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British-Canadian computer scientist Geoffrey Hinton and co-laureate John Hopfield are set to receive the Nobel Prize for physics on Tuesday in Stockholm. The pair landed the accolade because they used physics to develop artificial neural networks, which help computers learn without having to program them. These networks form the foundation of machine learning, a computer science that relies on data and algorithms to help artificial intelligence mimic the human brain. Hinton and Hopfield’s path to the Nobel began when Hopfield, who is now a professor emeritus at Princeton University, invented a network in 1982 that could store and reconstruct images in data. The Hopfield network uses associate memory, which humans use to remember what something looks like when it’s not in front of them or to conjure up a word they know but seldom use. The network can mirror this process because it stores patterns and has a method for recreating them. When the network is given an incomplete or slightly distorted pattern, the method then searches for the stored pattern that is most similar to recreate data. This means if a computer was shown, for example, a photo of dog where only part of the animal was visible, it could use the network to piece together the missing part of the image and recognize it was depicting a dog. Hinton, who was working at Carnegie Mellon University in Pittsburgh in 1985, used the Hopfield network as the foundation for a new network he called the Boltzmann machine. Its name came from the nineteenth-century physicist Ludwig Boltzmann. The Boltzmann machine learns from examples, rather than instructions, and when trained, can recognize familiar characteristics in information, even if it has not seen that data before. The Royal Swedish Academy of Sciences, which gives out the Nobel, likens this to how humans may be able to identify someone as a relative of one of their friends, even if they’ve never met this person before, because of they share similar traits. The Boltzmann machine works in a similar way, classifying images or creating new examples based on the patterns it was trained on. This kind of technology can help suggest films or television shows based on a user’s preferences and past viewing history The Hopfield network and Boltzmann machine are considered to have laid the groundwork for modern AI. Hinton, a professor emeritus at the University of Toronto, went on to win the A.M. Turing Award, known as the Nobel Prize of computing, with fellow Canadian Yoshua Bengio and American Yan LeCun in 2018. He is often called the godfather of AI. This report by The Canadian Press was first published Dec. 8, 2024. Tara Deschamps, The Canadian PressIsrael detains the director of one of northern Gaza's last functioning hospitals, Palestinians say DEIR AL BALAH, Gaza Strip (AP) — Gaza's Health Ministry says Israel’s army has detained the director of one of northern Gaza's last functioning hospitals. The announcement on Saturday came after health officials said Israeli troops stormed the hospital on Friday and forced many staff and patients outside and told them to strip in winter weather. Israel’s army didn’t respond to questions about the hospital director. It denied it had entered or set fire to the complex but acknowledged it had ordered people outside. It said it was conducting operations against Hamas in the area. The military repeated claims that Hamas militants operate inside Kamal Adwan Hospital, which officials there have denied. Israeli airstrikes hit a Yemen airport as a jet with hundreds onboard was landing, UN official says UNITED NATIONS (AP) — The top U.N. humanitarian official in Yemen says Israeli airstrikes hit Yemen’s main airport as a civilian Airbus 320 with hundreds of passengers on board was landing this week. He says a U.N. delegation led by the head of the World Health Organization was waiting to leave on Thursday as two Israeli airstrikes hit the airport in the capital of Sanaa. Julien Harneis told U.N. reporters on Friday that the most frightening thing about the airstrikes wasn’t the effect on him and about 15 others in the VIP lounge at the international airport. Rather, it was the destruction of the airport control tower as a Yemenia Airways plane was taxiing in after touching down. Trump asks Supreme Court to delay TikTok ban so he can weigh in after he takes office President-elect Donald Trump has asked the Supreme Court to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue. Trump's request Friday came as TikTok and the Biden administration filed opposing briefs to the court. Oral arguments are scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. The brief said Trump opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.” Bloodied Ukrainian troops risk losing more hard-won land in Kursk to Russia KYIV, Ukraine (AP) — Five months after their shock offensive into Russia, Ukrainian troops are bloodied by daily combat losses and demoralized by the rising risk of