Export
tax cuts concern IMF (The Daily Star, April 17, 2014)
The International Monetary Fund has sought a concrete action plan from the government to counter the impact of export tax cuts. The cuts are expected to bring in revenue losses of around Tk 2,000 crore over the next 15 months. Last month, the National Board of Revenue (NBR) slashed the export tax on ready made garments to 0.3 percent from 0.8 percent and on all other products to 0.6 percent from 0.8 percent, in a bid to make up for the losses incurred last year due to political turmoil.
Banks reluctant to mobilise deposits (Dhaka Tribune, April 16, 2014)
Deposit growth in the banking sector dropped substantially in last one year as banks are reluctant to mobilise funds at higher rate due to lack of credit demand and sluggish investment climate. It decreased to 16.48% in February from 20% in the same month last year. The credit growth of the banking sector decreased to 7.44% from 12.73% during the same period, according to the Bangladesh Bank data.
WTO raises outlook for global trade in good sign for economy (The Financial Express, April 16, 2014)
Global commerce is set to grow by 4.7 per cent this year with recovery in rich economies expected to mitigate risks in developing nations, says the World Trade Organization. According to WTO’s earlier forecast, trade would expand by 4.5 per cent in 2014, up from an estimated rate of 2.1 per cent in 2013. So the latest forecast points to substantially more than a doubling of the growth achieved last year. Trade is a key measure of the health of the global economy which it both stimulates and reflects. Asia will continue to fuel growth rates, the WTO said, although China's exceptionally strong expansion is slowing. In addition, Europe and North America's recovery is also set to be a key driver on both the import and export fronts.
Bangladesh factory owner faces murder charges over deadly collapse (Australian News Network, April 15, 2014)
The owner of a nine-storey building that collapsed and killed more than 1,100 Bangladeshi garment workers in April last year is to face murder charges, police said. Sohel Rana, owner of the Rana Plaza factory complex would be charged in connection with the disaster. If convicted Rana, a junior official in the ruling Awami League party, could be sentenced to death. It was the first time police have said they would file murder charges against Rana, who was arrested on the western border with India as he tried to flee the country days after the April 24 disaster. Survivors recounted how thousands of them were forced to enter the compound at the start of the working day despite complaints about cracks appearing in the walls.
Realtors call for relaxing lending rules (The Daily Star, April 15, 2014)
Realtors are urging financial institutions to provide more loans to the real estate sector due to the higher demand. The current demand for housing in urban areas is 30,000 units annually and is expected to cross 60,000 units in the next five years while the real estate sector is only producing 17,000-18,000 units per year. Realtors further said that banks should make investment in the real estate sector considering their heavy investment in its backward linkage industries such as steel mills, cement and tiles industries.
Seek buys 25% of Bangladesh's Bdjobs (The Australian Business, April 14, 2014)
Listed job search site Seek has acquired 25 per cent of fast-growing Bangladeshi jobs site Bdjobs, for $5 million in cash, as it continues its growth strategy in Asia. The acquisition was made using Seek's cash reserves, facilitated via a proportional sell-down by early stage investors. It grants the Australian company representation on Bdjobs' board as well as typical protections relevant to a minority shareholding. The jobs site -- Bangladesh's largest -- posted a net profit after tax of $US900 million ($A957.81m) in the 2013 calendar year. Bdjobs' chief executive and founder Fahim Mashroor remains its biggest shareholder.
Over hundred sub-contracting apparel factories close down (The Financial Express, April 14, 2014)
More than one hundred sub-contracting apparel factories, mostly non-compliant ones, have been closed and many others are at the verge of closure mainly for want of sufficient work. According to the industry insiders, the sub-contracting factories have long been facing dearth of work as big garment makers, who take work orders directly, are either turning away from the third parties or are opting for the compliant ones in the face of strict monitoring of safety measures by the buyers. Sources said, the sub-contracting factories randomly engage child labour in production and other safety measures like fire safety, exit facilities and their timely payments are rarely maintained.
Rising wages squeeze Bangladesh garment makers as factories await upgrades(Chicago Tribune, April 13, 2014)
Bangladesh garment factory owners say they are soaking up much of the cost of nearly doubling wages as some global retailers balk at price hikes, leaving less money for safety improvements urged by apparel chains after last year's Rana Plaza disaster. The task of coping with a 79 percent increase in the minimum monthly wage to $68, imposed last December at the urging of some retail chains, comes as competition intensifies among emerging markets producing garments for stores like Walmart and Zara. That is squeezing sales in Bangladesh's main export industry. Some buyers have shifted orders to countries like India, Vietnam, Indonesia and Cambodia because of concerns about workshop safety, higher wages and political uncertainty.
Facebook restricted content access in Bangladesh (Dhaka Tribune, April 13, 2014)
Facebook, the top social network in the world, had restricted access to content in Bangladesh. The restriction was implicated upon Bangladesh government request, says Facebook. A total of 3 contents were restricted according to the Facebook report. However, Facebook has not disclosed any details about the restricted contents. Earlier, Bangladesh government had asked for personal information of 12 Facebook users to the Facebook authorities from January to June in 2013. In the recent report, India requested to restrict 4765 contents, which is the highest among the countries. United States government asked for 18,715 user account information, which is highest in this regard.
