreement, and groundbreaking solutions on finance," Jaber said.

He added that "more than 20" oil and gas companies had responded to an appeal from COP28 to end methane emissions by 2030.

"And we are engaging with all high-emitting sectors — like heavy transportation, aluminium, steel and cement — to lay out credible decarbonisation plans," Jaber said.

COP28 is taking place as resource-rich Gulf countries including Saudi Arabia, the world's biggest oil exporter, are trying to reduce their economies' reliance on fossil fuels.

AMMAN — Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $630.3 million compared with $405.8 million for the same period last year with an increase of 55 per cent.

The group maintained its strong capital base with a total equity of $10.8 billion. Loans grew to $36.3 billion and deposits reached $49 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 4 per cent and 5 per cent respectively, according to a statement by the Arab Bank Group.

Sabih Masri, chairman of the Board of Directors, stated that the results underscore the bank’s success in pursuing its growth strategy, despite the challenging environment. 

Randa Sadik, chief executive officer, said that the bank succeeded in delivering continued growth through its operating entities and across different segments. This is in line with the bank’s objective to achieve sustainable results across all business lines. Sadik added that the group continues to benefit from the diversified business model and its prudent risk strategy with key indicators remaining strong where loan-to-deposit ratio stood at 74 per cent, and credit provisions held against non-performing loans continue to exceed 100 per cent, and capital adequacy ratio of 16.9 per cent.

It is worth noting that Arab Bank announced recently the successful issuance of its $250 million in Additional Tier 1 Capital Securities with a fixed coupon of 8 per cent. The issuance was through a private placement and was listed on the International Securities Market and the Sustainable Bond Market of the London Stock Exchange. The bond’s proceeds will be used to finance a portfolio of qualified sustainable projects.

TOKYO — Group of Seven trade ministers took veiled swipes at China and Russia on Sunday while expressing concerns about the economic effect of the conflict in the Middle East.

A joint statement after talks in Japan slammed Russia's "destruction of Ukrainian grain export infrastructure" since it exited in July a deal that had allowed safe grain shipments via the Black Sea.

Without naming any country, the G-7 statement also hit out at "actions to weaponise economic dependencies" and "noted with concern the recent export control measures on critical minerals".

China has been accused of using trade restrictions to pressure other countries politically and recently imposed export restrictions on certain types of graphite, key to making electric vehicle batteries.

This came days after the United States slapped fresh restrictions on outflows of high-tech microchips in an attempt to slow down China's work in artificial intelligence.

In another apparent reference to China and Russia's bans on Japanese seafood imports since Tokyo began releasing treated waste water from the Fukushima nuclear plant, the G-7 countries also said any restrictions should be "science-based and only applied in accordance with WTO [World Trade Organisation] and other international rules".

The communique made no direct mention of the Middle East.

But Japan's Foreign Minister Yoko Kamikawa, who co-chaired the meeting in Osaka, told a news conference that there were also "concerns that uncertainties could further increase due to the latest situation in Israel and Palestine."

The G-7 comprises current chair Japan, Canada, France, Germany, Italy, Britain, and the United States, as well as the European Union. Until 2014 it included Russia and was called the G8.

The talks in Osaka also included representatives from other countries including India, Australia, Chile, Kenya and Indonesia, international organisations and the private sector.

Australia's Trade Minister Don Farrell was expected to hold talks on the sidelines — reportedly on Monday — with EU Trade Commissioner Valdis Dombrovskis about a long-delayed free trade deal.

Farrell told Sky News Australia on Sunday that "at the moment the offer that's on the table isn't good enough. And I'm aiming to get a better one".

BEIJING — Chinese telecoms giant Huawei on Friday announced moderate sales growth for the first nine months of 2023, building on a recovery after its business was hit hard by US sanctions and the pandemic.

The firm said revenue hit 456.6 billion yuan ($62.4 billion) during the period, a rise of 2.4 per cent on-year, while its net profit margin came in at 16 per cent, the statement added.

Huawei has for several years been at the centre of an intense tech stand-off between China and the United States, with Washington warning its equipment could be used for state espionage, an allegation the company denies.

Despite sanctions, which have cut the firm off from access to US-made components and technologies, Huawei has forged ahead with its smartphone division and sought to diversify its growth sources.

During an August visit to Beijing by US Commerce Secretary Gina Raimondo, the firm released its Mate 60 Pro handset.

The gadget, powered by an advanced domestically produced chip, sparked debate about whether attempts to curb China's technological advancements have been effective.

The latest results suggest Huawei is holding up, having posted a 3.1 per cent rise in first-half revenue earlier in the year.

Ken Hu, Huawei's rotating chairman, described the results as "in line with forecast".

The firm "will continue to increase our investment in R&D to make the most of our business portfolio and take the competitiveness of our products and services to new heights", he added.

Huawei's revenue in the first three quarters of 2021 plunged 32 per cent but that improved to a 2.2 per cent drop in January-September 2022.

Huawei is a private, unlisted company based in Shenzhen, and is therefore not subject to the same obligations as other major firms to publish detailed results.

Huawei's consumer products business, which oversees smartphones, saw its sales rise 2.2 per cent on-year to 103.5 billion yuan in the first half of the year.

It was once one of the top three smartphone manufacturers in the world, along with South Korea's Samsung and US giant Apple, but has since been overtaken by China's Xiaomi.

The firm is also the world's leading supplier of 5G communications equipment.

The United States has urged its allies to ban 5G products made by Huawei, arguing that Beijing could use them to monitor communications and data traffic overseas.

US sanctions have forced Huawei to strategically refocus on sectors such as software, connected devices, business computing and smart vehicles.

FRANKFURT — Siemens Energy said on Thursday it was in talks with the German government about receiving financial help as it battles problems in its wind power unit, sending the firm's shares crashing. 

Siemens Energy has faced long-running issues at its Gamesa unit, which led the group to report a record third-quarter loss earlier this year due to costs related to fixing technical problems with onshore wind turbines.

In the latest development in the saga, Siemens Energy confirmed that it was "in preliminary talks with different stakeholders, including banking partners and the German government, to ensure access to an increasing volume of guarantees". 

The group had seen strong growth in orders, which had led to a need for more financial guarantees for long-term projects, it added.

Its shares plunged over 30 per cent on the Frankfurt Stock Exchange following the announcement.

Der Spiegel reported the company was in talks with the economy ministry about receiving help to the tune of several billion euros in guarantees. The ministry did not immediately respond to requests for comment.

The firm has abundant reserves of cash, but guarantees are needed to help it continue financing major new contracts such as the construction of power grids, the report said. 

Usually the company would turn to banks for such guarantees, but due to the problems in its wind power unit, lenders have been reluctant to take on further risk, it said.

In August, Siemens Energy reported a net loss of 2.9 billion euros ($3.1 billion) in its fiscal third quarter, weighed down by a 1.6-billion euro hit to repair issues with wind turbines.

In Thursday's statement, the company reiterated it was "working through the quality issues" with its products.

It said that with Gamesa not currently concluding new contracts for some onshore projects and being selective with offshore projects, "order intake and revenue are expected to be lower than market expectations for fiscal year 2024". 

Meanwhile, "net losses and cash outflow are expected to be higher than market forecasts", it added.

The long-running woes at Gamesa prompted Siemens Energy to take full control of the Spain-based subsidiary last year, but a hoped-for turnaround has yet to materialise.

The specific issues plaguing Gamesa come at a challenging time for the wind power sector in general in Europe.

Despite growing demand for clean energy, the sector has been battered by higher prices for materials, persistent supply chain disruptions and strong competition from China.