Weekly News Clippings (14 March)

3 new banks get licenses (The New Age, March 13, 2013)

Three new commercial banks received their licenses from Bangladesh Bank rounding up the total number of banks to 50.  NRB Commercial Bank, South Bangla Agriculture Bank and Union Bank are expected to begin their operations by the first week of April. The central bank has given no objection certificates (NOCs) to seven banks, which were selected out of the nine proposed banks.  The government is being accused of giving licenses to the new banks on political grounds, as most of them are either leaders of or inclined towards the ruling Awami League and its alliance.

Formalin detection point for fish buyers at Karwan Bazar (The Daily Star, March 13, 2013)

The government has provided its people with the opportunity to check their fish for formalin, free of charge, by re-launching a formalin testing centre at Karwan Bazar. The Ministry of Fishery and Livestock and the Home Ministry will monitor the activities of the centre with support from Square Consumer Products Ltd. Two trained volunteers will be available to operate the machine. Till now the ministry has provide 80 formalin detection machines throughout the country and seven fish markets have been declared formalin free.

Political unrest adds to realtors’ woes  (The Daily Star, March 11, 2013)

Lately, political instability has been causing quite a few setbacks in the real estate sector. Real estate owners have slowed down construction of existing projects and stopped taking new projects as they are facing uncertainty over receiving electricity and gas connections. Sale of apartments also fell and around 22,000-25,000 ready flats worth Tk 15,000 crore to Tk 18,000 crore remain unsold. Construction of around 8000 flats has been suspended. With expatriates investing more in Malaysia, Singapore and other countries, sale of flats to non-resident Bangladeshis have also decreased dramatically

Sammilita panel sweeps BGMEA polls  (The Daily Star, March 11, 2013)

Sammilita Parishad has swept the biennial election of BGMEA with the leader of the panel Atiqul Islam, also managing director of Islam Garments Ltd winning 15 posts from Dhaka and six from Chittagong. Another panel Forum led by Mahmud Hasan Khan, managing director of Rising Group won the remaining six posts. The elected directors will now select a president and four vice-presidents.

Incentives to propel women forward (The Daily Star, March 11, 2013)

The President of Chittagong Women Chamber of Commerce and Industry (CWCCI) Monowara Hakim Ali said that women entrepreneurs in Bangladesh deserve more incentives as they are playing increasingly important roles in employment, economic and infrastructural development and overall social improvement. They can be provided incentives in the form of license provisions, export opportunities, tax holidays, soft loans and training and development centres. She is the first vice president of Federation of Bangladesh Chambers of Commerce and Industry. Intraco Group has 18 companies- oil and gas, telecommunications, renewable energy, real estate, tourism, amusement (Butterfly Park) and hospitality. She formed the Chittagong Women Entrepreneurs Association in 1999 and Chittagong Women Chamber of Commerce and Industry in 2003.