Cash Back Bangladesh

Independent film with a focus on British-Bangladeshi remittances and foreign-aid, and their impact on British and Bangladeshi society.

• By far, the largest overseas Bangladeshi communities that have settled in the West are in the UK (and increasingly the US,) with well over a quarter of a million people of Bangladeshi origin living in Britain.


• The total value of remittances sent by expatriates to the developing world was conservatively estimated to exceed $80 billion last year. As members of the largest overseas Bangladeshi community in the developed world, we have a particularly poignant interest in this topic.
  


• Remittances are conservatively estimated to contribute at least 4% of Bangladesh's GDP and have directly helped Bangladesh's balance of payments by contributing around a third of its foreign exchange needs. In monetary terms, remittance income is larger as a net gain than the near $5 billion foreign exchange earnings earned by the ready-made garment (RMG) sector, because the latter figure is significantly reduced when adjusted for the cost of materials and tax breaks.
  

Excerpts from a Memorandum submitted by the British Bangladeshi International Development Group (BBIDG) to the Select-Committee.


Via Bangladesh Blogger

Image Day - Leaving Number 10

Prime Minister Gordon Brown leaves after a news conference in 10 Downing Street. The government will inject up to £50-billion of tax-payers money into the country's banks as part of a rescue package to shore up the system.

Related Post: The Real Budget Speech

> Reuters Pictures

U.K. to Back Northern-Rock Debt

The U.K. government, struggling to find a buyer for Northern-Rock, said it will guarantee a sale of bonds backed by the bank's home-loans.

Mortgages, consumer loans and some investment-grade securities of the Newcastle, England-based bank would be packaged as debt and sold to investors, the Treasury has said. Northern Rock rose 46 percent in London trading on speculation the proposal will revive interest among potential buyers such as Richard Branson's Virgin-Group.

Via Money-Soft

Branson campaigns for Northern Rock

Richard-Branson boasted today that his Virgin empire has created a "winnable package" to take control of Northern-Rock.

"I believe it's the best option because we would re-brand it the Virgin-Bank, which is a very strong brand ... We feel we have a winnable package." Said Brandson.

As Alistair-Darling prepares to unveil the plan to MPs, Branson used his place on the prime minister's high profile Far-East trip to intensify his campaign.

The prime-minister said: "I haven't spoken in any detail to Richard Branson. The commercial decisions are not a matter for me."

Via Guardian-Unlimited

"Dithering" Mr. Brown

The prime-minister has been accused of "dithering" with Northern-Rock.

Tory leader David-Cameron suggested he had been advised to sell the troubled-bank, but had delayed because he was planning an election.

You dithered and delayed, why did you dither and delay? Because you were planning a general election - David Cameron

Via BBC

Bank-charges on trial

Banks customers are awaiting the start of a High Court test-case which could bring a fundamental change to UK High Street banking.

The outcome may decide how much banks can charge millions of account-holders who go overdrawn without permission.

Several hundred thousand bank customers are estimated to have won more than half a billion pounds in refunds from their banks in 2007 after accusing them, often in local court proceedings, of imposing excessive overdraft-fees.

Via BBC

Finding your forgotten-cash

A new-website will let consumers reclaim money that has been sitting in dormant or abandoned bank accounts.

The announcement follows the publication of the Dormant Accounts Bill, under which unclaimed cash will be used to fund community projects. Analysts believe there could be £400m languishing in forgotten accounts.

Via BBC

The Real Budget Speech

Seen on: YouTube

Rory Bremner on Gordon Brown. What Mr. Brown's speech didn't tell-you.

Cameron criticises Rock 'failure'

Conservative leader David Cameron has said that nationalising Northern Rock would be "the most complete humiliation and failure for the government".

Speaking on the Andrew Marr show, Mr Cameron criticised the government's handling of Northern Rock. Mr Cameron also alleged that advice from City advisers to sell Northern Rock had been ignored for political reasons.

Via BBC

JPMorgan buys Northern-Rock assets

Northern-Rock yesterday sold off £2.2bn ($4.3bn) of mortgage assets to JPMorgan, the US investment bank.

The stricken-bank, which owes £25bn to the Bank of England, yesterday sold off its equity release mortgage book for a small premium of £50m.

Via FT

Alistair Darling unveils-plan

Alistair Darling, will reveal next-week his plans to improve banking regulations that will give the Financial Services Authority more power.

He plans to introduce new legislation that will allow the FSA to step in and seize customer deposits if it detects that a bank is getting into trouble.

FSA’s new powers

• Step in if, a request by a troubled bank to the Bank of England for loans.
  
• Seize and protect cash deposits and repay them to customers.
• Gain access to information it needs to assess a troubled bank.

Via Times-Online

Energy firms make £1bn

Energy companies have been accused of overcharging-customers by more than £1 billion. Millions of households are paying an estimated £200 a year over the odds for fuel, because firms are quick to pass on price-increases when their costs rise. The comparison firm uSwitch says, suppliers withheld £177 in price-cuts from every household in Britain last year. Last week Npower, Britains fourth-largest supplier with 6m customers, raised the price of gas by 17.2% and electricity by 12.7%, blaming the rise in energy costs. Npower, whose average dual-fuel bill now costs more than £1,000 a year, did not start cutting tariffs - a year after prices started falling.

Via Sunday-Times