Political crisis threatening hard-earned economic progress: UN
The current political crisis in Bangladesh is exacting a heavy, human, social and economic toll, seriously threatening the hard-earned economic and social progress that the country has achieved, warns UN with a release form its news centre.
Voicing strong concern over widespread violence in Bangladesh that has left dozens of people dead since last month, Secretary-General Ban Ki-moon called on Prime Minister Sheikh Hasina to resolve differences over upcoming parliamentary elections scheduled for January through dialogue, said the release published here on Wednesday.
Addl security for power plants sought as violence mounting
The ministry of power, energy and mineral resources has requested the home ministry for additional security around the power plants across the country, in view of the worsening political situation.
“We have asked for additional security around the power plants which are not under Key Point Installation (KPI),” said Tapos Kumar Roy, Additional Secretary of the ministry.
“At the same time, the ministry has also asked the power supply entities to build up own security measures from their own resources without fully depending on the government,” Tapos said.
Emerging markets look at ESG issues after RMG blow in Bangladesh
Investors in emerging market companies are looking more closely at environmental, social or governance (ESG) issues before they buy as the Bangladesh factory collapse.
Cajoled by developed world governments and shocked by disasters, almost all emerging fund managers in a survey by UK development finance arm CDC to be published this week consider ESG to be integral to their investment strategy, and in many deals they regard it as a “fact of life”.
It is a sharp contrast to a few years ago, when emerging market investors saw sustainable strategies as an irritant imposed by worthy multilateral lenders, or “the dead hand of eco-fascism”, according to CDC’s ESG director Mark Eckstein.
Once the preserve of religious and ethically minded funds and the development finance arms of major...
Bangladesh included in world’s top political risk hotspots
There is a higher chance for social unrest to exacerbate political instability in Bangladesh, according to research by UK risk analysis firm, Maplecroft released on Thursday.
“This is due to the erosion of democratic freedoms, increasing crackdowns on political position and the brutality by security forces towards protesters, compounded by rising food prices and worsening working conditions,” Maplecroft said in a statement.
Growing levels of conflict, terrorism, and the toppling of regimes in the Middle East and North Africa, as well as political violence in East Africa, are driving a rise in political instability worldwide, said Maplecroft release.
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FBCCI reiterates peaceful solution to political impasse
President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Kazi Akram Uddin Ahmed said, the political parties should come forward immediately to solve the ongoing political turmoil that is hampering the normalcy in the country,”
He reiterated the appeal to the political parties to come to a settlement as the country’s trade, commerce and the lives of the common people were being held hostage to the prolonged crisis over election administration.
“The politicians of both the major parties sat together after the initiatives taken by the United Nations (UN). Two months ago, we, the business community, had called upon them for sitting together to solve the ongoing crisis.” he said at a press briefing held at the FBCCI office in the capital on Wednesday.
Loan classification policy likely to be relaxed
The loan classification policy of Bangladesh Bank will most likely be relaxed this month, indicated Finance Minister AMA Muhith.
The move comes in response to demands from garment exporters, who are left staring at huge losses after months of severe disruptions to their businesses owing to political turbulence.
They said the current loan classification policy, which marks a loan to be classified when the repayment period overshoots by three months, is “killing” them. Although they are still eligible for new loans, the banks put excessive pressure on them to make their payments, reports the Daily Star.
“I think we will have to do something about it,” the minister said during a meeting with top leaders of the three main garment manufacturers...
