Economist urges structural changes to capitalism
Noted economist Rehman Sobhan yesterday called for structural changes to the malfunctioning capitalist system to provide new opportunities to the country’s common people that have actually built the nation.
“The younger generation and leftist politicians will have to find structural solutions to the malfunctioning capitalist system to offer a new order of opportunity to the ordinary people,” Prof Sobhan said during a discussion meeting in Dhaka, the Daily Star reported.
Leather importers urge to end tax disparity
Leather chemical importers have urged the revenue authorities to end disparity in duty structure as many of the importers are misusing the bond facilities.
Bangladesh Chemical Importers and Merchants Association President M Mizanur Rahman said importers under the bonded warehouse facility are enjoying zero duty while others out of the bonded facility have to pay 25% duties and the commercial importers pay 29%.
“By using the system, a group of 20-25 bonded tanners are importing chemicals and selling them at the local market with certain amount of commission,” he alleged, reports Dhaka Tribune.
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Rice imports are likely to decline due to higher production
The USDA Post says that Bangladesh rice imports are likely to decline sharply to around 100,000 tons in MY 2014-15 (May – April), down about 75% from an estimated 400,000 tons in MY 2013-14 due to higher than expected production.
The Post has increased the projections for Bangladesh rice imports in MY2013-14 to 400,000 tons, which is up about 81% from USDA official estimates of 220,000 tons. The Post says that rice imports are expected to increase this year due to a strong Taka (currency) and high internal transportation costs that are causing domestic rice prices to be uncompetitive in districts that border India.
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Gas price in Bangladesh not valid in India
The Supreme Court of India during the hearing of two public interest litigations (PIL) on the gas pricing issue asked the government why Niko Resources is selling gas in Bangladesh at $2.34 per mmBtu while it wants a price of $8.4 per mmBtu in India. Ironically when the case was being argued in the Supreme Court, government owned ONGC has demanded a price of $13 per mmBtu for its gas.
While the product, natural gas remains the same, the three price points that we have only adds to the confusion. Why should ONGC ask for higher gas prices...
While the product, natural gas remains the same, the three price points that we have only adds to the confusion. Why should ONGC ask for higher gas prices...
Former Avon CEO to run Grameen America
The former head of Avon is now leading Grameen America, a group that provides small loans to poor women entrepreneurs in the U.S.
Andrea Jung was CEO of the beauty products company from 1999 through April 2012 and served as chairman through the end of that year. Considered one of the most powerful women in business, she came under fire for failing to stem Avon's sales declines and left amid an overseas bribery investigation.
But as head of Avon, she pushed a message of female self-empowerme...
But as head of Avon, she pushed a message of female self-empowerme...
Tight budget less crucial with interest rates low: IMF
The IMF traditionally calls on its member nations, especially those receiving its financial support like Greece and Portugal, to rein in spending to reduce their budget deficits and public debt, AFP reported.
But the persistence of unusually low interest rates in the major economies has pushed the global lender into questioning—at least on the margins—its doctrine, according to an analytical chapter of its World Economic Outlook report released ahead of next week’s IMF/World Bank spring annual meetings.
Market rates paid by nations to finance themselves “have declined substantially” since the 1980s and now are even in “slightly negative territory” when taking into account inflation, the 188-nation IMF said.
