Weekly News Clippings (November 28, 2013)

Air passengers in deep trouble (The Daily Star, November 28, 2013)
The ongoing blockade enforced by the opposition is causing a great deal of sufferings on the outbound passengers at the Dhaka airport. People living outside Dhaka, who seek to travel abroad for work or other purposes had to leave home for the capital three or four days before their scheduled flights. Some of the inbound passengers are forced to stay in nearby hotels, while others risk their lives by taking trains or launches to reach their homes. Travelling in the capital has not been hassle free either. Rental vehicles, particularly CNG-run auto rickshaws are charging the passengers three or four times higher than the regular fare.


Country's frozen white fish export drops by 40pc in Q1 this fiscal (Financial Express, November 27,2013)
The country's frozen white fish export dropped by 40 per cent in the first quarter of this fiscal year than that of the previous fiscal year (2012-13) as local exporters failed to offer competitive prices to the buyers.  According to Bangladesh Frozen Food Exporters Association (BFFEA), "Exporters in India get cash incentive for white fish export but our government has withdrawn cash incentives from this fiscal year." Bangladesh exports white fishes to Saudi Arabia, United Arab Emirates, Kuwait, Qatar, the United States, the United Kingdom, Italy, Korea, Canada, Australia and many other countries. The country exported frozen white fish except shrimp worth $7.76 million during July to October this fiscal (FY 2013-14), compared to $13.97 million during the same period last fiscal, Export Promotion Bureau (EPB) data showed.

UNDP to help government in developing renewable energy (Financial Express, November 27, 2013)
The United Nations Development Programme (UNDP) has agreed to provide Bangladesh government with Tk 325.6 million grants for developing renewable energy. Economic Relations Division (ERD) Secretary M Abul Kalam Azad and UNDP Country Director Ms Pauline Tamesis signed a deal on behalf of their respective sides. Under the "Development of Sustainable Renewable Power Energy Generation Project", the power division will implement the project to improve the off-grid electricity in Bangladesh.The fund will be utilised to generate the renewable energy to reduce carbon emission. Nearly 95 per cent of the country’s power is generated from gas and oil. According to the Bangladesh Energy Policy 2009, the government will generate 2000-megawatt of power from the renewable energy like solar wind and biomass.


B'desh to put satellite in orbit to do away with high rent charges (Financial Express, November 27,2013)
Bangladesh government has planned to invest in a satellite in order to save a huge sum of foreign currency and to improve the national satellite-based communication systems. According to a scientist at Bangladesh Space Research and Remote Sensing Organisation (SPARRSO), Bangladesh is currently dependent on other countries' satellites. In the year 2011, the total expenditure on renting satellite links was around $10 million which had climbed to $11 million last year. However, the gigantic project of launching a satellite in space would be viable if there were at least two other Bangladeshi satellites in the orbit at different angles, the scientist said.


NBR rejects Chevron’s tax exemption plea (New Age, November 26, 2013)
The National Board of Revenue has rejected a plea of Chevron Bangladesh Limited seeking exemption from paying tax at source on import of machinery for gas exploration and development activities. International Oil Companies including Chevron Bangladesh are enjoying a 90 days deferred payment facility for paying tax at source on import of machinery used in oil and gas exploration and development purposes. NBR officials said the deferred payment facility was provided considering the national interest though income tax ordinance did not allow such facility to any importers.


Bangladesh signs Ticfa (Dhaka Tribune, November 25, 2013)
The Trade and Investment Cooperation Forum Agreement (Ticfa) between Bangladesh and the US has been signed after several rounds of negotiations between the two countries. Top officials from the ministries of commerce, labour and employment and foreign affairs were present in Washington DC for the signing of the deal which would provide a platform for the two countries to resolve businesses problems through dialogue. The US has so far signed the Ticfa or similar agreements with 92 countries and regional associations and groups.