Non-traditional markets show great promise for garments(The Daily Star, April 13, 2014)
Garment exports to non-traditional markets are rising at a faster rate than to the traditional markets owing to the stimulus package and duty benefits by emerging markets for Bangladesh. In fiscal 2012-13, garment exports to non-traditional markets such as Australia, Brazil, Chile, China, India, Japan, South Korea, Mexico, Russia, South Africa, Turkey and so on rose 29 percent year-on-year to $2.98 billion, according to data from Export Promotion Bureau. In contrast, exports to traditional markets of the US, Canada and European Union stood at $18.54 billion last fiscal year, up 10.93 percent year-on-year.
Good IMF grades to Bangladesh (The Daily Star, April 12, 2014)
The International Monetary Fund has said it is not concerned over Bangladesh's economic performance as the growth rate is hovering around 6 percent. According to Changyong Rhee, director of IMF's Asia-Pacific Department, the 6 percent growth rate or close to 6 percent is not a bad performance. Bangladesh's GDP growth prospects are slightly brighter than its Asian peers: the IMF expects Asian growth to improve to 5.4 percent in 2014 and 5.5 percent in 2015, up from 5.2 percent last year. Asia will remain the global growth leader, as Rhee said the main growth drivers are improved external demand, which has lifted exports, healthy labour markets and robust credit growth.
Rutgers joins push for safer working conditions in Bangladesh (newsworks, April 11, 2014)
Rutgers, New Jersey's state university, is the latest of 17 schools requiring manufacturers of its collegiate apparel to sign the Accord on Fire and Building Safety in Bangladesh. International workers rights groups are praising a decision by Rutgers University that could help eliminate sweatshops in Bangladesh. That accord requires factories to establish workplace safety rules and agree to independent inspections, said Judy Gearhart, executive director of the International Labor Rights Forum.
Bangladesh: Skills and Training Enhancement Project (The World Bank, April 11, 2014)
To ensure better employment opportunities for the Bangladeshi labor force, in both local and overseas job markets, skills development and vocational education have to be aligned with the market demand. The Skills and Training Enhancement Project (STEP) aims to strengthen public and private training institutions, to improve the quality of skills training and employability of trainees, both at home and abroad, including those from disadvantaged socio- economic backgrounds. Since the project was approved in 2010, 69,000 diploma students from 93 polytechnic institutions received stipends and 29,700 trainees received training from these training providers, 25% of them being women.
The International Monetary Fund has sought a concrete action plan from the government to counter the impact of export tax cuts. The cuts are expected to bring in revenue losses of around Tk 2,000 crore over the next 15 months. Last month, the National Board of Revenue (NBR) slashed the export tax on ready made garments to 0.3 percent from 0.8 percent and on all other products to 0.6 percent from 0.8 percent, in a bid to make up for the losses incurred last year due to political turmoil.
Banks reluctant to mobilise deposits (Dhaka Tribune, April 16, 2014)
Deposit growth in the banking sector dropped substantially in last one year as banks are reluctant to mobilise funds at higher rate due to lack of credit demand and sluggish investment climate. It decreased to 16.48% in February from 20% in the same month last year. The credit growth of the banking sector decreased to 7.44% from 12.73% during the same period, according to the Bangladesh Bank data.
WTO raises outlook for global trade in good sign for economy (The Financial Express, April 16, 2014)
Global commerce is set to grow by 4.7 per cent this year with recovery in rich economies expected to mitigate risks in developing nations, says the World Trade Organization. According to WTO’s earlier forecast, trade would expand by 4.5 per cent in 2014, up from an estimated rate of 2.1 per cent in 2013. So the latest forecast points to substantially more than a doubling of the growth achieved last year. Trade is a key measure of the health of the global economy which it both stimulates and reflects. Asia will continue to fuel growth rates, the WTO said, although China's exceptionally strong expansion is slowing. In addition, Europe and North America's recovery is also set to be a key driver on both the import and export fronts.
Bangladesh factory owner faces murder charges over deadly collapse (Australian News Network, April 15, 2014)
The owner of a nine-storey building that collapsed and killed more than 1,100 Bangladeshi garment workers in April last year is to face murder charges, police said. Sohel Rana, owner of the Rana Plaza factory complex would be charged in connection with the disaster. If convicted Rana, a junior official in the ruling Awami League party, could be sentenced to death. It was the first time police have said they would file murder charges against Rana, who was arrested on the western border with India as he tried to flee the country days after the April 24 disaster. Survivors recounted how thousands of them were forced to enter the compound at the start of the working day despite complaints about cracks appearing in the walls.
Realtors call for relaxing lending rules (The Daily Star, April 15, 2014)
Realtors are urging financial institutions to provide more loans to the real estate sector due to the higher demand. The current demand for housing in urban areas is 30,000 units annually and is expected to cross 60,000 units in the next five years while the real estate sector is only producing 17,000-18,000 units per year. Realtors further said that banks should make investment in the real estate sector considering their heavy investment in its backward linkage industries such as steel mills, cement and tiles industries.
