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DSEX 5521.38 45.83 Gold (Ounce) $1257.20 Dollar 81.23 (Buy) 82.23 (Sell) REPO Rate (27/4/2017) 3.24%

CSCX 10373.66 70.23 Oil (Barrel) $48.04 Euro 87.65 (Buy) 91.91 (Sell) REPO Rate (26/4/2017) 3.23%

Source: DSE and CSE Source: yahoo finance Source: One Bank Limited Source: Bangladesh Bank (WAV)

National News ............................................................................................................................................................................ 1

, ................................................................................................................ 1

No fresh proposals against pending IPOs needed after rule change ............................................................................................. 2

BSC shares' face value to be Tk 10 ................................................................................................................................................. 3

VAT rate cut likely: Muhith ............................................................................................................................................................. 3

Govt mulls overseas investment policy .......................................................................................................................................... 5

Private sector credit growth picks up ............................................................................................................................................. 5

Forex reserves hit $32.52b ............................................................................................................................................................. 6

BB fears pressure on forex reserves to rise further........................................................................................................................ 6

Taka depreciation against US Dollar temporary: Sr StanChart official ........................................................................................... 7

Banks to issue Freelancer Card ..................................................................................................................................................... 9

Two-yr moratorium on jute exporters loan repayment .............................................................................................................. 10

Remittance inflow drops by almost $2b in 10 months ................................................................................................................. 10

Flight of capital goes on unabated ............................................................................................................................................... 11

BPCs fuel sales soar by Tk 2,083cr in 6 months ........................................................................................................................... 12

New policy for renewable sources of energy on cards: minister ................................................................................................. 13

Indias Reliance Power moves to ink final deal on LNG terminal ................................................................................................. 14

BTRC preparing guideline on mobile tower radiation .................................................................................................................. 14

Five projects involving Tk 57.11b get ECNEC nod ......................................................................................................................... 15

BIDA receives 45% less investment proposals in Q3 .................................................................................................................... 16

Labour law will be updated: Chunnu ............................................................................................................................................ 16

International News ................................................................................................................................................................... 17

Infosys plans to hire 10,000 US workers after Trump targets outsourcing firms ......................................................................... 17

Samsung to become worlds largest chipmaker ........................................................................................................................... 18

Bitcoin soars above all-time high.................................................................................................................................................. 19

National News

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Source: http://www.arthosuchak.com/archives/338223/

No fresh proposals against pending IPOs needed after rule change The companies which have already submitted their initial public offering proposals to the Bangladesh Securities and

Exchange Commission for its approval will not require submitting the applications afresh after the proposed

amendments to the commissions public issue rules are made, officials said.

The issue of submission of IPO proposal anew after rules amendment came to light after the BSEC in January, 2016

had asked IPO-seeking companies to submit their proposals again after the amended Bangladesh Securities and

Exchange Commission (Public Issue) Rules, 2015 came into force.

IPO proposals of at least 18 companies are already at different stages of getting approval from the commission.

A senior BSEC official, however, said that premium-seeking companies which had intended to pool fund from the

capital market under the booking building method but were yet to complete bidding procedure had to follow the

bidding procedure to be specified in the amended rules.

The companies which have already completed bidding process under the book-building method would get waiver from

fresh bidding, he said.

The BSEC on April 27 drafted fresh amendments to its public issue rules with a view to containing syndication in the

bidding process under the book-building method.

http://www.arthosuchak.com/archives/338223/

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Under the proposed new bidding procedure, an institutional investor will be allowed to bid for highest 2 per cent

shares of an entitys total issue size, while bidding for highest 10 per cent shares of the total issue size is allowed under

the current rules.

As per the proposed amendments, for the IPO-seeking companies under the book building method, entities will have

to float shares worth at least Tk 50 crore along with pre-IPO paid-up capital of Tk 30 crore.

In case of the fixed price method, pre-IPO paid-up capital of a company must have to be Tk 15 crore, while an entitys

IPO size would be Tk 30 crore.

But, the companies which have already submitted their applications to raise fund under the method would get waiver

from complying with the provisions.

The latest proposal also scrapped the quota provision for different segments of eligible institutional investors, meaning

that the bidders would get shares on the basis of their application ratio.

The BSEC official also said that the amended rules would mention from which provisions IPO-seeking companies would

get exemption.

In 2016, BSECs instruction to submit IPO proposals afresh under the amended rules drew huge criticism from the

companies due to lengthy process of raising fund from the capital market under the IPO system.

A number of companies failed to raise fund in time and to execute their business plan due to the BSECs instruction.

The BSEC on December 28, 2015 amended public issue rules, making the book building method mandatory for all

premium-seeking companies.

Questions regarding IPO pricing under the book building method led the BSEC to amend the public issue rules.

Source: http://www.newagebd.net/article/14745/no-fresh-proposals-against-pending-ipos-needed-after-rule-change

BSC shares' face value to be Tk 10 The face value of Bangladesh Shipping Corporation shares will be Tk 10 instead of Tk 100 per share. The 291st board

meeting of BSC held Tuesday took the decision in compliance with a BSEC law. A record date was fixed on May 31 to

bring the change subject to the approval of BSEC, according to a Price Sensitive Information of BSC. BSC is the last

company, among the listed companies to be included in the list of uniform face value of shares, as decided by the

government in 2010.

Source: http://www.thefinancialexpress-bd.com/2017/05/02/68930/BSC-shares'-face-value-to-be-Tk-10

VAT rate cut likely: Muhith Finance Minister AMA Muhith yesterday hinted a cut in value-added tax rate for businesses in the upcoming fiscal

year, when the government aims to implement the new VAT law.

We will give you a more comfortable rate, he said at a discussion on national budget, jointly organised by the

Federation of Bangladesh Chambers of Commerce and Industry and private television channel NTV at the capital's

Sonargaon Hotel.

When reporters asked him later on the possible cut in VAT rates, he refused to divulge any further details.