Bangladesh makes moderate progress on regional scale (Dhaka Tribune, November 24, 2013)
Bangladesh stood at 137 out of 179 in the ESCAP International Supply Chain Connectivity (ISCC) Index, a new index released on the occasion of the Asia-Pacific Trade and Investment Week last week in Bangkok. Singapore topped the list, while Iraq appeared at the bottom. The study focused on the extent of the country’s facilitation of import and export processes as well as its access to efficient maritime services. Exports are strongly dominated by the ready-made garments sector, which accounts for approximately 93 percent of the country’s total exports. However, the country could do much more to attract investment as the share of inward Foreign Direct Investment stock in GDP was far below the regional average in 2012.


Senator: Bangladesh still lags on labor rights (The Washington Post, November 23, 2013)
The United States has stressed the need for safeguarding and advancing gains in labour rights in the apparel industry of Bangladesh. US Senator Robert Menendez, chairman of the Senate Foreign Relations Committee gave the message in a report issued on November 22 titled “Worker Safety and Labour Rights in Bangladesh’s Garment Sector”.  The message came a year after the Tazreen Fashion factory fire that killed 112 workers in Ashulia, on the outskirts of the capital, Dhaka. The report also mentioned the Rana Plaza factory collapse in April 2013 that resulted in the death of 1,131. Both the tragedies drew global attention towards the plight of garment workers in Bangladesh, said Menendez who in June had chaired a hearing on labour issues in Bangladesh and called on the administration to suspend preferential trade status or Generalised System of Preference (GSP) to Bangladesh. “The tragedies in Bangladesh present an important opportunity to improve labor rights and empower workers,” said Menendez.


Bangladesh : BANGLADESH to get 82m loan from EIB (Hispanic Business, November 23, 2013)
Bangladesh is getting $ 82m loan from The European Investment Bank (EIB) to support a project that aims to enhance the country s power generation, transmission and distribution capacity. The loan will back two precise projects under the program that comprise conversion of two gas-fired plants to combined-cycle power plants. This will lead to efficiency enhancements, boost in generation capacity without any increase in the amount of fuel utilised, which eventually cuts CO2 emissions. The loan, which is extended under EIB s Climate Change Mandate (2011-2013) for non- European Union (EU) countries, will moreover contribute to climate change mitigation and developing social and economic infrastructure in Bangladesh.

Bangladesh Starts Inspecting Plants 7 Months After Rana Plaza (Bloomberg, November 22, 2013)
The first comprehensive inspection of garment factories has started under a government plan to improve safety, seven months after the collapse of the Rana Plaza complex that killed more than 1,000.  Thirty teams will initially begin by assessing 200 clothing factories over eight weeks with plans to inspect 1,000 factories on structural integrity, fire and electrical safety, according to Mehedi Ahmed Ansary, a professor of the Bangladesh University of Engineering and Technology. Retailers and engineering experts from a top Bangladesh university have developed the guidelines which have been formally endorsed. US and European retailers signed two separate safety pacts after coming under intense pressure in the wake of the April disaster. The two groups will carry out inspections of their 2,000-odd factories using the new standards, while the government will check the remaining 1,500 factories not covered by the pacts.

Bangladesh gets $90 mn aid for education programme (Muslim World News, November 21, 2013)
Bangladesh and the Asian Development Bank (ADB) Thursday signed a loan agreement worth $90 million to improve the country's quality of secondary education in order to create a skilled labour force. The assistance is the first tranche of the $500 million Secondary Education Sector Investment Programme (SESIP) approved by ADB in September this year. The SESIP, scheduled to be completed in 2023, will support the Bangladeshi government's 10-year secondary education reform plan. This plan expects an increase of about 3.5 million students and requires an additional 145,000 teachers and 10,000 more schools by 2023, according to the statement.

Bangladesh, retailers agree safety standards for factories (Global Post, November 21, 2013)
Bangladesh and top Western retailers agreed safety standards covering some 3,500 factories are paving the way for inspections after one of the world's worst industrial disasters. Retailers, government and union representatives agreed on the minimum fire and safety standards for factories where some four million workers stitch clothes for retailers such as Walmart and H&M. "This is a very significant development. These common safety standards will now pave the way for the start of factory inspections from Friday," said International Labour Organisation (ILO) official Srinivas Reddy. The standards are aimed at simplifying inspections and avoiding duplication following the Rana Plaza disaster in April that killed 1,135 people and shone a global spotlight on shoddy conditions at factories.

