Weekly News Clippings (August 23, 2014)

Flood heading for Dhaka from North (The Daily Star, August 23, 2014)
Several hundred thousand people in the North are marooned and continue to pass their days without food and drinking water. The government has allocated 1,500 tonnes of rice and Tk 20 lakh for people in the affected districts but the relief goods are yet to reach the people. Worse even, the authorities have yet to determine the number of affected people, particularly those in the 12 northern districts.  The monsoon flood is now heading for the capital. The onrushing flood is likely to submerge some of the low-lying areas around Dhaka and Narayanganj by Monday.

Bangladesh tea prices edge lower on ample supplies (Reuters, August 20, 2014)
Tea prices in Bangladesh dropped at the weekly auction on Tuesday as the volumes offered were the highest for the season so far, although sales rose on strong demand for quality leaf.

Bangladesh lags behind in 4 indicators: ADB (bdnews24, August 20, 2014)
Asian Development Bank has found Bangladesh to be lagging behind in education, ICT, innovation and knowledge economy compared to most of South Asian and Pacific nations, in a latest research. An ADB research conducted in 28 countries showed that, Bangladesh ranks 25th with Nepal, Cambodia and Pakistan close behind. In education Bangladesh scored 1.75 on a scale of 10, while South Asia’s average score was 4.66.

Dhaka 2nd worst city (The Daily Star, August 20, 2014)

Dhaka has been ranked as the second least liveable city among the world's 140 cities in this year's Global Liveability Index released by the Economist Intelligence Unit.  Only Damascus in war-torn Syria lags behind Dhaka, which won the same position last year too. The list is prepared based on the scores across a range of criteria, including health care, culture, environment, education and infrastructure. The capital of Bangladesh had been placed second from the bottom of the GLI index in 2012 and 2011. 

Bangladesh garment workers win overdue pay after 11-day hunger strike (Waging Non violence, August 19, 2014)

On August 11, over 1,600 garment workers in Bangladesh, who were in their 11th day of a hunger strike, won the overdue wages owed by their employer, Tuba Group. Striking workers were attacked by the police using tear gas and rubber bullets, and several activists and supporters were arrested. Activists believed that the Tuba Group did not pay their workers for months as part of a strategy to force the government to offer bail to the company’s former director, Delwar Hossain, who was imprisoned following the Tazreen fire. 

The urbanist's guide to Dhaka, Bangladesh: 'an unplanned sprawl' (The Guardian, August 19, 2014)

Dhaka is an uncontrolled and unplanned urban sprawl. Except for a few main artery roads and some small posh areas, the city consists of urban slums detrimental to the healthy growth of society. The road networks in Dhaka are inadequate, with only 7% of space dedicated to paved roads. The low to middle income group constitute 90% of the city’s population. No proper law exists for planning, and many buildings have been put up indiscriminately for the benefit of individuals at the expense of the community, according to Ershad Ahmed, a former government official.

Malaysia to recruit 12,000 workers from Bangladesh (The Daily Star, August 18, 2014)

Visiting Malaysian Human Resources Minister Richard Riot Anak Jaem said they will recruit 12,000 more workers from Bangladesh for the plantation sector. He however did not mention the specific date and time when the recruitment will take place. Jaem added that from now on his country will also recruit workers from Bangladesh for other sectors like construction, service and manufacturing.

Car sellers see better business as banks roll out more loans (The Daily Star, August 17, 2014)

The car market anticipates a pick-up in sales as the central bank has doubled the ceiling for auto loans.

Buyers will get more loans from financial institutions, said Khaan M Sakib Us Salehin, head of marketing for Rancon Motors, an automotive division of Rangs Group. The debt-equity ratio has recently been changed to 50:50 from 30:70 earlier, allowing banks to finance half of the price of a car. In other words, consumers can now buy cars worth up to Tk 80 lakh by availing Tk 40 lakh as bank loan.

Bangladesh 98th among 162 countries (The Daily Star, August 16, 2014)

Bangladesh is ranked 98th on the list of 162 countries, in the Global Peace Index 2014. There has been a significant improvement from last year's position of 105th. Put together by the Institute for Economics and Peace, the GPI takes into consideration three broad themes involving ongoing domestic and international conflict, militarisation, and social safety and security. In South Asia, Bangladesh is the third most peaceful nation, coming after Bhutan and Nepal which are placed 16th and 76th. Afghanistan, however, continues to be the least peaceful nation in South Asia.

