Colorado voters okays 25pc taxes on recreational marijuana

A Colorado measure to impose sales and excise taxes of 25 percent on newly legalized recreational marijuana and earmark the first $40 million in revenue for public schools was approved by voters on Tuesday, Governor John Hickenlooper said.

The move showed a willingness on the part of Colorado voters to tax marijuana for the public benefit even as they roundly defeated a broader tax measure that would have increased state income taxes to raise $1 billion for schools.

Colorado and Washington last year became the first U.S. states to legalize marijuana for recreational purposes. But Colorado, whose constitution requires a statewide vote to approve tax increases, left it to voters to decide how to tax the newly legal drug.

"We are grateful voters approved funding that will allow for a strong regulatory environment, just like liquor is regulated," Hickenlooper said as returns showed 65 percent of voters in favor of the tax and 35 percent against with about a quarter of votes counted.

"We will do everything in our power to make sure kids don't smoke pot and that we don't have people driving who are high. This ballot measure gives Colorado the ability to regulate marijuana properly," the Democratic governor said in a statement.

Under the marijuana tax proposal, a combined 15 percent excise and 10 percent sales tax would be imposed on recreational pot sales, with the first $40 million raised to fund school construction projects.

In Denver, a local ballot measure that would tack an additional 3.5 percent city sales tax on pot shops also appeared headed for passage, by a margin of 69 to 31 percent with roughly a third of votes counted.

Even as many proponents of legalizing recreational marijuana supported taxing the drug, some within the pot legalization community opposed the tax.

Rachel Gillette, president of Colorado's chapter of the National Organization for the Reform of Marijuana Laws, said before the vote that her organization was not against taxing cannabis sales, but that the state was going too far.

"This is not keeping with the promise to tax marijuana like alcohol," Gillette said. "It's more like regulating the sale of plutonium than alcohol. It looks like a law-enforcement money grab."

BROADER TAS MEASURE FAILS

Backers of a statewide proposal that would have increased the state income tax to raise nearly $1 billion annually for public schools conceded defeat on Tuesday, as returns showed it losing 66 percent to 34 percent with about 25 percent of votes counted.

"Tonight, we know that goal isn't happening as soon as we'd like. But it will happen," said state Senator Mike Johnston, a Democrat from Denver.

The school funding constitutional amendment would have scrapped the state's current 4.63 percent flat income tax rate tied to federal adjusted gross income tax, and replaced it with a two-tiered income tax increase.

Under the proposal, taxpayers who made less than $75,000 would have paid a 5 percent rate and taxpayers who made over $75,000 would have faced a 5.9 percent rate.

Proponents of the measure say Colorado has for years underfunded public education, and sought voter approval to put school funding on a surer financial footing.

Opponents argued that Colorado requires local school districts to allocate tax revenues, so there is no guarantee on how the money will be spent at the local level, which could be used on teacher salaries or to backfill the state's underfunded public employees retirement fund.

Backers of the tax raised more than $10 million for their campaign, bombarding television and radio airwaves with ads, touting the need for money to fund full-day kindergarten, and to restore music, art and physical education programs.

Among the donors to the pro-tax measure were Microsoft founder Bill Gates and his wife Melinda and New York City Mayor Michael Bloomberg, who, combined, donated $2 million to the campaign. (source)

Bangladesh RMG labour bodies, left parties reject new wage

Different garment workers right bodies and left leaning political parties on Tuesday rejected the minimum wage of Tk 5,300 per month for the garment workers announced by the RMG workers’ wage board on Monday.
The leaders of 12 garment workers’ right bodies at a press conference at Nirmal Sen Auditorium at Segunbagicha rejecting the announced wages said that actually the minimum wage was only Tk 3,200 while 
food allowance, house rent and medical allowance were included with it.


