| Business Man Mr Abdur Rahim echoed very interesting picture under present context. Resolving Electricity,Not much impact (as a whole)in BD on post Global economic meltdown etc are very significant success for present Govt but few things are in concern that came to my knowledge after recent relocation in BD fm abroad ! -Number of businessmen (Small or Large ) trying to undercut LC from import goods and divert to buy Real estates in US/Canada. Question arisse how many Businessman we got like Late Samson Chowdhury(SQUARE Groups) -Huge immigration for Canada under business category where FCs are drained out of country -Taking bank loan under Maritime industry to buy a ship.This is good sign (Without healthy Maritime Sectors, struggle to improve sound Economy index for a country, example are many ) but Business man need to be under close scanners during dealing with actual BUY/SELL since FC is involved !!! This is hard based on all deals in aborad esp: in Singapore but needs close monitor Or rejects those businessman !! -While already huge subsidiaries on Electricity, Is the Govt Revenue board/BB/BOI did good study on accountancy (Healthy Balance sheet) Or solely based on Economic strategic while looking into few indiscriminate decisions: a) Slashing interest rates for the Wages earner devlepment Bond b) Slashing interest rate for BDT Savings c) Too much RED tape formalities were being observed for inward foreign remittance. Understand there shud be check/balance for each remittance on Terrorism aspect but clear guideline to be formulated so that reputed foreign company doesn't fall-in under same scrutiny no matter how small is the investment !!! d)Still the Share Market isn't under control !!! Huge Bail out is already late as cash flow is under threat for time being, i suppose !! How-ever, scenarios have been observed tt the people who were lost interest on Small business rather buying shares/stay at home Friday/Saturday with 11AM-3PM office (Security exchange company) prior collapse of Share Market, seems become energetic and re-concentrate/returned on their biz recently or some of them left BD to earn FC which may be a good,latent recovery but need to study more and foul quotation by FM shud be minimised (Ref: No idea on Sharemarket Or other remarks in the past). Definitely this will have bitter impact among (30-50) aged educated mass !! e) Fluctuation on Govt decision: The moment interst rate for WEDB bond/Saving account rasied, In ward remittance recorded highest this month. May be a potential factor !! I had very high opinion on Mr Muhith who have been closely seen in Montreal once in the past plus remarkable contribution Post 2001 election plus retiring office fm Ershad administration but i am not sure how depth of survey he has in Grass root level Or listening to WHOM !!! Understand there is PLUS/MINUS on politics but Country needs Good ACCOUNTANT rather Good ECONOMIST, even it is combined expertise !!!! Extra Ordinary recovery reqd within next 18 months !!! He feels but need to see real in picture ! It's a good move tt Dr Yunus has been proposed for World bank chief. Trust we shud respect him and suggest to have No politics in between. Good campaign is reqd for him fm Ex-Patriate /NRBs/IN&OUT Bangladesh, similar scenarios while few ordinary personnel (Intially fm Montreal and later fm Vancouver '96-98) with subsequent effort by last Hasina Administration on Int. Mother Language Day campaign. Kind Regards Capt Chowdhury Marine Consultant
--- On Fri, 2/24/12, modasser khosseine <bolonhome@hotmail.com> wrote:
From: modasser khosseine <bolonhome@hotmail.com>
Subject: [KHABOR] Businessman in Bangladesh
To: "Khabor News" <khabor@yahoogroups.com>, "BDRESEARCH NEWS" <bdresearchers@yahoogroups.com>, "BAAI NEWS" <baainews@yahoogroups.com>, "POLIT NEWS" <politiconomy-bounces@list.emich.edu>, "DIAGNOSE NEWS" <diagnose@yahoogroups.com>, "ALAPON NEWS" <alapon@yahoogroups.com>
Received: Friday, February 24, 2012, 10:36 PM
Abdur Rahim
Whenever I watch Bangladesh media, I find stories that its economy is in bad shape. Luckily I am still in good shape. I am involved in export business and my business is booming. We have recorded export growth in Bangladesh in 2011. As we are getting uninterrupted electricity without much load-shedding, we can meet our production schedule and export orders.
