FT News Briefing The Democratic convention kicks off in Chicago
Aug 19, 2024
The Democratic National Convention kicks off in Chicago, highlighting Vice President Kamala Harris's rising popularity amidst key state polls. Meanwhile, Bangladesh's garment industry is in turmoil due to political unrest, forcing global fashion brands to reconsider their manufacturing strategies. Start-up failures have skyrocketed by 60%, reflecting the challenges of the post-boom era. Climate change is driving up homeowner insurance costs, sparking discussions on innovative solutions to manage emerging risks.
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Bangladesh Garment Industry Disruptions
- Bangladesh's garment industry, a crucial supplier to major brands, faced disruptions due to protests and curfews.
- This led to order shifts, impacting the industry's economic engine.
Bangladesh's Garment Industry Success
- Bangladesh's garment industry's success is partly due to strategic policymaking and infrastructure development.
- Former Prime Minister Sheikh Hasina's focus on these areas contributed to the industry's competitiveness.
US Startup Failures Surge
- US startup failures increased by 60% due to dwindling cash reserves after the 2021-2022 tech boom.
- Reduced venture capital investment and high interest rates exacerbate this problem.