Business
Health budget must increase to reduce ‘out of pocket health expenditure’
Former Governor of Bangladesh Bank (BB) Professor Dr. Atiur Rahman on Tuesday said that of the total health expenditure in Bangladesh, 73 percent comes from the pockets of the citizens and the remaining 27 percent is borne from the health budget.
He believes that to relieve the citizens from this burden of ‘out of pocket health expenditure’, the government needs to increase the share of the health sector in the national budget.
Usually upto 5 percent of the national budget is allocated for the health sector. Dr. Rahman has urged to increase this to 7 to 8 percent in the coming fiscal budget and to set a target for raising this ratio to 10-12 percent in the medium term.
He said this while speaking at an online discussion session titled ‘National Policy Dialogue on Health Budget’, organized by non-government think tank Unnayan Shamannay.
The parliament members present at the discussion were- A. F. M. Ruhal Haque, MP (Satkhira 3), Pankaj Nath, MP (Barisal 4), Md. Amirul Alam, MP (Bagerhat 4), Lutfun Nesa Kan, MP (Reserved Women Seat 48), and Aroma Dutta, MP (Reserved Women Seat 11).
READ: People now safe from Covid-19: Health Minister
Specialist discussants at the event were- the BIDS Director General- Dr. Binayak Sen, Dhaka University Professor Dr. Syed Abdul Hamid, and eminent sociologist Khondoker Shakhawat Ali.
On behalf of Unnayan Shamannay, Dr. Atiur presented proposals about increasing budget allocation for the health sector along with specific proposals about increasing allocations for development projects, allocations for primary healthcare and for medicine provided free of cost at government-run healthcare facilities.
Dr. Binayak Sen, in his remarks, drew attention to the idea of health insurance schemes for poor and lower-middle income households not being viable enough at the moment, and urged them to start planning about a universal healthcare program for these segments of the population.
The online dialogue session was moderated by Unnayan Shamannay’s Senior Project Coordinator Shaheen Ul Alam.
Speakers call for ensuring functional Safety Committees at RMG factories
Speakers at a programme stressed the need for establishing functional Safety Committees at all garment factories in the country to ensure occupational health and safety of the workers.
The function titled “Commemorating Rana Plaza Tragedy: Present OSH Situation in the RMG Sector and Way Forward” was organised by the Solidarity Center-Bangladesh Office at Hotel Asia, Paltan in the city under its USAID’s Workers’ Empowerment and Participation (WEP) Activity to commemorate the Rana Plaza Tragedy.
Also read: BGMEA, CNN willing to team up to promote Bangladesh RMG industry
The speakers said that it has been long nine years since the worst tragedy in the RMG sector in the country. Still there is a long way to go in terms of improving the health and safety conditions in the factories, they said.
Addressing the function Member of Parliamentary Standing Committee on the Ministry of Labor and Employment Shamsunnahar Bhuiyan said, “We have the responsibility of finding the weaknesses of Safety Committees and resolving them accordingly.”
There can neither be any negligence in their work nor corruption”, she said adding, the stakeholders have to identify the needs of Rana Plaza victims and assist them accordingly.
Advocate AKM Nasim, Country Program Director, Solidarity Center, Bangladesh Office, said after Rana Plaza tragedy, Accord, Alliance and now the RSC are working for a safer workplace.
“We have advanced a lot but still how much the safety committees in factories are able to function is a question. Worker representatives should be allowed to play a stronger role in Safety Committees”, he said.
Advocate Nazrul Islam, Program Officer at the Solidarity Center in his presentation highlighted that research needs to be conducted on weaknesses and challenges and how to make Safety Committees functional.
Also read: Let’s join hands to create brighter future for RMG industry: BGMEA
He added that it is extremely vital to build the capacity of the members of Safety Committee on Occupational Safety & Health (OSH) through training, orientation, learning visits, etc.
Professor Dr. Jakir Hossain said that institutional and legal framework should be strengthened to prevent any accidents in future.
Nazma Yesmin, Director at BILS, said that the injured victims should be given long term medical treatment and health care facilities.
Salauddin Shapon, President of Bangladesh Revolutionary Garment Workers Federation (BRGWF) said that a lot of actions were taken to overcome safety issues in the past few years but now the development has become stagnant..
Participants called for improving fire safety arrangements for the workers and introducing trade union and Safety Committee in all the garment factories.
Advocate A.K.M. Nasim, Country Program Director of the Solidarity Center, Salauddin Shapon, President of Bangladesh Revolutionary Garment Workers Federation, Dr. Jakir Hossain, Professor at Institute of Bangladesh Studies, Rajshahi University, Nazma Yesmin, Director at BILS and Advocate Md. Borkot Ali, Deputy Director (Legal) of BLAST spoke at the event.