Mushrefa Mishu, the president of Garments Sramik Oikkya Forum said that they were demanding basic minimum wage of Tk 8,000 per month and demanded to revise the announced wage within November 18.
Otherwise, the 12 garment labour bodies would announce tougher movement programmes including strikes at garment factories.
The organisations announced programmes including handing memorandum to the minimum wage board on November 10, exchanging views with different political parties and professional bodies and organisations from November 7, holding gate meetings at the main gate of the garment factories and holding rallies at Narayanganj on November 12 and at Gazipur on November 15.
Garment labour leaders Mahbubur Rahman Ismail, Taslima Ahter, Shabnam Hafiz, Shamim Imam and others attended the press conference.
Jatiya Garment Sramik Federation and Bangladesh Garment Sramik O Shilpa Rakkha Mancha leaders demanded that the announced wage must be revised.
Leaders of the Communist Party of Bangladesh and Socialist Party of Bangladesh at a joint statement also rejected the announced minimum wage for the garment workers.
The CPB president Mujahidul Islam Selim, general secretary Syed Abu Zafar Ahmed and the SPB general secretary Khalequzzaman demanded that the wage must be revised and it should be minimum Tk 8,000 per month.
Democratic Left Alliance, a combine of the eight left-leaning political parties, also rejected the announced minimum wage.
The coordinator of the combine, Saiful Huq, in a press statement demanded that the wage must be revised satisfactorily.
Ganasanhati Andolan also rejected the announced minimum wage and demanded Tk 8,000 per month for the garment workers.
Zonayed Saki, the chief coordinator of the party, demanded increasing the minimum wage satisfactorily.
Jatiya Mukti Council president Badruddin Umar and general secretary Faezul Hakim said that the announced wage would not be acceptable to the workers.
The government had announced the wage to satisfy the garment factory owners, the left leaders alleged. (source)

Bangladesh parliament passes Grameen Bank bill

Parliament on Tuesday passed the Grameen Bank Bill 2013 to ensure absolute government control on the specialised bank, 75 per cent of which is owned by 83 lakh rural poor women, by reducing requirement for quorum in policy bodies and changing procedure of appointing the managing director.


The bill placed by finance minister Abul Maal Abdul Muhith was passed on voice vote rejecting amendment proposals brought by Jatiya Party MP M Mujibul Haque who also questioned whether prior permission was taken from the president of the republic to pass the bill complying with constitutional provision as it was a money bill.
 Muhith initially admitted that the bill was a money bill but the conditions set in Articles 81 and 82 of the constitution for taking presidential approval were not applicable to it.
 Muhith said the bill was initiated to bring some amendments to the mother
ordinance regarding the formation of the bank in 1983. He said amendments were brought only where it was required and upholding the honour of its founder managing director Nobel Laureate Muhammad Yunus.
 He said he personally preferred increasing the age limit of the bank’s managing director to 65 but did not change it to avoid controversy.
Jatiya Party MP Mujibul Haque opposed passing the bill saying such legislation ahead of the general election would give a wrong signal to the people.
 Mujibul, who usually speaks against Yunus, praised the Nobel Laureate branding him champinion on women’s empowerment and self-reliance. He also claimed the credit that Muhith had drafted the 1983 ordinance at the instruction of his leader, HM Ershad, who was then chief martial law administrator.
 ‘Many criticise about the interest rate of the bank but it is true that the bank’s interest rate was much lesser that the rural money-lenders. It is Yunus who reached banking facility to the doors of people at the remotest nook of the country,’ he said.     
 The parliamentary standing committee on finance ministry was assigned to scrutinise the bill, enactment of which would repeal the Grameen Bank Ordinance 1983, cleared the bill without change and submitted report to the House on Monday.
 The bill made it mandatory for the bank board to consult the government in all policy decisions and fixed the tenure of elected or government-selected directors of the bank to three years from the previous indefinite period of time.
 The bill made the bank mandatory to submit all its reports, returns and financial statements to Bangladesh Bank in addition to the government.
 Nowhere in the bill it was proposed that the specialised bank would be controlled by the central bank but the changes would harness Grameen Bank under the authority of the central bank. Despite having the word ‘bank’ in its name, Grameen Bank was beyond the central bank’s control in the 1983 ordinance.
 The bill would dissolve the existing Grameen Bank ordinance of 1983 but previous rules and regulations would remain in function with some amendments and exempt the bank from income tax for a certain period set by the government.
 The authorised capital of the microcredit institution has been increased to Tk 1,000 crore and the paid up capital increased to Tk 300 crore with 25 per cent government ownership.
 The bill bans using the name of the Grameen Bank in any prospectus or advertisement without prior permission of the bank and violation of it would result in one year jail along with Tk 100,000 fine, which previously was six months imprisonment along with Tk 1,000 fine. Production of untrue information to access loan or other facilities from the bank would incite a penalty of one year jail term or Tk10,000 fine or both.
 Muhith in the statement tagged with the bill said the move of fresh legislation followed the Supreme Court verdict cancelling all ordinances promulgated during martial law regime. He said the bill was drafted in Bangla after updating it bringing required amendments.
 The Grameen Bank was formed in 1983 under a military ordinance during the rule of HM Ershad.
 Muhammad Yunus was its founding managing director from the beginning till Bangladesh Bank removed him in 2011 on the ground that he had crossed the permissible age for holding the post of the bank’s MD.
 The position has since remained vacant.
 In December 2010, a documentary aired on a Norwegian television alleged that Yunus had transferred foreign money, given to Grameen Bank, from one account to another. It heaved a wave of controversy both at home and abroad.
 The government formed a commission to oversee the activities of Grameen Bank. (source)

