标签： Asia

A catastrophic fire at Hazrat Shahjalal International Airport in Bangladesh has left the nation’s business community reeling, with potential losses estimated at over $1bn (£750m). The blaze, which erupted in the airport’s logistics section on Saturday, destroyed vast quantities of clothing, raw materials, and other essential goods, putting numerous businesses at risk. The fire, which took 27 hours to extinguish, forced the temporary suspension of flights and airport operations. Bangladesh, the world’s second-largest apparel exporter after China, relies heavily on its garment sector, which generates approximately $40bn annually and contributes over 10% to the country’s GDP. Local media reported that around 35 people were injured while battling the flames. The damaged cargo village, a critical logistics hub, stored fabrics, pharmaceuticals, chemicals, and other goods, including samples crucial for securing new buyers. Inamul Haq Khan, senior vice-president of the Bangladesh Garment Manufacturers and Exporters Association, highlighted that the destruction of these samples could jeopardize future business opportunities. The International Air Express Association of Bangladesh also confirmed the $1bn damage estimate in an email to the BBC. This incident marks Bangladesh’s third major fire within a week, following a deadly warehouse fire that claimed 16 lives and a factory blaze in Chittagong. Online conspiracy theories have linked these incidents, alleging they were pre-planned. Historically, such tragedies have been politicized, with parties accusing each other of exploiting disasters for political gain. The interim government has vowed to take immediate action if evidence of sabotage or arson is found. Frequent fires in Bangladesh are often attributed to poor infrastructure and lax safety enforcement, with hundreds of lives lost in recent years.

China’s economic expansion decelerated to 4.8% in the third quarter of 2024, marking its slowest pace in a year, as trade tensions with the United States intensified. This figure, released by China’s National Bureau of Statistics on Monday, represents a decline from the 5.2% growth recorded in the previous quarter. The slowdown coincides with Beijing’s imposition of stringent controls on rare earth exports, critical minerals for global electronics production, which has further strained its fragile trade truce with Washington. The third-quarter GDP data will influence discussions among China’s top leaders this week as they deliberate on the nation’s economic strategy for 2026–2030. Despite the challenges, Chinese officials highlighted the economy’s ‘strong resilience and vitality,’ attributing growth momentum to the technology sector and business services. Beijing remains committed to its annual growth target of ‘around 5%,’ supported by government measures to avert a sharp downturn. In response to China’s export controls, US President Donald Trump threatened to impose an additional 100% tariffs on Chinese imports. Meanwhile, US Treasury Secretary Scott Bessent plans to meet Chinese officials in Malaysia to ease tensions and facilitate a potential meeting between Trump and Chinese President Xi Jinping. Prior to the recent escalation, Chinese businesses capitalized on the trade truce, boosting exports to the US by 8.4% in September. China’s industrial output also rose by 6.5% year-on-year, driven by strong performances in 3D printing, robotics, and electric vehicle manufacturing. The service sector, encompassing IT support, consultancies, and logistics, also expanded.

Asian markets experienced a significant surge on Monday, buoyed by a strong performance on Wall Street and easing concerns over bank lending and the U.S.-China trade war. Japan’s Nikkei 225 soared 2.9% to a record high of 48,970.40, following the Liberal Democratic Party’s formation of a new coalition, paving the way for Sanae Takaichi to potentially become Japan’s first female prime minister. Takaichi is anticipated to advocate for market-friendly policies, including low interest rates and increased government spending. Meanwhile, China reported a 4.8% annual economic growth rate for the last quarter, driven by robust exports to non-U.S. markets. However, this marks the slowest growth pace in a year, as the nation grapples with a prolonged property market slump and sluggish consumer and business spending. The Chinese Communist Party’s leadership convened in Beijing to outline policy goals for the next five years and address personnel changes, with outcomes expected to be formalized in March. Hong Kong’s Hang Seng rose 2.5%, while South Korea’s Kospi hit a record high, fueled by optimism over a potential trade deal with the U.S. and strong semiconductor demand. U.S. futures edged higher, and oil prices declined slightly. Bank stocks stabilized after several institutions reported stronger-than-expected quarterly profits, though concerns linger over loan quality following recent bankruptcies. JPMorgan CEO Jamie Dimon warned of potential risks in the lending sector, emphasizing the need for caution. In currency markets, the U.S. dollar strengthened against the Japanese yen, while the euro also gained ground.