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National News

DSE benchmark index crosses 6,000 points

Shanghai Stock's chairman to visit Bangladesh

Banks get a boost from Eid sales thru' credit cards

Social obligation fund from telcos crosses Tk 1,200cr

Pricing for LNG import fixed

Inter-bank call money rate stable on Thursday

NSCs net in Tk 5,053cr in July as rush continues

Bonded warehouse registration number to be made mandatory for duty-free imports

International News Canada's economy grew 4.5pc in second quarter

73,000 Rohingyas fled to Bangladesh, 700 buildings destroyed in single Muslim Village US warns North Korea of massive military response after nuke test

National News

DSE benchmark index crosses 6,000 points

The Dhaka Stock Exchange's benchmark index crossed and closed above 6,000 points yesterdaythe first time since

its introduction in January 2013fuelled by buying pressure.

The DSEX gained over 32 points to close the week at 6006.43. The market was bullish throughout the week, giving an

overall return of 2.57 percent.

Daily turnover stood at nearly Tk 853 crore, up from Tk 804 crore a day ago. The average daily turnover for the week

was up 18.74 percent reflecting higher liquidity compared to last week.

This week, the increase in average daily turnover volume was induced by active participation of investors, said an

analysis of Royal Capital Ltd, a market research firm.

According to the analysis, 11 sectors' return was positive this week compared to the previous week.

Ceramics, banks and financial institutions triggered the most in return generation. Engineering, IT and jute sectors fell.

Standard Ceramics, an A-category share, gained nearly 40 percent, the highest among all stocks traded last week.

Monno Ceramics, a B-category share, posted a 36-percent gain followed by three Z-category stocksZeal Bangla,

Dula Mia Cotton and Imam Buttonwhose prices surged 28 percent, 26 percent and 25 percent respectively.

BBS Cables traded the most although no price sensitive information about the company was disclosed. Fortune came

in second, followed by IFIC Bank and AB Bank.

Source: http://www.thedailystar.net/business/dse-benchmark-index-crosses-6000-points-1456885

DSEX 6006.43 32.2 Gold (Ounce) $1,296.50 Dollar 80.60 (Buy) 81.60

(Sell) REPO Rate (20/08/2017) 3.32%

DSE30 11242.47 43.20 Oil (Barrel) $47.86 Euro 94.16 (Buy) 98.49 (Sell) REPO Rate (17/08/2017) 3.35%

Source: DSE & CSE Source: Yahoo Finance Source: One Bank Limited Source: Bangladesh Bank (W AV)

http://www.thedailystar.net/business/dse-benchmark-index-crosses-6000-points-1456885

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Shanghai Stock's chairman to visit Bangladesh Wu Qing, chairman of Shanghai Stock Exchange, is scheduled to visit Bangladesh and sit with the officials of

Chittagong Stock Exchange this month.

The meeting will take place at the Westin Dhaka on September 3, the CSE said in a statement.

CSE Chairman AK Abdul Momen and Managing Director M Shaifur Rahman Mazumdar will be present at the meeting.

The meeting is the follow-up of CSE officials' visit in China last June. Qing will discuss CSE's proposals regarding

strategic investment and mutual cooperation.

Source: http://www.thedailystar.net/business/global-business/shanghai-stocks-chairman-visit-bangladesh-1456873

Banks get a boost from Eid sales thru' credit cards

Banks are offering discounts on home appliance purchases through credit cards this Eid-ul-Azha as they look to cash in on

the shopping frenzy surrounding the religious festival.

Typically around the time of Eid-ul-Azha, the demand for refrigerators and freezers soars, as people look to ensure that the

meat of the sacrificial animals is well-preserved for long.

At present, most home appliance vendors are offering about 5 percent discount, and if the items are bought with credit card

then another 7-8 percent discount is applied.

Moreover, credit card users have the option of availing equal monthly instalment facility on home appliance purchase, thereby

spreading the payment load to a period of 6 months and up to 36 months without having to pay any interest.