Weekly News Clippings (November 21, 2013)

New GB law shows nine directors the door (Dhaka Tribune, November 21, 2013)
Nine female members of the Grameen Bank board have lost their posts as the parliamentary affairs ministry has published a gazette notification on the passage of the Grameen Bank Act 2013, which replaces the 1983 ordinance. An official of the Grameen Bank said the bank would prepare for an election to the board after the Banking Division received the election rules from the ministry. Meanwhile, the three government members and chairman of the bank would operate the bank. The Parliament passed the much-talked-about Grameen Bank Act 2013 on November 5, elevating the government’s role in running the microcredit organisation without any increment of its ownership stakes.


Import drops by 8% in October (Dhaka Tribune, November 20, 2013)
The import of capital machinery and food grains in Bangladesh fell substantially due to the ongoing political unrest. The country’s imports declined by 8.17% to US$2.8bn in October compared to that of the previous month, showed Bangladesh Bank data released recently. The rice import declined to $19.54m in October from $23.75m in September, wheat import decreased to $116.21m from $173.38m  while edible oil dropped to $32.19m from $53.47m, according to the Bangladesh Bank data.


Firms shift to ‘fruit drinks’ as BSTI tightens rules (The Daily Star, November 19, 2013)
Ever since Bangladesh Standards and Testing Institution (BSTI) raised the fruit pulp requirement for fruit juice to a minimum of 88 percent from the previous 25 percent, only one company has applied for a licence to market the product. According to BSTI officials, most local firms, like Pran, Akij Food and Beverage Ltd, Abul Khair Group and Sajeeb Corporation, that previously marketed fruit juices, are rebranding their products as “fruit drinks” as it has the fruit pulp requirement of 10 percent.


Govt aims for 24,000MW power generation capacity by 2021 (The Daily Star, November 19, 2013)
The government has revealed its plan to boost electricity generation capacity by 141 percent by 2021 with an emphasis on fuel diversity and renewable energy sources. According to Mizanur Rahman, director of Bangladesh Power Development Board (BPDB) turning to imports for primary fuel supply options as indigenous resources are “inadequate”. To address the shortfall, he recommended imports of liquefied natural gas and coal from Indonesia, Australia and South Africa, together with enhanced gas exploration and production, domestic coal development and safe nuclear for base load.

Biswal stresses on improving labour standards (Dhaka Tribune, November 18, 2013)
Visiting US Assistant Secretary of State Nisha Desai Biswal stressed the need for improving the labour standards in the readymade garments industry to boost the economy of Bangladesh. After a meeting with the leaders of BGMEA in Dhaka, Biswal said the US was observing the progress what has been done so far - and wanted to see continuous progress in the safety and rights issue. The US suspended the Generalised System of Preferences (GSP) facility for the Bangladeshi products on June 27 following the Rana Plaza tragedy and Tazreen Fashions fire incident. The US government will review the GSP facility for Bangladesh in December.


Bangladesh among next 11 economies: Goldman Sachs (The Financial Express, November 18, 2013)
Bangladesh is among the next eleven economies (NEE) identified for having great opportunities for investment in foods and beverages, technology, textiles, leather tanning and real estate. Investment bank Goldman Sachs has classified Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea and Vietnam as the NEE of the 21st Century. These countries have respective big consumer markets and single-digit inflation rates. The emerging middle class in the developing world is a critical economic and social factor because of its potential as an engine of growth, particularly in the largest developing countries. According to data at the Organisation for Economic Co-operation and Development (OECD), middle class has enabled South Korea to shift away from export-driven growth towards domestic consumption. In Bangladesh, the size of the middle-class has nearly doubled to more than 30 million, according to the World Bank.