defeat in Kursk. Some want to stay in the region at all costs. Others question the value of having gone in at all. Battles are so intense that commanders are unable to evacuate their dead. Lags in communication and poorly timed operations have cost lives and commanders say they have little way to counterattack. The overstretched Ukrainians have lost more then 40% of the territory they won in the lightning incursion that seized much of Kursk in August. US to send $1.25 billion in weapons to Ukraine, pushing to get aid out before Biden leaves office WASHINGTON (AP) — U.S. officials say the United States is expected to announce it will send another $1.25 billion in military assistance to Ukraine. It's part of a push by the Biden administration to get as much aid to Kyiv as possible before leaving office on Jan. 20. Officials say the large package of aid includes a significant amount of munitions, including for the National Advanced Surface-to-Air Missile Systems and the HAWK air defense system. It also will provide Stinger missiles and 155 mm- and 105 mm artillery rounds. The officials say they expect the announcement will be made on Monday. They spoke on condition of anonymity to provide details not yet made public. An online debate over foreign workers in tech shows tensions in Trump's political coalition WEST PALM BEACH, Fla. (AP) — An online spat between factions of Donald Trump’s supporters over immigration and the tech industry has thrown internal divisions in the president-elect’s political movement into public display. The argument previews fissures and contradictory views his coalition could bring to the White House. The rift laid bare tensions between the newest flank of Trump’s movement — that is, wealthy members of the tech world who want more highly skilled workers in their industry — and people in Trump’s Make America Great Again base who championed his hardline immigration policies. Canadian Cabinet ministers meet with Trump's nominee for commerce secretary in bid to avoid tariffs TORONTO (AP) — Two top Canadian Cabinet ministers have met with President-elect Donald Trump’s nominee for commerce secretary at Mar-a-Lago as Canada tries to avoid sweeping tariffs when Trump takes office. New Finance Minister Dominic LeBlanc and Foreign Minister Mélanie Joly met with Howard Lutnick, Trump’s nominee for commerce secretary, as well as North Dakota Gov. Doug Burgum, Trump’s pick to lead the Interior Department. The meeting was a follow up to Canadian Prime Minister Justin Trudeau’s meeting with Trump at Mar-a-Lago last month. Trump has threatened to impose sweeping tariffs if Canada does not stem what he calls a flow of migrants and fentanyl into the United States. Former Indian Prime Minister Manmohan Singh, who instituted economic reforms, cremated in New Delhi NEW DELHI (AP) — Manmohan Singh, the former Indian prime minister widely regarded as the architect of the country’s economic reform program, has been cremated after a state funeral. The veteran leader, who was also credited for a landmark nuclear deal with the United States, died late Thursday at age 92. Singh’s body was taken Saturday to the headquarters of his Congress party in New Delhi, where party leaders and activists paid tributes to him and chanted “Manmohan Singh lives forever.” Later, his body was transported to a crematorium ground for his last rites as soldiers beat drums. A mild-mannered technocrat, Singh was prime minister for 10 years until 2014. Winning ticket for $1.22 billion lottery jackpot sold in California, Mega Millions says ATLANTA (AP) — At least one Mega Millions player has plenty of dough to ring in the New Year after drawing the winning number. After three months without anyone winning the top prize in the lottery, a ticket worth an estimated $1.22 billion was sold in California for the drawing Friday night. The winning ticket matched the white balls 3, 7, 37, 49, 55 and the gold Mega Ball 6. The identity of the winner or winners was not immediately known. The estimated jackpot was the fifth-highest ever for Mega Millions. The total amount of the jackpot would only be distributed to a winner who chooses an annuity paid over 29 years. Nearly all grand prize winners opt to take a cash payout, which for Friday night’s drawing is an estimated $549.7 million. A 9th telecoms firm has been hit by a massive Chinese espionage campaign, the White House says WASHINGTON (AP) — A top White House official says a ninth U.S. telecoms firm has been confirmed to have been hacked as part of a sprawling Chinese espionage campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. Administration officials said this month that at least eight telecommunications companies, as well as dozens of nations, had been affected by the Chinese hacking blitz known as Salt Typhoon. But Anne Neuberger, a deputy national security adviser, said Friday that a ninth victim had been identified after the administration released guidance to companies about how to hunt for Chinese culprits in their networks.
