Good morning. Here's what happened overnight and what you need to know today.
1.
Assessing Loan Exposure: The Bangladesh Bank (BB) has instructed the recently restructured banks to identify and assess their loan exposure to politically exposed and important persons as they might fail to repay the loans. A politically exposed person is an individual who has been entrusted with prominent public functions. It includes ministers, members of parliament, senior executives of state-owned enterprises, and directors or members of the board of international organisations. (The Daily Star)
2.
Labour Export Falls: Bangladesh experienced a sharp decline in labour exports in August, marking the lowest number in 35 months, mainly due to political unrest. The country sent a mere 50,426 workers abroad in August, a 29% decrease from the previous month and a staggering 63% drop year-on-year, according to the Bureau of Manpower, Employment, and Training (BMET). (The Business Standard)
3.
Orion Plant: Relaxed Rules for Loan Approval: Three state-run banks far exceeded their limits to salvage a coal-fired power plant project of an Orion Group subsidiary, which was stalled for six years, with Tk 10,579 crore in loans thanks to policy relaxation by the Bangladesh Bank under the now-ousted Sheikh Hasina government. However, the loans, on top of Tk 6,244 crore liabilities of Orion companies with the banks, were not disbursed and the conglomerate decided to turn the project into a solar power plant. (The Daily Star)
4.
Labour Unrest Shuts Hundred Factories: Apparel-sector leaders Monday demanded tightened security at factories as production in nearly 100 units in the export industry halted amid labour unrest. They also sought necessary steps to address some issues related to banks and measures for fast release of containers at port and ensuring smooth supply of utilities. Their demands were made at a view-exchange meeting organised at a city hotel by Bangladesh Garment Buying House Association (BGBA). Former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Awal Mintoo was chief guest at the meeting presided over by BGBA president Md Mofazzal Hossain Pavel. (The Fiancial Express)
5.
Two Shell Cos Drained Tk 2,343cr: Islami Bank Bangladesh granted huge loans to various entities from its Chattogram branches. But there's just one problem: thousands of crores were disbursed to firms that exist only on paper. An investigation by The Daily Star has uncovered that loans worth Tk 2,343 crore were given to two entities in the port city that are merely shell companies. (The Daily Star)
---Saju Sarker