United News of Bangladesh

Businessmen and entrepreneurs urged the interim government chief Dr. Muhammad Yunus to take necessary steps for simplification of the product tariff process and increasing port capacity in importing raw materials and capital machinery for the iron and steel industry. This call was made in the standing committee meeting of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) on iron, carbon steel, stainless steel, and re-rolling industry, held at FBCCI's Motijheel office on Saturday (August 17). Chairman of the Standing Committee and Managing Director of Shahriar Steel Mills Limited SK Masudul Alam Masud presided over the meeting. FBCCI director Md. Amir Hossain Noorani was present as the director-in-charge of the committee. On this occasion, the business leaders stressed urgent action to ensure quality and uninterrupted supply of gas and electricity to all types of industries including the iron and steel industry. FBCCI President Mahbubul Alam, attending virtually as the chief guest said, “I pray for the forgiveness of the departed souls of all the martyrs who have given their lives, including young students and ordinary people, to build a non-discrimination state. I wish a speedy recovery to those injured and still undergoing treatment in various hospitals.” The iron and steel industry plays a very important role in the infrastructure development of the country. The FBCCI president urged the businessmen to unite to eliminate the existing crisis in this industry. He said, that not only in the steel industry but in all sectors, the tariff process of imported goods is a big challenge. “We have been hearing for a long time that the assessment value of imported goods at the port is much higher than the invoice value. We have to work in this field,” he pointed out. The FBCCI president also expressed optimism that the current NBR chairman will be sincere in facilitating business in the country.  

Eminent economist Dr. M. Masrur Reaz has opted not to assume the role of Chairman at the Bangladesh Securities and Exchange Commission (BSEC). Dr. Reaz informed UNB that he feels more comfortable continuing his work as an economist with the interim government to focus on national reforms, rather than taking on the top position at the stock market regulatory body at this time. Dr. Reaz formally communicated his decision to the Financial Institutions Division (FID) of the Ministry of Finance, which had issued an office order appointing him as BSEC Chairman on August 13. He currently serves as the Chairman and Chief Executive Officer of Policy Exchange Bangladesh, a prominent think tank. Following his appointment, concerns surfaced on social media, with some questioning Dr. Reaz's connections, particularly his friendship with Salman F Rahman, former Prime Minister Sheikh Hasina's private sector and investment adviser. These concerns were echoed by a group of BSEC stakeholders, leading Dr. Reaz to reconsider and ultimately decline the chairmanship.  

Two more readymade garment (RMG) factories of the country have achieved the recognition of the LEED certification this month, raising the number of the LEED certified factories to 226. As of July this year, the number of the LEED certification factories was 220, with 14 factories earning the certification in the past seven months. LEED (Leadership in Energy and Environmental Design) is a globally recognised green building rating system that emphasises environmental responsibility and energy efficiency. The recognition of the LEED certification refers to underscoring the country's commitment to green initiatives within the garment sector, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Mohiuddin Rubel told UNB. Of the 226 certified factories, 89 have achieved the highest, platinum rating, 123 have earned gold, 10 silver and 4 are certified, as reported by the BGMEA. The newly certified top two factories are Saadatia Sweaters Ltd. located in Diakhali, Molla Bazar under Ashulia police station of Dhaka and Executive Greentex Ltd. located in Mulayed area under Sreepur upazila of Gazipur, with achieving 91 and 69 scores in the platinum and gold categories respectively. Bangladesh’s achievement positions the country as a leader in the global sustainable fashion movement, with 60 out of the 100 LEED-certified green factories worldwide located here, according to BGMEA. This includes 18 out of the top 20 LEED-certified factories globally, based on BGMEA data. The geographic distribution of these certifications within Bangladesh illustrates the RMG industry's widespread commitment to sustainability. Despite the challenges posed by the global economic landscape, along with the current national and geopolitical developments, Bangladesh’s RMG industry continues to demonstrate resilience and an unwavering commitment to sustainable growth. This progress in achieving such a significant number of LEED certifications highlights the industry’s proactive approach to enhancing environmental sustainability and reinforcing its position as a reliable sourcing destination, said a BGMEA media release. “We have consistently prioritized sustainability in our operations, ensuring that our growth is aligned with global best practices and environmental stewardship,” it added.

