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.
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