Apart from the new VAT law and the VAT rate, the issues of cost of doing business and incentives to encourage

investment and exports were also discussed.

http://www.newagebd.net/article/14745/no-fresh-proposals-against-pending-ipos-needed-after-rule-changehttp://www.thefinancialexpress-bd.com/2017/05/02/68930/BSC-shares'-face-value-to-be-Tk-10

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MA Mannan, state minister for finance and planning, and Amir Khasru Mahmud Chowdhury, BNP leader and former

commerce minister, also participated in the discussion.

The debate began with Chowdhury questioning the recent economic growth figures given sluggish private investment,

youth unemployment, loan scams in banks and reserve heist at Bangladesh Bank.

The growth figures are questionable. I am not the only person -- many economists have raised the issue.

There is stagnancy in various areas but steady economic growth seems to be materialising as per the official statistics.

He went on to term the phenomenon 'jobless growth'.

It means that quality investment is not taking place. This is happening because of the non-representative character

of the government.

In response, Mannan said the government has taken various reform measures to reduce the cost of doing business

and encourage investment.

He said inflation is on the decline, while the supply of commodities has remained stable.

There is no question of deterioration in the standards of living, Mannan added.

Muhith said the country has made a lot of progress since 2006, the last time that a BNP-led government was in charge.

How can a person deny that fact? I do not understand, he said, while citing the rural-urban integration as one of the

major transformations in the last one decade.

Now, the rural-urban divide does not prevail, he said, adding that the integration is taking the economy to a new

level of development.

Chowdhury said the reforms programmes carried out by the past BNP-led government were the main factor behind

the private sector-led economic growth.

About the mega projects taken up by the present government, he said the costs of the projects have been shown to

be higher than in China and Europe.

He alleged that there is a lack of accountability in the government.

The BNP leader said huge sums of funds are siphoned off abroad, and when the names of persons behind the capital

flight are searched for, some politicians' names surface.

He also raised the issue of loan scam at banks.

Chowdhury also touched upon the reserve heist at the central bank and said the probe report is yet to be made public

despite repeated promises by the finance minister.

At one point, Muhith said it is a matter of regret that politics have taken over the discussion regarding economics.

In reply, Chowdhury said politics and economics go hand in hand.

Muhith, pointing to Chowdhury, said: Your speech has politics, not economics. Your comments do not reflect reality.

Chowdhury said he used the figures of the government agencies. Did I manufacture data?

Later, Mannan pointing towards Chowdhury said: You did not have any development philosophy and vision. We have

given that to the nation.

Mustafa Jabbar, president of the Bangladesh Association of Software and Information Services, said Bangladesh got

the scope to be connected with submarine cable in 1992 but the then BNP government turned down the opportunity.

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Muhith, responding to comments from businesses, said the reduction of oil prices would have helped the economy to

grow faster. It was my failure that I could not reduce the oil prices, he added.

Businesses at the event demanded: cuts in the cost of doing business, incentives for entrepreneurs creating jobs,

reduction of tax and other barriers to import environment-friendly technologies, protection to domestic industries,

development of human resources and increased allocations for education and health in the budget for fiscal 2017-18.

Source: http://www.thedailystar.net/business/vat-rate-cut-likely-muhith-1399663

Govt mulls overseas investment policy The Prime Ministers Office has taken an initiative to formulate an overseas investment policy for Bangladesh as the

government is considering Bangladeshi companies investment abroad.

The PMO on March 14 formed a sub-committee headed by Ajit Kumar Paul, executive member of the Bangladesh

Investment Development Authority, in this regard.

To collect necessary information on feasibility of Bangladeshi investment in foreign countries, the committee held its

first meeting at the board room of BIDA in the city on Tuesday.

At the meeting, Ajit said that the government was positive about overseas investment by Bangladeshi companies and

the recommendations made by the stakeholders and experts would be considered to formulate the investment policy.

Committee members suggested that before allowing investment abroad, the government should ensure foreign

exchange reserve enough for settling import payments, according to a BIDA press release.

They also discussed some other issues including identifying sectors which would be allowed for investment abroad

and ensuring job for Bangladeshi citizens, the release said.

Bangladesh Bank general manager ANM Abul Kashem and National Board of Revenue first secretary Md Iqbal Bahar

were present in the meeting, among others.

Source: http://www.newagebd.net/article/14743/govt-mulls-overseas-investment-policy

Private sector credit growth picks up Private sector credit growth crossed the 16 percent mark for the first

time in six months in March on the back of higher investment in

government's infrastructure projects and a surge in SME lending amid

lower interest rate.

In March, credit growth stood at 16.06 percent -- which is close to the

monetary target of 16.5 percent set by the Bangladesh Bank for the

second half of the fiscal year. In February, the credit growth stood at 15.88 percent.

At the end of March, the banking sector's total outstanding loans stood at Tk 738,640 crore, up 1.5 percent from the

previous month, according to data from the BB.

The government's mega infrastructure projects meant that imports surged, which, in turn, contributed to the higher

credit growth, said Mohammed Nurul Amin, managing director and chief executive officer of Meghna Bank.b

Moreover, banks focused on lending to agriculture and small- and medium-sized enterprises to expand their business

activities, which also helped in bumping up private sector credit growth.

http://www.thedailystar.net/business/vat-rate-cut-likely-muhith-1399663http://www.newagebd.net/article/14743/govt-mulls-overseas-investment-policy

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Retail banking products such as consumer loan and credit card contributed to the higher credit growth, said Ishtiaque

Ahmed Chowdhury, managing director and CEO of Trust Bank.

The BB recently raised the ceiling for credit card and consumer loan, a move that increased the money movement

among the clients, he said.

With the view to stimulating consumption in the economy, the central bank doubled the credit card limit to Tk 10 lakh

and extended the personal loan ceiling to Tk 5 lakh from Tk 3 lakh.

On the other hand, government borrowing has remained negative, meaning even if the private sector credit growth

overshoots the target it will not put pressure on inflation.

Domestic credit growth will remain within the projected growth due to the negative public sector borrowing, said a

senior economist of the BB.

Public sector credit growth stood at 8.93 percent in the negative in March -- way off the target of 16.10 percent set in

the monetary policy for the latter half of the fiscal year.

