Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
WB plans big to fund connectivity
The World Bank is preparing a five-year country strategy for Bangladesh, putting its focus on connectivity to link the country with three other nations, and for ensuring food and water security. However, under the new country framework, Bangladesh may have to pay more in service charges for the funds it receives from the WB following the country’s graduation to the lower middle income status from a low-income nation.
Foreign-owned firms will not get new licence
The government has the barred companies with full foreign ownership from obtaining fresh licence for freight forwarding (FF) business in a bid to facilitate the local companies. Only joint venture and local companies will be able to obtain new licence for freight forwarding business from the current fiscal year (FY), 2015-16, customs rules said.
Bangladesh’s bank lunches saving scheme for apparel workers
A leading private commercial bank (PCB) of Bangladesh launched a specially designed saving scheme –Joma—for apparel workers to commemorate its 20th anniversary. Bangladesh Bank (BB) Governor Dr Atiur Rahman formally inaugurated the new saving scheme of the Dhaka Bank Limited at a function at Radisson Hotel in the capital on Sunday afternoon.
Initiative starts to compensate Tazreen victims
The families of Tazreen Fashions fire victims might receive compensation as per the International Labour Organisation standards before the third anniversary of the tragic incident as the C&A Foundation, an affiliate of Dutch retailer C&A, has started its work to develop a distribution methodology. On the second anniversary of Tazreen Fashions fire tragedy, the C&A Foundation had pledged to contribute a significant amount towards full and fair compensation for those injured in the fire and the families of the dead in a deal with global union IndustriALL and the garment workers’ pressure group Clean Clothes Campaign.
Bangladesh’s stocks end lower amid sluggish turnover
Bangladesh’s stocks ended lower for the second running session on Sunday amid sluggish turnover as investors went for selling spree ahead of Eid. The market opened with a downward note, which sustained throughout the session amid volatility. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 36.58 points or 0.80 per cent to settle at 4,536 points. The DS30 index, comprising blue chips, moved down by 11.27 points or 0.63 per cent to close at 1,761.63 points. The DSE Shariah Index (DSES) shed 9.93 points or 0.88 per cent to end at 1,111.11 points.
BB must widen scope for hedging
Bangladeshi businessmen can hardly enjoy the benefits of hedging on import of basic commodities as the commercial banks are not allowed to provide this modern financial service widely. Hedging is a risk management strategy used in limiting or offsetting the probability of loss from fluctuations in the prices of commodities, currencies or securities. In effect, hedging is a transfer of risk without buying insurance policies.
Anti-money laundering strategies to be disclosed today
As the government has already approved a three-year strategic paper for curbing illicit financial flows in the country, Finance Minister AMA Muhith will formally disclose it today. The minister will disclose the National Strategy for Preventing Money Laundering and Combating Financing of Terrorism for 2015-17 at the fifth National Coordination Committee on Anti-Money Laundering meeting at the finance ministry. National Strategy for Preventing Money Laundering and Combating Financing of Terrorism for 2015-17 approved in April at the fourth National Coordination Committee on AML meeting.
Law drafted with life term for cyber-terrorism
The government has drafted the country’s first Cyber Security Law, 2015, incorporating a provision for lifetime imprisonment and monetary fines for offenders in the country or beyond. The draft law has also proposed other provisions including a maximum ten-year jail-term and Tk 1.0 million in penalty for breaching privacy such as capturing and releasing unauthorised photos. It also proposed a 10-year jail-term and up-to Tk1.0 million fines for releasing pornographic or obscene photos on the web or through computer or computer system.