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Bangladesh goes Africa way for Bharti Airtel

Gopal Vittal took over as the CEO of Bharti Airtel (India) at a time when the company was under stress. The trump card—Vittal, which Sunil Mittal has played for a possible turnaround of the company, worked in favour. The country’s largest cellular operator reported its first growth in profit after 15 consecutive quarters of fall in net profit, in October-December 2013, co-incidentally the quarter when Vittal took over. Since then, Bharti Airtel continued to report growth in profits every quarter, ensuring better performance in the next one. But, all is not well for the company. While Vittal was able to take tough but much-required corrective steps to ensure the India growth story, Africa continued to increase pressure on the company’s balance sheet. Added to its woes are now Ba...

Safety problems found in 19 garment factories    

The North American-led Alliance for Bangladesh Worker Safety, which includes Hudson’s Bay Company and Canadian Tire, says it has now shut down or partially closed 19 factories in the country due to safety concerns. The Alliance, which represents 27 big brands operating in Bangladesh, was formed after the devastating Rana Plaza factory disaster, which killed nearly 1,129 people on April 24, 2013, and injured thousands more. It began an inspection program in the 600 garment factories in which the big brands operate, looking for structural or electrical defects and fire safety concerns. The results of the inspection reports are released on the Alliance’s website.

Bangladesh makes a difficult decision on war crimes  

The crimes committed during the war of independence in Bangladesh in 1971 were truly horrific. Three million people are believed to have lost their lives, 200,000 women are said to have been raped and some 10 million people fled to India. The international community did next to nothing to stop the fighting and the US Administration under President Richard Nixon even backed Pakistan, despite the blatant violations of human rights it committed against its opponents in former East Pakistan. These events belong without doubt to the darkest moments of South Asia's history. But as if that was not enough the legal process of establishing the responsibility of these crimes came to a halt in 1975 when the founding father of Bangladesh, Sheikh Mujibur Rahman, was assassinated. At such times de...

Remittance falls by 25pc in October  

The inward flow of remittances fell by nearly 25 per cent in October over the previous month’s mark, in a bit ebb tide after a steady surge. Official figures show the downturn came after a steady growth in the overall remittance inflow that took the total over US$5.0 billion in the first four months of this fiscal. “The inflow of remittance is still at a satisfactory level despite downturn in the month of October,” a senior official of the Bangladesh Bank (BB) told the FE. The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC count... </div><!-- .entry-content --> </article><!-- #post-## --> <div class=

Forex reserves hit record $22.3b    

Bangladesh's foreign exchange reserves rose to a record high of $22.31 billion at the end of October from $21.84 billion a month ago, The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC countries the central bank said on Monday, supported by exports and a rebound in remittances. The reserves rose from $17.35 billion in October 2013 and are enough to cover almost seven months of imports.

-Reuters

Deal signed for Padma bridge consultancy

The government yesterday entered a Tk 383.15 crore deal with a joint venture of six companies for the supervision consultancy job of the Padma bridge project.

Under the four-year deal, the joint venture, led by Korean Expressway Corporation, will supervise the construction of the main bridge and river training works. Shafiqul Islam, project director of the Padma bridge project, and Cho Nam-Min, team leader of the joint venture, signed the agreement at the Setu Bhaban. Road Transport and Bridges Minister Obaidul Quader, Korean Ambassador in Dhaka Lee Yun-young and the chairman of the technical evaluation committee were present, reports the Daily Star.
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