• Friday, October 24, 2014

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Economy

PLEASURE IS ALL MINE

Economy: Not rocket science

LIKE photo-graphy, economy cannot lie. It reads like an open book. We feel it in our daily grind. We suffer in or gain from it. On balance, it adds to or deducts from our future. Such is the power economy holds on our lives. When billions go down the drain through cracks of the state-owned banking sector and a new-genre exploitative financial sub-sector, it is the depositors who are hardest hit. Confidence in the financial system dwindling, an important building...

Bangladesh signs China-led Asian bank MoU

Bangladesh signs China-led Asian bank MoU

Twenty one Asian countries, including Bangladesh, signed a Memorandum of Understanding (MoU) on establishing the China-led Asian Infrastructure Investment Bank (AIIB) today with three major countries skipping the event. Australia, Indonesia and South Korea skipped the launching ceremony as the United States said it had concerns about the new rival to Western-dominated multilateral lenders,...

KNOT SO TRUE

Captains of economy

THREE centuries ago, Adam Smith thought economy was a clock that would continue its motion once set. Almost three hundred years before the birth of Christ, Plato thought quite the opposite. He thought that the ship of the state would have to be captained by philosopher kings. Way back then, Plato didn't quite think that many centuries later, those ruling the public sphere would be the farthest from philosophy and social good would ultimately be non-existent. Instead of planning...

Economic growth to accelerate 6.2pc

Economic growth to accelerate 6.2pc

The economy may grow by 6.2 percent this fiscal year thanks to strong domestic demand and a revival in private investment activities and remittance flow, the World Bank said yesterday. The economy's natural capacity is sufficient to achieve growth of more than 6 percent, Zahid Hussain, a lead economist of the WB's Dhaka office,...

Domestic Eid trade reaches $12bn: WB

Domestic Eid trade reaches $12bn: WB

Retail trade in Bangladesh's domestic market during the last two Eid festivals reached a staggering total of US$12 billion, the World Bank said today, pointing out a rise in internal demand. The global lender disclosed this while releasing a report on Bangladesh development update this morning. "The GDP (gross domestic product) growth in the running...

Bangladesh to join China-led Asian bank Oct 24

Bangladesh to join China-led Asian bank Oct 24

Bangladesh will ink an agreement of the proposed China-led Asian Infrastructure Investment Bank on October 24, a finance ministry official told The Daily Star. A delegation of the ministry will leave Dhaka for Beijing on October 22 to join as a member of the bank that will focus on infrastructure development and connectivity within...

Global finance leaders pledge bold efforts

Global finance leaders pledge bold efforts

World financial leaders on Saturday promised "bold and ambitious" action to boost a global recovery that has shown recent disturbing signs of weakness. That pledge from the International Monetary Fund's policy-setting committee comes after a week of stomach-churning swings in the financial markets triggered by growing fears that parts of Europe could be in...

Seminar On Bangladesh, China

Full use of ties can boost development

If Bangladesh and China can fully utilise their friendship, then both the countries will benefit in all sectors, including economy and culture, said speakers at a seminar yesterday. Speakers were addressing the seminar titled “Rise of China and Sino Bangla Relation” at a hotel in the capital. Bangladesh Cultural Academy Foundation organised the programme marking the 65th founding anniversary of the People's Republic of China and the 39th anniversary of Bangladesh China Diplomatic Relation.     Qu Guangzhou, charge d' affairs of the Chinese...

Business & Finance

Europe's austerity zombies

IF the facts don't fit the theory, change the theory,” goes the old adage. But too often it is easier to keep the theory and change the facts -- or so German Chancellor Angela Merkel and other pro-austerity European leaders appear to believe. Though facts keep staring them in the face, they continue to deny reality. Austerity has failed. But its defenders are willing to claim victory on the basis of the weakest possible evidence: the economy is no longer...

Editorial

Industries running below capacity

A Bangladesh Bureau of Statistics (BBS) study shows that the industry's inability to fully utilise its capacity is preventing it from contributing to the economy at the desired level. In fact, about one-third of the manufacturing units can utilise between 25 to 50 per cent of their total capacities, while 59 per cent can use 75 per cent of their potential.  Given that manufacturing makes the highest contribution to the nation's Gross Domestic Product (GDP) after the service sector,...

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