Dec 31: New Zealand and Australia have begun welcoming in 2024 as the world starts to celebrate the New Year.
Thousands gathered at the Sky Tower in Auckland, New Zealand, to ring in 2024, the first major city in the world to celebrate the new year at 11am GMT.
At around 1pm GMT, the Sydney Harbor Bridge in Australia lit up for its renowned midnight fireworks display and light show viewed annually by around 425 million people worldwide. Revellers camped at the best vantage points since Sunday morning in order to watch the spectacle. More than one million people were expected to converge on the waterfront for the occasion.
Eight tonnes of pyrotechnics were launched from two of Australias most recognisable landmarks - the Harbour Bridge and the Opera House - in one of the worlds biggest New Years Eve displays.
One tourist who waited for hours to secure a spot to see the fireworks, Christopher Maldonado, from Chile, told the BBC: "Its iconic because its the first fireworks in the world and its the first celebration of the New Year so its really nice. And its cool because you have the spot really near and this is amazing, this is amazing."
Japan and South Korea will be among the major countries next marking the occasion, at 3pm GMT, followed by India and Sri Lanka at 6.30pm GMT.
In London, the capitals world-famous fireworks at the South Bank will make a return, with mayor Sadiq Khan promising the "best ever" display. —YAHOO
Worldwide commodity price decline by 25pc not reflected in local market in 2023
The prices of commodity declined by about 25 per cent in 2023 compared to 2022 in the international market, the lowest since the Covid-19 pandemic. However, even if the price drops across the world, it has no effect on the countrys market. Rather, the prices of almost all products and commodities have hiked in the country unusually due to some unscrupulous business syndicates.
The syndicates have ripped huge money from consumers pockets by increasing the prices of sugar, edible oil, onions, eggs, green chillies, vegetables and potatoes throughout the year, which is still going on. Although the government fixed the price, it was not reflected in the market.
Due to various reasons including strikes, blockades, dollar crisis, Indian governments ban on export of goods, the prices of daily commodities were skyrocketing. The sugar crunch occurred at the beginning of the year due to inability to open letters of credit (LC) due to the dollar crunch.
Meanwhile, many middle-class families have been suffering due to high inflation. As a result, inflation is now the main challenge for the economy. Average inflation rose to 9.49 per cent. High inflation has forced many to reduce consumption of goods. Many families could not meet the demand for fish, meat, eggs, milk throughout the year due to skyrocketing prices. All in all, the year 2023 has passed with discomfort due to high commodity prices.
According to the government marketing organization Trading Corporation of Bangladesh (TCB), the list of product price increase in the last one year has been noticed for long. However, Russia Ukraine war, dollar crisis, unstable commodity prices and political uncertainty - these issues have increased the commodity prices, claimed the stakeholders.
Salim Raihan, Executive Director of the private research institute South Asian Network on Economic Modelling (SANEM), said food inflation has gone out of control, which is uncomfortable for all classes of people. No one got relief during the year. The initiatives taken by the government in the last one year have not worked.
Attempt was made to control the market by importing several products, but it didn work.
A review of the market showed that the price of goods in the market was quite high throughout the year. From green chillies, sugar, salt, potatoes, rice, beef and chicken, oil, eggs to onions were widely discussed throughout the year. The syndicate circle sometimes cut the consumers pocket by increasing the price of eggs, ginger, garlic and sometimes onion and potato. To control the rising prices of these products, the Commerce Ministry set the highest prices of potatoes, onions and eggs in the country for the first time in September this year. Apart from this, the government allowed the import of potatoes, green chillies and eggs to control the market.
Sources say that food inflation has been on the rise since the beginning of 2023. It increased in the latter part of the year. Even with various steps taken by the government, the price of food products could not be reined in. The violence of business syndicates has increased. Last August, food inflation suddenly rose to double digits for the first time. Which was the highest in the last decade. Food inflation was above 12 per cent for the next three months. Inflation was 12.56 per cent in October. Which is the highest in the last 11 years and 9 months. People have suffered due to inflation in the market. Sometimes the price of rice increases.