Representatives from USAID, ILO, SKOP, NCCWE, Sajeda Foundation, BLF, Labor Court Bar were also present in the event.
Power sector subsidy may double at Tk18000 crore in FY22- 23 budget
The government is considering doubling the power sector subsidy to Tk18000 crore in the upcoming budget of FY 22-23.
The overall subsidy and incentive allocation is estimated to rise by Tk 16,620 crore to Tk 57045 crore in the upcoming budget, Finance Division officials said on Tuesday.
Also read:National Budget to be placed in Parliament on June 9 : Mustafa Kamal
In the current budget the subsidy in the power sector was fixed at Tk 9,000 crore. This year, the subsidy is being doubled in this sector. However, in the revised budget, the subsidy in the power sector has increased by Tk 3,000 crore to Tk 12,000 crore for FY-22.
The subsidy and incentives have continued increasing in the budget every year. As a result the allocation is also being increased. Such as in the budget of FY 22, Tk 40425 crore allocated as subsidy and incentive which was increased by Tk12857 crore to Tk53 282 crore in the revised budget.
The allocation in the subsidy, incentives and loan assistance is estimated to increase by 26.13 per cent or Tk 27910 crore to Tk 177145 crore in the upcoming budget due to adverse impact of Covid-19 pandemic and Ukraine-Russia war, the budget officials said.
BB re-fixes MFS money transaction limit to ease payment during Eid
Bangladesh Bank (BB) has re-fixed the mobile financial service (MFS) transaction ceiling in order to ease payment and transaction during Eid-ul-Fitr.
The central bank has also withdrawn the number of daily transaction times and fixed the daily cash-out limit at Tk 25000 from agent point while the monthly transaction limit is Tk 150000.
Also read: BB issues revised agent banking guidelines
The cash-in limit is fixed at Tk30000 while the monthly limit is set at Tk200000, the person to person (p2p) cash transfer limit has been set at Tk25,000 daily and Tk 200000 monthly.
The MFS account can keep a maximum balance of Tk 300000 in each account.
Besides, bank account to mobile financial service daily money transfer limit has been set at Tk 50,000 while monthly limit at Tk 300000.
Also read: BB starts releasing new notes ahead of Eid
Chinese Company to set up hair fashion accessories industry at BEPZA economic zone
Chinese company Venus Beauty Limited will invest USD $ 50 million to set up a hair fashion accessories manufacturing industry in BEPZA Economic Zone.
This fully foreign owned company will produce annually 226.09 million pcs of fashion accessories, plastic comb, mirror, headband, pony tailor and amp; pony band.
Around 4000 Bangladeshi nationals will get employment opportunities in this factory.
The company has another diversified product manufacturing factory named Tung Hing (BD) Manufacturing Limited at Cumilla EPZ.
Read: Govt urged to raise prices of low-tier cigarettes to reduce health risk
An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Venus Beauty Limited at BEPZA Complex in the capital on Monday.
Nafisa Banu, Member (Finance) of BEPZA and AMM Shamsuddin Chowdhury, Executive Consultant of Venus Beauty Limited signed the agreement on behalf of their respective sides.
The Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
Executive Director (Administration) Md. Zakir Hossain Chowdhury, Executive Director(Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md. Tanvir Hossain, Executive Director (Enterprise Services) Md. Khorshid Alam and Project Director of BEPZA EZ Md. Hafizur Rahman, among others, were present in the signing ceremony.
Read Belgian delegation meets BEPZA Executive Chairman
Asian shares fall amid interest rate, earnings worries
Asian shares declined Monday after U.S. stocks ended last week on a tumble as global markets’ expectations for higher interest rates continued to set the tone.
Japan’s benchmark Nikkei 225 lost 1.9% in morning trading to 26,583.70. South Korea’s Kospi slipped 1.6% to 2,661.94. Hong Kong’s Hang Seng dropped 2.8% to 20,064.32, while the Shanghai Composite shed 2.4% to 3,012.93. Trading was closed in Australia for Anzac Day, a national holiday.
The news that Emmanuel Macron won the run-off French presidential election over the weekend, clinching a second term as was widely expected, reassured markets that France won’t abruptly shift course in the midst of the war in Ukraine.
Read: Asian stocks mixed, oil falls as Russian attacks intensify
But a significant show from contender Marine Le Pen, a populist and nationalist, served as a reminder of how fragile that situation might be, analysts said. Le Pen pledged to dilute French ties with the EU, NATO and Germany, and spoke out against EU sanctions on Russian energy supplies.
