WedJan172018

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Business

Pvt sector credit growth slumps below 14pc - Economists, businessmen say low growth ominous sign for economy

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The credit growth in the private sector declined to below 14 per cent in February on year-on-year basis for the first time since the financial year 2009-10 due mainly to the recent political unrest, said economists, businessmen and bankers.
They said that such low credit growth in the private sector was an ‘ominous sign’ for the country’s financial stability and prospect as at least 20 per cent growth in the private sector credit was needed for achieving desired economic growth.

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WTO cuts global trade growth forecast

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Global commerce is set to grow by 3.3 percent this year, the World Trade Organisation said yesterday, as persistent gloom in Europe led it to cut a previous forecast of 4.5 percent.
The announcement marked the second time that the WTO has reined in its figures for 2013, after initially estimating that world trade would expand by 5.6 percent. "The final trade figures for 2012 are quite sobering," WTO director-general Pascal Lamy told reporters before adding that 2013 would see "more of the same."
Last year, the WTO said, global commerce expanded by 2.0 percent, well below the growth in 2011 of 5.2 percent.

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BGMEA urge political leaders to sit & discuss a way out from political unrest

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Dhaka, Apr 11 (UNB) - Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Thursday urged the political leaders to sit for discussing a way out from the recent political unrest.

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300-MW power plant to be built in Habiganj

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DHAKA, APR 11: The government has launched a project to construct a 300 Mega Watt (MW) power plant at Shahjibazar in Habiganj district to boost country’s power generation.
The main aim of the project is to meet the local demand through the power generation locally using local gas, said an official of Planning Ministry. ”Availability of gas, water and transmission grid would quicken the project implementation that might help to meet the acute power crisis in the region,” he added.
The Executive Committee of the National Economic Council (ECNEC) already approved the project title “Construction of Shahjibazar 300 Megawatt Combined Cycle Power Plant” with a substantial cost of Tk 2,844 crore.

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Hartal disrupts small loan disbursement

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DHAKA, APR 11: The distribution of small loans by different banks is being disturbed heavily due to ongoing hartal and political unrest in the country, according to sources in the central bank and commercial banks.
The petty loans are mainly provided by the retail banking division of any bank. The loan disbursement from this division is consistently decreasing due to the recent turmoil and that maximum banks have been failing to achieve its monthly distribution targets, the sources pointed out.

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TIB for utmost transparency in Padma Bridge project

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News - TIB for utmost transparency in Padma Bridge project

Dhaka, Apr 11 (UNB) - Transparency International Bangladesh (TIB) on Thursday urged the government to ensure utmost transparency and accountability in construction of the much-talked-about Padma Bridge project.

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Dhaka-Delhi sign MoU for small developmental projects

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News - Dhaka-Delhi sign MoU for small developmental projects

Dhaka, Apr 11 (UNB) – Bangladesh and India on Thursday signed a Memorandum of Understanding (MoU) on the implementation of small developmental projects in Bangladesh.Economic Relations Division (ERD) secretary Abul Kalam Azad and Inidan High Commissioner to Bangladesh Pankaj Saran signed the MoU on behalf of their respective governments

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Increasing strikes credit negative: Moody’s

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moodys

Recent political strikes are weighing on Bangladesh’s economic growth, heightening its vulnerability to event risks, and threatening to derail reform progress, a credit negative for the country, Moody’s said in its recent credit outlook.

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3 gas pipeline projects among 7 proposals approved

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Dhaka, Apr 10 (UNB) – The Cabinet Purchase Committee on Wednesday approved seven proposals, including the import of 50,000 metric tons of wheat.

The approval came from a meeting of the Cabinet body held with Finance Minister AMA Muhith in the chair.

According to a tender proposal placed by the Food and Disaster Management Ministry, Olan International will supply the bulk wheat at a rate of US$ 311.45 per metric ton. The total cost of the wheat import will be Tk 124.54 crore.

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Global trade to grow 3.3pc: WTO

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GENEVA, APR 10: Global commerce is set to grow by 3.3 per cent this year, the World Trade Organisation said on Wednesday, as persistent gloom in Europe led it to cut a previous forecast of 4.5 per cent. The announcement marked the second time that the WTO has reined in its figures for 2013, after initially estimating that world trade would expand by 5.6 per cent.
“Improved economic prospects for the United States in 2013 should only partly offset the continued weakness in the European Union, whose economy is expected to remain flat or even contract slightly this year according to consensus estimates,” the WTO said.

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Ensure security of garment factories, BGMEA tells govt

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DHAKA, APR 10: Leaders of the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), the apex body of the garments industry, on Wednesday made an urgent plea to the government to ensure security for garments factories, workers and goods shipment amid uncertain political situation in the country. “At least 270 compliant garment factories have already become sick industries and more garment factories have suffered huge losses due to the ongoing political stand-off,” BGMEA president Atiqul Islam told labour and employment minister Raziuddin Ahmed Razu during a meeting at the secretariat on Wednesday.

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Relieve us, hold dialogue: BGMEA

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News - Relieve us, hold dialogue: BGMEA

Dhaka, Apr 10 (UNB) – The readymade garment (RMG) buyers have lost their courage to come to Bangladesh despite their willingness due to security concerns casting a serious bad impact on the RMG export, BGMEA President M Atiqul Islam said here on Wednesday.

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Sit for talks, save economy - Business leaders, journalists urge govt and opposition to fix political mess

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Leaders of the community and editors of a number of newspapers and TV channels yesterday expressed deep worries about the current confrontational political situation in the country.
They said the street violence in the name of shutdowns must stop without any delay, and urged the political parties to sit together to sort out differences.

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ADB depicts gloomy picture of economy - It says GDP growth to be only 5.7pc

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The Asian Development Bank has projected that the country’s GDP growth will be 5.7 per cent, lower than the World Bank and International Monetary Fund estimates of 5.8 per cent, in the current fiscal year because of political uncertainties and stagnant economy of Europe.
The bank in its latest Development Outlook released on Tuesday made the forecast of lower GDP although the government in the last few days had expected that the GDP (gross domestic products) would grow by 6.6-6.8 per cent.

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Exports grow over 10pc in July-March

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Country's export earnings during the first three quarters (July-March) of the current fiscal registered a growth of 10.16 percent totaling US$ 19,703.94 million due to the good performances of knitwear, woven garments, footwear, agriculture, leather and leather products.
The nine-month export earnings, however, fell 2.40 percent short of the target of US$ 20,188.00 million, according to the latest statistics of the Export Promotion Bureau (EPB).
Export earnings in the July-March period of the last fiscal year (2011-12) totaled $ 17,886.06 million.
The single-month export earnings this March was most encouraging with a healthy growth of 16.20 percent totaling US$ 2,303.42 million against US$ 1,982.26 million fetched in March 2012.

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US$ 297mn foreign loan approved against 15 projects

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Dhaka, Apr 9 (UNB) – The Board of Investment Scrutiny Committee for approval of Private Sector foreign borrowing on Tuesday cleared the borrowing of US$ 297 million foreign loan against 15 private sector projects.

The approval came from the 74th meeting of the Board of Investment Scrutiny Committee for the approval of foreign loan or supplier’s credit held today at the Bangladesh Bank, said a central bank release.

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Sri Lanka keen to import medicines from Bangladesh

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Dhaka, Apr 4 (UNB)-Sri Lanka expressed its interest to import medicines from Bangladesh.

Sri Lankan Health Minister Maithripala Sirisena expressed the keenness during a meeting with Health Minister Dr AFM Ruhal Haq at the latter’s office on Tuesday.

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