Words on ammo in CEO shooting echo common phrase on insurer tactics: Delay, deny, defend A message left at the scene of an insurance executive’s fatal shooting echoes a phrase commonly used to describe insurer tactics to avoid paying claims. The words “deny,” “defend” and “depose” were written on the ammunition used to kill UnitedHealthcare's CEO. That's according to two officials who spoke to The Associated Press on condition of anonymity Thursday. The words are similar to the phrase “delay, deny, defend.” That's how attorneys describe insurers denying services and payment, and the title of a 2010 book critical of the industry. Police haven’t officially commented on the words. But Thompson’s shooting and the messages on the ammunition have sparked outrage on social media and elsewhere, reflecting frustration Americans have over the cost and complexity of getting care. Bitcoin has surpassed the $100,000 mark as the post-election rally continues. What's next? NEW YORK (AP) — Bitcoin has topped the $100,000 mark, extending a rally in the world’s most popular cryptocurrency sparked by the election of Donald Trump. The milestone comes just hours after the president-elect signaled a lighter regulatory approach to the crypto industry with his choice of crypto advocate Paul Atkins to be the next chair of the Securities and Exchange Commission. Bitcoin has soared to unprecedented heights since Trump won the election Nov. 5. The cryptocurrency has climbed dramatically from $69,374 on Election Day and rose to more than $103,000 before falling back below $100,000 by Thursday afternoon. US judge rejects Boeing's plea deal in a conspiracy case stemming from fatal plane crashes DALLAS (AP) — A federal judge has rejected a deal that would have let Boeing to plead guilty to a felony conspiracy charge and pay a fine for misleading U.S. regulators about the 737 Max jetliner before two of the planes crashed and 346 people died. U.S. District Judge Reed O’Connor in Texas said that diversity, inclusion and equity or DEI policies in the government and at Boeing could result in race being a factor in picking an official to oversee Boeing’s compliance with the agreement. His ruling on Thursday creates uncertainty around the criminal prosecution of the aerospace giant. The judge gave Boeing and the Justice Department 30 days to tell him how they plan to proceed. McKinsey subsidiary will pay $122M for scheme to bribe South African officials, US says WASHINGTON (AP) — An African subsidiary of the consulting firm McKinsey & Company Inc. will pay a criminal penalty of more than $122 million to resolve a U.S. Justice Department investigation into a yearslong scheme to bribe South African government officials. The Justice Department says the scheme involved bribes to officials with South Africa’s state-owned and state-controlled custodian of ports, rails, and pipelines, as well as its state-controlled energy company. It netted McKinsey Africa and its parent company $85 million in profits between 2012 and 2016, officials said. McKinsey said in a statement that it “welcomes the resolution of these matters and the closure of this regretful situation.” EPA hails 'revitalized' enforcement efforts as Biden administration heads to exit WASHINGTON (AP) — The Environmental Protection Agency says it concluded more than 1,850 civil cases this year, a 3.4% increase over 2023, and charged 121 criminal defendants, a 17.6% increase over the previous year. The agency also issued $1.7 billion in financial penalties, more than double last year's total. Thursday's report was the final one account of Biden-era enforcement actions before President-elect Donald Trump takes office in January. Enforcement efforts included first-ever criminal charges for a California man accused of smuggling climate-damaging air coolants into the United States. Engine maker Cummins Inc. paid more than $2 billion in fines and penalties after it was found to use illegal software to skirt diesel emissions tests. Work-life balance isn't working for women. Why? NEW YORK (AP) — About half of working women reported feeling stressed “a lot of the day,” compared to about 4 in 10 men, according to a Gallup report published Wednesday. The report suggests that competing demands of work and home comprise part of the problem: working women who are parents or guardians are more likely than men who are parents to say they have declined or delayed a promotion at work because of personal or family obligations, and mothers are more likely than fathers to “strongly agree” that they are the default responders for unexpected child care issues. But changing workplace culture and prioritizing well-being can improve the problem, according to Karen Guggenheim, creator of the World Happiness Summit. From outsider to the Oval Office, bitcoin surges as a new administration embraces crypto NEW YORK (AP) — Bitcoin burst on the scene after trust had withered in the financial system and Washington’s ability to protect people from it. Now, it’s Washington’s embrace of bitcoin that’s sending it to records. Bitcoin briefly surged above $103,000 after President-elect Donald Trump said he will nominate Paul Atkins, who's seen as friendly to crypto, to be the Securities and Exchange Commission's next chair. The crypto industry, meanwhile, did its part to bring politicians friendly to digital currencies into Washington. It's a twist from bitcoin's