Eurozone economy stalls on setback in Germany (The Daily Star, August 15, 2014)

Growth in the 18-country eurozone ground to a standstill in the second quarter, dragged down by France and Germany and casting a cloud over recovery in the crisis-battered region. Stagnation in the currency bloc, already threatened by deflation, fell short of analysts' forecast of 0.2 percent. The unexpectedly low growth figure was mainly the result of a surprise 0.2-percent shrinkage in Germany, usually the reliable eurozone growth engine, and stagnation in an already fragile French economy. However,  the setback reflects a combination of technical factors and external weakness, but not fundamental problems in the economy, according to officials. 

Weekly News Clippings (August 15, 2014)

Facebook vice president of product management resigns (The Economic Times, August 15, 2014)
Samuel Lessin, Facebook Inc's vice president of product management, said he would be leaving the company. Lessin said in a post on the social networking site that his departure would be effective August 29. He said he does not have any immediate plans but intends to help his wife Jessica Lessin with her publication.

2,500 industrial polluters to face green tax (The Daily Star, August 15)
The National Board of Revenue is set to impose green tax on about 2,500 polluting industrial units in a bid to compel them to cut back on their pollution. The industrial units will have to deposit 1.0 percent of the receipts from their products to the state exchequer. According to a senior NBR official the revenue authority has already gathered the list of polluting industrial units from the Department of Environment. The surcharge, introduced this fiscal year, comes as part of the government's move to encourage industries to set up effluent treatment plants.

City Bank wins 'Best Bank in Bangladesh' Award (The Financial Express, August 14, 2014)
City Bank has been named the 'Best Bank in Bangladesh' at Euromoney's Awards for Excellence 2014, according to a statement.  The award was announced at a ceremony in Hong Kong recently which was attended by 500 leading bankers from across the globe. Euromoney is the world's leading financial publication read by high-ranking financial decision makers in more than 100 countries.

Time to fortify institutions (The Daily Star, August 14, 2014)
Bangladesh needs to develop its weak institutions so that it can handle larger and more complex projects required for a middle-income country, as the existing ones are more inclined to fit a low-income nation, the World Bank said. According to Johannes Zutt, country director of the global lender, the country is now on the way to becoming a lower middle-income country though it still has institutions that are developed for a low-income country.

BB relaxes car loan policy (The Daily Star, August 14, 2014)

The central bank has doubled the ceiling for car loans to reflect the increased prices of motor vehicles and provide banks a channel to utilise their excess liquidity. Banks can now extend up to Tk 40 lakh as car loan according to a Bangladesh Bank notice. The previous ceiling for car loans was Tk 20 lakh. The move came in response to the higher market prices and demand for vehicles, said a deputy general manager of the central bank.

Four firms face ban on vegetable export to EU (The Financial Express, August 13, 2014)

The government has suspended export licenses of four business firms for exporting pest-infested fruit and vegetables to the European Union (EU) market. According to official sources, the action was taken after a warning from Brussels that it might ban the import of Bangladesh's agricultural produce if pest-free exports were not guaranteed by end of September this year.

BD airspace to get Wi-Fi as Swiss co bags contract (The Financial Express, August 13, 2014)

The government has awarded Switzerland-based OnAir powered by Airbus, a leading aircraft manufacturer, and SITA, another IT solution provider to the air-transport world the job for establishing internet connectivity to all incoming and outbound aircraft in Bangladesh.  Once the connection is given, the air passengers will enjoy the only data service across the country.

Export earnings see 1.37 percent down in July (Dhaka Tribune, August 12, 2014)

The country’s export earnings in the first month  of the current fiscal (2014-15) have seen a fall of 1.37 percent due to shaky performance of the key exports such as  woven garment, home textile, leather, jute and jute-made goods.  The figure is also 2.03 percent lower than the strategic target of $ 3,044.44 million, according to the latest figures released by the Export Promotion Bureau (EPB), UNB reports. The export target for the current fiscal (FY15) was set at $ 33,200 million. Total exports during the last fiscal (FY14) reached $ 30,186.62 million.

Growth strong in UK, slips in Japan, eurozone on track: OECD (The Daily Star, August 12, 2014)

Leading economies are showing a steady growth trend overall, although Britain is doing particularly well and Japan and Germany are showing signs of losing pace, the Organisation for Economic Cooperation and Development (OECD), grouping 34 advanced democracies said on Monday.  The eurozone as a whole, and France, are on a stable growth path, the latest OECD data showed, contrasting with several recent indicators suggesting that France is lagging in the 18-member single-currency zone.

