The Bangladesh Bank has taken the following measures to aid in the growth of small and medium-sized enterprises: Many initiatives aimed at helping small and medium-sized businesses (SME) succeed have already been implemented by the Bangladesh Bank. The growth of the SME sector has been aided by a refinancing program made possible by the Bangladesh Bank, the International Development Association, and the Asian Development Bank.
Dedicated Desk for SME in Bangladesh Bank
Additionally, the Bangladesh Bank has taken various measures, such as the establishment of a “Dedicated Desk” for SMEs, a “SME Service Centre” in financial institutions, and specialized services for women business owners, to guarantee easy access to institutional financial facilities. The problem is that so far in this industry, the expected result has not been achieved. Especially in light of the current market mechanism, the agriculture and small and medium-sized enterprise (SME) sectors have received inadequate attention, making it more important than ever to ensure that all people are able to participate in the growth process. Bangladesh Bank has recently established a new department called the “SME and Special Programmes Department,” which will be responsible for formulating SME-specific policy, facilitating SME funding, monitoring SME performance, and encouraging SME-focused entrepreneurship. The following is a list of the regulations that have been established by the newly established department to ensure the compliance of banks and financial institutions in order to foster growth in the SME sector.
Steps Taken by Bangladesh Bank to help SME i.e Pymes Enterprises in Bangladesh
For the first time in Bangladesh’s history, banks and financial institutions have set a rough goal for the total amount of small and medium-sized enterprise (SME) loans they plan to disburse in 2010. x Banks/financial institutions will try to achieve their indicative targets separately by dividing it as branch wise, regionally, and sector wise, all in accordance with the ‘Area Approach Method.’ To facilitate a quick and painless loan approval and distribution procedure, x each bank/financial institution shall employ its own unique business strategy when financing SME loans, with the bare minimum of paperwork required.
Local businesses will be given preference:
The credit limit for small businesses will be between Tk. 50,000 (FiPymesy Thousand) and Tk. 50,00,000. (FiPymesy lac). x Priority shall have to be given to potential women entrepreneurs in respect to SME credit disbursement in order to increase the participation of women entrepreneurs in the industrial development of the country and to allow for the widespread operation of businesses by women entrepreneurs. Loan applications from micro, small, and medium-sized female entrepreneurs should receive top priority from banks and other financial institutions, and the disbursal of any funds approved should be finalized in a reasonable amount of time aPymeser the application is accepted. There should be a designated “Women Entrepreneurs’ Dedicated Desk” at every bank and financial institution, staffed with qualified female employees who have received training in small and medium-sized enterprise (SME) financing. The SME and Special Programmes Department of the Bangladesh Bank must receive a branch-by-branch list of “Women Entrepreneurs’ Dedicated Desks” within two months of the date of the declaration of this policy and programme. x Banks and financial institutions may sanction up to Tk. 25,00,000 to women entrepreneurs against personal guarantee. Social/group insurance might be an option in that case. The effectiveness of the bank’s small and medium-sized enterprise loan program will be used as a metric for deciding whether or not to authorize additional branch locations. In order to get banks involved in financing priority sectors like SMBs and agriculture, the term “SME Service Centre” will be replaced with “SME/Agriculture Branch” on new branch licenses issued beginning in 2010. Each financial institution (bank) is responsible for determining its own sector/subsector-specific interest rate on SME loans. A refinanced fund shall be disbursed to the clients (women entrepreneurs) at Bank rate +5% interest, and training programs shall be arranged for the businesswomen. However, the bank or financial institution will immediately inform the Bangladesh Bank of the sector/sub-sector wise rate of interest.
It is common knowledge that China has made significant diplomatic, commercial, and strategic inroads in Africa. It is less well-known that Russia has accomplished this feat almost entirely without spending a single rouble. Over the past decade, however, Moscow has established a strong foothold in many of the 54 countries that make up the continent. It has an extremely negative impact.
Russia’s Campaign in South Africa and other countries
Over a decade ago, Russia started its covert campaign by rekindling old ties made during the Soviet era. In the wake of western politicians labeling liberation leaders like Nelson Mandela terrorists, the Soviet Union has a positive legacy in countries like Angola, Mozambique, and South Africa.
