Haque Specialized Group's News

A policeman was killed as a truck crashed into his motorcycle on Monirampur-Dhakuria road in Monirampur upazila under Jessore on Friday, reports UNB. The deceased was identified as Jakir Hssain Dipu, 35, an assistant sub-inspector of a police station in Thakurgaon district and son of Intaj Ali Sarder of Joypur village in Monirampur upazila. Sub inspector of Monirampur police station Tapos said the speeding truck hit the motorbike of Jakir from the opposite direction on the road at Iman Alir Amtala interaction at noon when he was going to Monirampur Bazar from home, leaving him injured. Jakir was taken to Monirampur upazila health complex where doctors declared him dead, said Mahmudul Hasan, medical officer of the upazila health complex.  Relatives of the victim said Jakir came to his village home on January 29 last on leave.  ....

Published at: 2017-02-04 00:00:05

A proposal for launching the planned sovereign wealth fund for supporting mega-projects may be placed before the cabinet this week. People familiar with the matter at the Ministry of Finance spoke about the latest developments on the proposed fund, which, however, drew some reservations about its ground reality. Those who disapprove of such move at different levels both in government and private sectors point out that there is such kind of fund under the Ministry of Finance, named 'Bangladesh Infrastructure Finance Fund', which should be revamped instead. Besides, they argue, Bangladesh has no bond market in real sense of the term so 'forcible' selling may impact upon the money market. Currently, the yields of the bond and bills fell significantly, ranging around 2.0-3.0 per cent.   The proposed fund will initially be worth US$2.0 billion and later be expanded up to $5.0 billion, the sources told the FE in the past week. It is expected that the fund would hit the market on the first day of July if everything goes on as planned. As per the documents prepared for the cabinet the government will buy the fund from the foreign-exchange reserves by issuing treasury bonds in the local currency. The bonds will be traded in the central bank's auctions as usual. This means the fund will be separated from the foreign-exchange reserves which now stand over $32 billion. The reserves remained invested in lucrative areas such as US treasuries and other markets. The funds from the proposed sovereign fund will be invested both in private and public mega infrastructure projects but it will always avoid taking principal stakes in projects. There will be a separate finance company to manage the fund efficiently with a board and advisory body, according to the people involved with the process. The fund will be managed by a team of efficient and professional financial managers capable of handling big infrastructure financing and proper risk management. It (fund) may take other overseas funds to enhance its size from the multilateral financial institutions like the World Bank, the IFC (International Finance Corporation) and the ADB (Asian Development Bank), but in this case this proposed name will no longer be sovereign fund. If the government allows such provision as recommended by the central bank, the fund should be renamed. In 2015, the government formed a seven-member team led by Bangladesh Bank Deputy Governor SK Sur Chowdhury to evaluate the prospects of creating such fund. The team submitted its report to Finance Minister AMA Muhith at the fag-end of last year. Ahsan H Mansur, executive director at the private think-tank Policy Research Institute of Bangladesh, told the FE that the government might merge the BIFFL with the proposed fund to avert overlapping. "I don't find any reason for two separate funds for single purposes."   Dr Zahid Hussain, lead economist at the Dhaka office of the World Bank, foresees efficient utilisation of the fund as a main challenge. "To my mind, finance is not problem now in the county but time and cost-overrun are problems," he said. The WB economist comments: "I don't know the additional $2.0 billion will do any change dramatically in the economy." Nurul Amin, managing director and CEO at Meghna Bank, a new-generation commercial bank in the private sector, said whereas Bangladesh has no open bond market, so this may give them a pain. "We want to invest in profitable ventures. If the yield becomes low and maturity becomes long, then it will not make much profit for us," Mr Amin commented. However, theoretically a sovereign wealth fund is a state-owned pool of money that is invested in various financial assets.  The money typically comes from a nation's budgetary surplus. When a nation has excess money, it uses a sovereign wealth fund as a way to funnel it into investments rather than simply keeping it in the central bank or channelling it back into the economy. The motives for establishing a sovereign wealth fund vary by countries. For example, the United Arab Emirates generates a large portion of its revenue from exporting oil and needs a way to protect the surplus reserves from oil-based risk, thus it places a portion of that money in a sovereign wealth fund.  Many nations use sovereign-wealth funds as a way to accrue profit for the benefit of the nation's economy and its citizens.     jasimharoon@yahoo.com....

Published at: 2017-02-04 00:00:05

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Published at: 2017-02-04 00:00:05

A US judge in Seattle has issued a temporary nationwide block on President Donald Trump's ban on travellers from seven mainly Muslim nations. Federal Judge James Robart ruled against government lawyers' claims that US states did not have the standing to challenge Mr Trump's executive order. Last week's order has led to protests and confusion at US airports. Some 60,000 visas have since been revoked. The Justice Department now plans to file an emergency stay of the ruling. In a statement, the White House described Mr Trump's directive as "lawful and appropriate". "The president's order is intended to protect the homeland and he has the constitutional authority and responsibility to protect the American people," the statement said. Mr Trump's order brought in a suspension of the US Refugee Admissions Programme for 120 days. There is also an indefinite ban on Syrian refugees. Anyone arriving from Iraq, Syria, Iran, Libya, Somalia, Sudan, and Yemen faces a 90-day visa suspension. The lawsuit against President Trump's ban was initially filed by Washington state, with Minnesota joining later. Washington State Attorney General Bob Ferguson has described the ban as illegal and unconstitutional, because it discriminates against people on the ground of their religion. The ruling is a major challenge to the Trump administration, and means that nationals from the seven countries are now able - in theory - to apply for US visas, the BBC's David Willis in Washington DC reports. The administration can also appeal against the verdict. President Trump has argued that his directive is aimed at protecting America. He said visas would once again be issued once "the most secure policies" were in place, and denied it was a Muslim ban. A number of state attorney generals have said the order is unconstitutional. Several federal judges have temporarily halted the deportation of visa holders, but the Seattle ruling is the first to be applicable nationwide. Courts in at least four other states - Virginia, New York, Massachusetts and Michigan - are hearing cases challenging Mr Trump's executive order. Earlier on Friday, a judge in Boston declined to extend a temporary ban that prohibited the detention or removal of foreigners legally authorised to come to America. The ban - which only applied to Massachusetts - is due to expire on 5 February.  ....

Published at: 2017-02-04 00:00:05

A housewife was killed in an attack over a land dispute with her neighbour at Singhadanga village in Gobindaganj upazila under Gaibandha on Friday. The victim was identified as Shahinur Begum, wife of Rahedul Islam of the village, reports UNB. Subrata Kumar, officer-in-charge of Gobindaganj Police station, said Rahedul Islam, an expatriate, and his neighbour Anarul Islam had long been at loggerheads over a land. On Friday morning, when Anarul and his brother Chand Mia went to the disputed land to grab it, Shahinur resisted them. At one stage, Anarul hit Shahinur with a spade, leaving her dead on the spot. On information, police recovered the body and arrested Chand Mia. Anarul went into hiding.  ....

Published at: 2017-02-04 00:00:05