Organic products can be big forex earner for Bangladesh: minister (The Daily Star, August 11, 2014)

Bangladesh can easily earn $640 million a year by exporting organic products, Planning Minister AHM Mustafa Kamal said on Sunday. The minister spoke at a workshop organised by Bangladesh Organic Products Manufacturers Association and the Agro Products Business Promotion Council in the capital. Majority of the 164 countries which export organic products are least-developed, a statement of the planning ministry quoted the minister as saying, adding that an agriculture-based country like Bangladesh has huge potential in export of such products.

Russia to import more Bangladeshi shrimp (Dhaka Tribune, August 10, 2014)

Russian authorities will approve five more Bangladeshi companies to export shrimp to the market as the country wants to increase shrimp import from Bangladesh, said official sources. Currently, five companies export shrimp to the country.  Russia is Europe’s largest importer in value of animals, meat, dairy products, fruits and vegetables, according to the European Union. Recently, the country faced economic sanctions from USA, Canada and EU over Ukraine crisis.

Amazon stops some Disney movie preorders (Dhaka Tribune, August 10, 2014)

Amazon.com Inc has halted pre-orders of some Disney movies, the Wall Street Journal reported, in what appears to be another contract dispute after the online retailer began a protracted spat with publisher Hachette Book Group this year. Physical copies of titles such as “Maleficent” and “Captain America: The Winter Soldier” were unavailable for order on Amazon.com on Sunday. Amazon.com did not immediately respond to a request seeking comment on the report. A Disney spokesman had no comment.

Visiting the Deadly Ship breaking Yards in Bangladesh (Vice News, August 9, 2014)

An estimated 150 to 200 ships get stranded on Chittagong’s coast annually. According to official figures, 20 workers died in the yards in 2013, but the actual death toll is estimated to be much higher, as most workers have never been officially registered. Young Power in Social Action (YPSA), a local watchdog group, estimates at least one worker dies each week. Shipbreaking Platform reported that four laborers were killed and three were seriously injured by a gas cylinder explosion in April of this year.

Weekly News Clippings (July 19, 2014)

ADB approves $125m loan (The Daily Star, July 19, 2014)
The Asian Development Bank (ADB) has approved a $125 million loan to improve services and governance in municipalities across Bangladesh, said an ADB release yesterday. The programme will aim at making the district towns more liveable and attractive and helping to ease population pressures in major cities. Many municipalities are struggling to provide citizens with key services, including drinking water, sanitation, solid waste management and drainage systems. In response, ADB has already been providing support for improved services under an urban governance action program.

Dhaka most expensive city in South Asia for expats: survey(The Daily Star, July 18, 2014)
Dhaka ranked as the most expensive city for expatriates in South Asia in a survey conducted by an American human resource consultancy firm. The city came in at 117 of Mercer's 2014 Cost of Living Rankings, up 37 spots from last year owing to a large increase in accommodation cost and a stronger local currency. Not only did Dhaka rank above other major cities in South Asia, it also came ahead of a host of other prominent Asian metropolises such as Jakarta (119), Manila (125), Hanoi (131) and Ho Chi Minh City (135). Published on July 10, the survey compared the cost of living for expatriates in 211 cities worldwide to New York, the base city. It measured the comparative cost of more than 200 goods and services in each location, including housing, transportation, food, clothing, household goods and entertainment, making it one of the most comprehensive and authoritative assessments.

Bangladesh charges 18 over garment factory collapse (Chicago Tribune, July 16, 2014)
Bangladesh's anti-corruption agency filed charges on Wednesday against 18 people accused of breaching regulations over the construction of a building that collapsed last year killing more than 1,130 people. The accused include the owner of the building, Mohammad Sohel Rana, and his parents, the local mayor, engineers and three owners of garment factories that used the building. The April 2013 collapse of the Rana Plaza, built on swampy ground outside Dhaka, ranks amongst the world's worst industrial accidents and sparked a global outcry for improved safety. Most of the victims were garment workers.

Bangladesh to harvest more rice: USDA (The Daily Star, July 16, 2014)
Bangladesh is likely to harvest slightly more rice crop in fiscal 2014-15, the US Department of Agriculture (USDA) said in its latest report. Total rice output may rise 0.60 percent to 3.48 crore tonnes in the current fiscal year from last year, the agency said. Apart from Bangladesh, rice output is projected to be higher in Afghanistan and Pakistan.