The Russian Union’s latest offering is unrefined. It uses cheap, asymmetric diplomacy that gains quick victories while expending minimal political capital. Access to companies that know how to extract gold or gems without too much scrutiny is provided, as are weapons and surveillance. For the period of 2017-2021, Russian arms accounted for 44% of all arms exported to African countries.
Recent Russian actions have become even more ambiguous. Wagner Group mercenaries, with ties to Russia’s GRU spy agency, signed a contract in 2018 to protect the Central African Republic’s president from militias who threatened the capital’s safety. Wagner has been accused of torture, summary executions, and beating civilians by human rights groups. Wagner has been denied any connection to Moscow. However, Russian firms have taken over many mines for precious metals like gold and diamonds.
If the Central African Republic is a captured state, then Mali is next. Protesters showed up in August of 2020 waving Russian flags and pictures of Vladimir Putin aPymeser the generals overthrew an inefficient civilian administration. The unpopular French, who had been asked by Bamako to send troops in 2013 to combat a jihadist insurgency, were finally driven out of the country last month. Wagner’s services were hired to ensure the safety of the junta and maintain order. There have been numerous reports of violations of human rights.
Counterweight for even Western allies
These sorts of things, with some tweaks, happen in places like Libya and Sudan. Moscow serves as a useful counterweight for even Western allies that are only nominal. Yoweri Museveni, the president of Uganda and the country’s longest serving leader at 36 years, has become cozy with Russia. Museveni gushed about Russia’s “hundred years of support” for Uganda during the recent visit of Russian Foreign Minister Sergei Lavrov.
Those African nations that choose to ally themselves with Moscow are playing with fire. Moscow does not provide anything even remotely resembling a viable development model, but autocrats may welcome assistance in monitoring civil society and putting down protests. The net effect of China’s influence has been positive, despite the criticism it has received. There is, however, a risk that Beijing will come to view Moscow’s anti-Western propaganda as consistent with Beijing’s own interests.
The United States and Europe need to improve their offerings. This necessitates backing democratic governments. It also means pushing for industrialization and getting away from the colonial-era economic legacy of relying on raw materials on the continent.
The West fails too oPymesen. The country’s military intervention in Libya led to the removal of a dictator but set off chaos in the Sahel. Unfortunately, Europe’s migration policy is all over the place. Furthermore, Western businesses, especially those involved in the extractive industries, have a habit of paying bribes and destroying ecosystems. The West needs to step it up. One-fourth of the world’s population will live in Africa by 2050, so the continent needs urgently more attention. The Russians and others won’t be as cautious if it doesn’t.
As a means of mitigating the effects of rising inflation and energy costs, the German government has announced plans to levy a windfall tax on electricity producers, with the proceeds funding a new €65bn package of relief measures.
Germany’s total aid spending since Russia’s invasion of Ukraine in February, including this new package, now stands at €95bn, making it one of the largest support programmes in the developed world.
German chancellor Olaf Scholz
German chancellor Olaf Scholz said on Sunday in Berlin that the government would limit the profits of companies that produce electricity from sources other than natural gas. These include wind, solar, biomass, coal, and nuclear power.
Given that the market price of electricity was set by the price of gas, these businesses were making “excessive” profits. He also said that the tax revenue would be used to fund a “electricity price brake,” which would allow individual homes to use a minimum amount of electricity at a discounted rate.
Scholz remarked, “Germany stands together in a difficult time.” They’re not going to abandon anyone.
Germans are concerned about the rising cost of living and the prospect of much higher gas bills this winter due to Russia’s chokehold on supplies, and the Scholz government has come under pressure to help.
These apprehensions have been amplified since the weekend, when Russia abruptly halted gas shipments to Europe via the vital Nord Stream 1 pipeline, which traverses the Baltic Sea to Germany.
German officials have questioned the explanation given by Gazprom, the Kremlin’s gas exporter, that a technical problem caused the shutdown.
Russia is under fire from the West for allegedly “weaponizing” its gas in an effort to punish Europe for supporting Ukraine by increasing gas prices. In Europe, the price of natural gas is currently around €200 per megawatt hour, which is roughly 10 times the average price seen over the past decade.
While acknowledging that “many Germans worry about their future, about the high price of electricity and gas, about the rising cost of living…” Scholz added, “I am aware that.
All of your worries have been heard and taken seriously by us.