Domestic credit growth stood at 12.18 percent at the end of March -- far below from the target of 16.40 percent.

The recent spike in the taka-dollar exchange rate contributed to the uptick in credit growth as businessmen are making

early payment against their letters of credit forecasting further rise, said Golam Hafiz Ahmed, managing director and

CEO of NCC Bank.

He also said the demand for SME loans increased due to the lower interest rates, he said.

As of March, the weighted average lending rate stood at 9.7 percent, down from 10.78 percent a year earlier, according

to data from the central bank.

Source: http://www.thedailystar.net/business/private-sector-credit-growth-picks-1399669

Forex reserves hit $32.52b Bangladesh's foreign exchange reserves rose to $32.52 billion at the end of April, the central bank said on Tuesday, up

nearly $300 million from the previous month, reports Reuters.

The reserves are sufficient to cover imports for about nine months and are $4.25 billion higher than a year ago.

Garment exports and remittances from Bangladeshis working overseas, the key drivers of the country's more than

$200 billion economy, have helped build reserves in recent years.

Source: http://www.thefinancialexpress-bd.com/2017/05/03/68945/Forex-reserves-hit-$32.52b

BB fears pressure on forex reserves to rise further Bangladesh Bank fears that pressure on the countrys foreign exchange reserves will increase if the government

approves overseas equity investment by the local firms.

Bank and Financial Institutions Division said it is not clear whether the local firms may return home their equity

investment.

The central bank feared the pressure on foreign exchange reserves as Akij Group, Nitol Niloy Group and Ha-Meem

Group are now interested to invest overseas.

http://www.thedailystar.net/business/private-sector-credit-growth-picks-1399669http://www.thefinancialexpress-bd.com/2017/05/03/68945/Forex-reserves-hit-$32.52b

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Local firms investment proposals in aboard will go to the Cabinet Committee on Economic Affairs as the Bank and

Financial Institutions Division did not take decision for its own in this matter.

Bank and Financial Institutions Division has forwarded the Bangladesh Bank proposals to the cabinet committee.

Bank Divisions proposal will be placed at a meeting of the Cabinet Committee on Economic Affairs next week as

Finance Minister AMA Muhith is going to Japan this week to attend the annual meeting of the Asian Development

Bank.

Akij Group has proposed to invest $20m in Malaysia, Ha-Meem Group $10m in Haiti and Nitol Niloy $7m in Gambia.

Ha-Meem intends to invest in the island nations garment sector to prop up its shipments to the US, while Akij Group

wants to buy a Malaysian company that produce fire board and hardboard. Nitol Niloy plans to in Gambias banking

sector.

The proposal said the local investors are not interested to invest in the country and thus the additional liquidity stands

at Tk2,77,956.29 crore in the banking sector.

But the Bangladesh needs invest 32% of GDP locally to achieve targeted economic growth.

In the proposal, Bangladesh Bank said Bangladeshis firms are capable and has capacity to invest on foreign lands.

As funds are being spent to import fuel oil and capital machinery along with consumer products, the growth foreign

exchange reserves becomes slow.

Deficit in the balance of payment stood at $ 790m at the end of December 2016. Foreign exchange reserves now stood

at around $33bn enough to honour at least 7-8 months import bills.

Bangladesh Bank hopes that there will be new frontier of export earning if Bangladeshi businessmen invest overseas.

There is a possibility that the three firms will return home some foreign earning.

Usually, Bangladesh Bank has examined four matters including ensuring foreign exchange funds will be used in the

specific foreign projects and get back foreign exchange funds.

The country will financially benefit from the local firms foreign investment.

Besides, the government will form a $10bn sovereign funds from the Bangladesh Bank foreign exchange reserves

which also put a pressure on foreign exchange reserves.

Dr AB Mirza Azizul Islam, former finance adviser to Caretaker Government, told Dhaka Tribune that Bangladesh Bank

has shifted its responsibility to the cabinet committee for approval of the firms investment plans in aboard.

He criticised Bangladesh Bank to forward the proposal to government and avoid making decision although there is a

committee concerned to handle such types of matters.

Source: http://www.dhakatribune.com/business/banks/2017/05/03/bb-fears-pressure-forex-reserves-rise/

Taka depreciation against US Dollar temporary: Sr StanChart official The recent depreciation of Taka against US Dollar is a temporary phenomenon and should not be a big concern for

Bangladesh's business and economy, a top official of global financial giant Standard Chartered said recently.

"I think it is a temporary concern, something which will cool down in two to three weeks", said MS Gopikrishnan,

Managing Director and Head of Financial Markets Sales and Trading for StanChart's South Asian region, in an exclusive

interview with the FE.

http://www.dhakatribune.com/business/banks/2017/05/03/bb-fears-pressure-forex-reserves-rise/

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His views came at a time when the Bangladesh Taka (BDT) depreciated by nearly 3.50 per cent against the greenback

in just two weeks since April 11 at the customers' end.

The average bills for collection (BC) rate of US dollar rose to Tk 83.6683 on April 26 from Tk 80.8460 on April 11,

according to figures, released by Bangladesh Foreign Exchange Dealers' Association (BAFEDA).

However, the average BC rate came down to Tk 82.1708 on April 27, after imposing a cap -- inter-bank exchange rate

plus Tk 2.0 -- by the Bangladesh Bank on April 26. It fell further Sunday to stand at Tk 82.1328 a dollar.

Mr. Gopikrishnan, who was on his first visit to Dhaka last week, however, observed that this recent volatility clearly

shows there is a 'dollar liquidity problem' in the local market.

"There has been a fall in overseas remittances in recent times and suddenly that has created a problem where enough

US dollars are not available", he said.

"However, the month of Ramadan is approaching during which the country is likely to witness an upsurge in

remittances which will take care of this currency devaluation", he said.

The StanChart Regional Managing Director also observed that a little depreciation of currency is also good for the

emerging market economies.