early days, when it was lauded as a kind of electronic cash that wouldn’t be beholden to any government or financial institution. Stock market today: Wall Street edges back from its records as bitcoin briefly pops above $100,000 NEW YORK (AP) — U.S. stocks edged back from their records as Wall Street counted down to a big jobs report that’s coming on Friday. The S&P 500 fell 0.2% Thursday. The Dow Jones Industrial Average lost 0.6%, and the Nasdaq composite sank 0.2% from its own all-time high. The crypto market had more action, and bitcoin briefly burst to a record above $103,000 before falling back toward $99,000. It's climbed dramatically since Election Day on hopes President-elect Donald Trump will be more friendly to crypto. Airline stocks were strong, while Treasury yields held relatively steady in the bond market. Key members of OPEC+ alliance are putting off production increases amid slack crude prices FRANKFURT, Germany (AP) — Eight members of the OPEC+ alliance of oil exporting countries have decided to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. The OPEC+ members decided at an online meeting to postpone by three months production increases that had been scheduled to take effect Jan. 1. The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025. That process will now be pushed back to April 1, 2025 and production increases will gradually take place over 18 months until October 2026. Eli Lilly invests $3B to expand Wisconsin factory to help meet demand for Mounjaro, Zepbound Eli Lilly is spending another $3 billion to bulk up manufacturing as the drugmaker seeks to stoke production of some blockbuster drugs and future products. Lilly said Thursday it will expand a Kenosha County, Wisconsin, factory it bought early this year. The investment will help meet growing demand for injectable products like its diabetes and obesity drugs, Mounjaro and Zepbound. Those drugs brought in a combined $4.4 billion in sales for Lilly in this year’s third quarter. The drugmaker plans to start construction of the expansion next year.
Nearly 100 former senior U.S. diplomats and intelligence and national security officials have urged Senate leaders to schedule closed-door hearings to allow for a full review of the government's files on former Rep. Tulsi Gabbard , Donald Trump's pick to be national intelligence director. The former officials, who served in both Democratic and Republican administrations, said they were "alarmed" by the choice of Gabbard to oversee all 18 U.S. intelligence agencies. They said her past actions "call into question her ability to deliver unbiased intelligence briefings to the President, Congress, and to the entire national security apparatus." A spokesperson for Gabbard on the Trump transition team on Thursday denounced the appeal as an "unfounded" and "partisan" attack. Among those who signed the letter were former Deputy Secretary of State Wendy Sherman, former NATO Deputy Secretary General Rose Gottemoeller, former national security adviser Anthony Lake, and numerous retired ambassadors and high-ranking military officers. They wrote to current Democratic Senate Majority Leader Chuck Schumer and incoming Republican Majority Leader John Thune on Wednesday to urge the closed briefings as part of the Senate's review of Trump's top appointments. They urged that Senate committees "consider in closed sessions all information available to the U.S. government when considering Ms. Gabbard's qualifications to manage our country's intelligence agencies, and more importantly, the protection of our intelligence sources and methods." The letter singles out Gabbard's 2017 meetings in Syria with President Bashar Assad, who is supported by Russian, Iranian and Iranian-allied forces in a now 13-year war against Syrian opposition forces seeking his overthrow. The U.S., which cut relations with Assad's government and imposed sanctions over his conduct of the war, maintains about 900 troops in opposition-controlled northeast Syria, saying they are needed to block a resurgence of extremist groups. Gabbard, a Democratic member of Congress from Hawaii at the time of her Syria trip, drew heavy criticism for her meetings with a U.S. adversary and brutal leader. As the letter notes, her statements on the wars in the Middle East and Ukraine have aligned with Russian talking points, diverging from U.S. positions and policy. Gabbard, throughout her political career, has urged the U.S. to limit military engagement abroad other than combatting Islamic extremist groups. She has defended the Syria trip by saying it is necessary to engage with U.S. enemies. In postings on social media earlier this year, she confirmed that the U.S. had for a time placed her "on a secret terror watch list" as a "potential domestic terror threat." She blamed political retaliation. Neither she nor U.S. authorities have publicly detailed the circumstances involved. Alexa Henning, a spokesperson for Gabbard with the Trump team, called the letter sent to the Senate leaders "a perfect example" of why Trump chose Gabbard for this position. "These unfounded attacks are from the same geniuses who have blood on their hands from decades of faulty 'intelligence,'" and use classified government information as a "partisan weapon to smear and imply things about their political enemy," Henning said. A spokesperson for Thune did not immediately respond to questions about the request.
