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1
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« on: March 03, 2024, 06:41:29 PM »
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2
The Dhaka Chamber of Commerce and Industry (DCCI)  underscored the need for developing the bond market as it can be a sustainable solution to infrastructure development and reducing long-term financing needs.

The DCCI came up with the emphasis when its delegation, led by DCCI President Shams Mahmud, called on Planning Minister MA Mannan at his office today, said a DCCI press release.

During the discussion, Mahmud said as per the Global Infrastructure Hub report, Bangladesh needs to invest USD608 billion till 2040 in water, energy, telecom, port, airport, rail and road infrastructures.
Mahmud said Bangladesh needs alternative funding sources to secure infrastructure development and reduce dependence on public fund, development partners and banking sector. “Development of bond market can be a sustainable solution to infrastructure development and reducing long-term financing need,” he said.

The DCCI President said LNG is the short-term solution to the energy need. But, for long-term energy security and fuel accelerated economic growth, he urged for diverse fuel mix and local coal exploration to ensure the need for the next 50 years.

3
Bangladesh has a good chance for achieving GSP plus trade facility in the European market after LDC graduation, but it will need more dialogue with the EU, the German Ambassador said on Monday.

“GSP Plus facility is very important for the export sector, the RMG sector, for the Bangladeshi economy. I’m confident that the chances are good that Bangladesh could achieve this,” Ambassador Peter Fahrenholtz said.

“But I would like to take this opportunity to recall how much important the ongoing dialogue with the EU for Bangladesh for this,” the German envoy added.   
The German ambassador was addressing the opening session of daylong Bangladesh-German Consultation on Development Cooperation meeting held at the Economic Relations Division (ERD).

Currently, Bangladesh, as an LDC, enjoys duty-free access to the EU market, which will end after graduation from the least developed status.

About 58 per cent of its exports go to EU countries, which has helped it a lot in achieving the threshold requirement for LDC graduation. It earned about $22 billion in export earning from the EU in 2018-19.

Now, Bangladesh is in negotiation with the EU for getting the GSP Plus facility to continue preferential trade facility in the European market after coming out of LDCs bracket.

4
BBA Discussion Forum / BEZA gets $20.5 billion investment proposals
« on: March 03, 2020, 07:41:58 PM »
angladesh Economic Zones Authority (BEZA) has received investment proposals amounting to around US Dollar 20.50 billion from 151 local and foreign business entities thanks to various steps of government to attract new investments, officials said.

BEZA is responsible for establishing and managing of state-run special economic zones (SEZs) across the country.

Out of the investment proposals, top officials of BEZA said, around $2.80 billion has already been invested in different SEZs.
Around $4.808 billion will come as foreign direct investment (FDI) from different companies in Japan, China, South Korea, India, Thailand, Australia, the UK, the Netherland and the USA.

World-famous companies like Honda Motors, Sumitomo Nippon, Asian Paints, Barger Paints, Adani Group, Wilmar, Yabang, Siam Group, TIC Group, Unilever, Sakata Inch and Chain Harbour are the major foreign investors.

5
Planning Minister MA Mannan on Tuesday said if novel coronavirus cannot be contained then it might have some impact on inflation in the coming months.

“Corona (virus) is a global fear now and the global trade and commerce have already been affected to some extent due to the virus fallout. If it’s not contained, then there might be some impact," said the minister while briefing reporters revealing the monthly consumer price index after the day’s Eenec meeting held at the NEC conference room in the city.

He said as the country’s manufacturing sector is dependent on raw material import, there will be price hike of these materials if the supply is hampered due to virus outbreak. "Naturally, the price level will see a rise that can’t be controlled."
The minister, however, said it is a matter of great hope that the shipment of goods from China has started.

He said the inflation rate in February, 2020 eased to 5.46 percent against 5.57 percent in January, 2020.

The Planning Minister said the inflation rate declined by 0.11 percent last month mainly because of the availability of vegetables and fish. “The supply flow was good,” he said.

