24/04/2017

Govt waives Tk 100cr interest on agri loans

Staff Correspondent: State Minister for LGRD and Cooperatives Mashiur Rahman Ranga yesterday said the government, through the Bangladesh Samabaya Bank, has waived over Tk 100 crore interest on agriculture loans.
He said this while presiding over a meeting on the activities of Bangladesh Samabaya Bank at the LGRD and Cooperatives Division conference room in the city, said a press release. Ranga said Father of the Nation Bangabandhu Sheikh Mujibur Rahman used the co-operative sector for rebuilding Bangladesh after the Liberation War. Following her father’s initiatives, Prime Minister Sheikh Hasina is strengthening cooperatives movement for making the country a developed one, he added.
The state minister urged the officials and employees of the Samabaya Bank to work
with honesty, devotion and sincerity for accelerating the co-operatives movement
under the leadership of Prime Minister Sheikh Hasina.

Permanent link to this article: http://www.daily-industry.com/2017/04/24/govt-waives-tk-100cr-interest-on-agri-loans/

RMG workers are in high safety risks

A dialogue was held over Garments sector of Bangaladesh yesterday at Gardenia Grand Hall at Gulshan in the capital. CPD chairman Rehman Sobhan spoke on the occasion    -Star Mail

A dialogue was held over Garments sector of Bangaladesh yesterday at Gardenia Grand Hall at Gulshan in the capital. CPD chairman Rehman Sobhan spoke on the occasion -Star Mail

Staff Correspondent: (24 April 2017) Garment workers are still vulnerable to safety risks as majority of the production units assessed under a national initiative are yet to fix the identified flaws, industry insiders said. On the other hand, some 800 to 1,000 factories are yet to come under any of the three safety programmes launched by the western retailers and a joint project of the government and International Labour Organisation (ILO), thus posing safety risks to the workers, they added. According to Department of Inspection for Factories and Establishments (DIFE), some 4,809 garment factories are in operation across the country – 1,531 have been assessed by Accord, 675 by Alliance and 1,549 by the national initiative. The rest remained out of the purview of the assessment. Of those, many were not affiliated with the two apparel sector trade bodies – Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).  Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/04/24/rmg-workers-are-in-high-safety-risks/

Muhith expects 7.5pc growth in FY 17

5Staff Correspondent: (24 April 2017) Finance Minister AMA Muhith hopes that the GDP growth in the current fiscal will surpass the target of 7.2 percent.
“I strongly hope that we will be able to achieve 7.5 percent growth in the current financial year,” he told in Washington, DC after a meeting with a delegation of the US Chamber of Commerce yesterday. After posting 6 percent or more growth for a few years,  Bangladesh’s economy grew by 7.11 percent in the 2015-16 financial year.
“The growth was 5.7 percent when the Sheikh Hasina government came to power in 2009,” Muhith said. The target for growth in the budget of 2016-17 fiscal year has been set at 7.2 percent. But Asian Development Bank has projected the growth at 6.9 percent in its forecast for this fiscal. It said Bangladesh might miss the growth target due to drop in the flow of remittance and export earnings.
Muhith admitted that Bangladesh was not doing well in receiving remittance. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/04/24/muhith-expects-7-5pc-growth-in-fy-17/

India relaxes loan conditions for BD

Staff Correspondent: Earlier, Bangladesh had to purchase from India with 75 percent of the credit, but now the amount has been cut to 65 percent, which means Bangladesh can use 35 percent of the credit of its own choice.
In the first phase of the line of credit from India, Bangladesh received $1 billion with 1.7 percent interest.
India cut the rate to 1 percent in the second phase when it gave Bangladesh $2 billion during Prime Minister Narendra Modi’s Dhaka visit in 2015. The rate remained same when the two countries signed $4.5 billion credit deals during Prime Minister Sheikh Hasina’s recent visit to New Delhi. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/04/24/india-relaxes-loan-conditions-for-bd/

560 model mosques to spread true Islamic values across country

Staff Correspondent: (24 April 2017) The government has initiated a move to set up some 560 model mosques across the country, aiming to develop and spread the true Islamic values and culture.
The Executive Committee of the National Economic Council (Ecnec) in its Tuesday’s meeting is likely to consider a project to this end with an estimated cost of Tk 9062 crore, said a Planning Commission official.
Of the total project cost, Saudi Arabia will provide Tk 8,000 crore as grant while the rest of the fund will come from the national exchequer, the official told wishing to remain anonymous. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/04/24/560-model-mosques-to-spread-true-islamic-values-across-country/

Remittances fell 11.1pc last yr

Remittances to developing countries decline for 2nd consecutive year

remittances to developing countries are expected to recover this year, growing by an estimated 3.3 percent to $444 billion in 2017.

