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Regulators

Atiur blames global system for BB heist

The former governor of Bangladesh’s central bank, from which $81 million was stolen in February, says that flaws in the global money transfer system — and not any misstep by him — are to blame for the brazen cyberheist. In an interview this week at his home in a well-to-do neighborhood in the Bangladeshi capital, Dhaka, Atiur Rahman, who resigned from his post after the theft, said that the loss had been a “systemic failure” and that “Bangladesh should not be blamed for something going wrong in the chain.” AtiurIn particular,...

BB officials to meet New York Fed over stolen funds

Bangladesh central bank officials will hold a meeting with the New York Federal Reserve next month to try and speed up efforts to recover $81 million stolen by hackers from its account at the Fed, officials in Dhaka said. More than four months after the hackers broke into the computer systems of Bangladesh Bank and transferred money into bank accounts in Philippines using the SWIFT payment network, there is no breakthrough yet in investigations. bbMost of the money has disappeared into casinos in the Philippines and remains missing...

Finance Minister speaks at SPIEF 2016

The 20th St. Petersburg International Economic Forum (SPIEF 2016) was held on June 16-18 at ST. PETERSBURG, Russia. A strong business delegation from Bangladesh led by Finance Minister, Abul Maal Abdul Muhith, MP attended the Forum. The key topics of discussion are the new economic reality and the search for new sources of growth. The most important discussion for Bangladesh took part in the Russia-Bangladesh: Era of New Opportunities session where Finance Minister shared his interest in his Key Note Speech Rus... </div><!-- .entry-content --> </article><!-- #post-## --> <div class=

Bangladesh project exposes India EXIM Bank to high risk

According to the report released by the Institute for Energy Economics and Financial Analysis (IEEFA) on Friday the Bangladesh-India Maitree project could effectively end up in a financial mess. The Coal based power plant proposed to be built near the city of Khulna, close to the Sundarbans mangrove forest, is a joint venture between India and Bangladeshs state owned entities. The project is heavily subsidized, exposes investors, taxpayers and consumers to high risk and is a potential stranded asset in the making. We examined the Rampal coal power project on parameters such as funding, investment, cost of production, supply of fuel as well as risk due to extreme weather events. The project fails on a

67.5pc budget for non-dev expenditure frustrating

The International Business Forum of Bangladesh (IBFB), one of the leading organizations of the business leaders and civil society members, organized a press conference on “Reaction of IBFB on National Budget 2016-17” on June 8, 2016 at the VIP Lounge of the National Press Club, Dhaka. Mr. Hafizur Rahman Khan, President of IBFB, presented the IBFB’s reactions at the press conference, where, among others, Mr. Humayun Rashid, IBFB Vice President (Finance), Ms. Lutfunnisa Saudia Khan, IBFB Director; Mr. M. S. Siddiqui, IBFB Director; Mr. Md. Ali Deen, IBFB Director; Mr. Md. Ershad Hussain Rana, IBFB Director; Mr. Syed Mustafizur Rahman, IBFB Director, Dr. Md. Mozibur Rahman, IBFB Director and former Chairman of Bangladesh Tariff Commission; Dr. Md. Abdul Mazid, Chairman of IBFB Finance Comm...

WB grants to strengthen BD college education

The World Bank today approved $213 million for two projects in Bangladesh to improve weather and climate information services and to strengthen college education provided through affiliates of the National University. The $113 million Weather and Climate Services Regional Project will help Bangladesh provide reliable weather, water and climate forecasts and enable communities, especially farmers, to access weather information services easily. The $100 million College Education Development Project will help improve the teaching and learning environment of government and non-government colleges affiliated with the National University. ‘To reach middle-income country status by 2021, Bangladesh needs to focus on priority areas, which include creating a skilled and competent workforce,...
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