We hope you’ve had a fantastic start to 2024. As part of our commitment to bringing you timely and relevant business insights, we’re excited to launch our daily newsletter. Starting this year, you’ll receive two newsletters weekly—one on Fridays and another mid-week—packed with valuable information you won’t easily find elsewhere.
USD Credit Card Spendings Drop 9.5% in November
Bangladeshis have been using credit cards more than ever in 2023, but there has been a significant 9.5% drop in USD transactions on these cards in November. This decline is primarily due to the rising Dollar-BDT exchange rate, which has made it less appealing to use credit cards abroad. Instead, many are opting to purchase USD from the kerb market for better rates, primarily for medical expenses in India and travel purposes.
Global Risk Report of World Economic Forum
The World Economic Forum has released its Global Risk Report for 2024, highlighting five major risks for Bangladesh:
- Inflation
- Debt Crisis
- Commodity Price Shocks
- Human-Made Environmental Damage
- Geopolitical Contention over Resources
We believe inflation will significantly impact Bangladesh’s economy in 2024. For a deeper dive into the report, read the full document here.
Bitcoin ETF Approval by SEC
In a landmark decision, the SEC (Securities and Exchange Commission) has approved 11 ETFs (Exchange-Traded Funds) for Bitcoin. This approval marks a historic day for cryptocurrency enthusiasts.
What is an ETF?
Exchange-Traded Funds (ETFs) track specific indices rather than individual stocks, offering investors a bundle of stocks in a single investment. The approval of Bitcoin ETFs means major investment firms like Blackrock, Grayscale, and Ark Investors will now be investing in Bitcoin. This increased demand may drive up Bitcoin prices.
While legal investment in cryptocurrencies is not currently permitted in Bangladesh, Bangladeshis residing abroad can take advantage of this opportunity in the global market.
OpenAI Launches GPT Store
OpenAI has launched a new GPT Store where you can create and list custom GPTs. Users with GPT+ subscriptions can access and utilize these GPTs, and creators will be compensated for their usage. This platform functions similarly to an app store, allowing for the creation and utilization of customized solutions.
What Can You Do?
You can either build and sell your own GPTs or explore the thousands of GPTs available. Ideally, you can do both—create solutions and leverage existing ones to meet your needs.
Other Important Business News
- R1 Pocket: Sold 1,000 copies on its first day.
- YouTube: Now offers first aid videos when needed.
- LC Settlement: The lowest in the last three years in Bangladesh, raising concerns.
What Did You Think?
We’d love to hear your thoughts on today’s newsletter. Share the news that intrigued you the most on social media and tag us. We appreciate and read all your mentions!