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Slightly off topic, but emphasis of importance of power to the economy
State Minister for Power, Energy and Mineral Resources, Nasrul Hamid, has said that a roadmap that integrates artificial intelligence with modern technology to advance Bangladesh's power and energy sector is being developed.
Speaking at the closing session of a seminar titled “The Engineers for Transforming Technology Driven Smart Bangladesh” at the Engineers Institution, Bangladesh (IEB) on Monday, Hamid emphasised the pivotal role of power and energy as the main drivers of Bangladesh's economy.
https://thefinancialexpress.com.bd/trade/nasrul-advocates-for-ai-in-enhancing-bds-power-and-energy-sector
Mr Wos we know you only copy paste and are a trader so understand this is to difficult...
More important Hasina will do what she thinks is best.....
But this is most simple picture.
Default current loans.
Turn to China for new loan
Get resources out and yes China will take most but probably the best outcome for Hasina and coal...
If you want debt relief in western world...it involves mainly green renewables and no coal. Not here to educate you as your IQ is way to low as we all know
The net foreign exchange reserves in Bangladesh, as per International Monetary Fund guidelines, fell to $13.76 billion, with the gross reserves dropping to $18.26 billion on May 12, marking a 10-year low, according to Bangladesh Bank data...
https://www.newagebd.net/post/Banking/235088/bangladesh%5C%27s-net-forex-reserve-plunges-to-$13.8b
'A sovereign default is a nations's failure to repay it's debt obligations. It has SERIOUS Economic consequences for the nation making it EXPENSIVE or IMPOSSIBLE for it to borrow money in the future. It also causes DIMESTIC TURMOIL.'
You are mad if you think this is better then explotatiin of DOMESTIC ENERGY reseves.
Your argument is for those investors on BBs who do not understand basic economic fubdamentals - believe me those who understand are laughing at you!
Think not in mood to say more - people say bdersrand or not - simple!
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Mr wos LOL.
You sound afraid....
If you want to discuss previous defaults. Please pick your country and why it was the wrong move?
Mr Professional - You say you "studied emerging markets" just like you say a lot of stuff like you have everyone's personal IP addresses.
Most have long since understand you are compulsive liar in these things sir.
Best way forward is to exploit DOOMESTIC ENERGY!!
Only person who have NOT studied this things will say best way is for country default - this is Ridiculous and exposed tiu sir more then you think! 😂
Goodbye 🦉
Mr Wos i studied emerging markets. It would not be the first default now is it..
Ofcourse bangla is in terrible place and will be for years whichever route they take. Default imho best route for LT... maybe not for GCM but do not think they care as it is only a company with a few shareholders
"Bangladesh should Defauit imho"
Are you MAD mr Professional? Do you have any idea what this mean for int Credit rating / Economy?
How does this get country out if Foreign energy dependence hole which needs Foreign Currency to pay for it
Your ignorance of this things is beyond belief sir.
Goodnight!
And to spell it out for you ....if default has not happened creditors will claim proceeds as much as they can...
Doze you should think a bit harder.....
If they default before benefits role in more will be for own people. Lets put it in simple words so you can understand....therefore delay until after default... capice? Or still to complicated?
COUNTRY in danger of IMF Defauit" (not company)
That is the point. Bangladesh should default imho
Attribution for GP's post https://www.gcmplc.com/phulbari-coal-project/benefits/economic-contribution . I emphasize this after referring to my favourite profile for Professional who seems to think by implication that OPM is going to cost Bangladesh. It is a capitalist enterprise for the benefit of Bengalis with the money for development raised by GCM, for his information.
"COUNTRY in danger of IMF Defauit" (not company)
Some people do not understand Economic background of PAST years compare to NOW.
*There is good reason why lot of small private investors stay small
We have FOREIGN EXCHANGE CRISIS now which is nothing like we have in past - this come from massive dependence on IMPORT Energy which must be pay in dollars.
Industry need energy for manufacturing to export to earn dollars - lot of load shedding / high energy cost mean exports less competitive.
Near IMF default recently with $5Bn emergency loan Hasina ask China for.
Keep up Mr Professional - this is NOTHING like previous years and company in danger of IMF default!!
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Mr Wos the best thing Hasina can do given current problems is actually nothing..and given that is what they normally go for that is what i think will happen. A few years nothing and then (AFTER restructuring of debt) go for domestic production. Preferaby renewables if needed coal as well.
Lets see
ECONOMIC CONTRIBUTION
The Project will make a substantial contribution to the economy of Bangladesh. The Project will contribute 1.5 percent to the country's GDP each year throughout its 30 year life. Approximately a third of all revenues, or around $9 billion, will flow to the Government in the form of royalties, taxes, duties and service charges. The Project’s mine operation alone will create around 17,000 jobs (direct and indirect) and the development of new industries using co-products from the mine and those enabled by Phulbari coal being used to generate electricity will create many thousands of more jobs. Training and employment opportunities will be provided to ensure that the benefit to the local communities is maximised.
The improved regional infrastructure necessary to support the Project will provide a catalyst for further development. For example, the fees paid for the transport of coal on the domestic rail network will finance the necessary network upgrades that would then be available to other rail users. Similarly the import of equipment for the mine and shipment of coal will provide the impetus for improved port facilities.
The Project will also have a positive effect on the balance of payments as it will reduce the need to import coal and other hydrocarbons.
No big trades (that I can see) - just PI trading.
Most people will not understand what Economic news like further fall of FX reserves mean (post 16:15 by Mr Pappikon).
Hello Mr Cybertron - he is my felloe holder from MATD - yes I bring them all here lol.
GCM Risk v Reward UNBEATABLE!
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Good find Searcher, the article is spot on he is just trying to deflect the blame whereas the mess they are in is largely a result of his former influence, his comments were ludicrous to the point of desperation, my understanding is he is sidelined now as they have finally realised he is a liability. I was watching Narsul Hamid when Chowdury was talking at that Engineers conference and his face said it all, cringeworthy !
Bangladesh's foreign exchange reserves fell below the $19 billion-mark for the first time in 11 months.
https://www.thedailystar.net/business/news/reserves-fall-below-19-billion-first-time-11-months-3608441
This is a really good read... I have only copied the first paragraph, but you should take time to read the whole article ....
Over the past couple of months the prime minister's energy advisor Tawfiq-e-Elahi Chowdhury has been coming up with all sorts of new theories of western conspiracy to explain the prevailing crisis. I feel the need to explain that blaming the West is a strategy to cover up the failures of the government's policymakers.
https://en.prothomalo.com/opinion/op-ed/3fft91w18f
Can....lose a lot of money
I don't think they can. OPM is going to happen so the worse that can take place is a placing conditional on delisting as per POLO but that would not be in Tang's interests or in the interest of getting approval.
GCM deserve a lot of backing for the diligent and persistent work they have done against the headwind but the wind is on the tail now.
They could of course. If I could wish it back to 2p to buy more now under the current expectation of the GL I would 😎
GP your lucky mate but anyone buying now could lose alot of money if it goes Pete tong
I did buy at 1/2p. It’s in an uptrend to 100p+ now 🫡😃