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Country to experience gas crisis soon: Nasrul
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16 Oct 2020, 18:46
State Minister for Power, Energy and Mineral Resources Nasrul Hamid
State Minister for power, energy and mineral resources Nasrul Hamid Bipu said, the way the use of natural fuel is increasing, it means that the country will experience gas crisis soon. We have to increase our dependency on electricity to decrease pressure on gas.
He said these after joining a seminar virtually on energy security at the Engineers Institutions on Friday.
Nasrul Hamid Bipu said, the government has no plan for new household gas connection. Besides, we have to look for alternative of natural energy. So it is the demand of time for use of alternative fuel or energy.
Mentionable, energy division of the ministry of power, energy and mineral resources ordered to stop household gas connection in 2009. In 2011 a committee was formed to permit new gas connection led by Prime Minister’s energy affairs adviser. Some gas connections were given at the end of 2013. Later after the election of January 5, 2014 verbal direction was given for not providing gas connection for residential use from the energy division. On May 21 last year the energy division after issuing a notice formally stopped the residential, commercial and CNG connection process of Titas.
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Economy Starting to Stabilize: Financial Advisor
The interim government's financial advisor, Dr Salehuddin Ahmed, said that the country's economy, which had started to deteriorate, has started to stabilize somewhat. At the same time, foreign exchange reserves are also increasing. Foreign partners are responding very positively in this regard.
He stated this at a trade conference organized by the Dhaka Chamber of Commerce and Industry (DCCI) at a hotel in the capital on Saturday (November 30).
At that time, Dr Salehuddin Ahmed also spoke about the irregularities and corruption of the previous government.
He said that the irregularities and corruption left by the previous government cannot be normalized in 2-4 months. However, no one will be able to launder money in the future.
Trade advisor Sheikh Bashir Uddin, DCCI President Ashraf Ahmed, Association of Bankers Bangladesh Limited (ABB) Chairman Selim RF Hussain, Foreign Investors Chamber of Commerce and Industry (FICCI) President Javed Akhtar and others were present at the time.
China Discovers World's Largest Gold Deposit Worth $83 Billion
A massive deposit of high-quality gold ore, containing an estimated 1,000 metric tons (1,100 US tons) of gold, has been uncovered in central China.
Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa, News Az reports, citing foreign media.
The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang.
These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers.
"Many drilled rock cores showed visible gold," says bureau prospector Chen Rulin.
Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams.
China already dominates the world's gold market with reserves considered to be in excess of 2,000 tons earlier in 2024 with its mining industry contributing around 10 percent of the global output.
Announcements of the findings have contributed to a further increase in the already skyrocketing gold price as demands for the resource continue to rise amid global uncertainty.
Based on these latest findings, we might be far from exhausting economically viable reserves.
Core samples taken around the periphery of the Hunan site hint that the deposit may extend even further than initial predictions, making the reservoir beneath its soil a true dragon's haul.
It's been a notable year for gold discoveries.
In March, a treasure hunter in England found what was estimated to perhaps be the biggest gold nugget ever found in the country.
And just two months ago, research by scientists in Australia discovered a new mechanism that may lead to the formation of gold, suggesting the seismic activity of earthquakes actually plays a role in the creation of large nuggets.
But that's not all. In addition to learning more about how gold naturally forms, scientists are also investigating new things that can be done to manipulate the precious resource.
A study published in April reported the creation of a new kind of two-dimensional gold called 'goldene', measuring only a single layer of atoms in height, which has some interesting properties not seen in the three-dimensional form of gold.
While gold is an ancient metal that has been prized all throughout human history, there's clearly a lot we're still finding out about it.
Mati Ul Hasan: Mercantile Bank Appoints New MD
Mercantile Bank has appointed Mati Ul Hasan as managing director (MD) of the bank. Earlier he was the Additional Managing Director & Chief Risk Officer of the bank, according to a press statement.
Mercantile Bank PLC announced this in a press release on Saturday (November 30).
Mati Ul Hasan started his career as a probationary officer at IFIC Bank Limited in 1984. He held various positions in different branches, head office including the Branch in charge of the local office at Motijheel. He was posted at Branches of overseas operations in Pakistan in different important positions & at Nepal Bangladesh Bank (Joint venture of IFIC) as DMD.
Mati Ul Hasan joined Mercantile Bank as DMD in 2014. During his career, he has participated in various training programs on banking at home and abroad.
He also holds a Diploma in Banking from 'The Institute of Bankers, Bangladesh, and Associates of the Institute of Bankers, Pakistan.
White Paper: Report Finds Several Dominant Channels For Corruption
The White Paper Committee identified several dominant channels of corruption including banking loan scams, misappropriation of loans, and politically motivated unviable projects, appearing to be a wide-ranging and deep-rooted manifestation of corruption during the deposed Awami League regime.
The White Paper Committee head and Distinguished Fellow of the Centre for Policy Dialogue (CPD) Dr Debapriya Bhattacharya today (December 02) formally unveiled the report to the media exposing the dominant channels of corruption at the NEC conference room in the city's Sher-e-Bangla Nagar area.
Other members of the committee were present.
The dominant channels are described below which include banking loan scams, fraudulent practices in illusory bank loans, and misappropriation of loans.
Bank Takeover: Forced takeover of ownership of banks with the help of state machinery.
Illicit financial outflows: Ill-gotten money is laundered out of the country in large volume.
Politically Motivated Unviable Projects: Resources are wasted on unviable projects, prolonging timelines and inflation costs.