I am also happy that the value of taka has gone down and as a result, my export orders have increased significantly. My products are more competitive nowadays vis-à-vis others. I am informed that many well-to-do Bangladeshis are transferring their money abroad with a view to buy homes in USA and Canada as the US and the Canadian governments, in order to revitalize their economies, would grant 'citizenship' to those that would own homes worth over $500,000 or more in USA/Canada as per news media. For example, one of my friends, a former Minister from Chittagong, has asked his younger sister that live in Connecticut to buy a house for his family in USA. He is upset as the depreciation of Taka is more costly to him for his illegal money transfer.
I also understand that many people that live abroad are rushing to the Bangladesh Embassies to get their 'power of attorney' authorized by Missions to sell or transfer their property in Bangladesh for two reasons. First, land or property price is very high in Bangladesh now, and secondly, they would like to transfer such sale proceeds or funds abroad to buy homes in USA or Canada to get 'green cards'.
When I watched CNN News today, I came to know that the economy of Greece is also in bad shape. Its 30,000 government employees were working 'unpaid' and it would pay only 15% of 'allowable retirement benefits' to its retirees. Although Bangladesh economy is in bad shape as per media experts, none of its officials are without monthly salary or its retirement benefits for Dr. Akbar Ali Khan or any other retired offices those turned into 'talk show' wizards have reduced yet. Many of our politicians that have no regular income or jobs are also neither suffering of low standard of living or low mobility owing to bad economy in spite of the fact that transportation cost has gone up.
My son who graduated last year from a prestigious university in USA is without job and he informed me that many of his fellow graduates are without jobs now. My daughter and her husband who migrated to Canada few years ago had good jobs. Unfortunately, now my son-in-law is unemployed over a year. They are finding difficulty to meet their monthly mortgage payments as their economies are in bad shape unlike Bangladesh.
In US and Canada, the job market is very bad; depending on states, it varies between 6% and 18% and average now is 8.3%. Among the Hispanic and Blacks, it varies between 14 and 30 per cent. Per capita income in their countries has also reduced significantly. In USA, the Asian have the highest average income, double of the Blacks and higher to that of (Non-Hispanic) White community. This Asian community is also finding difficulty now. Few of them that lost their jobs in USA and Canada are taking up jobs back in India and few Bangladeshis have returned home to do business. My son-in-law is contemplating to return home. Because, Bangladesh is a growing economy---- our hotels are full, our restaurants are humming with customers, our stores are not without customers, our schools are not closing, our teachers are not being laid off like that of USA, our officers have not stopped driving government vehicles, our growth potentials is high, our food production is very good, our load shedding is low now, our roads are full of new cars, our real GDP growth rate is over 6.7% vis-à-vis 1.7% in USA, 2.1% in Canada, -0.5 in Japan and 0.5 in Australia. It is negative (-) 7.5% in Greece and (-) 1.7% in Portugal. In fact, the average real GDP growth rate is 1.7% in North America, 1.5% in Euro zone, 2.7% in Africa, 4.3% in Latin America, and the highest is in East and South Asian region and it is 7.1% in 2011 led by China (9.1%) and India (7.6%). Bangladesh never experienced such high real growth rate of 6.7% before. Its growth rates vary between 2 and 4 per cent in 1970s, 1980s and 1990s, and 3 and 6 per cent during 2000 through 2008. We are glad that we could recently replace our old furniture with better ones and now we have custom-made draperies. Our economy is doing good and no wonder, Moody's' and Standard Poor's rated it higher, second highest in Asia while they ranked down their ratings for most of the Euro zone countries. Unfortunately, our desperate talk show wizards, and politically motivated political and business leaders are so partisan that they continue promoting disinformation against the country and its economy. Reportedly a few left-leaning intellectuals have received cash from abroad including a few media giants to stage an Arab Spring in Bangladesh just like Egypt, Libya, Yemen and Tunisia. Interesting is; the Western world's hopes faded way quickly when its favorite Nobel Peace Prize Winner Mohamed ElBaradei failed to take the lead of the Arab Spring and instead, Islamist Brotherhood took over and the situation is now murky. Self immolation by one in Tunisia overturned the government and therefore, our media being naïve reported two suicide cases for stock market debacle without investigation. But Bangladesh people are smart and they have more maturity and therefore, such disinformation campaign of select few did not work.
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