Feb 24
Regional & International Economy
Saudi wants active role of Bangladesh PDF Print E-mail

Saudi Arabia wants Bangladesh to stand by it for backing the 34-nation Islamic military coalition and Saudi measures against Iran. The country also expects Bangladesh to send troops to the Kingdom if its sovereignty and security of the two holy mosques was threatened.

Saudi King Salman Bin Abdulaziz Al Saud pledged to boost cooperation with Bangladesh in trade, investment, manpower recruitment and assistance for economic development.

The KSA is keen to invest in Bangladesh's infrastructure, communication and power sectors through the Saudi Public Investment Fund which has not been significant till now.

The interest was shown during Prime Minister Sheikh Hasina's recent visit to the Kingdom of Saudi Arabia (KSA). Diplomats described the visit as a landmark event as the trip was supervised by the king.

Last Updated on Saturday, 11 June 2016 14:59
Denmark to boost dev ties with BD thru' new prog: Envoy PDF Print E-mail

Denmark will reinforce its development partnership with Bangladesh through a new country programme with strong focus on inclusive, pro-poor and sustainable growth.

The programme is expected to kick off next month which is in line with the Bangladesh Government's own 7th Five Year Plan and the global Sustainable Development Goals.

"It has a strong focus on inclusive, pro-poor and sustainable growth. Empowerment of the poor, the vulnerable and the women cuts across all interventions," said Danish Ambassador Hanne Fugl Eskjær in her message marking Constitution Day 2016.

She said the country programme has three broad thematic areas and they are - Agricultural Growth and Employment, Climate Resilience & Sustainable Energy and Governance and Rights.

These thematic areas are underpinned by 12 specific projects with a broad variety of partners, including government departments and divisions, NGOs and UN organisations.

The diplomat said the Danish government is also working directly with the Bangladeshi government in a Strategic Sector Cooperation project implemented through the Labour ministries of the two nations.

The objective of the project is to strengthen the capacity of the Bangladesh's inspection authorities, particularly the Department of Inspection for Factories and Establishments.

This will result in a more professional authority which will benefit the workers and their safety as well as support the employers. Denmark has posted a Growth Counsellor at the embassy in Dhaka with a view to facilitating project, and the cooperation will continue for three years.

The envoy observed that the current strong partnership is the result of a close collaboration between Denmark and Bangladesh for more than four decades. "Denmark and Bangladesh have much to gain from continuing and further strengthening this strong partnership in areas such as development, climate resilience, business, research and culture."

The partnership, she said, continues to evolve with the new challenges and opportunities that emerge, especially within the energy sector.

The 5th of June marks the historic day in 1849 when King Frederik VII signed Denmark's first constitution.

Denmark was among the first countries to recognise Bangladesh as an independent nation. -- Reuters

BB money heist probe report to be made public in 15-20 days PDF Print E-mail


The minister for finance, AMA Muhith, on Monday said the complete probe report on the Bangladesh Bank reserve heist will be made public in 15-20 days.

‘It is my promise’, he told reporters after receiving the probe report from former Bangladesh Bank governor Mohammad Farashuddin-led three-member probe committee.
Muhith said he would remain busy until announcement of the national budget on June 2
‘Then I will go through the report before making it public in next 15-20 days’, he said.
Farashuddin said they could submit the full report within the deadline of 75 days.
The committee had submitted the interim report on April 20.
Farashuddin said there was 90 per cent difference between the interim report and full report.

Fed's Bullard says global markets seem well-prepared for summer rate hike PDF Print E-mail

St Louis Federal Reserve President James Bullard said on Monday global markets appear to be "well-prepared" for a summer interest rate hike from the Fed, although he did not specify a date for the policy move.


"My sense is that markets are well-prepared for a possible rate increase globally, and that this is not too surprising given our liftoff from December and the policy of the committee which has been to try to normalize rates slowly and gradually over time," Bullard told a news conference after speaking at an academic conference in Seoul.


"So my ideal is that if all goes well this will come off very smoothly."


Bullard added a rebound in US GDP growth seems to be materialising in the second quarter, but reserved his opinion on whether the Fed should hike in June or July for the next policy meeting at the US central bank.
Govt sugar mills in deep financial crisis Duty, tariff hike fails to make them competitive PDF Print E-mail


Govt sugar mills in deep financial crisis

The state-run sugar mills are still in the midst of severe financial crisis as there are virtually no buyers of sugar produced by them, sources said.  

Even a hike in duty and tariff value of imported sugar, levied at the insistence of the Ministry of Industries, according to sources, could not make the produce of the public sugar mills competitive.

In August last year, the government raised the duty on per tonne of crude sugar from Tk 2000 to Tk. 7000 when there was a slump in international sugar prices.

In December same year, the government hiked tariff value of imported sugar by $100 per tonne and levied 15 per cent VAT on both refined and crude sugar.

Following the increase in duty, the sugar price at the retail level started increasing. It is now being sold at Tk. 54 a kilogramme compared to Tk. 39 a kg immediately before the hike in duty.


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