"Any emerging market needs to keep depreciating the currency a little bit as it always incentivize exporters and also

helps increase the demand for local products in the domestic market",

"For example, if the local currency is too strong and the import cost remains low, consumers will go for imported goods

rather than the local ones".

"But when the local currency depreciates and import becomes costlier, consumers will buy more local goods rather

than the imported ones, which will ultimately help the local producers".

He also opined that Bangladesh has a huge economic potential, but the financial market needs a broader array of

products to tap it.

"This country has the potential to grow at around 9 per cent per year, higher than its current growth rate", Mr

Gopikrishnan said, "But as far as the financial market is concerned, it is still at a nascent stage".

"The financial market in Sri Lanka is five years ahead of Bangladesh in terms of product availability while India is even

far ahead", he opined.

Citing the areas for improvement, Mr Gopikrishnan pointed out that the country needs to develop a forex hedge

market where the corporate entities can hedge beyond 12 months.

"Also, if there is a liquid forex forwards market, where importers and exporters can freely come and hedge that can

be a good step", he said.

Mr Gopikrishan also pointed out there is a lot that can be done in terms of interest rate hedging. "Today, if I borrow

in floating rate, there is no way to convert that to fixed rate to the derivatives market", he said.

In this context, Mr. Gopikrishnan also called for introducing the system of 'interest rate swaps' in Bangladesh.

"For example, if I am paying in floating rates, I should be able to convert that into fixed rate payments so that I know

exactly what my outflow will be for the next five to six years", he said.

"But at present, if I pay in a floating rate, I would not be able to know what the rate would be in six months. And if the

rate starts moving up, that will impact my business".

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Mr. Gopikrishnan also pointed out lack of a vibrant bond market as a major hindrance for enhancing the financial

milieu in the country.

"The government is not borrowing from the bond market as they are sitting on surplus of liquidity that is coming from

small savings scheme",

"As there is no government bond market, there is no corporate debt market either",

The Standard Chartered high official observed that although, infrastructure wise, market is at a very nascent stage in

Bangladesh, that is where lies scope for improvement.

"When you have already achieved a lot of things, it is very difficult to add more. But when you are just starting, there

are a lot of things that can be done", he added.

Source: http://www.thefinancialexpress-bd.com/2017/05/03/68941/Taka-depreciation-against-US-Dollar-

temporary:-Sr-StanChart-official

Banks to issue Freelancer Card The central bank has allowed commercial banks to issue 'Freelancer Card' having dual-currency units with features of

being prepaid from abroad to facilitate transactions in the ICT (information and communication technology) sector.

On receipt of the payment, up to eligible portion of the Exporters' Retention Quota (ERQ) might be credited at the

options of beneficiaries in foreign currency unit of the card while the remainder mandatorily in local currency unit

after conversion at prevailing exchange rate, according to a notification issued by the Bangladesh Bank (BB) on

Tuesday.

"The balance held in foreign currency unit of the card as ERQ is usable for payment, through usual banking channel,

on international current account transactions for bona fide business expenses including legitimate expenses for

personal purposes," the notification noted.

For ICT sector, the exporters are now allowed to keep 70 per cent of their total earnings under ERQ and the remaining

30 per cent in local currency account, according to the BB officials.

"It will help increase the earnings from software exports," a BB senior official told the FE, explaining the objectives of

the new initiative.

The BB had earlier relaxed the regulations in support of the ICT sector to help it achieve the software export target of

US$5.0 billion by 2021.

Now, the banks are allowed to remit from $25,000 to $30,000 on behalf of the IT or software firms in a calendar year,

the central bank said earlier.

According to the latest notification, outward remittances from the foreign currency balance are subject to

fulfillment of taxes payment obligations, if any.

Inward receipts exceeding US$ 10,000 or equivalent are subject to declaration on Form-C (ICT).

The banks will have to report the transactions to the central bank in relevant statement/schedule and online reporting

system, mentioning appropriate code relevant to ICT/computer services.

The Authorised Dealers (ADs) in Bangladesh are allowed to repatriate inward remittances against small value service

exports in non-physical form, including ICT-related services, through online payment gateway service providers.

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"To widen the scope for repatriation of ICT related payments, it has been decided that ADs may provide

facilities to credit inward remittances received in international card number/account against the services

provided by individual developers/freelancers," it noted.

Mustafa Jabbar, president of the Bangladesh Association of Software and Information Services (BASIS), welcomed the

BB's latest move, saying that it will help expand the country's overall ICT sector.

"Definitely, it's a great achievement for the sector," the BASIS chief explained.

Source: http://www.thefinancialexpress-bd.com/2017/05/03/68952/Banks-to-issue-Freelancer-Card

Two-yr moratorium on jute exporters loan repayment The country's raw jute exporters have been provided with a two-year moratorium facility with repayment of their

loans in 10 years, according to a circular issued by the central bank on Tuesday. Updated ledger dues also will be

included in the facilities, it said, adding that the lending rate will be imposed at the rate of the cost of fund. The

beneficiaries, who enjoyed block accounts earlier, also will get such facilities.

Source: http://www.thefinancialexpress-bd.com/2017/05/03/68953/Two-yr-moratorium-on-jute-

exporters%E2%80%99-loan-repayment

Remittance inflow drops by almost $2b in 10 months The inward remittance decreased by $1.96 billion or

16.02 per cent in the July-April period of the current

financial year 2016-17 compared with the

corresponding period of FY16.

The inflow dropped for the 10th month in a row this

financial year.

The country received $10.28 billion in remittance in

July-April of FY17 against $12.25 billion in the same

period of FY16, according to the latest Bangladesh

Bank data.

BB officials said that many non-resident Bangladeshis opted for illegal channels like Hundi to send their money home

because of a lower rate of the US Dollar against the Taka in the banking sector.

The monthly remittance inflow on year-on-year basis also dropped in April, for the 10th month in a row.

The country received $1.09 billion in remittance in April, down by 8.27 per cent from $1.19 billion received in April

2016.

A BB official told New Age on Tuesday that the remittance inflow continued to drop because of illegal Hundi, an

informal system for transferring money, as there has been a significant US Dollar rate gap between the banks and the

curb market for long.