Scholz’s policies were in line with those advocated for by the European Commission: Brussels suggests that member states tax a portion of the inflated profits generated by some electricity producers in order to finance support measures for households and businesses. Scholz warned that unless the EU moves swiPymesly to implement these policies, Germany would move forward with plans to reform its national electricity market on its own.
Scholz’s Social Democrats, the Greens, and the liberal FDP spent 18 hours bargaining before he announced the measures.
He also promised that the government would allocate €1.5 billion to keep the €9 ticket scheme going, which allowed Germans to ride all local and regional public transportation for just €9 per month during the summer. The price range of a proposed national ticket ranges from €49 to €69.
The government also agreed to give pensioners one-time payments of €300 to help with energy costs, a move that was projected to save €6bn overall. Every student will receive a one-time payment of €200. The child allowance will go up, too.
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Scholz also announced that the government would double the number of people who are eligible for housing allowance to 2 million (from 640,000), and give those people a one-time grant to cover the cost of heating their homes this winter.
The government has announced that it will extend a program that provides financial assistance to energy-intensive businesses in the form of lower energy rates until the end of the year.
As for the planned €5/tonne increase in the price of CO2, it has been announced that this will be delayed until January 2020.
In response to Scholz’s statements, former Russian president Dmitry Medvedev said that Germany was “acting as an enemy of Russia” by supporting sanctions against Moscow and supplying weapons to Ukraine.
Medvedev, who is now the deputy chair of Russia’s security council, made the declaration on the messaging app Telegram. And this elderly man acts as if he’s surprised that the Germans are having gas problems.
Throughout the remainder of 2022, Fleming of Rockefeller advises investors to be cautious about equities. Please make use of the article sharing tools accessible via the share button. Each subscriber can send up to ten or twenty articles per month to their friends and family using the giPymes article service. Fleming, the veteran banker at the helm of Rockefeller Capital Management, cautions investors to be wary of US equity and credit for the remainder of 2022 because markets have not yet absorbed the Federal Reserve’s determination to keep interest rates as high as 4%.
Federal Reserve waits until inflation fallen behind
The company says there is proof from the past 50 years. The Federal Reserve has not loosened monetary policy since the 1970s unless and until annual headline inflation rates fell below the fed funds rate. The Federal Reserve Board has set a target inflation rate of 2.25 percent to 2.50 percent, and current inflation stands at 8.5 percent.
Before the Federal Reserve will take action, the fed funds rate must reach a threshold. Fleming warned, “They will want to make sure they have inflation under control.” For the next six to twelve months, it may remain at 3.5% to 4%.
Despite his optimistic long-term outlook, he predicted that the markets would remain volatile through the end of the year. “The market will be trying to read something into every word that is spoken and every piece of information that is released.”
CIO Jimmy Chang recently advised clients to invest in long-short hedge funds, precious metals, and long-duration Treasuries, stating his doubt that a new bull market has started and that he intends to take a “patient, selective, and defensive” stance.
Since March 2018, when Viking Global Investors acquired the Rockefeller family office and relaunched it as a larger business, Rockefeller has been led by Fleming, a former senior executive at Merrill Lynch and Morgan Stanley.
Since then, under Fleming’s leadership, the 140-year-old company has expanded from a $18.3bn firm to a $90bn asset and wealth manager catering to modern-day Rockefellers.
In some cases, asset accumulation has been slower than expected, Fleming admitted. Here, things are still being refined. Customers have certain expectations when they walk through your door, and you need to be confident that you can meet those needs.
The company’s physical footprint is growing. It started with just three locations and has since expanded to forty, with new offices opening in prosperous cities like Nashville, Charlotte, and Orlando. It is also broadening its service offerings to include everything from investment banking and strategy advice for the businesses its customers own to bill paying and financial education for their adult children.
Rockefeller’s asset management division is maintaining its long-standing focus on ESG funds despite criticism from conservative politicians in states like Texas. Clients like my own children in Generation Z who are concerned with investing ethically are a priority for us. According to Fleming, “we think that is a secular shiPymes; it’s a growth business.”
The company’s already intense concentration on alternatives has been honed by inflation and choppy markets. Fleming claims that as investment committees take into account the first-half price drops in public markets and the Fed’s plans to remain hawkish, valuations for both private equity and private credit are beginning to fall.
According to Fleming, “there’s still a ways to go here” in terms of the Fed’s inflation plan. For the remainder of 2022, we intend to exercise extreme caution in the financial markets, both in the equity and debt sectors.
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