6
The Dhaka Chamber of Commerce and Industry (DCCI)  underscored the need for developing the bond market as it can be a sustainable solution to infrastructure development and reducing long-term financing needs.

The DCCI came up with the emphasis when its delegation, led by DCCI President Shams Mahmud, called on Planning Minister MA Mannan at his office today, said a DCCI press release.

During the discussion, Mahmud said as per the Global Infrastructure Hub report, Bangladesh needs to invest USD608 billion till 2040 in water, energy, telecom, port, airport, rail and road infrastructures.
Mahmud said Bangladesh needs alternative funding sources to secure infrastructure development and reduce dependence on public fund, development partners and banking sector. “Development of bond market can be a sustainable solution to infrastructure development and reducing long-term financing need,” he said.

The DCCI President said LNG is the short-term solution to the energy need. But, for long-term energy security and fuel accelerated economic growth, he urged for diverse fuel mix and local coal exploration to ensure the need for the next 50 years.

“Development of Payra sea-port will create second maritime lifeline of Bangladesh connecting sub-regional economies and will reduce maritime transportation cost. Moreover, modernization and capacity building of land ports will ease trade with regional economies,” he added.

Mahmud also requested to include investment for skills development, blue economy, investment in innovation and research for climate change, sustainable urbanization, 4IR technology adoption and investment and financing sources for large infrastructure development in the 8th Five Year Plan.

Mannan said the government has already enhanced the capacity of Mongla Sea Port and urged the business community to use the port efficiently.

7
A new report on youth employment will be published by the International Labour Organization (ILO) on March 9 (Monday), according to a message received.

The study looks at a wide range of issues faced by young people who are both in, or seeking to enter, the labour market. These include education trends, the situation of those who are not in employment, education or training (so-called NEETs), and the impact of automation.

The Global Employment Trends for Youth 2020: Technology and the future of jobs (GET Youth 2020) will be launched on Monday (March 9) at 21.00 (Geneva time).

8
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10
wept hard enough that my face turned red when I watched that viral video of Quaden Bayles, an Indigenous Australian boy with achondroplasia — a genetic disorder resulting in dwarfism — sobbing in a car about wanting his life to end. You can watch the video on YouTube. Be warned that it may be triggering for those with suicidal thoughts or ideation.
In the video, Quaden can be seen with his head hanging low against his plaid blue shirt and his forehead pressed against the door frame of the car as he cries “I want someone to kill me” and “I just want to die right now.” His hair sticks to his forehead, his eyes look swollen. At one point, he stretches his finger out towards his mother and sobs “Even you…you don’t even do anything.”

11
BBA Discussion Forum / Why Highly Intelligent People Are Miserable
« on: March 03, 2020, 07:30:53 PM »
We know how much we don’t know
Have you ever heard of the Dunning-Kruger Effect? If you haven’t come across the term before, you have definitely experienced the principle. It’s a psychological rule that states; it’s the most incompetent who are the most confident, while the intelligent ones doubt their own abilities. Put simply, dumb people are too dumb to know how dumb they are. Smart people are clever enough to know how much they don’t know. British philosopher Bertrand Russell who first laid out the idea perhaps summed it up best: “The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt.” Basically, all of us have a pretty lousy grasp of the limits of our own competence one way or another.
We often suffer from loneliness and depression
As Brookings Institution researcher Carol Graham explained to the Washington Post, “Those with more intelligence and the capacity to use it… are less likely to spend so much time socializing because they are focused on some other longer-term objective.”
Whenever I realize I don’t carry the same worries as my peers, I tend to stay on my own. Or worse, I imprison myself in my own depressed state. I am always analyzing problems I can’t solve in my mind which leads to deeper depression.

12
A writ petition was filed with the High Court on Sunday challenging a Bangladesh Bank circular that fixed 9 per cent loan interest.

Law student Mahfuzur Rahman filed the petition with the High Court, said Supreme Court lawyer Barrister Sayedul Haque Suman.


 
The petition will likely be heard by the bench of Justice Tariq ul Hakim and Justice Md Iqbal Kabir, UNB reports.