The exchange rate gap between the banks and the curb market has recently decreased with easing of cash Dollar crisis

in the banking sector, he said.

But the people who are involved in the international cartel of Hundi have introduced a door-to-door service for sending

money to the relatives of expatriate Bangladeshis, which has made the NRBs to prefer the illegal channel, they said.

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The BB officials said the recent effort of the central bank to cut down Hundi, especially in the name of mobile banking,

was yet to have any impact on the remittance inflow situation.

There are allegations that different quarters allure the NRBs to send money through mobile banking, mostly bKash.

But the quarters never send the money home, their agents in Bangladesh pay receivers cash in the form of Taka

instead.

Against the backdrop, the BB has recently tightened ceiling on transactions through the mobile financial services and

identification process of clients to tackle Hundi and money laundering using the services.

Two inspection teams of the central bank have recently visited four countries Saudi Arabia, United Arab Emirate,

Malaysia and Singapore to unearth the real cause of decline in the inward remittances.

The inspection teams also observed that a significant number of NRBs were now sending their money through the

illegal channel, he said.

Former interim government adviser AB Mirza Azizul Islam told New Age on Tuesday that the negative growth in the

inward remittance would hit the consumption capacity of the people.

The government and the central bank should take measures to prevent the Hundi, he pointed out.

Besides, the Middle East countries, where a large number of Bangladeshi expatriates are working, have been facing a

dull business for the last few years as the global price of petroleum declined, he said.

The NRBs of United States and United Kingdom have been facing anti-immigration sentiment. For this reason, they

are avoiding to send the inward remittance, he said.

The World Bank in a report published on April 21 said that remittances to developing countries fell for a second

consecutive year in 2016, a trend not seen in three decades.

Remittances to the South Asia region declined by an estimated 6.4 per cent to $110 billion in 2016 due to lower oil

prices and fiscal tightening in the GCC countries, the report said.

In addition to the decline in remittances to India and Bangladesh, Nepal also saw a contraction of 6.7 per cent, while

Pakistan saw modest growth of 2.8 per cent. Remittances to the region are expected to grow by 2 per cent to $112

billion in 2017, it said.

Source: http://www.newagebd.net/article/14739/remittance-inflow-drops-by-almost-2b-in-10-months

Flight of capital goes on unabated A substantial amount of fund, ranging between 12 per cent and 17 per cent of its

total trade value, had annually flown out of Bangladesh during last one decade,

ending in December 2014, through trade misinvoicing and other illegal transfers.

Global Financial Integrity (GFI), a Washington-based research organisation

unveiled the estimate in its latest report titled 'Illicit Financial Flows to and from

Developing Countries: 2005-2014'.

It also put Bangladesh's total trade value for 2005-2014 at $446.153 billion.

If the 17 per cent of trade value turned into illicit financial outflows, the amount

stood at $75.84 billion in last 10 years.

If it is 12 per cent or minimum, even then the annual outflow came to $5.35 billion.

http://www.newagebd.net/article/14739/remittance-inflow-drops-by-almost-2b-in-10-months

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In its earlier report, released on December 2015, the US spy agency on the financial front had shown annual average

outflow from Bangladesh $5.58 billion during 2004-2013.

According to the latest count, illicit financial outflows from Bangladesh stood at $9.10 billion in 2014 as it is the amount

of worth 13 per cent of total trade in the year under review.

The latest report says the illegal fund flows (IFFs) from developing and emerging economies amounted to nearly $1.0

trillion in 2014. GFI study pegs illicit financial outflows at 4.2 to 6.6 per cent of developing-country total trade in 2014.

Though it is almost half through the year 2017, the GFI has comprehensive data for 2014 at the latest.

The latest report is also different from the previous one as it is 'the first global study at GFI to equally emphasize illicit

outflows and inflows'.

"Each is found to have remained persistently high over the period between 2005 and 2014," says the report.

"Combined, these outflows and inflows are estimated to account for between 14.1 and 24.0 per cent of developing-

country trade, on average."

Unlike the previous years, this year's report doesn't mention country-specific amount of illicit financial outflows or

dirty money. Dirty money means money earned mostly through illegal ways and also transferred outside the country

illegally.

GFI's measure of illicit financial flows stems from two sources. One is the deliberate misinvoicing in merchandise trade.

The other one is leakages in the balance of payments or hot money flows.

"Of those two sources, trade misinvoicing is the primary measurable means for shifting funds in and out of developing

countries illicitly," says the GFI report.

"Even using the lower of GFI's two estimates for trade misinvoicing, GFI finds that an average of 87 per cent of illicit

financial outflows was due to the fraudulent misinvoice," it adds.

"Years of experience with businesses and governments in the developing world have taught us that the decision to

bring illicit flows into a particular developing country often marks only the first phase of a strategy to subsequently

move funds out of the country," said GFI President Raymond Baker in a press statement issued in this regard on

Monday.

"Together, illicit inflows and outflows sap the crucial financial resources needed to reach the Sustainable Development

Goals."

Source: http://www.thefinancialexpress-bd.com/2017/05/03/68956/Flight-of-capital-goes-on-unabated

BPCs fuel sales soar by Tk 2,083cr in 6 months Sales of petroleum fuels by state-owned Bangladesh Petroleum Corporation (BPC) shot up by Tk 2,083 crore in last six

months thanks to the drives against fuel adulteration, officials said.

We are carrying out intensified drives against fuel adulteration that resulted in a rise in sales by Tk 2,083 crore, BPC

director (marketing) Mir Ali Reza told daily sun on Tuesday.

He said the sales of petrol went up by at least 70 percent in six months between October 2016 and March 2017.

Besides, sales of octane and kerosene also soared by 30 percent, he informed.

It means the unscrupulous businessmen ate up Tk 347 crore a month by adulterating and selling crude condensate.

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The prime minister instructed to us to take a zero-tolerance stance against fuel adulteration, another BPC official

said.

He also said the Anti-Corruption Commission (ACC) is now investigating the alleged sales of crude fuels by some private

condensate fractionation plants.

