Good morning, readers!
Today, we’re diving into some important news and trends that could impact both local and global markets. From regulatory moves in Bangladesh to shifting economic landscapes in Canada and beyond, there’s a lot to unpack. Let’s get started.
1. BTRC’s New Move Against Unregistered Phones
In a recent meeting, Palak has urged the Bangladesh Telecommunication Regulatory Commission (BTRC) to take decisive action against unregistered phones. This proposed measure aims to shut down all unregistered devices in the country. While previous attempts at SIM registration linked to National ID (NID) failed to curb scams and spams, this new strategy could be a game-changer for local businesses.
Additionally, this crackdown might lead to more enticing deals from SIM companies. We could see promotions where providers offer free phones to customers who commit to long-term plans—something that’s quite common in other countries.
2. Rising Interest Rates: A Challenge for Borrowers
In the financial sector, borrowing money has become more expensive in Bangladesh. The current interest rate for bank loans stands at 11.89%, reflecting a steady increase over recent months. This rise poses a significant challenge for small businesses and individual borrowers, marking a historic high in the cost of loans.
3. Investment Banks Struggle with Lowest Profits in 4 Years
In the global arena, major investment banks Goldman Sachs and Morgan Stanley have reported their lowest profits in four years. After a strong performance in 2021, both firms have faced a decline that spans various industries. With 2023 proving to be a particularly tough year for investment, the outlook for 2024 remains uncertain.
4. Canada’s Population Surge and Economic Implications
Canada is experiencing rapid population growth, with an increase of 1.2 million people in 2023 alone. This growth is happening at a rate five times faster than the international average, leading to significant challenges in the rental and food markets. Average rent has surged to $2,178 USD, a 9% increase from last year and a staggering 22% rise compared to 2021. The question now is whether this population boom will outpace economic growth, potentially leading to a collapse.
5. Interesting Tidbits: Apple and BPL Updates
On a lighter note, Apple is gearing up to launch its much-anticipated Vision Pro. Additionally, cricket enthusiasts can mark their calendars for January 19th, when the Bangladesh Premier League (BPL) is set to kick off.
That’s all for today’s update. Stay tuned for more insights and developments in the world of finance, technology, and global trends.
Have a great day!