Government rejects World Bank projection on Bangladesh GDP growth

The government rejected Tuesday the World Bank’s “lower” economic growth projection for Bangladesh during the current financial year (2015-16). In a resentful rebuttal, the planning minister raised question about the data- collection method followed by the Washington-based development financier to measure the country’ economic growth dynamics. “They (WB) have no proper data. So, they are presenting different figures of Bangladesh’s Gross Domestic Product (GDP) growth on different occasions,” said the Planning Minister, AHM Mustafa Kamal. He made the observations while briefing journalists after a meeting of the Executive Committee of the National Economic Council (ECNEC) Tuesday in Dhaka. The minister virtually put up a challenge to the WB calculations on growth and set his sights yet higher than the national statistical agency’s GDP figure. “Although Bangladesh Bureau of Statistics (BBS) provisional statistics of the current financial year (FY), 2015-16, showed GDP growth at 7.05%, but I know that it will even cross this figure in the final estimation after completion of the year,” he said. The global lender in its ‘Global Economic Prospect’ report in January this year said Bangladesh’s economy would grow at 6.7% in the current FY.

Source:
http://print.thefinancialexpress-bd.com/2016/04/13/138968
http://print.thefinancialexpress-bd.com/2016/04/13/138932

Bangladesh moves 10 steps up in global energy index

Bangladesh has made a significant progress in energy management, moving 10 steps up in a major global energy index, prepared and released by the World Economic Forum (WEF), reports BSS. The Geneva-based global WEF in its “Energy Architecture Performance Index (EAPI) 2016” put Bangladesh at 106, which was nine notches up from 116 position of the EAPI 2015. Besides the progress in the ranking, the country also achieved higher overall score for better energy management towards economic growth and development, environmental sustainability and energy access and security. Switzerland topped the index, with scoring 0.79 when Norway scored 0.78 to get the second position. Sweden, France and Denmark were also among the top five positions, with each of the countries scoring 0.76. Conversely, Bahrain was put at the bottom of the index, which included 126 countries. The country scored 0.36. Lebanon (0.43), Yemen Republic (0.44), Haiti (0.44) and Ethiopia (0.44) were four other countries among the bottom five.

Source: http://print.thefinancialexpress-bd.com/2016/04/13/138979

World Bank recommends carbon tax on fuel

The government should impose carbon tax on petroleum products while fixing their retail prices, in order to reduce carbon emissions, the World Bank has said. A carbon tax is imposed on the carbon content of fuels that causes carbon dioxide emissions when burned. A protracted period of low oil prices such as the one the world is currently experiencing is ideal for the introduction of carbon tax, the WB said. The suggestion was made in a letter to the government last month, in which the Washington-based multilateral lender once again called for initiating a system that adjusts fuel prices with the global market swings. The letter also attached an analysis on pricing petroleum products in Bangladesh, as requested by Muhith during his meeting with Annette Dixon, the WB’s vice-president for South Asia, on March 7. An official of the Economic Relations Division said the government is now examining the proposal of the WB.

Source: http://www.thedailystar.net/business/wb-recommends-carbon-tax-fuel-1208458

Filling station owners want cut in gas prices

Strongly opposing a move to increase prices of natural gas including Compressed Natural Gas (CNG), the CNG Filling Station and Conversion Workshop Owners’ Association called upon the government Tuesday to proportionately reduce CNG prices in line with the planned cut in price of liquid fuel. They also urged the concerned authorities to implement the recommendations prepared in 2013 by a high-level committee of the ministry of power, energy and mineral resources to protect the business in CNG sector. Their demand came at a press conference, held at Dhaka Reporters Unity (DRU) in the capital against the backdrop of proposal of six gas distribution companies to the Bangladesh Energy Regulatory Commission (BERC) to increase gas prices including CNG by 87.66% on average. Apart from this, the government recently announced that the prices of fuel oils would be reduced in phases by BDT 25 to BDT 30 a litre in keeping with the international oil prices. At Tuesday’s press conference, president of the association Masud Khan, vice president Nazrul Islam and Manoranjan Bhakta, and General Secretary Farhan Noor were present, among others.