Rising COVID-19 cases in China are setting off worries about more pandemic lockdowns that would crimp economic recoveries in the region. Other nations are also dealing with economic woes related to COVID-19, such as the absence of tourism revenue in Japan, where cases are still going up and down while it gradually opens its borders, but only to business travelers.
Investors are also watching profit reports from companies, including Japanese big names that are coming in weeks ahead. Several reports from U.S. companies, which have already been released, have been disappointing, contributing to the fall that ended last week on Wall Street.
What the U.S. Federal Reserve might do is high on investors’ minds. The chair of the Federal Reserve has indicated the central bank may hike short-term interest rates by double the usual amount at upcoming meetings, starting in two weeks. The Fed has already raised its key overnight rate once, the first such increase since 2018.
The S&P 500 fell 2.8% Friday to 4,271.78, marking its third losing week in a row. The Dow dropped 2.8% to 33,811.40, its biggest drop in 18 months. The Nasdaq lost 2.6%, closing at 12,839.29. The Dow and Nasdaq also posted losses for the week.
Read: Upto 50% of hotels, motels booked already for Eid holidays
Smaller company stocks also fell sharply. The Russell 2000 slid 2.6% to 1,940.66.
“Coming after the heavy sell-off in Wall Street to end last week, overall risk appetite in the region may come under pressure as well,” said Yeap Jun Rong, market strategist at IG in Singapore.
Markets around the world are feeling similar pressure on rates and inflation, particularly in Europe as the war in Ukraine pushes up oil, gas and food costs.
In energy trading, benchmark U.S. crude lost $2.91 to $99.16 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell $2.93 to $103.72 a barrel.
In currency trading, the U.S. dollar edged down to 128.51 Japanese yen from 128.59 yen. The euro cost $1.0789, down from $1.0803.
Making Investment Decisions: Factors to consider when investing money
Making investment decisions can be tricky- on the one hand, you want to make sure you are doing everything right and not making any mistakes. But on the other hand, you also want to be decisive and not second-guess yourself. So, what should a person do? Here are a few things to consider before making investment decisions to help you strike the right balance.
10 Things to consider before making investment decisions
Market Research
Investing is an important decision, but making the right one is even more important. Before making any investment, it is important to do some market research. This will help you understand the current market and what companies are worth investing in. Understanding your investment goals and how the market will respond to your proposed ventures is also important. Doing proper market research will help you make sound investment decisions that will result in long-term success.
Read Saving vs. Investing Money: Know the Pros and Cons
Investment Goal
Investment is the key to a successful future. However, not all investments are created equal, and choosing the right one can be difficult. Before making any investment, consider your goal for the money.
Are you looking to make a quick buck, or are you planning to invest for the long term? If you are looking to invest for the long term, you should consider your funds' long-term storage needs.
The goals you set for yourself will help you decide what exactly you want to invest in. Different investments offer different levels of stability and potential for growth, so it is important to choose one that meets your needs.
Read How to Choose the Right Business Idea?
Level of Risk
When considering any investment, it is important to consider the level of risk involved. Investments with a high level of risk are typically more volatile, which could lead to larger losses if the investment fails. Conversely, investments with a low level of risk are typically less volatile, leading to smaller gains and less potential for loss. It is important to decide which level of risk is best for you and your goals.
There are a variety of ways to measure risk and determine which investments are right for you. You may talk with industry experts or even use a risk calculator to know the potential risk level. There are numerous online calculators that can tell you what the risk is for various investments, debts, or events.
Read How Does Inflation Affect Business, Professionals, Mass People in Bangladesh?
Customs hotline starts test operation for ASYCUDA related service
The National Board of Revenue (NBR) has started the test operation of a hotline to provide services related to ASYCUDA World Systems for customs.
The hotline number is 16134. The traders will get this service from May 15, 2022, NBR director (public relations) Syed A Mumen confirmed to UNB on Saturday evening.
The Automated System for Customs Data (ASYCUDA) is a computerized system designed by the United Nations Conference on Trade and Development (UNCTAD) in Geneva to administer a country's customs.
Read: NBR may miss revenue target Tk 3.30 trillion this year too
The service recipients will get any service related to customs calling that hotline number. The hotline will be open every working day from 9 am to 5 pm. The regular call charges will be applicable for getting services on the hotline.
Mumen said that through the hotline, the service recipients will be able to know about the existing customs related laws and regulations in the country, including customs related services, necessary information and advice.
According to NBR, ASYCUDA World Systems is used to facilitate the import-export process and reduce the risk and generate revenue in the shortest possible time. At present, six customs houses affiliated to the NBR, 26 customs stations, 20 off-docks and EPZs are operating through the ASYCUDA World Systems.