Bangladesh apparel owners threaten RMG shutdown

Apparel factory owners on Tuesday issued an ultimatum to the government to review in 15 days the minimum monthly wage of Tk 5,300 for apparel workers recommended by the Wage Board, or they would shut down the factories.
Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Knitwear Manufacturers and
Exporters Association issued the ultimatum at a press conference at its headquarters demanding that Tk 4,500 be fixed as the minimum monthly wage.



‘We are condemning and rejecting the recommendation made by the Wage Board ignoring the opinion of the apparel factory owners,’ said BGMEA association president Atiqul Islam.
BKMEA president Salim Osman, former BGMEA presidents Abdus Salam Murshedy and Shafiul Islam (Mohiuddin), among others, were present.
The minimum wages board for the apparel workers on Monday recommended Tk 5,300 as the minimum monthly wage for entry-level workers, up by Tk 2,300 from the existing wage structure amid opposition from owners’ representatives.
The apparel sector currently employs more than four million workers. The current minimum wage for a Bangladeshi apparel worker is the lowest in the world. 
The BGMEA president said that they would appeal to the wage board on today for a revision of the proposed minimum wage claiming that the factory owners were not in a position to afford the spike in wage under a competitive global scenario for apparel export. 
‘All of the woven and knit factories falling under the purview ofthe two associations will go for indefinite shutdown if the wage board does not shift from its decision of fixing Tk 5300 and accept Tk 4,200 as minimum wage,’ Atiqul said.
If the government implements the proposed minimum wage, small and medium factories would not be able to survive as the sector has already lost 37 per cent of its competitiveness due to increasing operational costs, he added.
‘The unilateral decision of the wage board would be suicidal for the sector and at least 70 per cent of the running factories will be forced to close down their operation as a consequence of the abnormal wage hike,’ Atiqul said.       He said most of the entrepreneurs in the apparel sector were now seeking exit plans from their business as they were completely unable to pay Tk 5,300 as minimum wage.
‘We do not want any shut down of factories and any unemployment in the apparel industry. So we request the prime minister, Sheikh Hasina, to look into the matter for the sake of the country and its economy,’ the apparel sector leader said.
Expressing his wonder, the BGMEA president said that although the workers representatives on the wage board agreed the proposed minimum wage, another quarter in the workers front were still trying to create instability in the sector demanding Tk 8,000 as minimum wage.
‘It is a conspiracy to destroy the sector,’ Atiqul said.
The apparel makers demanded special exchange rate for the sector, low bank interest rate and ensuring uninterrupted supply of gas and electricity. 
Prior to the briefing, the apparel factory owners held an emergency meeting at the BGMEA Bhaban.
Atiqul at the meeting criticised the role of wage board members and termed their decision unilateral and ‘audacious’. (source)

152 sentenced to death for BDR mutinity murders

A sessions court in Dhaka on Tuesday sentenced to death 152 former riflemen and their officers for killing 74 people, including 57 army officers, and committing other criminal offences during a bloody rebellion in the border force’s Peelkhana headquarters in February 25-26, 2009.
On the 233th working day, the third additional metropolitan sessions court judge, Md Akhtaruzzaman, also handed life-term imprisonment to 161 accused and jailed 256 others for different terms – from three years to ten years -- with fine.
Amid tight security, the court started pronouncing the verdict at 12:35am and completed it at 2:20pm at the makeshift courtroom set up at the capital’s Bakhsibazar-Alia Madrasa playground to hold trials of the 850 border guards and civilians.  


