Summary: The government is offering tax rebates on deposits for the Universal Pension Scheme to encourage investment. Content: An official from the National Pension Authority has confirmed that they have sent a letter to the National Board of Revenue (NBR) asking for appropriate action to be taken. It has been suggested that the board will issue an order relating to this matter by... Read More
Summary: The Multilateral Investment Guarantee Agency (MIGA) is considering providing guarantees for short-term trade finance facilities to Bangladesh for essential imports. The guarantee amount could range from $500 million to $1 billion. This move comes after the government was not interested in MIGA's previous offer of a $1 billion guarantee at a 6% interest rate six months ago. Content: International commercial lenders have... Read More
Summary: The Bangladesh Bank report warns that the financial sector's stability is at risk due to the increasing number of non-performing loans. On October 5, the quarterly report for April-June 2023 was published by the central bank, in which it made the observation. Content: The report reveals that the gross NPL ratio to total loans increased from 8.8% in March 2023 to 10.1%... Read More
Summary: The draft regulatory order has been approved by Finance Minister AHM Mustafa Kamal and is presently under vetting at the law ministry. As per the latest updates, the government is expected to revoke the newly introduced 15% tax on profits or capital gains earned from the sale of land under the income tax law. Content: According to sources at the finance ministry,... Read More
Summary: In the first half of this year, banks wrote off loans three times more than the same period in the previous year. This indicates that banks are facing a growing number of defaults and financial challenges from borrowers, which could have serious implications for the overall stability of the banking industry. Content: Defaulted loans are on the rise due to a growing... Read More
Summary: Next month (November), contractors are expected to be appointed by the Chittagong Port Authority (CPA) for the construction of Matarbari Deep-sea Port. It is anticipated that the evaluation of tenders submitted for the construction work of the port will be completed soon. Afterwards, the authorities will proceed with the appointment of contractors for both sides, namely Chittagong Port and Roads... Read More
We offer our heartiest congratulations to our esteemed Clients, China Communications Constructions Company (CCCC) Ltd and all its subsidiaries and affiliates in Bangladesh on this monumental occasion of the inauguration of the Bangabandhu Sheikh Mujibur Rahman Tunnel under the Karnaphuli River, the first of its kind in Bangladesh, which will inevitably lead to more positive changes on both sides of... Read More
Procedural violations or administrative actions taken without following due procedure, arbitrarily, unreasonably, or in violation of fundamental rights, etc, can be expeditiously resolved by judicially reviewing the same, popularly known as a filing writ petition, before the Hon’ble High Court, where there is no other efficacious alternative forum available. In 2023, the High Court Division, by a judgment and order dated... Read More
Summary: Rwanda has officially become a State Party to the United Nations Convention on Contracts for the International Sale of Goods (CISG), making it the 97th country to join. As of October 1st, 2024, the Convention will be fully effective in Rwanda. Content: The CISG is a set of legal rules that govern international sales contracts. It covers the formation of contracts for... Read More
Summary New research from Microsoft reveals that hackers are now incorporating artificial intelligence and encryption to create more sophisticated and harmful cyber-attacks. Tom Burt, Microsoft's corporate vice president for customer security and trust, reports that hackers are utilizing AI tools and generative AI chatbots to create stealthier attacks. These AI-powered tools allow cybercriminals and nation-states to refine the language and imagery... Read More
