$130b a yr wasted on 'poor' education: UN A quarter of a billion children worldwide are failing to learn basic reading and maths skills in an education crisis that costs governments $129 billion annually. According to UNESCO’s annual monitoring report, inadequate teaching across the world has left a legacy of illiteracy more widespread than before. The United Nations defines "youth" as people aged between 15 and 24, although UNESCO's definition varies across regions.
39 companies line up for IPO approval (The Daily Star, January 29, 2014)
Some 39 companies are awaiting regulatory approval to raise around Tk 2,100 crore from the capital market by way of initial public offerings. IPO is the first sale of a stock of a private company to the public. The companies, tied to the textile, power, real estate, ship building, manufacturing, engineering and financial sectors, have already submitted their IPO proposals to the Bangladesh Securities and Exchange Commission.
Expo on building, fire safety products in city next month (The Financial Express, January 28, 2014)
Apparel makers and two global buyers' platforms-Accord and Alliance-have joined hands to display proper building, fire and electrical safety products and service under one roof. Frequent industrial incidents, especially fires at Tazreen and Smart factories and the Rana Plaza have highlighted the building, electrical and fire safety issues in the garment sector. Since the beginning of the apparel manufacturing in Bangladesh, the sector has not taken enough steps to protect its workers. The expo aims at improving and ensuring workplace safety in the country's readymade garment industry.
Airlines reduce fares, migrant workers most benefitted (The Financial Express, January 28, 2014)
The airlines authorities have cut airfares to combat stiff competition. Bangladeshi passengers, largely overseas workers, are being benefited as most of the Dhaka-based airlines have reduced airfares by about 20 to 25 per cent due mainly to sluggish market. Besides, operation of low- cost carriers from the country also forced costly ones to reduce their ticket fare.
RMG sees slow but steady growth in 2013 despite unrest (Dhaka Tribune, January 28, 2014)
Despite the political unrest coupled with global retailers’ threat not to buy Bangladeshi products following disasters such as factory fires and building collapses, the country, witnessed a slow but steady growth in the apparel sector in 2013. A good number of apparel manufacturers have come up with more investments either to establish or to expand their own readymade garment factories. Apart from that, both the BGMEA and BKMEA data showed a remarkable hike in their respective membership categories.
Political turmoil costs four sectors Tk 49,000cr: CPD (The Daily Star, January 26, 2014)
Nationwide shutdowns and blockades in the last six months have cost transport, garment, agriculture and tourism sectors a total of Tk 49,017 crore according to the Centre for Policy Dialogue. The loss is equivalent to 4.7 percent of the gross domestic product (GDP) of fiscal 2012-13, said Debapriya Bhattacharya, a CPD Fellow at the launch of the think tank's Analytical Review of Bangladesh's Macroeconomic Performance in FY2013-14 study. The reported losses included loss of assets, operational and income person-days of work. The study focused on four major sectors such as export-oriented clothing and textiles, agriculture and agro-based industries (vegetables, agro processors, poultry, frozen food, agro machineries, jute), land transport (rail and road) and tourism.
FDI declines 92% in last three months (Dhaka Tribune, January 26, 2014)
Bangladesh’s foreign direct investment (FDI) decreased by 92% in the final quarter of last year as compared to the previous year, due to political unrest. Board of Investment (BoI) data showed a total of $100m to have entered the country in FDI during the October-to-December period. However, the figure stood at $1.25bn for the same period in the previous year.A German company was also going to invest $660m taking out a lease on an aircraft from Biman Bangladesh Airlines during the period. Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) along with DCCI and MCCI calculated a total of 40,000 people lost their jobs owing to the turmoil.
ICT can contribute 1% to GDP, claims BASIS (Dhaka Tribune, January 26, 2014)
Bangladesh Association of Software and Information Services (BASIS) has announced its fourth edition of ‘BASIS Outsourcing Award’ for the year 2014. Leaders of the BASIS said that ICT sector could contribute to the country’s GDP by at least 1% only if the government can introduce ten million more internet users annually. According to the leaders, as our outsourcing firms earn at least US$200 to $250m annually most of the earnings come from informal sources which is not reflected in the statistics.
Local banks lead e-payment (The Daily Star, January 25, 2013)
Local private banks, which were tiny players among merchant acquiring banks even a couple of years ago, have now taken the full control of the POS market from foreign banks, to cash in on the growing demand. Transactions through point-of-sales (POS) grew 30 percent in 2013 from a year ago, thanks to urban consumers and retailers who are leaning towards electronic payments to minimise costs and risks of carrying cash.
