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Economy

Bangladesh improves garment worker safety, rights

Nearly two years have passed since the collapse of the Rana Plaza building in Dhaka that housed several garment factories. More than 1,100 lives were tragically lost. In the interim, the government of Bangladesh has worked closely with industry to significantly improve conditions. Our work is not yet done, but much progress has been made. Bangladesh-rmg-workerTo make certain such a disaster never happens again, the Bangladesh government, its citizens and coalitions of the world’s largest apparel companies have been wo...

BB forms panel for vetting loan recast of big borrowers

Bangladesh Bank (BB) has formed a six-member inter-departmental committee to scrutinise the applications for restructuring loans of big borrowers, officials said Wednesday. bbHeaded by BB Executive Director Mohammad Naushad Ali Chowdhury, the panel is assigned to examine the terms and conditions set by the central bank earlier for restructuring such large loans properly, reports the Financial Express. "We'll submit the applications after scrutinising to the Banking Regulation and Policy Department (BRPD) of the central bank for next course of action," a committee ...

SoBs asked to reduce bad loans

The Ministry of Finance has asked state-owned banks to reduce bad loans, the secretary of banks and financial institutions S Aslam Alam informed it Tuesday. sonali bankThe Banking and Financial Institutions Department of the Ministry of Finance asked Sonali, Janata, Agrani, Rupali to meet with the chief executives of the banks. Other senior officials of the Department were present on the occasion. According to the meeting, the department also asked to maintain more restriction to reduce bad loans from now onwards. At the end of December, the...

Bangladesh fears growth setback amid unrest

Finance minister Abul Maal Abdul Muhith fears the current spate of political unrest will stop Bangladesh from achieving its targeted GDP growth despite a toughened government stance to tackle the violence that has claimed more than 75 lives in the past five weeks. “Even in December, I was fully hopeful about reaching 7.2 per cent GDP growth ... but now I am highly doubtful about reaching the target” he told a late Saturday briefing, while financial analysts feared the unrest would hurt many small traders and people who earn their livelihood on a day-to-day basis. hartal

Vietnam likely to take over BD in apparel export

Vietnam is likely to overtake Bangladesh in the global apparel export market share once the Trans Pacific Partnership (TPP) takes shape. According to a research report by Standard Chartered Bank, the agreement is likely to benefit Vietnam’s apparel industry, while hurting South Asian competitors like Bangladesh and Sri Lanka. china RMGThe TPP free trade grouping consists of Vietnam, along with 11 others namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and the US. Negotiations have yet to re...

BB to preserve info on directors’ fraudulent acts

Bangladesh Bank will preserve the information on forgeries and corruptions by bankers and directors of the scheduled banks on long-term basis in its web portal to verify their professional integrity in time of taking any decision concerning them, reports the Daily New Age. The central bank has already prepared draft guidelines in this regard, a BB official told New Age on Wednesday. bbHe said the BB would attach the information to the corporate memory management system of the central bank’s web portal. ‘The central bank usually approves managing directors and c...
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