There have been widespread allegations that some private fractionation plants were directly selling crude fuels

(condensate) to petrol pumps or mixing crude fuels with refined petroleum products.

Sales of petrol and paraffin have dropped significantly at some point due to illegal purchase and sales of adulterated

petroleum fuels.

BPC has recently cancelled the licences of 582 dealers and agents for selling adulterated petroleum fuels.

Besides, BPC also issued show-cause notices to 150 petrol pumps for selling adulterated petroleum fuels.

According to officials, the countrys gas fields produce 560,000 tonnes of raw petroleum fuels a year. The petroleum

fuel fractionation plants are legally bound to supply only refined fuels.

Nazmul Haque, president of Petrol Pump Owners Association, told daily sun, The BPC just punished the small culprits.

It failed to catch the godfathers those are responsible for flooding crude petroleum fuels into the market, he said.

Source: http://www.daily-sun.com/post/223719/BPC%E2%80%99s-fuel-sales-soar-by-Tk-2083cr-in-6-months

New policy for renewable sources of energy on cards: minister The government plans to adopt a new policy and regulation for renewable sources to ensure energy security and cut

carbon emission, State Minister for Power and Energy Nasrul Hamid said yesterday.

The government relies on conventional sourcescoal-fired, hydro-electric and nuclear for base gridof energy, as its

renewable sources are unstable, the minister said.

He spoke at a roundtable on Bangladesh Energy Regulatory Commission (Tarrif for Rooftop Solar PV Electricity)

Regulations, 2016 (Draft) at The Daily Star Centre in Dhaka. The Asia Foundation organised the event.

The government is purchasing lands to install solar panels, as part of its efforts to add 1,000 MW of electricity to the

national grid, he said.

Then we'll invite big companies to invest and set solar panel on the lands.

Solar panels as well as renewable energy are costly, although they are environment friendly, Hamid said.

But we'll also have to think whether people will choose the costly sources of energy.

Salim Mahmud, chairman of BERC Arbitration Tribunal, urged the government to finalise the regulation soon.

Ijaz Hossain, professor of the chemical engineering department of Bangladesh University of Engineering and

Technology, gave a presentation on the tariff for rooftop solar PV electricity.

He discussed how the developed countries, including the USA and the Europe, use the solar panels.

Siddique Zobair, member of the Sustainable and Renewable Energy Development Authority, suggested solar panels

should be installed on the rooftops of tall buildings like textile mills.

Source: http://www.thedailystar.net/business/new-policy-renewable-sources-energy-cards-minister-1399639

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Indias Reliance Power moves to ink final deal on LNG terminal India's Reliance Power has moved to ink final contract to build Bangladesh's first floating storage unit (FSU) of LNG

(liquefied natural gas) at Kutubdia Island in the Bay of Bengal to facilitate import of the fuel, said officials.

A memorandum of understanding (MoU) between Reliance Power and state-run Petrobangla was signed in this regard

in presence of Bangladesh's Prime Minister Sheikh Hasina and India's Prime Minister Narendra Modi during PM

Hasina's visit to India early last month, a senior Petrobangla official told the FE.

The proposed FSU would have the capacity to store around 500 million cubic feet per day (mmcfd) of LNG, he said.

The Indian firm is also interested to implement a 718 MW R-LNG (re-gasified LNG) based power plant at Meghnaghat.

A power purchase agreement (PPA) and an Implementation Agreement was also initiated during the PM's visit, said

the Petrobangla official.

Reliance wants Petrobangla to supply R-LNG to the tune of around 110 mmcfd to run he combined cycle power plant.

Reliance's LNG import terminal would be the third LNG storage unit in Bangladesh.

The first one, a FSRU (floating storage, re-gasification unit), is being developed by US-based Excelerate Energy

Bangladesh Ltd at Moheshkhali island in the Bay of Bengal. Petrobangla also signed final agreements with Summit LNG

Terminal Company to development the country's second floating LNG terminal at the same location of Moheshkhali

Island.

The Power Division under the Ministry of Power, Energy and Mineral Resources has already submitted a proposal to

Bangladesh's cabinet committee on government purchase to get final nod for inking final PPA to implement the RLNG-

based power plant of Reliance, said a Power Division official.

State-run Bangladesh Power Development Board (BPDB) is set to purchase electricity from Reliance's power plants for

22 years with 84.60 per cent plant factor, according to the proposal.

The projects are expected to be awarded under the Speedy Supply of Power and Energy (Special Provisions) Act 2010,

which does not require a tender process.

This policy gives the government sweeping powers to bypass existing legislation in the energy and power sectors so

that it can implement projects quickly, a senior energy and power ministry official said Friday.

Bangladesh is expecting to start importing LNG by early 2018 to cope with the mounting domestic demand for natural

gas.

The country last year created an Energy Security Fund to finance the import of LNG and build terminals.

Petrobangla also sought $1.4 billion from the government to foot LNG imports in 2018, which was around 77.77 per

cent of the estimated total cost of importing.

Source: http://www.thefinancialexpress-bd.com/2017/05/03/68940/India%E2%80%99s-Reliance-Power-moves-to-

ink-final-deal-on-LNG-terminal

BTRC preparing guideline on mobile tower radiation Following the High Court's (HC's) directives, the Bangladesh Telecommunication Regulatory Commission (BTRC) will

prepare a guideline pertaining to the public health risk caused by radiation emitted by mobile phone towers. BTRC

chairman Dr Shahjahan Mahmood told The Independent yesterday that after getting directives from the HC, the legal

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15 | P a g e

and licensing and the engineering and operations divisions of the commission have been instructed to prepare the

guideline.

On March 28 this year, the HC directed the government to obtain expert opinion from three international

organisationsWorld Health Organisation (WHO), International Atomic Energy Agency (IAEA) and International

Commission on Non-Ionising Radiation Protection (ICNIRP)regarding the public health risk caused by radiation from

mobile phone towers.

The bench, comprising Justice Syed Refaat Ahmed and Justice Md Salim, issued the directive and asked the health and

family welfare ministry to submit a progress report on the issue by April 10. The court also asked the BTRC to prepare

a guideline and submit a progress report on radiation being prepared by the commission.

