Foreign television channels under NBR's scanner (The Daily Star, March 13, 2014)
The National Board of Revenue plans to look into whether foreign satellite television channels broadcasting in Bangladesh are paying taxes properly. "We get an insignificant amount of taxes from the foreign TV channels and cable operators," NBR Chairman Md Ghulam Hussain said yesterday.
Currently, distributors of foreign channels have to pay 15 percent VAT (value added tax) and 25 percent supplementary duty. Leaders of the association said it is the advertisers who pay VAT for giving advertisements in the print media, but in case of advertisements in the electronic media, owners of the television channels have to pay the VAT.
Major flaws in 10 garment factories (The Daily Star, March 12, 2014)
Engineers hired by European brands and retailers have identified major electrical and structural flaws in 10 leading local garment factories. In their first scrutiny, the teams from the Accord on Fire and Building Safety in Bangladesh, a platform of 150 retailers and brands mainly from Europe, found complete lack of safety as electrical cables were lying on the floor. The inspection teams also found overly heavy structure on the upper floors, insufficient space through the exit doors, cracked beams, lack of sprinklers and tangled masses of electric wires on the factory floor. Of the 68 factories it inspected so far, two were temporarily closed last week although work was allowed to continue in one factory after some of the problems were addressed. The Accord will inspect 1,500 factories by the end of August this year. There are around 3,600 active factories under Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and nearly 2,000 under Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA). Bangladesh’s readymade garment sector employs over 4m workers of which 80% are women.
Emerging economies holding back global recovery: OECD (Financial Express, March 12, 2014)
The recovery in developed economies is on track although the slow pace of activity in big emerging markets means global growth will be only moderate at best in the near term. According to the OECD, the gradual recovery in the advanced economies is encouraging, even if temporary factors have pushed down growth rates in the early months of this year, while the slowdown in emerging economies is likely to be a drag on global growth.
80pc flood flow zones filled up (The Daily Star, March 12, 2014)
Realtors have destroyed more than 80 percent of the capital's conservable floodplains and water retention zones, mostly in the last five years, as the government stalled implementing key recommendations of the detailed area plan (DAP), say experts. One key recommendation in the DAP was reclamation of more than 2,500 acres of flood flow zones and agricultural land from illegal housing scheme developers. The DAP was finalised twice by technical experts and published in official gazette in June 2010, after a long struggle and much foot dragging. Floodplains are essential for recharging underground aquifers, balancing temperature, and for agriculture and fishing while water retention zones are crucial for preventing floods.
World Bank expands support to Bangladesh cyclone victims (Reuters, March 11, 2014)
The World Bank has extended another $140 million in additional support to Bangladesh to help people affected by two deadly cyclones in 2007 and 2009. The World Bank has now contributed a total of $324 million to the assistance project, which began in 2008, the Washington-based lender said in a statement. The project has also received contributions from the Global Facility for Disaster Reduction and Recovery ($2.96 million), the Bangladesh Climate Change Resilience Fund ($25 million), and KfW (euro 3.82 million). Total available funds are now $356.9 million. Cyclone Sidr in 2007 killed around 3,500 people in Bangladesh, while Cyclone Aila in 2009 killed more than 300 people in Bangladesh and around 150 people in India.
800 Sonali Bank branches prone to burglary (Dhaka Tribune, March 11, 2014)
The government has prepared a three-month road map to reinforce the security systems in all state-owned banks to prevent further bank robbery, especially at Sonali Bank as 800 of its branches have been found risky. According to officials of the Bank and Financial Institutions Division (BFID) most of these risky branches were housed in rented buildings. However, the execution of the road map could not be completed unless the government took policy decisions on three major issues – insurance of the money kept in a branch, purchase of land for banks, and building strong iron vaults, he said. Rest of the measures, including arrangement of security guards for the Sonali Bank branches, would be implemented on short-term basis, he said.
Exports rise 6pc in Feb (The Daily Star, March 11, 2014)
Bangladesh’s exports rose 6.36 percent in February from a year earlier to $2.39 billion, boosted by stronger garment sales as political turmoil eased after an election in January. According to the Export Promotion Bureau, the exports totalled $19.83 billion, up nearly 14 percent from the same period a year ago in the first eight months of the financial year beginning July 1. Garment exports rose 9 percent on year to $1.96 billion in February and were up 16.7 percent to $16.7 billion for the eight months. Garment exporters said orders are rebounding but the pace is not impressive and urged global retailers to ensure fair price for apparel.