Sometimes the price of oil has skyrocketed. Sometimes the dozen of eggs exceeded Tk 150.
According to TCBs regular market rate calculations, the prices of several essential commodities have decreased marginally in the past year. And the list of products that has increased is large. According to the information of the organization, only the price of rice and flour has decreased in the last one year. On the other hand, prices of pulses, oil, sugar, onion, ginger, garlic, potatoes, eggs, spices, fish and meat have increased.
An analysis by the Centre for Policy Dialogue (CPD) in mid-year found that high commodity prices in Bangladesh are not just due to external or international markets. Behind this is the lack of competitive environment, market syndicates, lack of necessary monitoring and lack of proper enforcement of existing laws through related institutions.
Some government ministers have expressed helplessness. They said, the business syndicate is very strong. The government is not coping with the syndicate. Even the Prime Minister has to urge several times to prevent market syndicates at different times of the year.
Meanwhile, this year, the government fixed the prices of several products to control unbridled prices. Sugar, edible oil, onion, potato, egg are among them. However, no product was sold in the market at the government fixed price. They are still being sold at a higher price than the fixed price. In this, only the price of eggs has decreased slightly.
On the other hand, the activity of the National Directorate of Consumer Rights Protection has been seen throughout the year to implement the price set by the government in the market. Hundreds of establishments across the country are fined every day. However, despite the fine, the same product was sold at a higher price.
Analysts blame the weakness of existing laws to prevent syndicates behind this.
Vice President of Consumers Association of Bangladesh (CAB) SM Nazer Hossain said that robberies are going on in the market by taking consumers as hostages. It is totally unethical. It cannot be called business.
Khaled, a resident of the capitals Moghbazar area, said his salary increased by Tk 2,000 last year. But throughout the year only the monthly food expenditure increased by Tk 4,000 . Which is more than double his increased salary.
He said, "I have never seen such robbery in the price of products in my life. As a result, the family budget has to be cut and had to eat fish and meat once a month for nutrition. Apart from this, milk and eggs were regularly consumed earlier, but that is now stopped. I didn even travel anywhere for recreation."
Meanwhile, although the chicken market is currently on a downward trend, this market was extremely unstable at the beginning of this year. Broiler chickens were sold at a maximum of Tk 260 per kg.
On the other hand, the government increased and reduced the price of sugar, and finally fixed the price of Tk 130 per kg of refined open sugar and Tk 135 per kg of refined packet sugar. Recently, the National Board of Revenue (NBR) issued a notification reducing the import duty on sugar by half on November 1. This did not reduce the price of sugar in the countrys market. On the other hand, packaged sugar has disappeared from the market. At present, open sugar is being sold in the market at Tk 145 to Tk 150.
The government determines the price of three essential products. In the light of the recommendation of the Ministry of Agriculture, the maximum retail price of potato is Tk 35 to Tk 36, the maximum retail price of local onion is Tk 64 to Tk 65 and the maximum retail price of egg pieces is fixed at Tk 12. Even after setting the price, the price of these products did not decrease.
On the contrary, the price of onion increases several times. At that time potatoes were sold at Tk 60 to Tk 70 per kg, which is now being sold at Tk 60 to Tk 80 during the potato season.
According to TCB data, the price of potato has increased by 181.25 per cent in the countrys market in the last one year. Onions are sold at Tk 100 to Tk 120.
According to TCB data, the price of local and Indian onion has increased by 162.5 and 212.5 per cent in the countrys market in the last one year. Eggs are priced at Tk 12 per piece or Tk 144 per dozen but are sold at Tk 160 to Tk 170 per dozen in the retail market.
This year, green chili has spread the most heat in the market. In some parts of the country, pepper is sold for Tk 1,000 per kg.
Meanwhile, although the chicken market is currently on a downward trend, this market was extremely unstable at the beginning of this year. Broiler chickens were sold at a maximum of Tk 260 per kg.
