The money could be used to help countries switch to renewable sources, or find alternative supplies EU finance ministers on Tuesday agreed on the financing and distribution of a €20 billion ($19.8 billion) fund needed to reduce the bloc's dependency on Russian energy imports. The consensus is the first step in turning the commission's proposal into an EU law as the bloc struggles with the economic consequences of the war in Ukraine. It comes as part of a long-term response to soaring energy prices in the European Union as a consequence of Russia's war on Ukraine. Where is the money coming from? Ministers agreed that money to reduce EU dependency on Russian fossil fuels should be raised by taking about €15 billion from the EU's innovation fund. About €5 billion would also come from selling carbon dioxide emission licenses to industries sooner than planned from the EU carbon market's "market stability reserve." The money would be used to diversify energy supplies and replace fossil fuels. The delegates agreed to allocate funds in a way that recognizes some EU countries are more dependent on Russian oil, gas, and coal than others.  The €20 billion is part of a plan of the European Commission to raise up to €300 billion in loans and grants to boost investments into renewable energy. A large part of the amount — up to €225 billion — is to come from unclaimed money from the European Union's COVID-19 recovery fund, according to the proposal. The talks took place as Germany comes in for criticism over a costly package to protect homes and firms from soaring energy costs.  Praise for progress made "Today we achieved a major step forward in strengthening Europe's autonomy from Russia's fossil fuels," said Czech Finance Minister Zbynek Stanjura, who chaired the talks. "It will help improve EU energy security and tackle high energy prices by investing quickly where it matters most," EU Economy Commissioner Valdis Dombrovskis wrote on Twitter. French Finance Minister Bruno Le Maire said the agreement would help member states fight inflation and invest in cutting reliance on fossil fuels. The European Parliament next has to agree on a position before member states and legislators can begin negotiating the legislation together. The ministers on Tuesday were also discussing the wider economic consequences of the war in Ukraine amid record inflation and financial support for Kyiv.

Commerce Minister Tipu Munshi said, onions are being imported from Turkey, Egypt, China and Myanmar after reducing dependency on India. I think, price of onion per kilogram will cost not less than taka 55 till the next year. The minister said this to the newsmen after meeting the newly appointed Indian High Commissioner to Bangladesh Vikram Kumar Doraiswami at his ministry office at secretariat on Thursday. Tipu Munshi said, to bring onion at the Chattogram port from overseas it costs 45 taka per kilogram. And those cannot be sold at retail markets below 60 to 65 taka. He said, we want to reduce our dependency on India for onion. We are optimistic that in the next three years Bangladesh will be self sufficient in onion production. In that case it would take time to reduce the price of onion. AH

President Mohammad Abdul Hamid said the Bangabandhu-1 satellite launching in space would be able to achieve self-sufficiency in the field of broadcast and telecommunication ending dependency on foreign satellites. "Bangladesh started a glorious chapter in the history with the launching of Bangabandhu-1 satellite in the space as it became a proud member of the satellite club today," the President said in a message on Saturday afternoon. Reports BSS. Greeting the countrymen and all others involved in building Bangabandhu-1 satellite and its launching project, President Hamid said, "I do believe the launching of Bangabandhu-1 will bring revolutionary changes in the fields of broadcast and telecommunication." Noting that the satellite launching is a historic event and indeed a matter of joy and pride for Bangladesh, the President said this satellite launching takes the nation to a new height in the global arena. He, in this context, recalled contribution of Father of the Nation Bangabandhu Sheikh Mujibur Rahman who established a satellite station at Betubuniya in Rangamati in 1975 for enhancing communication with the outer world. "Bangabandhu satellite-1 is being launched today in its continuation. With the launching of Bangabandhu Satellite-1 in the space, Bangladesh has reached on the verge of Digital Bangladesh," the President observed.  He also expressed thanks to Prime Minister Sheikh Hasina for taking the bold step of launching a satellite and taking a far-reaching plan in this regard. The President hoped that Bangabandhu satellite-1 would be able to play an active role in the socio-economic development of the country. Earlier, Abdul Hamid witnessed the launching ceremony of the much-awaited country's first satellite Bangabandhu-1 on Television live at Bangabhaban in the wee hours of Saurday. The President along with his spouse Rashida Khanam, his son Rejwan Ahmmad Toufiq, MP, secretaries concerned of Bangabhaban and others family members watched the live satellite launching, President's Press Secretary Joynal Abedin told BSS.  The President, he said, was very happy and delighted to watch the historic event as Bangladesh's debut in the space society took place at 2:14 am (Bangladesh Time).  The Bangabandhu satellite inscribed with 'Joy Bangla Joy Bangabandhu' started its voyage towards the orbital slot from Kennedy Space Centre in Florida, the USA, at 2:14 am (Bangladesh Time). AH