Additional sanctions related to price caps have been imposed by the Treasury

30/12/2023 | | Commercial, International, Shipping

Summary:  On December 1, 2023, the United States Department of Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on three entities. Additionally, three vessels that carried Russian crude oil above the Coalition-agreed price cap while using Price Cap Coalition services are identified as blocked property. These sanctions have been imposed to responsibly reduce oil revenues that the Russian... Read More

The approval for the import of 40MW hydro power from Nepal has been granted

30/12/2023 | | Construction, International, Investment

Summary: The government recently gave the green light for the establishment of two solar power plants and the import of 40 megawatts of power from Nepal through the Indian grid, using the direct purchase method. These decisions were made in separate meetings of the Cabinet Committee on Economic Affairs and the Cabinet Committee on National Purchase, both of which were... Read More

Limitations on Deposits and Troubled Banks categorized

30/12/2023 | | Banking, Finance, Corporate

Summary The Bangladesh Bank has recently introduced a new framework that aims to promote financial stability and maintain public confidence in the banking system. This framework categorizes troubled banks into four groups based on their non-performing loans (NPLs) and Capital to Risk (Weighted) Assets Ratio (CRAR).  Content: As per the Prompt Corrective Action (PCA) Framework, if a bank's Non-Performing Loans (NPLs) exceed... Read More

The misuse of bonds has nearly halved in Bangladesh, resulting in savings of $1.45 billion during the period of July to September

30/12/2023 | | Commercial, International, Investment, Taxes & Finance

Summary The government granted tax concessions of approximately Tk1 lakh crore on raw material imports under the bond facility in FY2022-23, resulting in a reduction worth $1.45 billion in the first quarter of the present financial year. During the first three months of the current fiscal year, the misuse of bond facilities, which offer import duty concessions for raw materials... Read More

More time has been given to shipbuilders to reschedule their loans

30/12/2023 | | Banking, Finance, Shipping

Summary: Shipbuilders in Bangladesh have been given an extra month to reschedule their defaulted loans. The Bangladesh Bank has extended the deadline to apply for rescheduling until December 31. To be eligible for the scheme, shipbuilders will need to make a down payment of 2.5 percent. Content: The central bank recently gave a group of borrowers in the shipbuilding industry more time... Read More

African carbon deal is being lined up by a big oil producer Ahead of climate talks

30/12/2023 | | Construction, International, Investment

Summary: The United Arab Emirates, a country that holds a prominent position as one of the world's largest exporters of fossil fuels, is keen on establishing itself as an influential leader in creating global carbon markets. This move comes as the country prepares to host the annual United Nations climate talks, scheduled to take place this month. Content: The efforts of a... Read More

DCCI has requested for a dedicated High Court bench to deal with cases related to companies

30/12/2023 | | Commercial, Corporate

Summary: A more efficient, transparent, and business-friendly regulatory environment in Bangladesh is being recommended by the Dhaka Chamber of Commerce & Industry (DCCI) through the establishment of a specialized High Court division that will handle company disputes within a period of 120 days.  Content: A recent seminar on "Reform of Companies Act 1994" was held at the DCCI auditorium in Motijheel, Dhaka.... Read More

The DSE is developing an advanced system to ensure accurate company disclosures

30/12/2023 | | Capital Market, Finance, Corporate

Summary The Dhaka Stock Exchange (DSE) has announced plans to create a sophisticated platform that will focus on ensuring accurate disclosures by listed companies. The aim is to prevent the dissemination of misleading information.  Content The newly appointed managing director of the country's leading bourse, ATM Tariquzzaman, unveiled this initiative during a program on Tuesday. He emphasized that the current manual process... Read More

Bangladesh’s ship recycling yards will receive $1.364m investment from Norway to improve eco-friendliness

30/12/2023 | | International, Investment, Shipping

Summary:  Norway's government will invest $1.364 million to transform Bangladesh's shipbreaking yards into eco-friendly facilities. This project aims to protect the environment by reducing pollution in the ship breaking industry.  Content: The Ministry of Industries, the Norwegian government, and the International Maritime Organization (IMO) are collaborating on a project called "Safe and Environmentally Sound Ship Recycling Project (SENSREC) Phase-3". On Wednesday, at... Read More

A new wage structure for RMG will come into effect from 1st December, according to State Minister for Labour & Employment

30/12/2023 | | Labour & Human Rights, Commercial, Human Resources

Summary: The new wage structure for the readymade garment workers is expected to be finalized by the 30th of November, according to Begum Monnujan Sufian, the State Minister for Labour and Employment. The new structure will become effective from the 1st of December this year. The statement was made on Sunday, the 29th of October, providing hope for workers who... Read More

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