Bangladesh Bank Officers Welfare Council (BBOWC) has urged the interim government to amend ‘Bangladesh Bank Order 1972’ to ensure full autonomy  of the central bank. The organization submitted a memorandum in this regard to the Finance Adviser of the interim government Dr. Salehuddin Ahmed on Thursday. The BBOWC sought necessary amendments to ‘Bangladesh Bank Order 1972’ to ensure the complete autonomy of Bangladesh Bank (BB) including it administrative, operational, and financial expenditure independence. Leaders of the organization  in a press conference at the central bank headquarters today explained their demands to the reporters. BBOWC's Acting President Tanveer Ahmed General Secretary AKM Masum Billah and other executives were present in the press conference. Apart from this, the BBOWC has demanded reforms in various areas of the country's financial sector and the central bank. They demanded abolition of the Financial Institutions Division (FID), a wing of the Ministry of Finance, to prevent conflict of interest and dualism in the banking sector. They demanded amendments related to reforms to bring back the good governance of the banking and financial sector. Other demands included structural reform of the central bank’s Board of Directors, inclusion of the post of BB governor as a constitutional post, full ministerial status and appointment of renowned economists or central bank officials as governors; converting the post of Deputy Governor and Head of BFIU to the regular posts and giving the post status as Senior Secretary. Besides, it demanded that important functions of the BB, such as interest rate, exchange rate, and licensing of banks or financial institutions, should be kept free from political interference and influence.

The National Board of Revenue (NBR) has asked banks to provide account details of Mohammed Saiful Alam, popularly known as S Alam and his family members. The tax zone 15 of the NBR has issued a letter to 91 banks and financial institutions in this regard on August 14. In the letter, the NBR has asked the banks and financial institutions to provide information on bank accounts and credit cards as soon as possible under the Income Tax Law-2023 of 200 sections. Details of the bank accounts of S Alam, his wife Farzana Parvin, mother Chemon Ara Begum and brother Abdullah Hasan were sought in the letter. Besides, the bank account information of S Alam's son, daughter or sister in the joint name or in the name of business entities has also been sought.

India’s Adani Group has said that the recent amendment to India's Power Export Guidelines will not affect the existing Power Purchase Agreement (PPA) between Adani Power and Bangladesh Power Development Board (BPDB). “The amendment to India's Power Export Guidelines is just an industry enabling universal provision for the exporting power stations in India to establish connection with the Indian grid. This does not affect the existing Power Purchase Agreement (PPA) between Adani Power and the BPDB”, it said in a statement on Wednesday. Calls grow to review deal with Adani Power amid cash crunch “We have been providing uninterrupted power to Bangladesh from our Godda plant. Adani Power is committed to fulfil contractual obligations as per BPDB’s demand schedule and provisions of PPA and would look forward to continuing reciprocal fulfilment by BPDB”, it added. The statement from the Indian business group came against the backdrop of a media report that the Indian government amended the existing rules to allow the Adani Power to sell to the local market alongside its export to Bangladesh. Earlier, Adani Power was bound to export its electricity to Bangladesh under Indian export law. It is believed that such an amendment to the Indian export law was made in order to help the company hedge against political risks in Bangladesh. Adani Group seeks new investment opportunity in Bangladesh Currently only one plant in India—Adani Power's 1,600 megawatt (MW) Godda plant in eastern Jharkhand state—is under contract to export 100% of its power to a neighbouring Bangladesh.