Illicit fund outflows cost BD $24.7b since 1976 (Financial Express, November 17, 2013)
Bangladesh lost US $24.7 billion in illicit financial flow to foreign countries between 1976 and 2010. According to a research by the London-based Tax Justice Network (TJN) only US $1 is flowing into the poor countries as foreign aid as against an average outflow of $10 in illicit transactions to the developed countries.

Turmeric powder way too toxic (The Daily Star, November 15, 2013)
A team of foreign and local researchers has detected excessive levels of toxic lead in turmeric powder available in the markets, raising serious health concerns. The findings came following an inquiry into the presence of lead in the blood of 284 children in Sirajdikhan of Munshiganj. The team found that all 18 samples of turmeric powder collected from different households in the area contained lead. High levels of lead in blood could be life threatening and could cause seizures, unconsciousness and death. The samples of turmeric powder were tested at a laboratory of Harvard School of Public Health of Harvard University in the USA.


More women go abroad for jobs (The Daily Star, November 15, 2013)
Despite low wages, female workers are increasingly migrating to the Middle East. These workers, mostly housekeepers, earn an average wage of Tk 10,000-Tk 16,000 ($120-$200) a month while those who join garment factories receive up to $400, according Begum Shamsun Nahar, director general of Bureau of Manpower, Employment and Training (BMET). A total of 46,230 Bangladeshi women migrated till October this year. The trend of female workers going overseas is very high this year because some new markets such as Hong Kong, Singapore and Jordan have opened up for them, she added.


Bangladesh Garment Factories to Re-Open After Wage Agreement (Bloomberg, November 14, 2013)
Bangladesh garment factory owners agreed to a minimum wage of 5,300 taka ($68) a month for workers, promising to end a labor dispute that has shut factories in the Ashulia industrial zone on the outskirts of the capital Dhaka. A group of owners met Prime Minister Sheikh Hasina, who urged them to accept a recommendation made by a government-appointed panel, Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association. BGMEA also reversed an earlier decision to keep 250 factories shut in the industrial zone. Bangladesh has the second-lowest wages in Asia after Myanmar and that cheap labor has spawned a $20 billion garment industry that supplies global retailers.

Weekly News Clippings (November 14, 2013)

Govt to set up solar equipment testing lab (The Daily Star, November 14, 2013)
The government is set to establish the country’s first dedicated solar equipment testing laboratory by June in a bid to ensure superior quality renewable energy related products. Infrastructure Development Company Ltd (IDCOL), a state-owned non-bank financial institution that promotes green technology, has already awarded the lab installation job to Bangladesh University of Engineering and Technology. Buet has allocated 4,000 square feet of space to set up the lab on the electrical and electronic engineering department premises. Initially, the company will use $0.5 million, provided by World Bank under the Rural Electrification and Renewable Energy Development Project-2, to set up the lab. On average, around 70,000 families are now installing solar home systems each month to meet their daily electricity requirements.


US trade benefit cut could hurt FDI inflow: MCCI (Financial Express, November 13, 2013)
Although the recent suspension of GSP benefits by the US may not have any "immediate" adverse effect on Bangladesh's exports it might hamper foreign investments flows. In its quarterly economic review, the Metropolitan Chamber of Commerce and Industry (MCCI), said the major impediments to foreign direct investment include factors such as getting access to land, lack of continuity in policies, bureaucratic red tape, weak governance, political instability, and inadequate utilities, such as gas, electricity and water.


National Productivity Award for ten industries (Financial Express, November 12, 2013)
Ten state-owned and private industries have been awarded National Productivity and Quality Excellence Award 2012 for their achievements in business. The 'National Productivity and Quality Excellence Award' is given in six categories - large, medium, small, cottage, micro and state-owned enterprises (SoEs). Jury board for the award comprises of officials from the industries ministry, commerce ministry, NPO and the country's apex trade body FBCCI. The award recipients include BRB Cable Industries Limited, Bengal Windsor Thermoplastics Ltd. Prince Chemical Co. Ltd., Hifs Agro Food Industries, M/s Roni Agro Engineering, Rong Handicrafts among others.


