Oil price jumps to highest in over seven months
Oil prices rose on Friday to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. Saudi Arabia is widely expected to extend a voluntary 1 million barrel per day oil production cut into October, prolonging supply curbs engineered by the Organization of the Petroleum Exporting Countries (Opec) and allies, known collectively as Opec+, to support prices. Russia, the world’s second-largest oil exporter, has already agreed with Opec+ partners to cut oil exports next month, Deputy Prime Minister Alexander Novak said on Thursday. Brent crude settled up $1.66, or 1.9 percent, at $88.49 a barrel. Earlier it gained to a session high of $88.75 a barrel, the highest since Jan. 27. US West Texas Intermediate crude (WTI) had risen $1.39, roughly 1.7 percent, to $85.02. It rose earlier to $85.81, the highest since November 16.
Retired bankers can join banks as director: Central bank
From now, retired bankers can rejoin banks as directors. Officials from any bank can become directors of the bank five years after retirement or expiry of contract. Earlier, in 2021, appointment of retired bankers was restricted to board members of the same bank they served. A high official of the central bank said that the same facility [reappointment] was earlier provided for Non-Bank Financial Institutions (NBFIs). It has now been applied for banks. In August last year, the Bangladesh Bank restricted the appointment of external auditors, legal advisers, advisers, consultants or officials who have worked in a financial institution in the previous five years as a board member of the same organisation.
CMSMEs needs all services under one roof
All services including registration, financing, and business development of the Cottage, Micro, Small & Medium Enterprises (CMSME) sector in Bangladesh need to be under a single organization. Besides, separate policies are needed for cottage, micro and small enterprises and separate one for medium industries. Most Asian countries have a unified organisation for CMSME sector development, but in Bangladesh, entrepreneurs face service gaps due to poor inter-agency coordination, according to the keynote of the seminar, jointly organised by ILO Bangladesh and SME Foundation. SMEs drive economic growth and development, crucial for achieving Bangladesh’s national goals, including graduation from LDC status by 2026, fulfilling sustainable development goals by 2030, and becoming a developed country by 2041. He mentioned that in Bangladesh, over 90% of businesses are SMEs, providing over 64% of non-agricultural rural employment, accounting for 80-85% of industrial jobs and 25% of civil employment, and contributing over 25% to the GDP.