Barrister Suman said Bangladesh Bank issued a circular on Feb 24 announcing that no loan would cost more than 9 per cent interest. The circular does not have any word about depositors.

He said they challenged the legality of the circular and sought an interim order on its effectiveness.

Three people, including the Finance Secretary and Bangladesh Bank Governor were made respondents.

Bangladesh Bank has recently issued a circular fixing single-digit interest rate from April 1.

On January 1, Finance Minister AHM Mustafa Kamal said country’s banks will follow the single-digit interest rate-- highest 6 per cent for deposit and maximum 9 per cent for lending - from April 1.

13
Business & Entrepreneurship / July-Feb remittance flow crosses $12b
« on: March 03, 2020, 07:23:06 PM »
The flow of inward remittances crossed US$12 billion in the first eight months of this fiscal year (FY), despite a significant fall in February, officials said.

The inflow of remittances grew by more than 20 per cent to $12.49 billion during the July-February period of FY '20 from $10.41 billion in the same period of the previous fiscal.


 
Remittances from Bangladeshi nationals working abroad were estimated at $1.45 billion in February last, registering a decrease of $186.53 million from the previous month, according to the central bank's latest statistics.

In January 2020, the remittance stood at $1.64 billion.

The flow of inward remittances was $1.32 billion in February 2019.

"Fewer working days pushed down the inflow of remittances slightly in February," Kazi Sayedur Rahman, executive director of the Bangladesh Bank (BB), told the FE while replying to a query.

About the impact of coronavirus, the central banker said they were yet to find out any adverse impact of the disease on the flow of inward remittances.

"We've to wait for assessing the impact of coronavirus on the inflow of remittance until April," he added.


 
More than 85,000 coronavirus cases have been reported in 57 or more countries around the world causing almost 3,000 deaths, according to the World Health Organization. The vast majority of infections and deaths are in China, where the virus emerged late last year.

"We're watching closely the inflow of remittances countrywise to avert any unwanted situation," Mr. Rahman explained.

He also hoped that the inflow of remittances might cross $20 billion-mark by the end of FY '20.

Echoing the BB official, Md. Ali Hossain Prodhania, managing director of Bangladesh Krishi Bank (BKB), said the inflow of remittances might increase in the current month and that would continue in the coming months following incentive being provided by the government.

The government has already allocated Tk 30.60 billion as incentive in the budget for FY '20 to encourage expatriate workers to send their money through legal channels.


 
The government's incentive along with depreciating mode of the local currency against the US dollar has helped boost the inflow of remittances during the period under review, according to bankers.

Talking to the FE, a senior executive of a leading commercial bank said the coming months might see the continuous upward trend of remittance due to the government's incentive and depreciating mode of taka against the US dollar.

The central bank had earlier taken a series of measures to encourage expatriate Bangladeshis to send their hard-earned money through the formal banking channel instead of illegal "hundi" system in order to boost the country's foreign exchange reserves.

14
Business & Entrepreneurship / BEZA gets $20.5b investment proposals
« on: March 03, 2020, 07:20:53 PM »
Bangladesh Economic Zones Authority (BEZA) has received investment proposals amounting to around 20.50 billion US Dollar from 151 local and foreign business entities, officials said.

Out of the investment proposals, top officials of BEZA said, around $2.80 billion has already been invested in different special economic zone (SEZs).


 
Around $4.808 billion will come as foreign direct investment (FDI) from different companies in Japan, China, South Korea, India, Thailand, Australia, the UK, the Netherland and the USA, reports BSS.

World-famous companies like Honda Motors, Sumitomo Nippon, Asian Paints, Barger Paints, Adani Group, Wilmar, Yabang, Siam Group, TIC Group, Unilever, Sakata Inch and Chain Harbour are the major foreign investors.

BEZA Executive Chairman Paban Chowdhury said that beyond these investment proposals, many world-renowned foreign companies are coming with big investment offers.

“We’ve already developed eight state-run SEZs as per a move to make the country an industrial hub in the world,” Chowdhury said.