Machinery imports rise despite sluggish business climate (The Daily Star, November 12, 2013)
Capital machinery imports rose in the first quarter of the fiscal year, despite the sluggish investment climate induced by political uncertainty. According to data from Bangladesh Bank, some $566.54 million worth of letters of credit settlement for capital machinery took place between July and September. Letter of credit settlement is the payment made by banks to foreign parties for goods purchased by local businesses.


Political chaos scares off RMG retailers (The Daily Star, November 12, 2013)
International clothing retailers are cancelling their travel plans to Bangladesh due to the ongoing political turbulence. According to industry insiders, not only are the buyers nervous to travel to Bangladesh amid the volatile political situation, but they are worried about the uncertainty surrounding the shipments owing to shutdowns. Officials of many export-oriented garment companies now have to make last-minute travel plans to Hong Kong, Bangkok or Singapore, or even to the buyers’ home countries, for price negotiations which usually take place at the factory premises. “These foreign trips for meetings which earlier never cost us anything, are only pushing up our production cost” said owner of a Bangladeshi garment factory.


Bangladesh comes second in Chinese arms purchase last year (Dhaka Tribune, November 12, 2013)
Bangladesh was the second biggest Chinese arms importer globally amounting to over
Tk 28 billion ($350 million) last year. The New York Times recently published an article, which revealed that China has established itself as a credible competitor in the global weapons market and exported weapons worth more than $2billion to different countries. Pakistan was the biggest importer with over Tk 48 billion ($600 million) followed by Bangladesh. According to the Stockholm International Peace Research Institute, for the last 20 years Bangladesh had been maintaining 1% to 1.3% of gross domestic product as military expenditure, and a part of it was used for weapons purchase.

Bangladesh labour protests on wages shut 100 garment factories (Live Mint, November 11, 2013)
Thousands of workers demanding higher pay hurled rocks and sticks at clothing factories and clashed with police shutting down 100 factories, bringing fresh scrutiny to working conditions in Bangladesh’s garment industry. At least 30 people were reported wounded. The South Asian nation has seen three weeks of bloody political protests, and the demonstrations by garment workers only added to the chaos. A government-appointed panel voted last week to raise the minimum wage for millions of garment workers to Tk 5,300 ($66.25) a month — a raise by 77 percent but still the lowest minimum wage in the world. The workers have rejected the proposal, demanding Tk 8,114 ($100) instead. Bangladesh, the world’s second-largest garment manufacturing country after China, earns more than $20 billion a year from garment exports, mainly to the United States and Europe. The sector employs about 4 million workers, mostly women.


Bangladesh launches country action plan for clean cookstoves (Dhaka Tribune, November 9, 2013)
The government will distribute clean cookstoves among five million households by 2017 and 30 million by 2030 to protect the environment and the people from hazardous fumes. The Power Division and Washington-based Global Alliance for Clean Cookstoves (GACC) organised the programme at Bidyut Bhaban in the capital. More than 90 percent of the population use solid fuels for cooking, and the rapidly expanding population and heavy reliance on biomass have put immense pressure on Bangladesh’s limited forest resources. It is estimated that more than 24 million rural people and nearly six million urban people, who use solid fuel, are exposed to household air pollution. Household air pollution is the fourth most significant risk factor for deaths (46,000 casualties in Bangladesh) and is the second most significant risk factor for disability-adjusted life years.


Woman in Mozilla  (The Daily Star, November 8, 2013)
Tanha Islam, a 19-year-old student of North South University, is the only female representative and the marketing ambassador of the web browser, Mozilla Firefox in Bangladesh. “There are so many people who use Facebook or Twitter every day but don’t know how these sites work. Most of them don’t know how to create a website. Part of our role as representatives is to create that awareness,” she explained. The Mozilla representatives of Bangladesh are also trying to create student clubs at various universities, an initiative that has been met with great enthusiasm from different student bodies.