Bangladesh warns of rising climate change costs as donations plummet(The Guardian, March 10, 2014)
Bangladesh needs $5bn over the next five years to adapt to current climate changes, and the cost is rising each year. According to a lead negotiator for developing countries in the UN climate talks, which resume in Bonn on Monday, Bangladesh and other developing countries, may have been promised $30bn as "fast-start finance" before $100bn a year is theoretically mobilised for developing countries in 2020, but the global recession and reluctance by rich countries to match their pledges with money have meant that most of them receive far less than they expected and has led to a loss of trust in the talks. "So far Bangladesh has received $200m from the fast-start finance, half of which has come from Britain. We had hoped for much more," said Quamrul Choudhury, who is also Bangladesh's climate envoy to the UN. But Choudhury is hopeful that countries will negotiate a legally binding global treaty in Paris next year.
Food adulteration a ‘silent killer’ (Dhaka Tribune, March 10, 2014)
The food which is supposed to sustain lives and keep people healthy, has become hazardous to health. Poba and Doctors for Health & Environment (DHEN) will jointly start a month-long awareness programme from March 14 this year. A committee, comprising of 101 members, had been formed to run this month long programme. Speakers said that the process to add poisonous and substandard ingredients in foods starts from the production level and continues till the retail end.
Pry, mass education sector may lose $ 667m foreign aid unless donors conditions met (Financial Express, March 09, 2014)
The country's primary and mass education sector may lose US$ 667 million in foreign aid unless the government meets certain conditions set by donors, including reviewing its decision to cut the sector's development allocation beyond 15 per cent, officials said. Of the conditions, the government must not cut its total budget allocations for primary and mass education sector by more than 15 per cent and implement at least 30 per cent of the donor-funded development projects a fiscal year (FY), they mentioned. But, the total budget outlay for education sector has already been slashed by 18.72 per cent in the Revised Annual Development Programme (RADP), sources at the ministry of primary and mass education (MoPME) said.
Bangladesh ranks 92nd in rule of law index (The Daily Star, March 8, 2014)
The administrative agencies and courts in Bangladesh are inefficient and affected by corruption and political interference. According to a report of the World Justice Project, Bangladesh ranks 92nd out of 99. According to the WJP Rule of Law Index 2014, Bangladesh holds 92nd position in civil justice, 94th in criminal justice, 95th in absence of corruption, 80th in constraints on government powers, 85th in open government, 87th in fundamental rights, 76th in order and security, 91st in regulatory enforcement. The Washington-based organisation identified human rights violations and police abuses as significant problems in Bangladesh.
H&M creates a new paradigm for skilled labour in Bangladesh (The Guardian, March 8, 2014)
H&M has announced its commitment to the Business Call to Action (BCtA) as part of its goal to make continuous and lasting improvements for the garment industry in Bangladesh. The company will invest in skills training that will benefit an estimated 5000 individuals by 2016. he company's initiative as a member of the BCtA is to create a Skill Development Centre of Excellence to help raise the levels of vocational training and provide certificates which in turn help increase productivity, as well as the long term employability of industry workers. If successful, the retailer also plans to establish a certified and replicable model for training and support for skilled labour within the export Ready-made Garment (RMG) industry.
Bangladesh hotspot for regional connectivity:US (The Financial Express, March 8, 2014)
Bangladesh has the potential to develop tremendous commercial ties with the rest of Asia through its very strategic location and natural resources, said US Assistant Secretary of State for South and Central Asian Affairs Nisha Desai Biswal. Biswas said the US was very interested in supporting India's economic connections both west into Pakistan, Afghanistan, and Central Asia and east with Bangladesh, Myanmar and Southeast Asia. Biswal, who paid her three-day visit to India on March 4-6 after being appointed as the US assistant secretary of state, said that Asia represented more than half of the world's population and was the most dynamic and fastest growing economic region in the world.
US economy adds 175,000 jobs in February (BBC, March 07, 2014)
February's jobs figure, known as non-farm payrolls and based on a survey of employers, compares with the 129,000 new jobs created in January. But the unemployment rate, based on different statistics, went up slightly from January's 6.6% to 6.7%. Analysts had been expecting a rise of about 150,000 last month. A large chunk of the gains came from financial and other services, which were responsible for an extra 79,000 jobs. Construction companies, many of which had been affected by the bad weather, added 15,000 jobs. But the information sector lost 16,000 jobs, most of them in film and sound recording. The US Federal Reserve has said the severe winter was to blame for recent weaknesses in jobs numbers, retail sales and housebuilding.
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