The zones, he said, are – Mirsarai Economic Zone, Mirsarai Economic Zone 2A, Mirsarai Economic Zone 2B, Feni Economic Zone and SBG Economic Zone under the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), Jamalpur Economic Zone, Shreehatta Economic Zone and Mongla Economic Zone.


 
The BEZA executive chairmen said many entrepreneurs from home and abroad have already started construction works of their industrial units in the economic zones, while many are taking preparations to set up factories there.

He mentioned that the government is providing all sorts of facilities to the economic zones to ensure investment-friendly environment.

“Both local and foreign businesses who will invest in the economic zones will enjoy the same facilities,” he added.

Chowdhury went on saying that Jinyuan Chemical Industry Limited, a sister concern of the Chinese ZhuzhouJinyuan Chemical Industry Company Limited, has already set up their factory in the BSMSN at Mirsarai, Sitakundu and Sonagazi upazillas under Chattogram and Feni districts.

“We hope that at least 20 companies will start their construction works within this year,” he said.


 
The BEZA executive chairman said the development works of another seven state-owned SEZs are going at a quicker pace to attract both foreign and local investors.

“We’re also planning to establish another 14 state-owned SEZs across the country,” he said.

Of them, the feasibility study of two SEZs – Netrokona Economic Zone and Bogura Economic Zone – has already been completed, he added.

Another 12 other SEZs which is mulling to be set up are – Gopalgonj EZ-1 in Kotalipara upazila under Gopalganj district, Sitakundo Economic Zone, Tangail Economic Zone, Manikganj Economic Zone, Bhola Economic Zone, Nababganj Economic Zone, Sylhet Special Economic Zone, Chandpur Economic Zone, Jamalpur Economic Zone-2, Nilphamari Economic Zone, Araihazar Economic Zone-2 and Panchagarh Economic Zone, he continued.

Chowdhury informed that the BEZA has already awarded pre-qualification license to 20 private economic zones and of them, 11 were given final license.

The private economic zones who obtained the final license are Meghna Economic Zone, Abdul Monem Economic Zone, Aman Economic Zone, Bay Economic Zone, Meghna Industrial Economic Zone, City Economic Zone, Sirajganj Economic Zone, Karnaphuli Dry Dock Special Economic Zone, East West Special Economic Zone, Kishoreganj Economic Zone and Hosendi Economic Zone, he said.

The BEZA chief said they have given pre-qualification license to the AK Khan Economic Zone, Arisha Economic Zone, United City IT Park, Bashundara Economic Zone, Sonargaon Economic Zone, Cumilla Economic Zone, Hamid Economic Zone and Standard Global Economic Zone.

He also said that the economic zones have already created direct employment opportunities for around 30,000 people, and through the proposed industrial units, there will be direct employment scope for at least 0.80 million people.

Chowdhury said BEZA has undertaken a plan to establish ‘Bhumi Bank’ so that industrial development is not hindered in the next 50 years due to land scarcity.

“We’ve already acquired 47,856.3350 acres of land for developing the 22 state-run EZs,” he said.

15
The Coca-Cola system plans to invest $200 million in Bangladesh over the next five years.

James Quincey, chairman and CEO of the Coca-Cola Company, announced the additional investment on Tuesday. He also announced the economic empowerment of 100,000 women by 2020.

“We have an enduring belief that our business is only as sustainable as the communities in which we operate, that means for our business to grow sustainably, our communities must grow also,” Quincey said.

In 2015, Coca-Cola launched the first Women Business Centres, a unique model that supports rural Bangladeshi women entrepreneurs by proving skill development and financial assistance support. Each centre provides training, goods and services to hundreds of women throughout their communities.
As of now, 240 centres or sub-centres are operating and empowering over 70,000 women across Bangladesh. By the end of 2020, over 100,000 Bangladeshi women and their families will benefit from the centres, according to Coca-Cola.

The project is currently active in Jamalpur, Khulna and Bagerhat districts.

Source : https://thefinancialexpress.com.bd/trade/coca-cola-to-inject-additional-200m-in-bangladesh-1583237397

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