Weekly News Clippings (November 7, 2013)

Social Business Summit kicks off in Malaysia today (The Daily Star, November 7, 2013)
The Global Social Business Summit has kicked off in Kuala Lumpur today with an aim to find ways on how the new economic theory can be applied to solve social problems. The summit, introduced by Prof Yunus, the founder of Grameen Bank, brings together the efficient and innovative methods of business as well as solving social problems such as poverty, healthcare, education or energy and all the main actors in the field of social business. Themed ‘Social business to change the world’, the three-day annual event has opened at KLCC Convention Centre in the Malaysian capital. This year, 600 participants from around 40 countries, including 107 participants from Bangladesh, are attending the fifth edition of the summit.

Apparel makers threaten shut down (Dhaka Tribune, November 6, 2013)
Garment makers have threatened to shut down all factories if the government does not lower the minimum wage recommendation of Tk 5,300 within the next 15 days. According to Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the recommendation of Tk 5,300 as entry-level wage is “suicidal” for the garment sector. At a joint press conference with Bangladesh Knitwear Manufacturers and Exporters Association, he said that the 77 percent higher minimum wage was “simply imposed on the garment owners”, as the sector does not have the “capacity to absorb the 77 percent wage rise.”  Before the press conference the BGMEA and BKMEA held an emergency meeting with their general members where the minimum wage of Tk 5,300 was unanimously rejected.

Old smartphone sales jump (Dhaka Tribune, November 6, 2013)
The online sale of second-hand smartphones in the country rose by 20% following the launch of third generation mobile broadband service. According to the market insiders, this is the highest ever surge in the country’s online sale of old smartphones.Bikroy.com, one of the leading online stores in Bangladesh, witnessed an influx of over 65,000 smartphone advertisements across the country in September alone. They said a large number of customers in Dhaka and Chittagong cities are looking for second-hand smartphones and the 3G-enabled devices and feature phones at the online stores.

Political turmoil taking toll on frozen food sector (The Financial Express, November 6, 2013)
Frequent spells of hartal have badly affected shrimp and white fish supply to processing units as well as shipment of export consignments in the frozen food industry. "Production has come to a halt due to unavailability of shrimp and other fishes following scarcity of transports during hartals," said former president of Bangladesh Frozen Food Exporters Association (BFFEA) Md Golam Mostafa.  According to the Export Promotion Bureau (EPB) Bangladesh exported frozen food worth $191.28 million during the July-September period in FY 2013-14. The government has set a target of exporting frozen foods worth $578.77 million this fiscal. "The growth rate of our frozen food export is encouraging so far, might be adversely affected if the political impasse continues.”

Bangladesh brings microlender Grameen Bank under central bank supervision (Reuters, November 5, 2013)
Bangladesh's parliament has approved a law bringing the Nobel prize-winning Grameen Bank under the central bank’s authority. Its founder Mohammad Yunus has branded the move as “a ploy to destroy the microfinance lender.” The draft of the act has been approved at the parliament said lawmaker AHM Mustafa Kamal, chairman of the standing committee on the finance ministry, which recommended the law be passed. Kamal, a member of the ruling party said that the central bank and government had the right to know how Grameen Bank, which was established in 1983 and has 8.3 million borrowers, organises its finances.

Remittance up in October (Dhaka Tribune, November 5, 2013)
Remittance from wage earners abroad rose more than 20% in October from the previous month due to Eid-ul-Azha. According to Bangladesh Bank the country received $1.23billion in October as opposed to $1.02billion received in September and $1billion in August. Bangladesh’s foreign currency reserves recently exceeded $16 billion, but political turmoil and weak dollar are discouraging expatriates to send money home said a high official of Bangladesh Bank. A World Bank report described Bangladesh as the 7th most remittance earning country in 2012.

