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Regulators

Bangladesh Bank warns of jail for Bitcoin traders

Bangladesh’s central bank on Monday warned against dealing in Bitcoin, saying anybody caught using the virtual currency could be jailed under the country’s strict anti-money laundering laws. bbThe Bangladesh Bank, which regulates the impoverished country’s banking industry, said it issued the order after reports in local media of Bitcoin transactions through various online exchange platforms. “Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto currency is a punishable offence,” the bank said in a statement. Bank of...

Exports bounce back, up 7 pct in August

Bangladesh exports in August rose 7.25 percent from a year ago to $2.16 billion, government data showed on Sunday, driven by an increase in readymade garment exports and ending a brief slowdown in July. Exports fell 1.4 percent in July from a year earlier, the first decline since August 2012. The August figures were still 17.5 percent below the government’s monthly target. rmgReadymade garments, comprising knitwear and woven items, fetched $4.23 billion in July and August, the first two months of the current financial year, compared with $4.16 billion...

‘Make value-added apparels’ – Korean envoy

To get more orders from global markets, Bangladeshi apparel exporters should concentrate on manufacturing more value added products, South Korean envoy to Bangladesh said. Bangladeshi textile and apparel industry should move beyond only cutting and stitching and add more value-added products, Ambassador Lee Yun-Young said, while at the inauguration of the Textech trade fair. fashionHe added that it’s time for the Bangladeshi garment exporting industry to move to a new phase and South Korean companies would be ready to support the upgrades. ...

Bangladesh assigned inaugural international rating by Fitch

Fitch Ratings has for the first time assigned international ratings to the Bangladesh sovereign and invites market participants to join a teleconference on Bangladesh’s rating outlook at 4pm HK/Singapore (2pm Dhaka) on Wednesday, 3 September 2014. bbThe call will be hosted by Thomas Rookmaaker, Director in Fitch’s Asia-Pacific Sovereigns Group in Hong Kong. The agency assigned Bangladesh Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of ‘BB-‘. The Outlooks on the Long-Term IDRs are Stable. For more details, please refer to the rating action commen...

How do you safely break up an ‘old lady’?

What’s the best way to dispose of an “old lady”? Should she be dumped on a beach and broken up by rough hands in terrible conditions or should she be taken in a more sedate fashion to a reputable place to be dismantled in an orderly fashion? The question is being debated in the shipping industry where an “old lady” is the usual term for a vessel which has come to the end of its days. ship breakingOne of the world’s biggest cargo companies has just decided to stop sending its ships to be broken up on Bangladesh’s beaches where ultr...

Fitch rates Bangladesh ‘BB-‘; Outlook stable

(The following statement was released by the rating agency) Fitch Ratings has assigned Bangladesh Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of 'BB-'. The Outlooks on the Long-Term IDRs are Stable. Fitch has also assigned a Short-Term Foreign Currency IDR of 'B' and a Country Ceiling of 'BB-'. KEY RATING DRIVERS Bangladesh's ratings reflect a balance between high, stable real GDP growth and strong external balances, and weak structural features indicating significant political and banking sector risk. Bangladesh Bank
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