In 2012, Human Rights and Peace for Bangladesh had filed a writ petition before the HC over the radiation levels of

mobile phone towers. Five years after the petition was filed, the HC bench issued the directive during a hearing on the

writ petition.

Advocate Manzill Murshid stood for the petitioner, while Khandaker Reza-e-Rakib represented the BTR and deputy

attorney general Kazi Zinat Haque argued for the state.

Earlier, on March 22, an expert committee of the health ministry had submitted a report before the High Court, stating

that it found excessive radiation emitted by mobile towers, which is harmful for public health.

The report had recommended that the HC should direct the BTRC to take initiatives to examine the BTS of the countrys

mobile operators so that the radiation emitted by the towers can be reduced and kept under control.

Deputy attorney general Kazi Jinat Haque placed the report before the HC bench of Justice Syed Refaat Ahmed and

Justice Md Salim for passing its order. However, the HC bench asked the BTRC to report by March 28 what steps it had

taken to reduce the BTS radiation in the country.

Source: http://www.theindependentbd.com/post/92733

Five projects involving Tk 57.11b get ECNEC nod The Executive Committee of the National Economic Council (ECNEC) Tuesday approved five projects including the

amendment of the ASHRAYAN-2 project.

The total cost of the five projects, including the amendment, is Tk 57.11 billion.

The approval came at the ECNEC meeting, held was held at the NEC conference room with Chairperson and Prime

Minister Sheikh Hasina in the chair.

As per the amendment, the expenditure of the ASHRAYAN-2 project has been increased by 314 per cent for

constructing houses of 1.70 families and rehabilitation of 40,000 landless families.

The implementation of the project, after the amendment, now stands at Tk 48.40 billion. As per previous estimation,

the project was supposed to cost 11.69 billion.

The other projects to get ECNEC nod are expansion and development of important regional highways (Sylhet region)

(Tk 5.61 billion), construction of connecting road from Hetemdi to Sagardi in Manohardi upazila of Narsingdi district

(Tk 1.16 billion), expansion of Patgati highway in Chitalmari of Bagerhat (Tk 1.12 billion) and empowerment of women

with the help of technology project (Tk 819 million).

The total cost of the projects will come from the government exchequer, said Planning Minister AHM Mustafa Kamal.

http://www.theindependentbd.com/post/92733

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Source: http://www.thefinancialexpress-bd.com/2017/05/02/68898/Five-projects-involving-Tk-57.11b-get-ECNEC-

nod

BIDA receives 45% less investment proposals in Q3 Investment proposals by companies registered with Bangladesh Investment Development Authority (BIDA) has fallen

by 45.88% during January to March month of the current fiscal year 2016-17.

According to the latest BIDA data released on Tuesday, during the period, a total of 510 industrial units were registered

with BIDA for investment.

In the three months, 510 industrial units submitted proposals for investing a total of Tk37,217 crore and 4.3m while

487 industrial units proposed for investing Tk68,767 crore and 6.1m during October to December period, said BIDA

data.

The data also showed local investment proposals rose by 28.80% during third quarter while BIDA received proposals

for investing a total of Tk29,680.16 crore from local entrepreneurs for investing in 469 industrial units.

The proposed amount by local investors was Tk23,044.13 crore for 444 industrial units during second quarter.

During the third quarter, BIDA also received proposals of a total of Tk7537.27 crore from foreign investors for investing

in 20 fully foreign owned industrial units and 21 joint venture units with local entrepreneurs.

According to BIDA, the highest number of proposals came for the service industrial sector which was 31.15% of the

total proposed amount during the month of January to March.

The chemical industries came next with 17.58% followed by textile with 10.51%, food and allied 12.52%, Engineering

4.76% and others 23.48% during the Q3.

In another development of the day, the first meeting for formulating a policy for Bangladeshi entrepreneurs

investment abroad was held at BIDA Board Room, said a BIDA press release.

BIDA Executive Member Ajit Kumar Paul presided over the meeting while Bangladesh Bank General Manager ANM

Abul Kashem, first secretary (Tax) of National Board of Revenue (NBR) Iqbal Bahar and Foreign Ministrys Economic

Affairs Director Md Rashedujjaman were, among others, present at the programme.

Paul said they are thinking positively about Bangladeshi investors investment in abroad.

If we find that making investment abroad will bring higher returns, we will suggest allowing overseas investment, he

said.

Paul said they will soon start scrutiny of the policies followed by other countries in this case.

Source: http://www.dhakatribune.com/business/2017/05/03/bida-receives-45-less-investment-proposals-q3/

Labour law will be updated: Chunnu State Minister for Labour Mujibul Haque Chunnu Tuesday said the government will bring amendments to the labour

law to make it updated and efficient.

"We have to ensure quick justice for the people through the labour courts. We are increasing the number of courts

and have already taken a decision to establish labour courts in Sylhet and Rangpur," he told a seminar in Dhaka.

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Former judge of the Appellate Division Justice Nizamul Haque presided over the seminar on role of ADR (alternative

dispute resolution) in quick disposal of cases in labour courts at National Press Club VIP Lounge.

The seminar was also addressed by Department of Inspection for Factories and Establishments Director General

Shamsuzzaman Bhuiyan and Department of Labour Director Abu Hena Mostafa Kamal, among others.

Bangladesh Legal Aid and Services Trust (BLAST) Director SM Rezaul Karim moderated the function.

Chunnu called upon the owners of different factories to be more sincere in implementing ADR in wage related cases,

saying, "Otherwise, it would be difficult to implement this."

Justice Haque, in his speech, urged the lawyers to be more sincere while conducting cases of labourers.

"On many occasions, they (labourers) cannot continue the cases for the lack of money. The lawyers should take such

cases from humane perspective," he added.

Referring to the shortage of judges in the country in comparison to the number of cases and population, Justice Haque

said appointing more judges is now the demand of time.