Source: http://print.thefinancialexpress-bd.com/2016/04/13/138981

Robi seeks clarification from BTRC on 4G licensing

Mobile phone operator Robi has recently sent a letter to the telecom regulator seeking clarification about whether the existing 3G cellular license is good enough for telecom operators to launch 4G data services. The Robi letter sent last week to the Bangladesh Telecommunication Regulatory Commission was made in reference to a government decision in 2013 permitting mobile phone companies to offer 4G with the 2100MHz spectrum band which is currently used for 3G services. After the 3G auction in 2013, the government said the 2100MHz can be used for 4G. According to the rules, mobile phone operators are allowed to use 1800MHz and 900MHz for 2G services only and 2100MHz for 3G services. The 2100 MHz or 3G band already enjoys technology neutrality, but the operators are not using it for 4G. A number of BTRC officials said under the existing 3G guidelines there is no scope to launch 4G services; for that a new guideline would be required.

Source: http://newagebd.net/220417/robi-seeks-clarification-from-btrc-on-4g-licensing/

High Court likely to hear Robi-Airtel merger today

The High Court (HC) is likely to hear on the Robi-Airtel merger today to settle the issue. The Company Bench of Justice Syed Refaat Ahmed will conduct the hearing from the two parties. On April 10, Bangladesh Telecommunication Regulatory Commission (BTRC) filed its Affidavit-in-Compliance to the High Court. Barrister Sayed Mahsib Hossain, one of the lawyers of BTRC, said: “After carrying out the necessary evaluation and taking into account all the reports and opinions, BTRC has forwarded its recommendations to the Ministry of Post and Telecommunication on 22 March 2016.” “This has also been communicated to the High Court by filing an Affidavit-in-Compliance,” he added. According to a Court order, 10 April was the last day for the government to submit its recommendations to the Court.

Source: http://www.dhakatribune.com/business/2016/apr/13/hc-likely-hear-robi-airtel-merger-today#sthash.HpW1b1GI.dpuf

Executive Committee of the National Economic Council approves Jamalpur economic zone

Jamalpur economic zone will become an industrial hub to export light engineering, readymade garment, consumer goods and food items to northern-eastern states of India. Executive Committee of the National Economic Council (Ecnec) has approved eight development projects worth BDT 35.8 billion, including Jamalpur economic zone. The Jamalpur economic zone will be established on 488 acres of land in Jamalpur Sadar at a cost of over BDT 3.0 billion Bangladesh Economic Zones Authority (BEZA) will implement the project by 2017. The approval came at the Ecnec meeting with Prime Minister in the chair at the NEC conference room in the capital yesterday.

Source: http://www.dhakatribune.com/business/2016/apr/13/ecnec-approves-jamalpur-economic-zone#sthash.10bHeTmt.dpuf

ACI helps rural farmers access to latest tech

ACI has set an example this harvesting season by helping the rural farmers of Moulovibazar and Habiganj areas harvest paddy free of cost. The new “ACI Reaper”, the latest agricultural technology from ACI Motors Limited, has been operational to assist the helpless farmers of the Haor region of the areas in Borolekha, Juri, Kulaura, Rajnagar and Moulovibazar Sadar in retaining their crops by harvesting an area of one thousand acres free of cost, said a statement. As a part of this initiative, a harvesting ceremony was held at the paddy field of Nazrul Islam, situated near the Shapla Brick Field, in between Juri and Kulaura. More importantly, ACI is currently supplying 25% of all agricultural equipment used in Bangladesh.

Source: http://print.thefinancialexpress-bd.com/2016/04/13/138932

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*Currencies and Commodities are taken from Bloomberg.