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Economy

After Rana Plaza: Business As Usual?

More than one and a half years have passed since 1137 garment workers lost their lives and more than 2500 people were injured in the Rana Plaza industrial disaster – only five months after a fire at Tazreen factory killed 112 workers. These disasters sent shockwaves around the world, and shed light on the exploitative and often dangerous working conditions of Bangladesh’s growing RMG-industry. Rana plaza222For years Bangladeshi trade unions, together with their comrades in the international labour movement, had voiced their concerns ...

SiS to spin off e-payments subsidiary in Bangladesh

Mobile devices distributor SiS International Holdings plans to spin off its electronic payment services business in Bangladesh, Information Technology Consultants Limited (ITCL).In its regulatory filing on Thursday, SiS said its subsidiary will be separately listed on the Dhaka Stock Exchange and the Chittagong Stock Exchange in Bangladesh. [caption id="attachment_10411" align="alignleft" width="300"]bangladesh_stocks_dha01 Brokers raise their hands on the floor of Dhaka Stock Exchange in Bangladesh where SiS International...

Pharma industry to help BD to be Asian Tiger: Mozena  

Once again noting that Bangladesh is becoming an Asian Tiger, US Ambassador to Bangladesh Dan W Mozena on Tuesday said the country’s pharmaceutical industry will play a great role in this regard. pharmaHe made the remarks while talking to reporters after visiting Beximco Pharmaceuticals Ltd factory at Tongi at noon. Mozena said Bangladesh is currently producing world-class drugs that are earning reputation at home and abroad. “It’s encouraging.” Earlier, at his arrival at the factory, Beximco Pharma managing director Nazmul Hassan welcomed ...

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

Tanners get BB incentive for factory relocation  

The central bank yesterday declared an incentive package for tanners to help them move hazardous factories to a designated industrial park in Savar. Tanneries which have already moved there from the toxic tannery hub of Hazaribagh or under process to do so will get an opportunity to shift their irregular loans into block accounts and will have eight years for repayment, with a one-year grace period, Bangladesh Bank said in a notice. bbTanners will be charged 10 percent interest on the loans in the block accounts or banks’ cost of fund or whichever is lower, report...

Dollar stable against taka, hit record low against yen  

It was a busy week for central banks around the world, with monetary policy meetings in the US, NZ and Japan. This made for a very interesting end to the week for the FX markets as investors digested the deluge of information coming from policymakers. Market observers say the lingering impact of these game-changing meetings, and possibility of fireworks in this week’s policy meeting in Europe as well, may continue to influence investor sentiment for some time to come as the market reassesses prior assumptions about the trajectory of monetary policy in these countries. dollar
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