Evil Diaries: Bangladesh Changes

Sheika Hasima has run off to India, apparently not to return. Her father and brother were shot dead by the victorious side in the 1971 civil war. As a result she resolved to run the show when she came to have the chance. This ended up with a system of bribes where for instance she controlled senior positions by taking bribes and in turn these seniors took bribes to license their lucky applicants. Eventually, after many years, the Bangladeshis declined to put up with this nonsense any longer and the rioting started. 

Normally one should be very cautious before cheering from the sidelines. But Bangladesh seems to have appointed Muhammad Yunus, a Nobel laureate for his work in introducing micro finance, as prime minister. What does this mean for Beximco Pharma (BXP)? Someone may know and I certainly do not but I suspect it is an improvement.

Equally GCM might get clearance to develop Phulbari its putative coal mine. If so, GCM is very cheap at around 4p. But there is not the slightest certainty that this will happen. On balance I’d take BXP at 40p offer.

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I have no idea why N Brown (BWNG) sits at 25p. It is surely worth far more than that since the Alliance family are very far from stupid and unlike BooHoo and ASOS has got a balance sheet upon which to rely. Further, I reckon that they have expensed the improvements that were required in their IT system (a big exercise) and that the underlying profitability is starting to push through. 50p here we come.