Seek buys 25% of Bangladesh's Bdjobs (The Australian Business, April 14, 2014)
Listed job search site Seek has acquired 25 per cent of fast-growing Bangladeshi jobs site Bdjobs, for $5 million in cash, as it continues its growth strategy in Asia. The acquisition was made using Seek's cash reserves, facilitated via a proportional sell-down by early stage investors. It grants the Australian company representation on Bdjobs' board as well as typical protections relevant to a minority shareholding. The jobs site -- Bangladesh's largest -- posted a net profit after tax of $US900 million ($A957.81m) in the 2013 calendar year. Bdjobs' chief executive and founder Fahim Mashroor remains its biggest shareholder.
Over hundred sub-contracting apparel factories close down (The Financial Express, April 14, 2014)
More than one hundred sub-contracting apparel factories, mostly non-compliant ones, have been closed and many others are at the verge of closure mainly for want of sufficient work. According to the industry insiders, the sub-contracting factories have long been facing dearth of work as big garment makers, who take work orders directly, are either turning away from the third parties or are opting for the compliant ones in the face of strict monitoring of safety measures by the buyers. Sources said, the sub-contracting factories randomly engage child labour in production and other safety measures like fire safety, exit facilities and their timely payments are rarely maintained.
Rising wages squeeze Bangladesh garment makers as factories await upgrades(Chicago Tribune, April 13, 2014)
Bangladesh garment factory owners say they are soaking up much of the cost of nearly doubling wages as some global retailers balk at price hikes, leaving less money for safety improvements urged by apparel chains after last year's Rana Plaza disaster. The task of coping with a 79 percent increase in the minimum monthly wage to $68, imposed last December at the urging of some retail chains, comes as competition intensifies among emerging markets producing garments for stores like Walmart and Zara. That is squeezing sales in Bangladesh's main export industry. Some buyers have shifted orders to countries like India, Vietnam, Indonesia and Cambodia because of concerns about workshop safety, higher wages and political uncertainty.
Facebook restricted content access in Bangladesh (Dhaka Tribune, April 13, 2014)
Facebook, the top social network in the world, had restricted access to content in Bangladesh. The restriction was implicated upon Bangladesh government request, says Facebook. A total of 3 contents were restricted according to the Facebook report. However, Facebook has not disclosed any details about the restricted contents. Earlier, Bangladesh government had asked for personal information of 12 Facebook users to the Facebook authorities from January to June in 2013. In the recent report, India requested to restrict 4765 contents, which is the highest among the countries. United States government asked for 18,715 user account information, which is highest in this regard.
Non-traditional markets show great promise for garments(The Daily Star, April 13, 2014)
Garment exports to non-traditional markets are rising at a faster rate than to the traditional markets owing to the stimulus package and duty benefits by emerging markets for Bangladesh. In fiscal 2012-13, garment exports to non-traditional markets such as Australia, Brazil, Chile, China, India, Japan, South Korea, Mexico, Russia, South Africa, Turkey and so on rose 29 percent year-on-year to $2.98 billion, according to data from Export Promotion Bureau. In contrast, exports to traditional markets of the US, Canada and European Union stood at $18.54 billion last fiscal year, up 10.93 percent year-on-year.
Good IMF grades to Bangladesh (The Daily Star, April 12, 2014)
The International Monetary Fund has said it is not concerned over Bangladesh's economic performance as the growth rate is hovering around 6 percent. According to Changyong Rhee, director of IMF's Asia-Pacific Department, the 6 percent growth rate or close to 6 percent is not a bad performance. Bangladesh's GDP growth prospects are slightly brighter than its Asian peers: the IMF expects Asian growth to improve to 5.4 percent in 2014 and 5.5 percent in 2015, up from 5.2 percent last year. Asia will remain the global growth leader, as Rhee said the main growth drivers are improved external demand, which has lifted exports, healthy labour markets and robust credit growth.
Rutgers joins push for safer working conditions in Bangladesh (newsworks, April 11, 2014)
Rutgers, New Jersey's state university, is the latest of 17 schools requiring manufacturers of its collegiate apparel to sign the Accord on Fire and Building Safety in Bangladesh. International workers rights groups are praising a decision by Rutgers University that could help eliminate sweatshops in Bangladesh. That accord requires factories to establish workplace safety rules and agree to independent inspections, said Judy Gearhart, executive director of the International Labor Rights Forum.
Bangladesh: Skills and Training Enhancement Project (The World Bank, April 11, 2014)
To ensure better employment opportunities for the Bangladeshi labor force, in both local and overseas job markets, skills development and vocational education have to be aligned with the market demand. The Skills and Training Enhancement Project (STEP) aims to strengthen public and private training institutions, to improve the quality of skills training and employability of trainees, both at home and abroad, including those from disadvantaged socio- economic backgrounds. Since the project was approved in 2010, 69,000 diploma students from 93 polytechnic institutions received stipends and 29,700 trainees received training from these training providers, 25% of them being women.
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