Chickens, eggs made risky (The Daily Star, July 15, 2014)
Poultry and eggs are not safe anymore as the chicken are fed highly toxic tannery waste and excessive antibiotics, two studies have found.  Use of tannery waste makes poultry feed cheap while antibiotics help reduce deaths of chicks.  Recently, a Dhaka University study found chromium ranging from 249 microgram (mg) to 4,561mg per kg in chickens that consumed feed manufactured with tannery waste. The permissible limit is 10-60mg. Another research conducted by Bangladesh Agricultural Research Council (BARC) in 2012 and 2013 detected antibiotics in eggs and chicken far beyond the acceptable limit. The practices pose serious health like cancer, ulcer, liver cirrhosis and kidney damages, which is bad news for consumers panicking about formalin and pesticides in food.

TIB: Ctg customs officials bagging Tk47 lakh daily (Dhaka Tribune, July 15, 2014)
Businessmen are forced to pay huge amounts of bribe to a section of customs and other officials at Chittagong Port to complete the process of overseas trades and clear goods from the port, a Transparency International Bangladesh study has found. Importers and exporters have to make undue payments at different stages totalling Tk 47.5 lakh a day for duty assessments and other formalities at the Customs House and Tk 17.2 lakh for clearing goods from the port, the study shows. Businesses have to pay the money despite having valid papers. The study, conducted between January and June this year, is based on interviews of more than 100 key informants or stakeholders, focus group discussions, direct observations and content analysis.

Garment factory closures displace 3,500 workers (The Daily Star, July 13, 2014)
About 3,500 workers were displaced after the Alliance for Bangladesh Worker Safety, the platform of North American retailers, announced closure of five factories following inspections, the BGMEA said. Engineers hired by the Alliance for Bangladesh Worker Safety found the factories -- Bay, MAKS, RSI, MAM and HKDG -- with unsafe electrical wiring, overloading of goods on floors and insufficient exit capacity and no sprinklers. Mesbah Rabin, managing director of Alliance, however, said the number of displaced workers was 1,000 and that they have been compensated from the $5 million worker support fund established by the Alliance member brands.

Climate, weather impacts revealed in atlases too (Dhaka Tribune, July 12, 2014)
For people who find it hard to believe the Earth really is warming, new visual evidence will soon be available. Two atlases, is to be published by the National Geographic Atlas of the World on September 3, one showing graphically the retreat of Arctic ice, the other the human and economic price exacted by extreme weather.  The publication's geographer, Juan José Valdés, says the reduction in multi-year ice – ice that has survived for two summers – is so noticeable compared with previous editions that it is the biggest visible change since the breakup of the USSR.

Frozen food export earnings grow 17% in FY14 (Dhaka Tribune, July 11, 2014)
Overall frozen food exports in last fiscal year earned over 17% more than the previous year, showed latest data of Export Promotion Bureau. The total earnings stood at $638m. According to the exporters, the growth was mainly driven by the rise in global prices of shrimps. In 2012-13 fiscal year, the frozen foods sector faced a setback after a prawn disease was found and exports fell 9% to $544m.









 

Weekly News Clippings (July 11, 2014)

Bangladesh: In pursuit of freedom (The Deccan Herald, July 11, 2014)
Kerry Kennedy, an American human rights activist and writer talks about her experience in visiting Bangladesh.  She is also the seventh child of Robert F. Kennedy and Ethel Skakel Kennedy. In her own words:  “What an amazing place, what an amazing country.  As we in America celebrate our own Independence Day these days, I hope we can take inspiration from the people of Bangladesh and rededicate ourselves to democracy and freedom, knowing that the price may be high, but the sacrifice is well worthwhile.”

Bangladesh 2013-14 inflation quickens as food price rises (Reuters, July 10, 2014)
Annual inflation in Bangladesh accelerated to 7.35 percent in the fiscal year ending in June, from 6.78 percent the previous year exceeding its target of 7 percent on food prices. According to the Bureau of Statistics, last month, the country's central bank raised banks' reserve requirement ratio by 50 basis points, its first increase since 2010. Food prices went up in the last financial year as supplies of basic foodstuffs were boosted by frequent transport blockades and other unrest in the run-up to elections in January. Annual inflation, however, fell to 6.97 percent in June from 7.48 percent in May as food prices rose at a slower pace as unrest eased after the polls.