Inflated Project Costs: Systematic cost overestimation to siphon funds.
Project Cost Escalation Post-Approval: Costs are artificially escalated after project approval to divert funds.
Non-Competitive Tender Processes: Cronyism and favoritism dominate procurement, excluding qualified bidders.
Unnecessary or Poorly Designed Projects: Resources are wasted due to weak feasibility studies, prolonging timelines, and inflating costs.
Nepotism in Appointments: Project management, particularly Project Directors, is often appointed based on political connections rather than merit.
Illegal Land and Asset Acquisitions: Land and assets are seized or acquired through illegitimate means.
Misappropriation of Land Acquisition Funds: Politically weak landowners are coerced into unfair deals, and funds allocated for land acquisition are misused.
Awarding Overpriced Contracts: Contracts are often granted to politically connected contractors at inflated prices and given without competitive bidding.
Abuse of Project Resources: Misuse of vehicles, travel budgets, and other project resources for personal or political gain.
Bribery as a Standard Management Practice: Bribes are routinely exchanged to expedite processes or secure favors.
Misallocation of Public Funds: Funds intended for development are diverted to serve political and/or personal objectives by the leaders.
Tax Exemptions for Elites: Tax policies disproportionately benefit influential groups.
Distorted Supply Chains: Manipulated supply chains lead to unfair pricing and market inefficiencies.
Sharing Insider Information: Policy decisions are leaked to select groups for financial gain.
Collusive Corruption: Collaboration between public officials and private actors for mutual benefits.
Extortion-Based Corruption: Coercion is used to extract bribes or enforce unfair deals.
Monopolistic Corruption: Market conditions are manipulated to favor specific individuals or entities.
Pre-emptive Information Sharing Corruption: Early access to critical information is exploited for undue advantage.
Information Concealment Corruption: Withholding important information to mislead stakeholders.
Corruption by Inaction: Deliberate delays are used to create opportunities for rent-seeking.
Corruption for Career Advancement: Bribes and connections are leveraged to secure promotions or influential positions.
Commission-Sharing Corruption: High-level officials demand a share of commissions for approvals.
Corruption for Political Favour: Resources and decisions are manipulated to secure political allegiance or favor.
Legislative Manipulation Corruption: Laws and policies are tailored to serve vested interests.
The review of the White Paper puts the banking sector on top of the most corruption-ravaged sector, followed by physical infrastructure, and energy and power.
Information and Communication Technology (ICT) was also identified as one of the most corruption-affected sectors by its operational and technological novelty.
This non-exhaustive list of pervasive corrupt practices highlights the urgent need for systemic reforms and robust accountability mechanisms to restore governance integrity and economic resilience, the paper said.
Source: BSS
Gold Price Today (December 3)
Since gold is an imported material, its price tends to fluctuate almost daily in Bangladesh. The price is determined accurately by the Bangladesh Jewellers Association (BAJUS). The latest prices of gold in Bangladesh as of December 3, 2024, are as follows:
The price of per bhori (11.66 grams) of 22-carat gold is 137,227 BDT.
The price of per bhori of 21-carat gold is 130,998 BDT.
The price of per bhori of 18-carat gold is 112,289 BDT.
The price of per bhori of traditional gold is 92,134 BDT.
These prices were last updated on Sunday, December 1, 2024, by Bangladesh Jewellers Association (BAJUS).
Home Textile Products Witnessed Highest Growth in Exports.: EPB
In the recently concluded month of November, Bangladesh earned $4.11 billion from exports, marking a 15.63% increase compared to the same period last year.
This information was revealed in the latest report from the Export Promotion Bureau (EPB) on Wednesday, December 4.
According to EPB data, the total export earnings in the first five months of the current fiscal year (July to November) amounted to $19.90 billion, reflecting a growth of nearly 12% compared to the same period last year. Among the sectors, home textile products witnessed the highest growth in exports.
In November alone, $3.30 billion of export revenue came from the ready-made garments (RMG) sector, which recorded a year-on-year growth of 16.25%.
During this period, exports of home textiles increased by nearly 21%. Additionally, agricultural exports grew by approximately 16%, and exports of industrial goods rose by 15.60%. However, there was a slight decline in the export volume of leather and leather products.
The data further indicates that in the first five months of the current fiscal year, the RMG sector exported goods worth $14.34 billion, registering a growth of approximately 12.5%.
World Bank Announces Record Loan Assistance
The World Bank has announced a record $100 billion in loan assistance for poor countries, having already raised approximately $24 billion for loans and grants.
According to a report by Al Jazeera, citing AFP on Friday (December 6), a World Bank spokesperson stated that $100 billion in grants and loans will be provided to the world's poorest and most vulnerable nations. The World Bank has already raised nearly $24 billion toward this goal. Donor countries have pledged to increase concessional loan repayments to $23.7 billion, slightly up from the previously committed $23.5 billion over the past three years through the International Development Association (IDA).
Al Jazeera further reported that in 2021, the IDA loan package was $93 billion, which has now been slightly increased to $100 billion.
The IDA is one of the World Bank's most important programs, providing grant assistance to the world's poorest 78 countries. This assistance addresses challenges ranging from economic losses due to COVID-19 to climate change.
Countries such as the United States, Japan, the United Kingdom, Germany, and several European nations contribute significant funding to IDA projects. This year, the United States alone has announced $4 billion in funding for this sector. Norway, Spain, and other countries have also significantly increased their contributions.
