Good morning. Here's what happened overnight and what you need to know today.
1.
Bad Loans Hit Alarming Record: Awami League-affiliated businesses had already put the country's banking sector in trouble with huge bad debts, but the loans disbursed through irregularities to these companies turned sour even at a more alarming pace after the party's ouster. The result: bad debts in Bangladesh's banks hit a record Tk 284,977 crore at the end of September, less than two months after the fall of the Sheikh Hasina-led government on August 5. (The Daily Star)
2.
Labour Unrest Puts Huge Strain on RMG Industry: The labour unrest that broke out in Ashulia in late August and spilled over to Gazipur has put enormous impacts on the billion-dollar garment industry, according to sector insiders. The impacts include shift in work orders to other places inside and outside the country and also a halt in massive investment plans. Entrepreneurs are now struggling to cope with the production deadline and costs as many apparel factories have to suspend operations in fear of vandalism. (The Financial Express)
3.
How BB Weaponised Transfers to Punish Certain Officials: In May this year, Islami Bank applied to the Foreign Exchange Policy Department (FEPD) of Bangladesh Bank for approval to open four authorised dealer (AD) branches, just months before the fall of the Awami League government. In response, the department's then-additional director sent a letter to the bank, requesting the necessary documents for approval. However, the bank, which was controlled by the S Alam Group, a close ally of the Awami League government, was reportedly dissatisfied with the request, and the officer who issued the letter was questioned by then-deputy governor Kazi Sayedur Rahman as to why the documents were sought. (The Business Standard)
4.
Election Process, Reform to Run Simultaneously: Chief Adviser Muhammad Yunus says election process and state-level reforms will run simultaneously to ensure free and fair elections for transfer of power. In his address to the nation on Sunday evening to mark 100 days of the interim administration, the head of post-uprising government said Election Commission formation will take place in few days to kick-start election train and urged all to hold patience in greater national interest of a smooth transition. (The Financial Express)
5.
Graft Biggest Obstacle to Doing Business: More than 16 percent of Bangladeshi businesses identified corruption as the biggest obstacle to their operations, according to a survey conducted between April and July of this year. "Corruption, faced by businesses regardless of size, remains the main obstacle to doing business in Bangladesh," said Khondaker Golam Moazzem, research director of local think tank Centre for Policy Dialogue (CPD), which conducted the study. (The Daily Star)
----Saju Sarker
BBN/SSR/AD