Professor Muhammad Yunus, Chief Adviser of the interim government, called on the country’s garment manufacturers on Wednesday to support the rebuilding of Bangladesh after 15 years of economic plunder under the dictatorship of Sheikh Hasina. Speaking to the leaders of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at the State Guest House Jamuna, Prof Yunus emphasized the challenges inherited by the interim government. “All the institutions were broken. We were in a mess. They left us in an economic crisis. But with the cooperation of everyone we can rebuild the nation,” he said, according to a statement from the Chief Adviser’s Office (CAO). BGMEA acting president Khandoker Rafiqul Islam led the delegation in the meeting, where the Nobel Laureate highlighted the urgency of the situation. The country cannot afford to fail, he said. “Else, its impact will be disastrous. The nation may face an existential crisis,” he warned. Prof Yunus also urged the manufacturers to keep their businesses separate from politics. “You should send a clear signal that you won’t mix business with politics. It does not help any cause,” he advised. Reflecting on the recent student-led revolution, which he described as “unprecedented in human history,” Prof Yunus noted the responsibility placed on the interim government. “They have put their trust in us. I was abroad when they called me and urged me to take up the leadership,” he shared. The BGMEA leaders expressed their full support for Prof Yunus’s leadership during this critical time for the nation. They requested the formation of a task force to address sector-specific challenges, aiming to restore international buyers’ confidence in Bangladesh. Their demands included relaxed debt repayment terms and adjustments to utility bill payments. The Chief Adviser listened to their concerns and promised to address them. “We will ensure transparency at every stage. The Bangladeshi people have immense talents. Bangladesh is the world’s second-largest garment exporter. We want it to grow further,” he stated. After the meeting, BGMEA director Shovon Islam spoke to reporters, expressing optimism about the future under Prof Yunus’s leadership. As Prof Yunus took charge of the interim government, buyers across the globe are gaining confidence in Bangladesh, he said. “We want to utilize that confidence and increase work orders.” He also outlined the short-term and long-term needs of the industry, including the formation of a task force to address ongoing challenges. “We requested him to form a task force with all stakeholders so that it could play a long-term role,” Shovon Islam added. He further mentioned the BGMEA’s need for assistance in securing power and addressing liquidity issues, to which Prof Yunus responded positively. “In reply, the Chief Adviser told us he would help us,” he confirmed.

All the permanent staff of the Bangladesh Energy Regulatory Commission (BERC) have demanded removal of the existing chairman, commissioners and deputed officials from the regulatory body and make the commission a truly independent body to take decisions on fixing the prices of energy products. They also submitted a memorandum to the Chief Advisor of Interim Government to press home their 4-point demand  in line with the spirit of the anti-discrimination movement of the students that had removed the autocratic Awami League government. The demands also include appointment of new chairman and commissioners as per article 7 of the BERC Act 2003 and stopping appointment of top officials through deputation, cancellation of the government’s ordinance and returning the authority to the commission to fix prices of power, gas and other petroleum products, reforming the commission and appointment of capable manpower to protect the interest of the consumers and ensuring regular promotion of the existing permanent employees and officials. The BERC staff said their regular promotions have been stuck up by the appointment of officials through deputation from outside the organizations. They also alleged that the existing chairman and other commissioners who were appointed violating the BERC rules show their voluptuous attitudes in fixing energy prices which made the BERC an ineffective organization. They also threatened to go on strike if their demands are not met by August 15.

Finance and Planning Adviser Dr Salehuddin Ahmed on Wednesday said the prices of daily essentials will come down gradually. “Common people will get relief to some extent. But it can’t be said that the prices will decrease overnight,” he told reporters at the conference room of the Finance Ministry Responding to a question about syndicate in the market, he said, "There is nothing that has not come to our notice, I have some ideas, the governor also knows about it. The secretaries here are also very experienced and I told them that you will tell me everything without fear.” Asked whether any step will be taken about corruption, he said, "There was no discussion on the issue today." Responding to another question he said, “Action against corruption is an ongoing process, some process need to be followed to punish anyone. Some actions have already been taken.” Responding to a question about the specific instructions given today, the Finance Adviser said the Industries and Agriculture ministries will do whatever needs to be done in the field of production, such as fertilizer supply and market management.

Eminent economist Ahsan H Mansur has been appointed as next governor of Bangladesh Bank on Tuesday night, said authority. The Ministry of Finance has issued a gazette notification, signed by Afsana Bilkis, deputy secretary of the ministry, in this regard.  The government has appointed him as per Bangladesh Bank Order, 1972 (President’s Order No.127 of 1972). Earlier, the interim government decided to appoint a new head of the central bank after governor Abdur Rouf Talukder resigned on August 9 in the wake of the fall of Awami League regime amid mass movement. Mansur, 72, is currently the executive director of the Policy Research Institute (PRI), a think tank. Earlier he held various important positions at the International Monetary Fund (IMF). He is well known as an analyst of the country's financial sector.