Read: NBR works for win-win tax in upcoming budget: Finance Minister
Officials working in customs offices, port authorities, Bangladesh Bank, Sonali Bank, Bangladesh Biman, Shipping Agent, C&F Agent, Freight Forwarders, Feeder Operators and various commercial and non-governmental organizations including all commercial banks are using this system.
Govt urged to raise prices of low-tier cigarettes to reduce health risk
Speakers at a seminar have proposed for raising the price of low-tier cigarettes to discourage smoking as well as minimize health risks.
If the prices of cigarettes are raised, it will boost revenue generation of the government as well, they said.
They came up with the suggestions at the seminar organized jointly by Dhaka Ahsania Mission and the Economic Reporters’ Forum (ERF) titled “Tobacco Price and Tax” held at the ERF auditorium in the city on Saturday.
Presided over by ERF President Sharmeen Rinvy, its general secretary SM Rashidul Islam, Dhaka Ahsania Mission deputy director Mokhlesur Rahman, CTFK Grants manager Abdus Salam Mia spoke, among others, on the occasion.
The speakers said although the low-tier cigarettes occupy almost 75 percent of the whole industry, but its price remained unchanged over the last two years. As a result, the number of smokers at this level is not declining.
Also read: E-cigarettes turn many young people into smokers: expert
Director (research) of Unnayan Shamannay Abdullah Nadvy made the key-note presentation.
The speakers said that the price of cigarettes at the low-tier has remained unchanged over the last two years.
They suggested that the price of cigarettes should be increased considering the rise in per capita income and inflation.
They said there is no alternative to raising the price of tobacco products to turn Bangladesh as a tobacco-free country by 2041.
Nadvi in his key-note presentation said that the current duty structure of cigarettes is complex and it should be more simplified.
He proposed for raising the price of every cigarette packet of 10 sticks at the low-tier to Taka 50 from the existing Tk 39 while in the mid-tier, the price of cigarette packets should be raised Taka 75 from Taka 63. Side by side, Nadvy suggested for raising the price of cigarettes at the high-tier specifically.
“If this proposal is implemented, the revenue of the government will be boosted while the number of smokers will be reduced by 13 lakh. Besides, some 9 lakh youths will be discouraged to continue smoking.” he added.
Also read: Hike in tobacco prices demanded to curtail harm
In his welcome address, deputy director of Dhaka Ahsania Mission Mokhlesur Rahman said that the government has already announced to turn Bangladesh as a smoking- free country by 2041 and to materialize this, there is no alternative to raising the duty on cigarettes and tobacco products.
CTFK Grants manager Abdus Salama Mia said that it is very much necessary to control the use of tobacco in turning Bangladesh as a developed country. “This will not only help alleviating poverty, but also reduce the cost of the government in addressing the tobacco related diseases.”
ERF general secretary SM Rashidul Islam said that the government is in dilemma over tobacco as it wants to control tobacco at one hand, and the government also depends on tobacco products for boosting revenue on the other hand.
“But, in order to reduce the number of smokers, the price of cigarettes at the low-tier should be increased as around 75% smokers consume cigarettes at the low-tier.” he added.
New Market reopens in full swing
The shops and markets of the Dhaka New Market area started reopening from Thursday after two days of continuous closure due to clashes between the traders and students of nearby Dhaka College following a trivial argument.
Since the reopening, the situation in the area has been normal. The New Market, Gausia Market, Chandrima Super Market and Nurjahan Market started reopening from 10.00 am and within an hour the markets opened fully.
Tamim, one of the shop owners, said, "I collected clothes for the shop on the occasion of Eid only two days ago. But everything has been torched."
Traders said they hoped that they would make up for the losses of the Covid-19 pandemic during this year's Eid market. But the clash destroyed all their plans.
Read: Those who attacked journalists during New Market clashes to face action: Minister
Asked about whether they will be able to recover the loss, Salahuddin, another shop owner, said, “We are counting loss in our business as we have lost two days on this Eid season. But if buyers spontaneously come to this market, I hope, we will be able to recover our loss."
New Market Traders’ Association's vice president Ashraf Uddin said a monitoring cell will be set up for market management. Behavioral training will also be given to the owners and employees of each market.
"We are helping law enforcement agencies to ensure the punishment to the culprits," he added.
Expressing anger, he added that three thousand shops of New Supermarket, seven hundred shops of New Market, 500 shops of Chandrima Super market and more than 400 shops of Gausia Market remained closed during those days which resulted in an immeasurable loss to their business.
He estimated that the damage will be worth at least Tk 5-6 crore.