Briefing 11-10-2020

ICB AMCL approves 50pc cash dividend

The 20th Annual General Meeting of ICB Asset Management Company Limited (a subsidiary of ICB) was held on a digital platform Saturday, says a press release. The meeting was presided over by Dr. Mojib Uddin Ahmed, Chairman of the Board of Directors of the company. Page 9

Hotspots erode faith in 'herd immunity'

For a short time the Brazilian city of Manaus, in the heart of the Amazon rainforest, offered a glimmer of hope in the search for herd immunity from Covid-19. After a devastating wave in May killed about 3,400 people and infected many more, the prevalence of the virus subsided rapidly, leading some scientists to theorise that the city of 2m had reached a form of collective immunity. Page 10

Armenia-Azerbaijan truce takes effect

A temporary ceasefire between Armenia and Azerbaijan has begun following nearly two weeks of fierce fighting in the disputed Nagorno-Karabakh region. However less than an hour into the truce, which came into force at midday local time (08:00 GMT), each side accused the other of breaking it. Armenia and Azerbaijan also accused each other of bombarding civilian areas ahead of the ceasefire. Page 10

Borrow to ward off virus impact: WB

Developing countries should take on new debt to help them fight the economic impact of the coronavirus pandemic - but they will later suffer an unprecedented wave of debt crises and restructurings, World Bank chief economist Carmen Reinhart has warned. The former Harvard University professor is best known for her work with fellow economist Kenneth Rogoff on the economic damage inflicted by financial crises throughout history, which was especially relevant during the great recession of 2008-09. Page 12