Chattanooga wins 85-63 against Alabama A&MRon Roberts Founder & CEO of Roberts Retirement Group, Interviewed on the Influential Entrepreneur Podcast Discussing Longevity Planning for Retirement
Walker has 22 as Binghamton knocks off Lancaster Bible 85-60
NEW YORK, Dec. 28, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Hasbro, Inc. HAS between February 7, 2022 and October 25, 2023, both dates inclusive (the "Class Period"), of the important January 13, 2025 lead plaintiff deadline. SO WHAT: If you purchased Hasbro common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Hasbro class action, go to https://rosenlegal.com/submit-form/?case_id=31157 or call Phillip Kim, Esq. at 866-767-3653 or email case@rosenlegal.com for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 13, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements that represented the quality of inventory and the appropriateness of the levels of inventories carried by Hasbro and its retailers compared to customer demand. In truth, however, Hasbro had a significant buildup of inventory that it was struggling to manage and which far exceeded customer demand. As a result, defendants' statements about Hasbro's inventory, and what inventory levels reflected regarding demand, were materially false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Hasbro class action, go to https://rosenlegal.com/submit-form/?case_id=31157 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm , on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/ . Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@rosenlegal.com www.rosenlegal.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The freight forwarding sector is a backbone for global trade, ensuring the seamless movement of goods across borders. In Bangladesh, this sector is critical in facilitating the export of garments, seafood, pharmaceuticals, agricultural products, leather, perishable items, and more. Despite its importance, freight forwarders in the country face persistent challenges that hinder their ability to operate efficiently and contribute optimally to trade facilitation. Lack of recognition of freight forwarders’ role: Stakeholders such as manufacturers, exporters, and importers often undervalue the role of freight forwarders, perceiving them merely as service providers rather than strategic partners. This perception limits collaboration and trust, preventing forwarders from innovating and offering value-added services. Additionally, policy formulation in Bangladesh rarely involves consultations with freight forwarders or other key stakeholders. This results in policies that fail to address operational needs and create complications. Freight forwarders frequently encounter difficulties with the National Board of Revenue (NBR), customs authorities, government agencies, port authorities, and banks. Regulators and facilitators have yet to fully recognize the strategic importance of freight forwarders in trade facilitation. Licensing and regulatory issues: The licensing regulations set by the NBR are outdated and require urgent revision. Freight forwarders must obtain separate licenses for each port, an inefficient process that increases operational complexity. A unified licensing system across Bangladesh would significantly streamline operations. Online application submissions and simplified procedures are also critical to modernizing this process. Inefficiencies in customs operations: Freight forwarders often face undue delays due to inefficient customs operations. Lengthy queues and slow processing of day-to-day formalities hinder smooth operations. Arbitrary decisions and complicated procedures surrounding the Import General Manifest (IGM) and Export General Manifest (EGM) further reduce efficiency and competitiveness. Customs decisions frequently result in delays, fines, and unnecessary complications. Moreover, freight forwarders often struggle to reach the relevant customs officials for clarifications or dispute resolution. The lack of timely communication exacerbates delays and increases uncertainty. Ambiguities in existing regulations create opportunities for inconsistent enforcement, leading to malpractice and inefficiencies. Freight forwarders are often subject to subjective judgments by officials instead of standardized rules, causing delays in cargo clearance and increasing costs. Burdensome taxes and banking policies: Freight forwarders in Bangladesh face high taxes on international transactions, such as payments to shipping lines and overseas agents. These include Value Added Tax (VAT) and Advance Income Tax (AIT), which significantly inflate operational costs. Foreign exchange transactions through formal banking channels are also taxed heavily, adding to the financial burden. Policies from the central bank further complicate operations. For instance, handling Bills of Lading (B/L) — essential documents in international