6Staff Correspondent:  Remittances to developing countries fell for a 2nd consecutive year in 2016, a trend not seen in three decades, says the latest edition of the Migration and Development Brief released on Friday during the World Bank’s Spring Meetings.
Remittances to major receiving countries are estimated to have fallen last year, including Bangladesh 11.1 percent, Nigeria 10 percent and Egypt 9.5 percent, says the World Bank.
Remittances to the South Asia region declined by an estimated 6.4 percent to $110 billion in 2016 due to lower oil prices and fiscal tightening in the GCC countries.
In addition to the decline in remittances to India and Bangladesh, Nepal also saw a contraction of 6.7 percent, while Pakistan saw modest growth of 2.8 percent. Remittances to the region are expected to grow by a muted 2 percent to $112 billion in 2017. The WB estimates that officially recorded remittances to developing countries amounted to $429 billion in 2016, a decline of 2.4 percent over $440 billion in 2015. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/04/23/remittances-fell-11-1pc-last-yr/

BD’s GDP at PPP terms will overtake Malaysia By 2050

More apparel brands should reveal production sources

3Industry Desk: (22 April 2017) More apparel brands should reveal production sources At least 29 global apparel companies have so far published information about the factories that manufacture their products A worldwide coalition of labour and human rights organisations has urged global apparel companies to publish more information about their production sources ahead of the 4th anniversary of the Rana Plaza building collapse in Bangladesh. The nine-member coalition, which includes Human Rights Watch and the International Labour Rights Forum, has endorsed a Transparency Pledge which asks apparel companies to publish important information about supplier  factories and their authorised subcontractors. The pledge also sets a floor – not ceiling – for supply chain transparency.”Transparency is a powerful tool for promoting corporate accountability for garment workers’ rights in global supply chains, as it allows workers and labour and human rights advocates to alert the company to rights abuses in its supplier factories,” the coalition said in a statement. And in a 40-page report released on Thursday titled ‘Follow the Thread: The Need for Supply Chain Transparency in the Garment and Footwear Industry’, the coalition reveals that at least 29 global apparel and footwear companies have published information about the factories that manufacture their products. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/04/23/bds-gdp-at-ppp-terms-will-overtake-malaysia-by-2050/

NBR chooses 10 missions to beef up customs wings

Staff Correspondent: (22 April 2017) The government is likely to establish customs wings in ten foreign missions of the country aiming to check money laundering and evasion of duties.
These countries are– USA, India, China, Japan, Malaysia, Singapore, South Korea, United Arab Emirates, Italy and Thailand. The National Board of Revenue (NBR) has chosen the missions considering the import and export volume. The wings will be attached to Bangladesh missions in these countries.
Currently, Bangladesh has only one wing of this type, in Belgium.
According to the sources in NBR and Finance Division, after getting proposal from the NBR to set up ten customs wings the Internal Resource Division has sent it to the Finance Division. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/04/23/nbr-chooses-10-missions-to-beef-up-customs-wings/

Muhith takes up GP’s dropped calls with Telenor chief

2Staff Correspondent: (22 April 2017) Finance Minister AMA Muhith has taken the issue of call-drops of Grameenphone with the president of Telenor Group, which owns majority stakes of the largest mobile phone operator in Bangladesh.
Muhith, who is now in Washington to attend the IMF and World Bank’s Annual Spring Meeting, met with Telenor President and CEO Sigve Brekke.
“I told the Telenor president that I have one only complaint, the one about huge call-drops.
“He admitted it and said the spectrum allotted to them is not sufficient. He says the spectrum is divided in two parts– data and voice. The data spectrum has unused capacity, but that’s not the case for voice and that’s why the call drops occur,” the finance minister told after the meeting.
Launched in 1997, Grameenphone claims to have 99 percent surface coverage in the country and a more than 50 million-strong subscriber base.
Call-drops are not new for Grameenphone. The operator had announced that it would compensate the subscribers for dropped calls last year but later withdrew the offer ‘without advising the customers.’
Norway’s Telenor, which runs businesses in several other countries but makes more money in Bangladesh than from its other subsidiaries including India’s Uninor, owns 55.8 percent share in Grameenphone.
Sigve Brekke Sigve Brekke Muhith said that the Telenor boss has asked for more spectrums to address the call drop issue.
“We have now 3G services, but in reality we are still in 2G. It’s about time we focus on introducing 4G, the Telenor chief also stressed it.”
The finance minister said that he will discuss the 4G spectrum auction issue with the BTRC after returning Dhaka.
Asked when the auction might happen, he replied: “Well, I will have to head for Japan in the first week of May for the ADB annual meeting. Then there’s the budget… the auction will be held after that.”

Permanent link to this article: http://www.daily-industry.com/2017/04/23/muhith-takes-up-gps-dropped-calls-with-telenor-chief/

Trump is not strict with young immigrants

4International Desk: (22 April 2017) Young immigrants brought to the U.S. as children and now here illegally can “rest easy,” President Donald Trump said Friday, telling the “dreamers” they will not be targets for deportation under his     mmigration policies.
Trump, in a wide-ranging interview with The Associated Press, said his administration is “not after the dreamers, we are after the criminals.”
The president, who took a hard line on immigration as a candidate, vowed anew to fulfill his promise to construct a wall along the U.S.-Mexico border. But he stopped short of demanding that funding for the project be included in a spending bill Congress must pass by the end of next week in order to keep the government running.
“I want the border wall. My base definitely wants the border wall,” Trump said in the Oval Office interview. Asked whether he would sign legislation that does not include money for the project, he said, “I just don’t know yet.” Throughout the campaign, he had firmly and repeatedly guaranteed that Mexico, not U.S. taxpayers, would pay for the wall.
Eager to start making progress on other campaign promises, Trump said he would unveil a tax overhaul package next week – “Wednesday or shortly thereafter” – that would include a “massive” tax cut for both individuals and corporations. He would not provide details of rate proposals or how he planned to pay for the package but asserted the cuts for Americans will be “bigger, I believe, than any tax cut ever.”
Congressional Republicans seemed caught off guard by Trump’s announcement and did not appear to have been briefed on the details of the White House’s forthcoming plan.
Trump spoke with the AP ahead of his 100th day in office.

Permanent link to this article: http://www.daily-industry.com/2017/04/23/trump-is-not-strict-with-young-immigrants/

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