Banks' first motive for offering these facilities is to promote a cashless society, said Abdus Sabur Khan, senior vice-

president and head of the card division of Southeast Bank, which has tagged discounts of 5 to 8 percent on different brands'

appliances.

Such offers increase customers' access to consumer items. Not least, the credit card enables them to arrange a large amount

of money easily.

All three parties -- the bank, the merchant and the customer -- are benefitting from the offers, said Khan.

The discounts are boosting the sales of electronics stores and banks are getting commission against the sales, he added.

The manager of Samsung Electronics' Karwan Bazar branch agreed with Khan, saying sales through credit card soared 40

percent last month.

These credit card offers have made home appliance purchase more affordable, said Md Shahriar Nur, adding that the

discounts will continue until the eve of Eid-ul-Azha.

The offers are to boost credit card use and give convenience to customers, said Mohammad Anwar Hossain, senior vice-

president and head of the card division of Mutual Trust Bank.

Freezers and refrigerators are the topmost priority for customers this festival, said a salesman of Sony Rangs outlet at Paltan

in the capital.

The central bank has cut banks' cost for loans for credit card usage with the view to encouraging digital transaction in the

economy.

On August 20, the Bangladesh Bank slashed the provisioning requirement to 2 percent from 5 percent against all unclassified

credit card loans under consumer financing.

The move was taken to promote cashless, secured transaction and bring down the cost of operation of the credit card business.

The BB increased the loan limit on credit card as well as set the highest limit on interest rate, favouring consumers.

In May, the central bank set the cap at 5 percent plus the highest interest rate on any loan. The move will reduce the average

interest rate on credit card to 20 percent from 30 percent earlier.

A month earlier, the central bank doubled the credit card limit to Tk 10 lakh from previous Tk 5 lakh.

Source: http://www.thedailystar.net/business/banks-get-boost-eid-sales-thru-credit-cards-1456891

Social obligation fund from telcos crosses Tk 1,200cr

http://www.thedailystar.net/business/global-business/shanghai-stocks-chairman-visit-bangladesh-1456873http://www.thedailystar.net/business/banks-get-boost-eid-sales-thru-credit-cards-1456891

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Govt yet to decide where to spend the money

The social obligation fund from the telecom operators reached Tk 1,206.84 crore as of June this year, but the government is

yet to decide how to make best use of the money.

Of the amount, Tk 1,019.99 crore came from six mobile operators in the last six years and Tk 186.86 crore is added to the

fund as bank interest.

Bangladesh Telecommunication Regulatory Commission (BTRC) introduced the fund in November 2011 when four mobile

operators renewed their licences.

As there is no demand from the government, BTRC has once again opted for depositing the whole amount to a suitable bank

and earn interests, said a commissioner of the regulator.

We have no other way. It's the government that decides on how and where to utilise the fund. We are not entitled to spend

this money, said Md Jahurul Haque, legal commissioner of BTRC.

The government should set a collection target for the fund, as it cannot continue forever, industry insiders said.

Otherwise it will create some source of corruption for many.

Market leader Grameenphone gave Tk 516.94 crore to the obligation fund, which is more than half of all operators' total

contribution.

Citycell, which has recently been shut down, handed over Tk 6.96 crore to the fund as of December 2016.

However, the state-run Teletalk has so far contributed only once, which was Tk 2.7 crore for the July to December period of

last year.

The operators have been contributing 1 percent of their gross revenue to the fund on a quarterly basis.

The fund was supposed to be collected after the formation of the rule, but the BTRC started collection in 2011 while the rule

was finalised in 2015. The early collection by the BTRC was illegal, experts said.

Moreover, the telecom regulator has been collecting the fund only from the mobile operators. The government included other

operators like international gateway operators and other service providers in the list in 2015. But the other operators are still

exempted from the fund.