Bangladesh urged to withdraw draft law on NGOs (Business Standard, July 10, 2014)
The Bangladesh government has proposed a law that would impose strict restrictions on NGOs. The draft law is to be presented to the parliamentary standing committee for consideration.  According to the Human Rights Watch, the law would have the authority to "inspect, monitor and assess the activities" of groups and individuals and to close groups and cancel their registration if it sees fit. "The draft law can easily be misused to limit perfectly legitimate activities of NGOs and to attack critics," said Phil Robertson at Human Rights Watch.

Bangladesh exports up 11 pct in 2013/14 as garment sales surge (Reuters, July 10, 2014)

Bangladesh's exports in the 2013/14 financial year that ended in June rose 11.65 percent from a year earlier to nearly $30.18 billion, boosted by stronger clothing sales, the Export Promotion Bureau said on Thursday. Garments are a vital sector for the South Asian nation, whose low wages and duty-free access to Western markets have helped make it the world's largest apparel exporter after China.

EU spurs Bangladesh to do more for factory safety (The Daily Star, July 9, 2014)

Bangladesh has significantly improved the workplace safety standards and labour rights in the last one year, but still has a lot to do said EU Trade Commissioner Karel De Gucht during the first anniversary of the signing of the Sustainability Compact. Under the agreement, Bangladesh is committed to improve safety standards and labour rights, and the EU will observe the progress of the commitments for one year before taking any trade action against Bangladesh. However, the labour ministry is yet to formulate the regulations to implement the law at the field level.

Bangladesh Oil Exploration Prospects Boosted by UN Border Ruling (The Wall Street Journal, July 8, 2014)

A United Nations court drew a new maritime border in the Bay of Bengal, awarding more than three-quarters of a disputed sea area to Bangladesh and opening the way for more energy exploration in the region. The ruling by the U.N.’s Permanent Court of Arbitration in The Hague, made public on Tuesday, settled a long-running territorial dispute between Bangladesh and neighboring India. Both countries said they would abide by the court’s decision. The triangular Bay of Bengal, which covers over two million square kilometers, is important for shipping and fishing and holds significant oil and mineral reserves. 

Global device sales shifting to mobile (Dhaka Tribune, July 8, 2014)

Global sales of electronic devices including PCs, tablets and mobile phones hit 2.4 billion units this year, with the mobile segment leading the way. According to a survey by Gartner Inc. a moderation in the declining PC market, predicts that tablet sales will overtake the traditional computer by 2015.

Remittance inflow drops first time in 12 years (Dhaka Tribune, July 7, 2014)

Remittance inflow into the country has dropped for the first time in the fiscal year 2013-14 after a steady upward trend during the last 12 years. The inflow of remittances by millions of non-resident Bangladeshis in the 2013-14 fiscal year concluded in June reached 14.23 billion U.S. dollars, according to an official who preferred to be unnamed. He said the inflow of remittance, one of the key sources of foreign exchange reached 14.46 billion U.S. dollars in the previous 2012-13 (July 2012-June 2013) fiscal year. Sources said the decrease in total inflow of remittance were due mainly to sluggish overseas employment and political instability surrounding the country's national elections.

Malaysia to help build 8,400 flats in Uttara (The Daily Star, July 7, 2014)

The government has made a deal with Malaysia to build about 8,400 flats in Uttara after local contractors failed to deliver. The cabinet committee on economic affairs at a meeting yesterday approved a proposal to construct 100 buildings under technical and financial management of the Malaysian government on a design-build-transfer basis. Two Malaysian firms will construct the 16-storey buildings using industrialised building system (IBS), according to the proposal of the housing and public works ministry.

PM plans Hong Kong-like city near Padma (bdnews24, July 6, 2014)

“A city like Hong Kong will be built on the banks of the Padma once the bridge has been constructed,” said Prime Minister Sheikh Hasina last Saturday. She says she discussed urbanisation in that area with the finance minister, specifically mentioning a “state-of-the-art” conference halls and recreation centres. The government has initiated the construction of Bangladesh’s largest infrastructure, the 6.5 km long Padma Bridge at Munshiganj’s Mawa.