Jica offers $400m for metro rail (Dhaka Tribune, November 5, 2013)
Construction work of the Mass Rapid Transit (MRT)-6, known as metro rail, will start one year ahead of the previous schedule as the Japan International Cooperation Agency (Jica) wants to disburse Tk130 billion ($400m) next year for the project. The committee approved the communication ministry’s proposal for appointment of a consultant for the Tk220 billion project. A consortium of six local and international firms, led by Nippon Koei Construction Company of Japan, gets the Tk9.5 billion consultancy work. “The MRT-6 will be completed within four years,” the finance minister said.

Bangladesh overtakes India in overall prosperity (The Daily Star, November 4, 2013)
Bangladesh has overtaken India on the prosperity index for the first time this year, according to the 2013 Legatum Prosperity Index, an annual ranking of 142 countries based on a variety of factors including wealth, economic growth, personal wellbeing and quality of life. In the index compiled by London-based Legatum Institute, Bangladesh came in at 103, three spots above its neighbour, who slipped 5 spots down to 106, and nearly 30 spots above Pakistan, who came in at 132. Despite the fact that the country’s gross national income per capita – at purchasing power parity – amounts to just half that of its larger neighbor, Bangladeshis not only live 3.4 years longer than their Indian counterparts, but fewer are undernourished, a lower number die in infancy and more have access to sanitation. Furthermore, the average Bangladeshi worker has more secondary years of education (1.8 years) than his or her Indian counterpart (1.2 years).

Online shop opens for real estate buyers  (The Daily Star, November 3, 2013)
An online marketplace for buying, selling and renting property, Lamudi.com.bd has been launched in Bangladesh. The goal of the site is to empower customers with thorough information on the market and to assist them in contacting developers, agents and landlords. Lamudi.com.bd is part of the Rocket Internet family, an online venture builder across the globe that has created over 100 market leading companies in more than 50 countries. Lamudi has launched real estate platforms in 12 markets over the past five months, including Colombia, Kenya, Myanmar, Mexico, Nigeria, Pakistan and Saudi Arabia, said the chief executive.

FBCCI calls for a formalin control act (The Daily Star, November 3, 2013)
The Federation of Bangladesh Chambers of Commerce and Industry has urged the government to pass a formalin control act soon to prevent misuse of the health hazardous chemical. Leaders of the apex trade body also demanded the government to allow only the state-owned Trading Corporation of Bangladesh to import, sell and distribute formalin in the domestic market. The annual demand for formalin in the country is 40 tonnes now. The country imported 750 tonnes of formalin in 2010-11, which came down to 22 tonnes in 2012-13 due to strict government rules. Earlier, the FBCCI had donated nine formalin detection kits for nine kitchen markets in Dhaka and seven in markets outside the capital.
Spiralling environmental risks haunt Bangladesh  (The Financial Express, November 3, 2013)
A leading UK-based environmental institution, Maplecroft, listed Bangladesh and its capital city Dhaka as the 'most vulnerable' to climate change among 193 countries and 50 cities across the world. According to its latest analysis released globally late last week, the country and its capital city are likely to suffer the most due to global warming by 2050. If immediate measures are not taken about half the population of Bangladesh —70 million people — could be affected by flooding every year and a tenth of the low-lying land could be lost forever.   After Bangladesh, Guinea-Bissau, Sierra Leone, Haiti, South Sudan, Nigeria, Congo, Cambodia, Philippines and Ethiopia are among the 10 top vulnerable countries.  Meantime, Germanwatch, in its Global Climate Risk Index, 2013 listed Bangladesh as the fourth vulnerable country to extreme events resulting from climate change.

Form a separate ministry for garment sector: TIB (The Daily Star, November 1, 2013)
Transparency International Bangladesh (TIB) has recommended the government to form a separate ministry for the garment industry to formulate and implement long-term plans and boost monitoring of the sector. According to TIB, the labour laws should be amended in line with the International Labour Organisation Convention. In addition, a department needs to be set up under the ministry for factory inspection and compliance implementation. In order to help the sector recover, TIB recommended formulating a uniform code of conduct to improve the working conditions, introducing a gender code of conduct, and amending the laws for filing criminal cases against owners after accidents.