Universal Pension Scheme: MFS service charge set at 0.7%

The mobile financial service providers can charge a maximum of Tk 0.7 for every Tk 100 deposited by the policyholders of the Universal Pension Scheme (UPS) as subscription fees to the pension authority. The move comes after the government rolled out the much-anticipated universal pension scheme on August 17 as part of an effort to bring the growing elderly population of the country under a well-organised social safety net. The policyholders will get a monthly stipend after 60 years of age subject to consistent payment of instalment for 10 years. The central bank, referring to a circular of the finance division issued on August 16, said the government earlier fixed the cash out charge at 0.7 percent for withdrawal of funds by the beneficiaries under social safety net schemes.

Source: https://www.thedailystar.net/business/news/universal-pension-scheme-mfs-service-charge-set-07-3405401

ADB to provide $300m loan to boost skills of labour force

Asian Development Bank (ADB) will provide Bangladesh USD$300 million to enhance the skills of labour force, create more employment and elevate remittance. A loan agreement was signed between the Bangladesh government and the ADB at ERD in the capital on Monday. Sharifa Khan, secretary of Economic Relations Division (ERD) and Jiangbao Ning, Deputy Country Director of ADB assigned to Bangladesh. The Finance Department of the Ministry of Finance will implement the program titled ‘Skills for Industry Competitiveness and Innovation Program’ in the period 2024-2041 with the collaboration of different government and private training institutions. ADB is one of the largest multilateral Development Partners of Bangladesh extending assistance to the country since it became a member of ADB in 1973. ADB’s total loan to Bangladesh till now is more than US$ 29,664 million and US$ 553.4 million as grant.

Source: https://today.thefinancialexpress.com.bd/trade-market/adb-to-provide-300m-loan-to-boost-skills-of-labour-force-1693244351

 Chinese carmaker BYD to buy US firm Jabil for $2.2b

Chinese automaker BYD said on Monday its electronics unit has struck a deal with US-based manufacturer Jabil Inc to buy its mobile electronics manufacturing business in China for 15.8 billion yuan ($2.2 billion). The deal will expand BYD Electronic’s (BE) customer base, product portfolio and its smartphone components business as it looks to capture Jabil’s potential growth in the sector. Singapore-based Jabil Circuit, which manufactures printed circuit boards, established a unit this month that absorbed its product-manufacturing businesses in Chengdu and Wuxi, which will now be sold to the Chinese group. Shares in BYD Electronic initially fell as much as 9 per cent in Hong Kong, but reversed their losses and closed flat by the afternoon, while the broader market closed 1 per cent higher.

Source: https://today.thefinancialexpress.com.bd/trade-market/chinese-carmaker-byd-to-buy-us-firm-jabil-for-22b-1693244368