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Regulators

BB plans $2-bln funding for infrastructure

Bangladesh Bank said recently that it planned to provide funds of $2 billion to develop the country’s infrastructure, in hopes of spurring economic growth. Poor infrastructure is often cited as one of the major hindrances to growth in the South Asian bbcountry. “We may provide up to $2 billion from our $26 billion foreign-exchange reserve to the proposed sovereign wealth fund to develop infrastructure facilities across the country,” said Atiur Rahman, the governor of Bangladesh Bank. Bangladesh’s foreign exchange reserves hit a record $26.06 billion on Mond...

World Moto to meet with govt officials

World Moto, Inc. (OTC: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) (“World Moto” or the “Company”), a leader in advanced solutions for motorcycle taxis and on-demand transport, today announced that it will meet with several senior officials from the Information and Communication Technology Department (ICT) of Bangladesh, as well as senior corporate executives from major Bangladeshi technology companies, during a meeting scheduled for Thursday, August 20, 2015. world-moto-top“With a population of 156 million, Bangladesh is the 44th larg...

Tough law against money laundering

The cabinet has given final approval to the draft of ‘The Money Laundering Prevention (Amendment) Act, 2015’ bringing necessary change in the existing law of 2012 aimed at making the law more effective and fruitful. The approval was given at the regular meeting of the cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair, reports BSS. gov1Briefing reporters after the meeting, Cabinet Secretary M Musharraf Hossain Bhuiyan said the cabinet has also given final approval to a proposal for amending the Anti Corruption Commission ...

Drop in export

Bangladesh suffered a significant export drop in July, contracting about 12 percent over the same month last year, an official said Sunday. The Export Promotion Bureau (EPB) official who preferred to be unnamed told Xinhua that the country earned a total of 2,625.93 million U.S. dollars from exports in July, the first month of the current 2015-2016 (July 2015-June 2016) fiscal year, compared to 2, 982.74 million dollars in the same period a year earlier. Ctg portOf total earnings, he said, Bangladesh’s income from garment items, including knitwear ...

Leather exports slump amid environment concerns

Country’s tannery industry looks set to suffer a big blow as demand for finished leather and leather products in major international markets has been plunging amid grave concerns over the environmental hazard created by the country’s leather industry. Sector insiders say July exports further reflected the sluggish trend that in the country’s leather industry has continued over the last couple of years, Xinhua reported. “Demand for Bangladesh’s finished leather and leather products has been squeezing in international markets owing to concerns over environmental hazard,” said a former president

“Garment villages” to double clothing exports

The rapid growth of Bangladesh’s garment industry has been a blessing and a burden to the country. Even as it has provided jobs to millions and helped Bangladesh cut its poverty rate, it has also exploited the nation’s poorest and most desperate, leading to the gratuitous and preventable deaths of thousands (see: Rana Plaza in 2013). So invaluable is the industry to Bangladesh that the country is doubling down on the business, despite the repercussions. Already the world’s second largest exporter of clothing by some estimates, Bangladesh intends to double its apparel exports to $50 billion by 2021. The country’s commerce minister, Tofail Ahmed, announced the plan last week, including the creation of a “garment village” in the southeastern port city of Chittagong—a major export hub...
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