The ICT division has recently sought financial support from the fund to provide 772 unions with internet connectivity through

optical fibre cables by the end of 2018.

But the proposal did not get positive response as the telecom division opposed to the call, said a top official preferring

anonymity who is involved in managing the fund.

Mobile operators said they have so far covered 99 percent geographical areas with mobile network, but for better data service,

especially 4G, fibre optic cable connectivity is a must.

Earlier, the state-run National Telecom Monitoring Cell, administered by an intelligence agency, had also sought an allocation

from the fund to maintain discipline in the sector.

The government formed a high-profile committee headed by the telecom minister for the utilisation of the fund. For quick

results, the state minister for telecom has recently been added to the panel.

Source: http://www.newagebd.net/article/23116/jica-to-give-tk-461cr-for-promoting-pvt-sector-fdi-from-

japan

http://www.newagebd.net/article/23116/jica-to-give-tk-461cr-for-promoting-pvt-sector-fdi-from-japanhttp://www.newagebd.net/article/23116/jica-to-give-tk-461cr-for-promoting-pvt-sector-fdi-from-japan

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Pricing for LNG import fixed Bangladesh's maiden liquefied natural gas (LNG) import is one step closer to fruition after the cabinet gave the green light to

the pricing and draft contract for the deal.

The government will sign a 15-year contract with Qatar's RasGas as it makes an earnest push towards addressing Bangladesh's

gas scarcity.

For the first five years of the contract, RasGas will supply 1.8 million tonnes of LNG each year, which will go up to 2.5

million tonnes in the following ten years, according to the draft contract approved by the cabinet committee on purchase on

Wednesday.

The LNG would be supplied at: 12.65 percent of the three-month average price of Brent oil plus $0.50 constant per MMBTu

(per 1 million British thermal units).

However, during the first five years if Petrobangla has more demand it can increase the volume to 2.5 million tonnes per year.

And in the next 10 years Petrobangla has the option to reduce the amount by 10 percent every year.

If in any year Bangladesh takes less than the base amount of LNG, it will have to pay the price on a take-or-pay basis. Later,

RasGas will supply the LNG.

Take-or-pay is a provision written into a contract that binds one party to either taking delivery of goods or paying a specified

amount.

As financial security, Petrobangla will have to deposit standby letter of credit (SBLC) equivalent of the price of two months

LNG on the basis of base annual contract quantity (BACQ) to a first-class international bank.

Payment has to be made in the US dollar within 15 days of submitting import invoice. If there is a delay of seven days, the

rate of interest would be LIBOR plus 4 percent. For further delays it would be LIBOR plus 5 percent.

The LNG from Qatar will be added to the national grid line through floating terminals.

The government has signed agreements with the US-based Excelerate Energy and local Summit Group for setting up floating

terminals, which would have daily generation capacities of 500 million cubic feet per day (MMCFD).

Summit Group's terminal will be ready this year and Excelerate's by the beginning of 2018, a Petrobangla official said.

The cabinet committee on economic affairs last month gave the nod to awarding the job of setting up another floating terminal

to a consortium of local Hong Kong Shanghai Manjala Power Limited and Malaysia's Global LNG and Petronas.

Besides, Petrobangla is negotiating with India's Reliance Power Ltd for setting up yet another floating LNG terminal.

For the use of terminals, RasGas will pay $320,000 for each ship as port charge.

Apart from Qatar, the government has been holding talks with various countries, including Oman and Indonesia, for importing

LNG.

Bangladesh is looking outside to alleviate its energy shortage, largely caused by the depletion of domestic reserves and rising

demand.

At present, gas supply stands at about 2,750 MMCFD against the demand for 3,600 MMCFD. The shortage of gas has affected

power generation as well as industries and households.

The demand for gas will stand at 8,000 MMCFD in 2041, according to an estimate of the energy division. The government is also considering setting up a land-based LNG terminal, and the energy ministry has already received

proposals from more than a dozen companies for the job.

