Concentric is monitoring Paraguay’s political crisis, after the Senate removed President Santiago Peña over a bank collapse that froze millions of accounts, shaking a country regularly seen as a stable place to invest. We are also tracking a wave of hoax bomb threats against flights across Europe, which diverted dozens of aircraft and raised fears of a disruption campaign aimed at European transport. Finally, we are assessing worker strikes in Bangladesh after protests over pay closed hundreds of factories around Dhaka, highlighting supply chain risks as minimum wage talks continue.
Paraguay Removes President Peña as Bank Collapse Freezes Millions of Accounts
Paraguay’s Senate voted unanimously on November 6 to remove President Santiago Peña over the collapse of Ueno Bank, a digital lender tied to his government. Prosecutors placed Peña under house arrest on suspicion of breach of trust. Former Vice President Pedro Alliana was sworn in the same day to serve out the term, which ends in August 2028. Regulators seized Ueno on November 3, cutting nearly three million customers off from their savings and bank cards. Lawmakers cited Peña’s former stake in the bank’s holding company and his appointment of a former Ueno executive to run the central bank. Ueno had taken in more than $800 million in public funds, including state pension fund deposits that lawmakers said exceeded legal limits. Peña has denied wrongdoing. Protesters demanding their savings back clashed with police in Asunción and other cities during the week. Depositors with balances of up to about $1,600 began recovering funds on November 5, and the central bank said deposit insurance covers nearly all customers. Moody’s said the crisis exposed institutional weaknesses but would not immediately affect Paraguay’s investment-grade credit rating. Prosecutors are also investigating Alliana. Concentric assesses protests in Asunción will likely continue until depositors regain full access to their funds, and the widening investigation could further unsettle the new government. We advise organizations with operations or personnel in Paraguay to avoid the area around Congress and downtown Asunción during protests, and to confirm whether payroll, supplier payments, or corporate accounts depend on Ueno Bank. Companies with Paraguayan partners should review payment and credit exposure, and expect further leadership changes at the central bank and ministries.
Hoax Bomb Threats Divert Dozens of Flights Across Europe
Hoax bomb threats targeted at least 30 passenger flights across Europe between November 3 and 6, forcing diversions, emergency landings, and military escorts. Searches found no explosives. On November 3, Italian fighter jets escorted a Ryanair flight from Dublin to Rome, and an airport near Warsaw briefly closed. On November 5, an Aer Lingus flight from Dublin to Rome diverted to a military air base in France, where authorities moved 151 passengers and six crew to safety. Eurocontrol, which coordinates European air traffic, said the threats affected only a small share of flights, but each diversion forced costly inspections. Media outlets received similar threats with Irish broadcaster RTÉ and others evacuated newsrooms after emailed threats titled “Message to the West” and signed “Mikhail Andropov” warned of attacks. The threats followed suspected cyberattacks on November 2 that disrupted refrigeration systems at supermarkets in Belgium, Ireland, Sweden, and Finland. Authorities have not identified who sent the threats. French prosecutors are investigating possible links to foreign powers, and Spain’s foreign minister called hybrid aggression the most reasonable assumption. European Union (E.U.) foreign policy chief Kaja Kallas said Moscow was actively involved in sabotage across Europe, although Russia has denied involvement. E.U. aviation security experts will meet in Brussels this week, while Dublin hosts E.U. leaders under what Irish Prime Minister Micheál Martin called a “very significant security operation.” Concentric assesses further hoax threats against European flights and other transport are likely in the coming weeks because the campaign has caused wide disruption at little cost to whoever is responsible. We advise organizations with personnel traveling in Europe to allow extra time in itineraries and avoid tight connections on critical trips. Travelers should know how to reach travel and security teams if a flight diverts to an unscheduled airport. Offices in the media, transport, and retail sectors should review bomb-threat and evacuation procedures.
Bangladesh Garment Protests Shut Hundreds of Factories Ahead of Wage Decision
Garment worker protests over pay forced 529 factories to close and left nearly one million workers idle, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said on November 1. Workers are demanding a minimum monthly wage of 30,000 taka (about $242), more than double the current 12,500 taka, citing rising living costs. The government formed a minimum wage board on November 1, who agreed on November 4 to introduce a revised pay structure, which would begin in January. It has not yet set the size of the increase. Protests continued in Ashulia on November 5, where workers blocked a major highway and police fired tear gas and sound grenades after protesters threw bricks. Production resumed in Gazipur, Narayanganj, and Dhaka’s Mirpur area that day, while Border Guard Bangladesh deployed 33 platoons to industrial areas. The government alleged political groups were exploiting the protests. On November 8, authorities declared 38 factories closed after workers stopped, and union leaders planned to propose a minimum wage above 30,000 taka As of November 9, garment industry employers failed to make any proposal for a future age structure and have been given four working days by the board to provide a proposal. The garment industry generates more than 80 percent of Bangladesh’s export earnings, employs about four million people, and supplies brands including H&M, Inditex, and Walmart. Concentric assesses renewed walkouts and road blockades around Dhaka are likely when the board announces a figure, particularly if it falls well short of workers’ demands. We advise organizations with suppliers in Bangladesh to confirm order status with factories in Ashulia, Savar, and Gazipur, and to build buffer time into shipments due before the end of the year. Companies should identify backup production for time-sensitive orders, and personnel visiting industrial areas should avoid factory gates and protest sites.
