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Bangladesh to continue getting GSP trade privileges from EU

Commerce Minister Tofail Ahmed has said the European Union will continue to provide GSP facilities for Bangladesh even after it graduates to a middle-income country. Speaking at a press conference at his ministry on Thursday, he said the EU, the largest market for Bangladeshi products, would be extending the preferential facility under its GSP Plus programme. tofayalThe minister spoke of the opinions of the European Commission, United States and International Labour Organisation that they expressed on Bangladesh during a meeting at Brussels ...

IDB approves $ 60m for Bibiyana power plant project

The Board of Executive Directors of the Islamic Development Bank (IDB) has approved an amount of $60 million for Bibiyana Base-Load Combined Cycle Independent Power Plant Project in Bangladesh. The IDB Board at the end of its 300th meeting (which started on 19 October) at its headquarters in Jeddah, Saudi Arabia and under the Chairmanship of IDB President, Dr Ahmad Mohamed Ali, approved $814.2 million for development financing. IDB logoThe new financings were mostly allocated for sectors such as air transport, power, water, roads and human...

Govt sits with stakeholders Oct 30 to finalise rules of labour law

The government will sit with stakeholders on October 30 to finalise rules for implementing the amended labour law in the factories, as Bangladesh has already fulfilled majority of the conditions promised in the Sustainability Compact. tofayalCommerce Minister Tofail Ahmed told this to reporters at his secretariat office in Dhaka today after returning from Belgian capital Brussels where he attended the first review meeting of the Sustainability Compact. The meeting ended October 21. -Star Business Report

Govt borrowing from banks rises by 270pc in Q1    

The government’s borrowing from the banking system increased by 269.92 per cent in the first three months and nine days of the current financial year compared with that in the same period of FY14. The government resorted to such increased borrowing from the banking source to pay salaries and festival bonus to its employees on the occasion of Eid-ul-Azha, reports the New Age. The borrowing from the banks by the government stood at Tk 4,632.25 crore between July 1 and October 9 this financial year against Tk 1,252.20 crore the government borrowed in the same period of the FY14, according to the latest BB data.

UK Parliamentary Under Secy of State for Int’l Dev due Sunday

UK Parliamentary Under Secretary of State for International Development Lynne Featherstone arrives here on Sunday on a three-day visit. She will meet speaker Dr Shirin Sharmin Chaudhury and State Minister for Foreign Affairs M Shahriar Alam during her visit apart from other engagements, said an official here on Wednesday. Featherstone, appointed Parliamentary Under Secretary of State for International Development on September 5, 2012, is likely to meet Prime Minister Sheikh Hasina. However, the schedule is it to be finanlised, the official said. UK sec

Govt steps up anti-terrorism financing measures  

The Ministry of Finance is ordering commercial banks to ensure that Corporate Social Responsibility (CSR) funds are not used by terror groups. The ministry sent a circular to all banks late last month stating that CSR funds, which corporations and organisations set aside for social causes, should in no way benefit terrorists or be used for subversive activity, Aslam Alam, Bank and Financial Institutions Division (BFID) secretary at the Finance Ministry, told Khabar South Asia. "We have also asked (the central bank ) to frame a combined rule on the CSR spending with the inclusion of militancy. Once done, it will help the government to get the corporate houses to fight the menace of terrorism and violence," he said of the September 22nd request.
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