Only one factory shuts after inspection by Alliance (The Daily Star, July 6, 2014)

Only one garment factory was shut out of 600 units inspected by Alliance for Bangladesh Worker Safety, a platform of 26 US-based retailers and brands. Of the 605 factories inspected, the Alliance recommended closure of seven factories in its first week of inspection but a review panel allowed five units to continue production, while a decision on one factory is due tomorrow. Alliance engineers detected some flaws in the factory buildings such as electrical safety problems, overloading of goods on different floors, insufficient exit capacity, and absence of sprinklers.

Most illegal VoIP calls travel through Teletalk (The Daily Star, July 6, 2014)

Three mobile operators urged the telecom regulator to take action against state-run Teletalk, which they said did not block its SIMs used for carrying illegal international calls. Chief executives of Grameenphone, Banglalink and Robi wrote a letter to Bangladesh Telecommunication Regulatory Commission on June 29, after analysing call flows to their systems from different operators. The average duration of calls coming from Teletalk to the three operators was higher compared with other operators last month. 

Weekly News Clippings (July 3, 2014)

NBR slaps tax on farmland transfer (The Daily Star, July 3, 2014)
The National Board of Revenue has for the first time brought the transfer of agricultural land under its tax net in an attempt to boost receipts and curb tax-dodging. The measure comes amid allegations that non-farm land outside the municipality areas are handed over in the name of agricultural land to evade tax. From now onwards, sellers of farmland in rural and suburban areas will have to deposit one percent of the deed value of the property to the state coffers as tax.

The best will last (The Daily Star, July 3, 2014)
After three months of grueling training and business building, top 15 startups are now fighting for the right to go to the next stage of the 2014 Bangladesh StartUp Cup 2014.  Five seasoned mentors, five judges and five guest investors from the US are all geared up for the second round of the Cup that began in April earlier this year. Bangladesh StartUp Cup 2014 is a 7 month long contest which helps startup entrepreneurs to define their product or service, build a business around it and sell it in the market.

Nepal, Bangladesh beat India in mother and child care (Hindustan Times, July 3, 2014)
Ten countries, including Nepal and Bangladesh in South Asia, have dramatically reduced mother and child deaths within two decades despite social and political challenges. Action in just these 10 "fast-track" countries - Bangladesh, Cambodia, China, Egypt, Ethiopia, Lao PDR, Nepal, Peru, Rwanda and Vietnam – prevented 2.4 million child deaths and over 70,000 fewer maternal deaths between 1990 and 2013. Though mix of strategies and investments used to reduce mother and child deaths differed to meet local context and priorities across the 10 countries, some common approaches shared by all fast-track countries included high-impact health interventions such as quality care at birth, immunisation and family planning, prioritising education, women’s political and economic participation and control of corruption. In Bangladesh, for example, mobile technology was used to digitalise birth registration, taking it up from 10% in 2006 to over 50% in 2013.

Germany to push for economic reforms in G7 (Dhaka Tribune, July 2, 2014)
Germany wants to promote structural economic, financial market and tax reform when it takes over the presidency of the G7 club of rich nations next week. Finance Minister Wolfgang Schaeuble and central bank Chief Jens Weidmann stressed the need for “sound public finances and energetic structural reforms ... to achieve sustainable growth in the G7 countries and the global economy”. Amid the eurozone crisis, Schaeuble has been a champion of tough austerity and fiscal discipline as opposed to the stimulus spending advocated by crisis-hit countries in the EU.

$92m World Bank project helps improve drainage, minimise urban flooding (The Financial Express, July 2, 2014)   
The Dhaka Water Supply and Sanitation Project (DWSSP), supported by the World Bank, is helping the Dhaka Water Supply and Sewerage Authority (DWASA) to improve rainwater drainage in select catchments in Dhaka and strengthen its planning capacity. The project has initiated measures to install selected storm water pumping stations and rehabilitate selected canals to help improve drainage and minimize urban flooding. The estimated total cost of the project is US$ 92.7 million.  The World Bank is providing US$ 76.0 million, while the government is financing the remaining costs

Economists: Big hole in income tax system (Dhaka Tribune, July 2, 2014)        
In Bangladesh, the top 10 percent of the population owns 35 percent of the national income while personal income taxes are a meager 1.5 percent of GDP.  At a seminar on Implementation Challenges of the 2014-15 Budget, jointly organised by the Policy Research Institute (PRI) and DFID, World Bank lead economist Zahid Hussain said the country might achieve 6.5 percent economic growth in the ongoing fiscal year, not the 7.3 percent the government is aiming at, and that too will depend on the revival of the stagnating private investment.