The finance minister has already indicated that from June next year the gas price may be hiked.

Source: http://www.thedailystar.net/business/pricing-lng-import-fixed-1456915

Inter-bank call money rate stable on Thursday The call money rate ranged between 4% and 4.5% on Thursday, according to a Bangladesh Bank official

The inter-bank call money rate remained stable on Thursday, the last working day before the Eid-ul-Azha holidays,

despite a large amount of cash withdrawals from the banks, said treasury officials.

A senior official of the Bangladesh Bank confirmed it to the Dhaka Tribune as well.

Most banks in Motijheel, Dilkusha, Mohammadpur, Gulshan and other commercial areas in Dhaka saw long queues of

people waiting mostly to withdraw cash before Eid, the official said.

The call money rate ranged between 4% and 4.5% on Thursday significantly small compared to the two years ago,

which was 150% on the last working day before Eid.

Sources said the rate has not increased this year because of the huge amount of idle money in the countrys banking

sector.

The volume of transactions in the banking sector rose to Tk15,000 crore on Thursday, according to the central banks

latest statistics released on the day.

In a circular, the central bank asked the managing directors of all scheduled banks to remain open until 8pm on Thursday

to ensure smooth and secure transactions near the cattle markets across the country.

Earlier, the central bank withdrew nearly 17,000 crore bills during the last five days before the Eid holidays to control

inflation and money laundering, an official said.

http://www.thedailystar.net/business/pricing-lng-import-fixed-1456915

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He further said the central bank feared that some of the idle funds might be used in illegal transactions.

On Wednesday, the central bank withdrew Tk5,805 crore while the bank authorities also put aside Tk725

crore on Monday, Tk450 crore on Sunday, Tk1,805 crore on August 24. It is charging only 2.5-3% interest rate, while the commercial banks are charging 7-8% interests.

Source: http://www.thedailystar.net/business/govt-import-25-lakh-tonnes-rice-1456438

NSCs net in Tk 5,053cr in July as rush continues People continued to invest heavily in national savings certificates and bonds in the first month of the new fiscal year

with net investment rising by 44.45 per cent in July compared with the figures of the same month of last fiscal year

because of low bank rates.

According to the latest Directorate of National Savings data, the net investment in the savings instruments increased to

Tk 5,053.54 crore in July of FY 2017-18 compared with that of Tk 3,498.37 crore in the same month of FY17.

The net investment in the national savings tools hit a fresh record of Tk 52,327 crore in the recently concluded fiscal

year 2016-17 as rate of interest on the tools is almost double the rate of banks fixed deposit schemes.

In the budget for FY17, the government aimed to borrow Tk 19,610 crore from the NSCs, but it later revised the

figure and set a borrowing target of Tk 45,000 crore.

Directorate of National Savings and Bangladesh Bank officials said people had been maintaining a huge investment in

recent months as the government earlier hinted at lowering the rate on the tools with a view to reducing the interest

rate gap between the NSCs and other rates of deposit products offered by the banks.

The government, however, is yet to take any final decision whether it will cut the rate on the tools, they said.

People are now being forced to invest their money in the savings tools as the banks are offering hardly 7 per cent

interest rate on their deposit products.

The rates offered by the NSCs are between 11.04 per cent and 11.76 per cent, a BB official said.

Besides, a section of people including politicians and bureaucrats are also making huge investment to enjoy higher

returns from the tools, he said.

The high returns on the savings tools are pushing up the governments interest liability as the government usually

borrows from treasury bills and bonds that carry interest rates between 2.84 per cent and 7.60 per cent to manage its

deficit financing of the fiscal budget, he said.

Savings instruments worth Tk 7,352.11 crore were sold through banks, national savings bureaus and post offices in

July FY18. Sales of the NSCs were worth Tk 4,932.37 crore in the same month a fiscal year ago.

The monthly net investment in the savings tools also hit all-time high at Tk 5,658 crore in June, this year.