Source: http://www.thefinancialexpress-bd.com/2017/05/02/68868/Labour-law-will-be-updated:-Chunnu

International News

Infosys plans to hire 10,000 US workers after Trump targets outsourcing firms India-based IT services firm Infosys Ltd said it plans to hire 10,000 US workers in the next two years and open four

technology centers in the United States, starting with a center this August in Indiana, the home state of US Vice

President Mike Pence.

The move comes at a time when Infosys and some of its Indian peers such as Tata Consultancy Services and Wipro Ltd

have become political targets in the United States for allegedly displacing US workers' jobs by flying in foreigners on

temporary visas to service their clients in the country.

The IT service firms rely heavily on the H1-B visa program, which US President Donald Trump has ordered federal

agencies to review.

In a telephone interview with Reuters from Indiana, Infosys Chief Executive Vishal Sikka said his company plans to hire

US workers in fields such as artificial intelligence.

"When you think about it from a US point of view, obviously creating more American jobs and opportunities is a good

thing," Sikka said.

While Indian outsourcing firms have recruited in the United States, Infosys is the first to come out with concrete hiring

numbers and provide a timeline in the wake of Trump's visa review.

Last month, two industry sources told Reuters that Infosys was applying for just under 1,000 H-1B visas this year. One

of the sources said that was down from about 6,500 applications in 2016 and some 9,000 in 2015.

Indian IT service firms, which typically flood the lottery system each year with thousands of applications, have been

among the largest H1-B recipients annually.

Indian politicians and IT industry heads have been lobbying US lawmakers and officials from the Trump administration

to not make drastic changes to visa rules, as this could hurt India's $150 billion IT service sector.

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The 10,000 new US jobs would be a small part of Infosys' overall workforce of more than 200,000. Sikka said Infosys

has already hired 2,000 US workers as part of a previous effort started in 2014.

"We started small at first and have been growing since then," Sikka said. "The reality is, bringing in local talent and

mixing that with the best of global talent in the times we are living in and the times we're entering is the right thing to

do. It is independent of the regulations and the visas."

Source: http://www.thedailystar.net/business/infosys-plans-hire-10000-us-workers-after-trump-targets-outsourcing-

firms-1399462

Samsung to become worlds largest chipmaker Samsung Electronics is predicted to become

the worlds largest chipmaker in the coming

quarter, displacing Intel, which has retained

the top spot for the past 24 years.

Intel has been the worlds top semiconductor

manufacturer since 1993, when it introduced

its Pentium-branded processors, which sent

sales of personal computers soaring to new

heights. However, the recent trends of a

continued rise in prices and demand for

memory chips are driving Samsung, the

worlds largest memory chipmaker, to catch

up with the company.

If memory market prices continue to hold or increase through the second quarter and the balance of this year,

Samsung could charge into the top spot and displace Intel, which has held the No. 1 ranking since 1993, Bill McClean,

president of the US research firm IC Insights, predicted Monday.

IC Insights predicted chip sales of Intel would post $14.4 billion in the second quarter while Samsungs chip sales would

record $14.6 billion during the same period, which is predicted to grow around 4.1 percent year-on-year.

If achieved, this would mark a milestone achievement not only for Samsung, specifically, but for all other competing

semiconductor producers who have tried for years to supplant Intel as the worlds largest supplier, the report said.

Samsungs strong performance is driven by the growing prices of memory chips, DRAM and NAND flash, whose prices

are expected to rise 39 percent and 25 percent, respectively, this year, due to the growing number of Chinese

consumers seeking high-end digital devices.

The research firm also said if memory prices do not tank in the second half of this year, Samsung could beat Intel in

full-year semiconductor sales results as well. Currently, both companies are headed for about $60 billion in 2017

semiconductor sales.

The Korean tech giants strong earnings in the first quarter was also driven by record-breaking chip sales. Its chip

business operating profits of 6.3 trillion won ($5.5 billion) saw a 33 percent jump year-on-year, accounting for more

than half of the firms total operating revenue of 9.9 trillion won.

Experts predicted Samsung Electronics would also post record-breaking revenues in the second quarter based on the

continued favorable market conditions of chips and the rollout of Galaxy S8.

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The global demand for memory chips will continue for the time being. Samsung is predicted to post 13.5 trillion won

in operating profit and its chip unit is expected to record 7.4 trillion won in operating revenue in the second quarter,

said Chung Chang-won, chief of Nomura Securities research center.

Source: http://www.thedailystar.net/bytes/samsung-to-become-worlds-largest-chipmaker-displacing-intel-1399363

Bitcoin soars above all-time high Bitcoin surged to an all-time high above $1,400 on Tuesday, after more than tripling in value over the past year, with

its most recent rise attributed to strong demand in Japan, where the digital currency has been deemed a legal means

of payment, reports Reuters.

Cryptocompare, a data website that analyses bitcoin trading across dozens of exchanges globally, said around 50 per

cent of trading volume over the past 24 hours had been on the bitcoin/Japanese yen exchange rate.

"The Japanese have recently warmed their approach towards bitcoin by treating it legally as a form of payment - a

ratification and bringing into the regulatory fold," said Charles Hayter, the website's founder.

"China's clampdown on exchanges can also be seen as a positive move for the industry too," he added.

Chinese authorities have increased scrutiny of exchanges this year and have forced them to start charging trading fees,

after becoming concerned about bitcoin speculation and its potential use in money laundering.

Bitcoin surged as much as three per cent on Tuesday on the Europe-based Bitstamp exchange, where trading is dollar-

denominated, to hit $1,437, its highest since its 2008 launch. That marked a more than 200 per cent increase from its

price in early May last year.

Its current levels put the total value of all bitcoins in circulation - the so-called "market cap" - close to $25 billion,

putting its worth on a par with a large-cap company.

Bitcoin analysts said the price had also been boosted by a request by the BATS exchange that the U.S. Securities and

Exchange Commission review its March decision not to approve a bitcoin-tracking ETF set up by the Winklevoss

brothers.

Source: http://www.thefinancialexpress-bd.com/2017/05/02/68858/Bitcoin-soars-above-all-time-high

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