Border Guard Bangladesh director general Major General Aziz Ahmed in his reaction to the verdict said the verdict had ‘cleaned’ the image of the force.
Former Bangladesh Nationalist Party lawmaker Nasiruddin Ahmed Pintu and local Awami League leader Torab Ali, also a former Bangladesh Rifles member, were awarded life term and fined Tk five lakh each for their involvement in the killings. In default, Pintu and Torab will have to serve five more years.
During the trial, two witnesses had told the court 
that Pintu had instigated the mutineers by clapping hands and a held conspiratorial meeting near his house in Hazaribagh, close to the Peelkhana.  
As soon as the court pronounced their punishment, the convicts started shouting in the dock which was fenced with iron rods. 
An elderly convict was heard shouting, ‘Many culprits got acquitted but I got punishment despite being innocent.’
Another convict, Rezaul Karim, who was sentenced to death, shouted seeking help from the BGB director general Major General Aziz Ahmed and its Dhaka Sector Commander Ehiya Azam, who were present in the court. ‘Sir, please tell the court that I am not the Rezaul that the court is convicting…please help me, sir…’         
The court asked the police on duty to calm the convict.  
As many accused could not hear the verdict and many others were confused, the court later twice delivered the verdict for a group of accused till 4:15pm.
The court identified former deputy assistant director Syed Tawhidul Alam, who was sentenced to death, as the ‘mastermind’ of the mutiny.  The court convicted all the DADs and the senior riflemen who had approached Awami League lawmakers and leaders, and cabinet members with their demands before the mutiny broke out.
At least three women, from whom the looted valuables were recovered, were jailed while a local BNP leader Suraiya Begum was acquitted.
Most of the convicts had already been jailed for various terms up to seven years in jail by the then BDR special courts comprising military officers on deputation to try the border guard under the Bangladesh Rifles act for organising rebellion.  
The judge, Akhtaruzzaman, who was given charge of the case in mid-September for its quick disposal, also acquitted 277 others. 
‘…the prosecution failed to prove charges against them ‘beyond reasonable doubt,’ the court said.
The prosecutor, Musharraf Hossain Kajol, told New Age that they would move to the higher court against the acquittal after examining the full judgement.
   
Before delivering the verdict, the court said, ‘I am not the final court …The higher court will decide further,’ and made his observations.
The court said that the mutiny had taken place and before that leaflets had been distributed containing their demands.
Some of the demands mentioned in the leaflets were reasonable but most of them were not, the court said. 
The rebellion broke out from the Durbar Hall during the annual gathering 2009 in the headquarters of the then BDR, later renamed as Border Guard Bangladesh, on February 25 and spilled over to its all but five installations across the country.
The rebellion continued for two days and 75 people, including 57 army officers deputed to the paramilitary force, even its director general Major General Shakil Ahmed and his wife, were killed.
On the day, the judge read out the operative part of the judgment, announced names or serial numbers of the convicts and pronounced the verdict in the carnage case, one of the two cases, filed after killings.
Some of the convicts in fetters reacted angrily to the verdicts while their counsels said they would move the higher court for ‘justice’.
One of the defence counsels, Aminul Islam, said they would move the higher court against the verdict. 
Many members of the families of the victims of the bloody mutiny also witnessed the deliberation of the verdict but the family members of the accused were not allowed in the court due to security reasons.
Meherun Mujib, the widow of the slain Colonel Mujibul Haque, said she would be happy after the verdict was executed.
Jharna Akhter, the wife of convict Lablu Gazi, who was given life term, said, ‘My dream is shattered.’
A total 823 accused – 812 from jail, one from hospital and 10 who obtained bail -- were produced before the court while three civilians did not appear.
The rebellion broke out two months after the Awami League-led government had assumed office. Many agencies conducted inquiries none of which were made public.
At least 47 suspects died in custody during the police investigation, said Human Rights Watch, the New York-based rights watchdog.
The police later filed two cases – one for the killings and criminal offences and the other for other crimes under the Explosive Substances Act – with the nearby New Market police.
A 350-member Criminal Investigation Department team led by special superintendent Abdul Kahar Akand investigated the cases for 16 months before charge-sheet submission.
The CID in two phases pressed charge against 850 people, mostly officers and soldiers, on charge of dozens of criminal offences such as killing, arson, conspiracy and other crimes.
Of the accused, four already died and the trial of 20 BDR personnel was held in their absence while 761 were riflemen, 41 civilian BDR staff, one Ansar member and 23 civilians, including former BNP lawmaker Nasiruddin Ahmed Pintu.
The trials in both the cases had commenced on January 5, 2011. The other case is still pending.
The prosecution relied on testimonies of 654 out of 1,345 prosecution witnesses, statements given by the victims, DNA samples and medical records of the victims’ bodies.
A number of ministers, lawmakers, the then chiefs of the navy and the air force, and the then inspector general of police, among others, gave depositions in the case while army officers deputed to the BDR at that time, family members of the victims or victims themselves and BGB personnel also were testified against the accused. 
The metropolitan sessions court Judge Jahurul Haque had tried the case until mid-September in 2013 when had transferred the case documents to the judge, Akhtaruzzaman, for its quick disposal.
The accused, during the trial, repeatedly had alleged that they were tortured in custody.
The court had earlier set October 30 for pronouncing the verdict on the completion of the final arguments by the prosecution and the defence on October 20 but deferred the date to November 5 due to unavoidable circumstances.
The Human Rights Watch in a statement recently said that murders and atrocities demanded credible investigation.
‘The government owes both the victims and the accused a proper investigation and trial to uncover the truth about the events of February 2009,’ said Brad Adams, Asia director at the HRW.
Apart from the verdict, a number of special courts of the border force led by army officers deputed to the BGB had already sentenced 5,926 soldiers to imprisonment for various terms – from four months to seven years – in 57 cases, including 11 in Dhaka on charges of taking up arms against their officers.
According to the government, 18,520 personnel of the border force have been tried for taking part in the rebellion.
The border force was renamed BGB and its uniform and other formations were changed after the rebellion.  (source)