The finance ministry recently asked the DNS verbally to supply 50 per cent deposit slips of the market demand to curb

investment in the tools, a finance ministry official said.

Many clients failed to invest their money in the tools in the last few months due to shortage of the deposit slips in the

banks, post offices and national savings bureaus, he said.

He said that the high net investment in the savings tools would continue this fiscal year if the government does not cut

the rate on the savings tools.

Source: http://www.newagebd.net/article/23200/nscs-net-in-tk-5053cr-in-july-as-rush-continues

Bonded warehouse registration number to be made mandatory for duty-free imports The National Board of Revenue has decided to make submission of bonded warehouse licence number mandatory in

import-export documents to prevent misuse of bond facility by traders, officials said.

They said that customs wing of the NBR had recently asked the Dhaka and Chittagong customs bond commissionerates to

provide the updated warehouse numbers and business identification numbers to the Asycuda National Team so that the team

can upload the information in the Asycuda server.

Customs houses will be able to detect the bonded and non-bonded products while making assessment of products, mainly

imported ones, they said.

Customs houses will not process bill of entry and bill of export without bonded warehouse numbers, they added.

Export-oriented industries, mainly from readymade garment sector and its linkage industries, enjoy bonded warehouse

facility under which exporters can avail duty-free import of raw

materials with some conditions like they will export finished goods produced using the raw materials as sales of bonded

products on local market is prohibited.

Bonded warehouse licences should remain active and renewed for availing the benefit, officials said.

In many cases, some licences remained inactive, suspended, non-existent, locked, cancelled or under surveillance, but

holders of those licences avail the facility as the customs houses do not have any information about the status of the licences

like whether the licence is valid or not, they said.

http://www.thedailystar.net/business/govt-import-25-lakh-tonnes-rice-1456438http://www.newagebd.net/article/23200/nscs-net-in-tk-5053cr-in-july-as-rush-continues

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Even, a section of traders used to release their non-bonded products under the bonded facility to evade duty as

customs houses do not have any mechanism to identify the bonded and non-bonded products, they added.

Even bond licence holders evade duty by selling bonded products in local market instead of exporting those.

According to the Customs Bond Commissionerate, Dhaka, currently some 6,270 export-oriented industries have bond

licences under the commissionerate.

Of which, 2,438 or 39 per cent of bond licences are inactive. The commissionerate also found no existence of 809 bonded

warehouses.

There are few hundred bond licences under the Chittagong commissionerate.

In an instruction issued on August 2, the revenue board said that currently there was no option to provide bonded warehouse

licence numbers in the bill of entry and bill export, the main documents for releasing import and export goods, for getting

information related to import and export consignments under the licences. Asycuda National Team with the help of United Nations Conference on Trade and Development has already made

arrangements to hold the numbers within bill of entry and bill of exports.

So, from now on the link of bonded warehouse licence numbers will have to be submitted in the documents, it said.

Officials said that the deadline for providing the updated licence numbers and BINs to the national team expired on

Thursday (August 31).

NBR member (customs policy) Md Lutfor Rahman, also programme director of Asycuda World Programme, told New Age

that the customs bond

commissionerates had already submitted the updated numbers to the national team.

The NBR will now decide when it will go for online checking of bonded linceces after updating the information in the

server of the Asycuda system, he said.

Mandatory monitoring of bond licence and related updated information will also facilitate prompt release of goods along

with checking misuse of bond facility, he added.

Officials said that both bond licence number and BIN would be interlinked in the Asycuda system and customs houses will

not process the bill of entry if any mismatch is found.

They said that the customs wing on Thursday held a meeting with two commissioners of Dhaka and Chittagong Bond

Commissionerates in this connection.

Customs authorities will also hold meetings with the Bangladesh Garment Manufacturers and Exporters Association,

Bangladesh Knitwear Manufacturers and Exporters Association and other exporters before going for online monitoring of

the new provision, they said.

