Good morning. Here's what happened overnight and what you need to know today.
1.
Custodian to Manage Beximco Assets: The Bangladesh Bank (BB) took three major decisions yesterday, including the appointment of a custodian, officially termed as a receiver, at troubled Beximco Group in order to prevent its fall and protect the interests of investors, employees and lenders. Additionally, the central bank decided in principle to hire a consulting firm to recover money laundered abroad, particularly from destinations such as the UK, the US, Singapore and the UAE. (The Daily Star)
2.
Saudi Arabia Opens Doors to Nurses From Bangladesh in Landmark Move: Saudi Arabia has begun recruiting Bangladeshi nurses, marking a significant milestone in overseas employment, as the Gulf nation traditionally employs lower-wage, less-skilled workers from the country. The recruitment process, targeting an initial intake of 500 nurses, has commenced through both public and private agencies, with the potential for gradual increases in demand, provided Bangladeshi candidates meet the stringent requirements set by the Saudi Ministry of Health, according to officials from the Bangladesh Overseas Employment and Services Limited (BOESL). (The Business Standard)
3.
Libya Seeks to Hire More Bangladeshi Workers: Libya has sought to employ more Bangladeshis, including doctors and engineers, to develop the country. It has also invited Bangladeshi students to enroll in the country's top universities. The Libyan ambassador to Bangladesh, Abdulmutalib SM Saliman, expressed the country's interest when he called on Chief Adviser (CA) Professor Muhammad Yunus at his office in capital on Sunday, said a spokesperson of the CA. (The Financial Express)
4.
Bangladesh’s Climate Debt Keeps Climbing: As global leaders gather in Baku, Azerbaijan to discuss finance at the 29th climate conference, the most vulnerable countries like Bangladesh are demanding new and additional climate finance that does not exacerbate climate debt. The per capita climate debt for every Bangladeshi citizen has reached $80, which is about Tk 9,500. (The Daily Star)
5.
Govt to Take More Time to Decide on LDC Graduation: Bangladesh will take more time to decide on its graduation from the least developed country (LDC) category, scheduled for 2026, Commerce Adviser Salehuddin Ahmed said yesterday. Ahmed made the comment in response to journalists' questions, noting that business leaders prefer that the LDC graduation be delayed for the retention of trade benefits for a longer period. (The Daily Star)
6.
Costly Borrowing Instrument Destabilises Interest Regime: Commercial banks are increasingly banking on costly borrowing instrument called SLF or standing liquidity facility created by the central bank at the expense of volatility in the existing interest regime, experts forewarn. As the banks having liquidity stress are not getting positive response from the affluent banks on the interbank call-money market, they keep taking recourse to the costly borrowing option to somehow manage their liquidity penury. (The Financial Express)
----Saju Sarker
BBN/SSE/AD