Solar home systems in Bangladesh see fastest growth (The Daily Star, July 1, 2014)
The programme for installing solar home systems in Bangladesh has the fastest penetration rate in the world, as the country installs more than 70,000 such units every month. The World Bank has agreed to lend the Bangladesh government a $78.4 million additional financing to further scale up support for the programme.  The country has installed more than 3.1 million solar home systems till May this year with support from the WB and other development partners. The total installed capacity of these solar home systems is around 140MW, sufficient to provide clean electricity to 14 million rural people. The project will help install an additional 480,000 solar home systems that have emerged as a viable electrification option for areas without grid access to electricity.

Migrant workers hit by travel tax hike(The Daily Star, July 1, 2014)
The government has raised the travel tax in the upcoming fiscal year, a move that is set to put pressure on the financially-challenged migrant workers, who form the majority of outbound travellers from Bangladesh. From July 1, travel tax for the migrant workers' popular destinations such as Middle East, Malaysia and Singapore, along with a host of other countries, will be Tk 3,000, an increase of 20 percent. The hike comes at a time when the cost of migration is on the rise and the outflow of migrants for overseas jobs is on the decline.


Nike's marketing costs soar on World Cup(The Daily Star, June 30, 2014)
Heavy spending on marketing weighed on Nike's performance in its fourth quarter which ended 31 May. Spending on marketing soared by 36 percent as Nike boosted promotion ahead of the 2014 FIFA World Cup curbing profits which rose 1 percent to $698m, compared to the same quarter in 2013. For the first time Nike is sponsoring more national teams in the World Cup than rival Adidas. The German firm has a sponsorship deal with Luis Suarez who has been suspended from all football-related activity for four months for biting Italy defender Giorgio Chiellini.

Bangladesh can be world's largest food exporter (The Financial Express, June 30, 2014)   
The Dutch Ambassador in Dhaka, Garben de Jong said that Bangladesh could be the world's largest agricultural foods exporting country. "Currently Netherlands is world's second-largest agricultural goods exporter despite being five times smaller than Bangladesh in size….. Why not Bangladesh?”, he asked while visiting a project by  Salidaridad, a foreign aid-provider-turned-trade facilitator. Salidaridad is facilitating the country's largest efficient supply chain under Sustainable Agriculture, Food Security and Linkages (SaFaL) programme. It engages all actors in the chain in innovative market solutions that maximizes benefits for all.


ADB gives loan for Bangladesh project to improve climate resilience (Globalpost, June 29, 2014)
The Asian Development Bank (ADB) and the Bangladeshi government Sunday signed agreements for 82 million U.S. dollars in loans and 12 million U.S. dollars in grants to protect the country's coastal towns from the ravages of natural disasters and climate change. According to the ADB, the Coastal Towns Environmental Infrastructure Project will help eight vulnerable secondary coastal towns in southern Bangladesh build up their climate resilience and disaster preparedness. Coastal areas of the country, according to the ADB, with a population of over 38 million, are heavily exposed to cyclones, storm surges, and sea level rises, which are expected to become more frequent and extreme with the onset of climate change.

Productive use of remittance (The Financial Express, June 29, 2014)
Remittance earning, along with the receipts that come from the apparel items, forms the backbone of the economy. A recent survey conducted by the Bangladesh Bureau of Statistics (BBS), the state statistical organisation, has found out that the major portion of the remittance income is spent on consumption and acquisition of land and real estate. The survey that covered 9961 remittance-earning households across the country between January, 2013 and June, 2014 has found that only 25 per cent of such households invest funds in productive activities. It has also revealed that the bulk of the remittance money is spent on consumption, home-building and purchase of land and flats.

Bangladesh 3rd poorest country in South Asia (Dhaka Tribune, June 27, 2014)
Bangladesh is the third poorest country in South Asia after Afghanistan and India, according to a recent poverty estimation study by Oxford University, UK. The Multi-Dimensional Poverty Index (MPI) 2014, a tool used by Oxford researchers to measure poverty,  placed Afghanistan as the poorest country in South Asia, with 66% of its people being poor, followed by India with 54%, Bangladesh with 51% and Pakistan  and Nepal with 44%. Using the MPI tool, the researchers classified the “destitute” as those who experience extreme deprivation such as having lost two children or more, having someone severely malnourished in the households, or having no asset at all.