Source: http://www.newagebd.net/article/23202/bonded-warehouse-registration-number-to-be-made-mandatory-for-duty-

free-imports

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International News

Canada's economy grew 4.5pc in second quarter The Canadian economy grew 4.5 percent in the second quarter of 2017, the government statistical agency said Thursday,

pushing beyond forecasts to the highest growth rate in 15 years.

Analysts were expecting 3.1 percent growth during the period from April to June, but strong consumer spending and a surge

in exports buoyed the results. This came after growth of 3.7 percent at the start of the year, when the economy roared back

to life to jump ahead of Canada's G7 peers after years of relative stagnation.

This pace continued through June. By comparison, US gross domestic product (GDP) grew 3.0 percent in the latest quarter.

"Canada's second quarter let the good times roll, so much so that the country's national humility has almost everyone

assuming that this can't last," commented CIBC Economics analyst Avery Shenfeld.

"Just about every source of demand did well," he said, adding: "Odds of a September rate hike by the Bank of Canada are

certainly enhanced by this report."

Canada's central bank raised its key lending rate by a quarter of a percentage point last month to 0.75 percent, responding to

what it saw as "above-potential" economic growth. It was the first rate increase since 2010.

According to Statistics Canada, household spending in the second quarter of this year rose 1.1 percent, led by outlays on

cars. Water, electricity, gas and other fuels, and clothing and footwear also contributed to the increase.

Housing costs, however, fell due to "a sharp decline in ownership transfer costs" of 6.7 percent, said Statistics Canada. A

new tax on home purchases by non-residents of Ontario province also came into effect in April, putting downward pressure

on real estate prices.

Source: http://www.thedailystar.net/business/global-business/canadas-economy-grew-45pc-second-quarter-

1456876

73,000 Rohingyas fled to Bangladesh, 700 buildings destroyed in single Muslim Village At least 73,000 Rohingyas have so far crossed into Bangladesh from Myanmar, fleeing persecution in their homeland

Rakhine state since the eruption of the latest spell of violence on August 25, UN refugee agency UNHCR estimated on

Sunday.

UNHCR Bangladesh spokesman Joseph Tripura told New Age Sunday afternoon that different humanitarian agencies

cumulative estimations showed that at least 73,000 Myanmar citizen had entered Bangladesh after the fresh violence

erupted in Rakhine state.

UNHCR estimation showed that about 14,500 Rohingyas entered Bangladesh in the past 24 hours as at least 58,600

people of the ethnic minority group had entered until Saturday.

Joseph said that many of these Myanmar citizens, including children, women and elderly people, were suffering from

food, shelter and medicine crisis.

So far we have no estimation of Myanmar citizens stranded along Bangladesh border, Joseph Tripura said.

New York-based rights organisation Human Rights Watch said that new satellite imagery shows several hundred

buildings burned in Myanmars Rakhine State.

Imagery from the Rohingya Muslim village of Chein Khar Li in Rathedaung township shows 700 buildings burned, a

near total destruction of the village, said the rights group.

The Burmese government should urgently grant access to independent monitors to determine the sources of fires and

assess allegations of serious human rights violations made by ethnic Rohingya refugees who have fled into

Bangladesh, said HRW

This new satellite imagery shows the total destruction of a Muslim village, and prompts serious concerns that the

level of devastation in northern Rakhine State may be far worse than originally thought, said Phil Robertson, deputy

Asia director.

Yet this is only one of 17 sites that weve located where burnings have taken place. Independent monitors are needed

on the ground to urgently uncover whats going on, he said.

These new satellite images show exactly why it is critical for international investigators to be allowed on the ground

in Rakhine State, Robertson said. The UN Fact Finding Mission should get the full cooperation of the Burmese

government to fulfil their mandate to assess human rights abuses in Rakhine State and explore ways to end attacks and

ensure accountability.