US bank okays $285m for Bangladesh Biman to buy two aircraft

The Export Import Bank of the United States has approved a loan of $285 million to Biman Bangladesh Airlines for purchasing two Boeing-777-300ER aircraft, civil aviation and tourism minister Faruk Khan told New Age on Monday.
The board of directors of the bank made the decision at a meeting on October 31, said the minister.
The US bank approved the loan after the Bangladesh government in July provided the sovereign guarantee containing eight conditions.


The bank wanted the sovereign guarantee from the Bangladesh government as Biman had been incurring losses for many years.
‘Biman has been successful in getting the loan of around $285 million from US EXIM Bank for the purchase of two new Boeing-777-300ER aircraft, which are due for delivery in February and March, 2014,’ Biman managing director Kevin Steele confirmed New Age.
Asked about the mode of repaying the loan, Kevin said that Biman would repay the loan in 10 years. 
‘If Biman fails to repay the loan, Boeing, the US aircraft manufacturer, could reclaim the aircraft,’ said Kevin. 
‘But this is not going to happen as Biman would be repaying the loan on time,’ he affirmed.
‘For the last two years, we have been repaying the loans owed to them for two other Boeing-777-300ER aircraft,’ added Kevin.  
Biman has already paid the Boeing around 20 per cent or $118 million of the total cost of the two aircraft in November 2012. Bangladesh Bank paid the money from its reserve through the UK branch of the Sonali Bank, said Biman officials.
Two of the major conditions are that Biman would have to continue its search for a strategic partner and send a quarterly development report on this matter to the ministry.
Besides, the national carrier will have to give corporate guarantee and set up an 
individual fund for getting the sovereign guarantee.
Faruk Khan told New Age that Biman was trying to return to profit and had enhanced its punctuality.
‘The approval of US EXIM Bank proves that the bank relies on the economic development of Bangladesh,’ he added. 
The minister said he expected Biman to be able to repay the loans.
Earlier, Biman signed a contract with the Boeing to purchase eight aircraft at a cost of Tk 8,728 crore in 2008. 
Of them, four aircraft were of Boeing-777-300ER and the rest four were of Boeing-787-8 models.
Later, Biman ordered for another two Boeing-737-800 aircraft. The carrier took a syndicated loan at 4.57 per cent interest from nine local banks at that time. 
Biman signed initial contract with the Boeing on March 15, 2011. On April 22 of the same year, Biman finalised the contract with the Boeing to procure 10 aircraft.
In accordance with the contract, the first two Boeing-777-300ER aircraft had been added to the Biman’s fleet in October and November in 2011.
According to the delivery order, the rest two Boeing-777-300ER aircraft were scheduled to be added to the fleet in November this year. But it is not possible before 2014 as Biman has just got the loan of $285 million and would pay the dues to the Boeing authorities soon.  (source)