shipping — remains inefficient due to outdated and manual verification processes mandated by Bangladesh Bank. These delays disrupt supply chains and increase operational costs. Another challenge is remitting payments to foreign service providers. Freight forwarders encounter lengthy approval processes and excessive documentation requirements, which strain relationships with international partners. Delays in payment transfers also result in penalties and lost opportunities for preferential rates. Unregulated practices by shipping lines: Shipping lines in Bangladesh frequently impose arbitrary charges without prior notice or justification. Detention charges for delayed container returns—often due to port congestion or customs inefficiencies—are a prime example of unfair costs borne by freight forwarders. Additional charges, such as non-schedule fees and unforeseen delay penalties, further burden the industry. The absence of effective regulation has allowed monopolistic behaviours among shipping lines, where dominant players dictate terms to freight forwarders and their clients. These practices increase costs, create an unethical trading environment, and threaten the competitiveness of the country’s trade sector. Challenges in bonded warehousing and cargo villages: Bonded warehouses are vital for trade facilitation, but inefficiencies and outdated regulations hinder their effective use. Freight forwarders have called for reforms, including merging bonded warehouse licenses with freight forwarding licenses to streamline operations and reduce redundancy. The cargo village at Hazrat Shahjalal International Airport (HSIA) is another area of concern. Freight forwarders face arbitrary charges, inadequate facilities, and subpar adherence to Key Performance Indicator (KPI) standards. The single Explosive Detection System (EDS) at HSIA creates bottlenecks, leading to delays in cargo screening. Additionally, space constraints result in congestion and mishandling of goods, while inadequate security measures raise concerns about theft. Chittagong Port IS a critical bottleneck: Chittagong Port, the primary gateway for Bangladesh’s imports and exports, faces severe operational and infrastructural challenges. Congestion due to insufficient berths, cranes, and container storage facilities causes significant delays, particularly for time-sensitive exports. The issue of non-delivered containers further compounds these challenges. Freight forwarders report backlogs of unclaimed shipments, leading to heavy fines and blacklisting by shipping lines. This disrupts local operations and international supply chains. The crisis is attributed to customs authorities’ failure to enforce Section 82 of the Customs Act of 1969, which mandates the timely auctioning of unclaimed goods. The resulting congestion increases costs and hampers efficiency. Solutions and recommendations: Addressing these systemic challenges requires immediate action and comprehensive reforms. Key recommendations include: Streamlining Licensing. Implementing a unified licensing system across Bangladesh and digitising the application process. Reforming Customs Procedures. Simplifying and digitising customs operations to reduce delays and improve efficiency. Enhancing Regulation. Establishing oversight mechanisms to prevent monopolistic practices by shipping lines. Modernising Infrastructure. Expanding bonded warehouse and port facilities, addressing space constraints, and investing in advanced screening technologies. Improving Banking Policies. Updating central bank regulations to facilitate smoother handling of Bills of Lading and foreign currency transactions. Stakeholder Engagement. Involving freight forwarders and other stakeholders in policy formulation to ensure practical and inclusive solutions. Conclusion: The freight forwarding sector in Bangladesh is indispensable for its trade-driven economy but faces numerous systemic challenges. Inefficiencies in customs, monopolistic practices by shipping lines, outdated regulations, and inadequate infrastructure are holding back the sector’s potential. Urgent reforms, including modernising policies, enhancing regulatory oversight, and investing in infrastructure, are essential to improve the logistics and trade environment. Collaboration between the government, regulators, and private stakeholders is critical for addressing these challenges. By implementing these changes, Bangladesh can unlock the full potential of its freight forwarding sector, boost export growth, and enhance its competitiveness as a global trade partner. A reform committee should be established immediately to drive these initiatives and ensure sustainable economic growth. Source: The Financial ExpressTrio leads UIC to 77-69 victory over Little Rock in OTTwin Falls lawmakers help create Idaho DOGE
Kharar School of Eminence gets additional 6cr fundsFormer Rogers middle school teacher arrested by FBI