Human Rights Watch identified a total of 700 destroyed buildings in Chein Khar Li from an analysis of satellite

imagery recorded on August 31, 2017. The imagery shows that 99 percent of the village was destroyed. Damage

signatures are consistent with fire, including the presence of large burn scars and destroyed tree cover.

http://www.thedailystar.net/business/global-business/canadas-economy-grew-45pc-second-quarter-1456876http://www.thedailystar.net/business/global-business/canadas-economy-grew-45pc-second-quarter-1456876

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Source:http://www.newagebd.net/article/23284/73000-rohingyas-fled-to-bangladesh-700-buildings-destroyed-in-

single-muslim-village

US warns North Korea of massive military response after nuke test The United States warned Sunday it could launch a massive military response to threats from North Korea following

Pyongyang's provocative detonation of what it claimed was a miniaturised hydrogen bomb.

The comments from defence secretary Jim Mattis came after president Donald Trump called an emergency meeting of

his national security advisers to discuss what was an unexpectedly powerful nuclear test said to exceed in magnitude

the atomic bombing of Hiroshima, Japan.

Mattis told reporters: Any threat to the United States or its territories, including Guam, or our allies will be met with a

massive military response, a response both effective and overwhelming.

We are not looking to the total annihilation of a country, namely North Korea. But as I said, we have many options to

do so, he added.

Trump had earlier denounced the test, tweeting that the time for appeasement was over and threatening drastic

economic sanctions, including stopping all trade with any country doing business with North Korea.

US monitors measured a powerful 6.3-magnitude earthquake near the North's main testing site, felt as far as parts of

China, with an aftershock possibly caused by the collapse of a tunnel at the site.

The North hailed its test of what it described as a hydrogen bomb designed for a long-range missile as a perfect success.

Pyongyang residents celebrated as a jubilant television newsreader hailed the unprecedentedly large blast; she said it

had moved the country closer to the final goal of completing the state nuclear force.

Neighbouring South Korea reacted by conducting a live-fire exercise simulating an attack on the North's nuclear site,

state news agency Yonhap reported, hitting designated targets in the East Sea with missiles and F-15K fighter jets.

The South's military said the range to the simulated targets were equivalent to the North's Punggye-ri nuclear test site in

its northeastern province.

The exercise came after South Korean president Moon Jae-In, once an advocate of dialogue with the North, called for

the strongest punishment, joining a chorus of international condemnation of Pyongyang's sixth nuclear test including

from China.

Russian president Vladimir Putin said the test torpedoes the global non-proliferation regime, violates UN Security

Council resolutions and threatens regional peace, while adding, in a phone call to Japanese prime minister Shinzo Abe,

that the crisis should be resolved only by political and diplomatic means.

And UN Secretary General Antonio Guterres condemned the test as profoundly destabilizing, while the Security

Council will hold an emergency meeting on Monday.

Hours before the test, the North released images of Kim at his country's Nuclear Weapons Institute, inspecting the device

it called a thermonuclear weapon with super explosive power entirely made by our own efforts and technology,

according to the Korean Central News Agency.

A series of US and United Nations-backed sanctions seem to have had little effect on Pyongyang.

But US treasury secretary Steven Mnuchin said Sunday his department was preparing potent new measures that would

cut off North Korea economically.

I'm going to draft a sanctions package and send it to the president for his strong consideration that anybody that wants

to do trade or business with them will be prevented from doing trade or business with us, Mnuchin said on Fox News

Sunday.

While the United States has virtually no trade with the North, the burden of sanctions such as Mnuchin described would

fall heavily on China, which buys about 90 per cent of North Korean exports.

In Seoul, president Moon Jae-In called for new United Nations sanctions to completely isolate North Korea. He said

the South would discuss deploying the strongest strategic assets of the US military a possible reference to tactical

nuclear weapons, which the US withdrew from South Korea in 1991. Source: http://www.newagebd.net/article/23294/us-warns-north-korea-of-massive-military-response-after-nuke-test

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