Daily Entrepreneurship- Bangladesh (1 April 2019)

Lending rate to be brought down: PM

Prime Minister Sheikh Hasina yesterday said the government will take measures again to reduce the interest rate for the sake of the country’s industrialisation.

“We’ll sit again to discuss how to reduce the interest rate of bank loan,” she said while inaugurating the weeklong first national industrial fair in the city.

The industries ministry organised the National Industrial Fair 2019 at Bangabandhu International Conference Centre with a view to promoting and expanding the market of local industrial products and attract investment.

The prime minister thought that the interest rate of bank loan is the biggest barrier to the country’s industrialisation now.

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Govt offers low-cost fund for safer RMG

The government has formed a €50 million fund to give out low-cost loans for garment factory remediation with the view to enhancing workplace safety in the country’s main export-earning sector.

Each garment factory will get loans of up to €1 million from the fund at 7 percent interest rate. In exceptional cases, the amount of loan will be increased to €3 million for massive upgrades.

The fund can also be used to reduce pollution, ensure efficient use of energy and create a decent place to work, as per the notice sent out to all lenders and non-bank financial institutions yesterday.

Banks will have to count interest rate at 3.50 percent to get the fund.

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BIBM workshop: 50% banks face IT security threat

Around 50% banks are at IT security risk as they still lack managed switch, next generation firewall and Email gateway, which are vital for ensuring network security in banks.

This was said in a keynote paper presented at a workshop “IT Operations of Banks” organized by Bangladesh Institute of Bank Management in the capital yesterday.

Of the banks, 35% installed next generation firewall partially while 15% were under approval process.

Deputy Governor of Bangladesh Bank and Chairman of BIBM executive committee SM Moniruzzaman was chief guest at the workshop, chaired by BIBM Director General Md Abdur Rahim.

BIBM Associate Professor Md Shihab Uddin Khan, Associate Professor Md Mahbubur Rahman Alom and review team presented the keynote paper at the workshop.

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Greater focus on female hiring, pay in finance

In the competition for talent, the hedge fund industry still has an edge over many other areas of finance, except, it would seem, when it comes to employing women.

Women are in the minority across the financial industry when it comes to top jobs. A Reuters analysis of regulatory filings shows the proportion is especially low among British hedge funds, most of which are private and not bound by disclosure rules.

Just seven women were hired or promoted last year as investment executives at 20 of Britain’s top private hedge funds, the lowest level in at least a decade, the analysis found. They took on 82 men in that period.

Of all the places to work in hedge funds, the investment team is the most coveted. Portfolio managers or traders decide where to invest client money and are traditionally the highest-paid members of staff. Such roles are a launch pad for star managers to set up their own firms in the future, establishing the next generation of hedge funds.[More Info…]

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