BSEC to investigate unapproved commodity exchange by BJCE

The Bangladesh Securities and Exchange Commission on Monday initiated an investigation into Bangladesh Jute and Commodity Exchange Limited, a private company which has taken a project to run commodity exchange without taking permission from the stock market regulator, BSEC sources said.
A BSEC senior official said Saifur Rahman, an executive director of the commission, was assigned the task of investigating the matter and asked to submit a report on it.


The BSEC was astonished when it came to know that BJCE is going to launch its business soon as a commodity exchange without taking permission from the commission, he said.
‘Allowing any company or firm to conduct the commodity exchange operation is exclusively under the BSEC’s jurisdiction. But the BSEC even know noting about it. So far as I know, the commission has received no application seeking permission for commodity exchange operation from any company by that name,’ he added.
Asked by New Age Saifur said, ‘The commission is yet
to form any committee to investigate the matter. But, I am asked to collect information about Bangladesh Jute and Commodity Exchange Limited.’
BJCE chief investment officer Rahman Habib told New Age on Sunday that the exchange would start its business soon.
‘The exchange will conduct the pilot project. We have already got approval from the jute ministry in this regard,’ Habib said.
He said farmers from five districts of the country would be able to sell jute through their agents while Bangladesh Jute Mills Corporation would buy the products from Dhaka online.
Initially the exchange will allow only trading of jute online, not any other products, he said.
‘We have a plan to start a full-fledged commodity exchange after evaluating success of the pilot
project and getting approval from proper authority,’ he said.
Another BJCE official said on Sunday that they had tried to get approval from the BSEC several times, but the regulator replied that it was 
not prepared yet for approving a commodity exchange. (source)

BSEC allows ICB to convert its 8 MFs into open-ended ones

The Bangladesh Securities and Exchange Commission on Monday allowed the Investment Corporation of Bangladesh to convert its eight close-ended mutual funds into open-ended ones after the expiry of their tenure on December 31.
The capital market regulator gave the approval following an application from the ICB, BSEC officials said.
A senior BSEC official said, ‘The commission has made the decision as per the latest amendments to the mutual fund rules which allow close-ended mutual funds to be converted into open-ended ones.’


The ICB earlier filed an application with the BSEC to merge its nine close-ended mutual funds, which will finish their tenure this year, with the Bangladesh Fund, but the commission rejected the plea as no rules permit such merger.
The latest amendments to the Mutual Fund Rules-2001 also allowed all the mutual funds to issue stock dividend for its unit holders as re-investments.
The BSEC allowed the ICB to convert its eight close-ended mutual funds — First ICB Mutual Fund, Second ICB Mutual Fund, Third ICB Mutual Fund, Forth ICB Mutual Fund, Fifth ICB Mutual Fund, 
Sixth ICB Mutual Fund, Seventh ICB Mutual Fund and Eighth ICB Mutual Fund — into open-ended ones.
As per the mutual fund rules, a decision of conversion will be effective after getting approval of two-third of unit holders of a fund in an extraordinary general meeting.
The ICB in August filed two separate applications with the BSEC. Of the applications, one sought permission from the BSEC to convert ICB AMCL First Mutual Fund, a listed closed-ended mutual fund, into an open-ended fund and the other application sought permission for the proposed merger.
The commission, as per the latest amendments to the mutual fund rules, allowed ICB AMCL First Mutual Fund to be converted into an open-ended mutual fund in August but rejected the second application.
ICB AMCL First Mutual Fund under ICB Asset Management Company Limited finished its 10-year tenure on September 28, 2013.
Earlier in 2009, the BSEC asked the mutual funds, without any maturity period and passed 10 years after listing, to pull them out from the market by December 2011.
Later in September last year the capital market regulator extended the maturity period of the mutual funds to December 2013 following an application from the ICB.