WedJan172018

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Business

Duty facility for B’deshi SME products to be considered: Huy Hoang

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News - Duty facility for B’deshi SME products to be considered: Huy Hoang

Dhaka, Apr 7 (UNB) - Vietnamese Minister of Industry and Trade Vu Huy Hoang on Sunday said they would specially consider the duty facility issue for exporting Bangladeshi SME products to Vietnam.

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Baira to stop providing manpower export services from Monday

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News - Baira to stop providing manpower export services from Monday

Dhaka, Apr 7 (UNB) – Bangladesh Association of International Recruiting Agency (Baira) on Sunday said they would stop providing all sorts of service regarding manpower export from Monday, accusing the government of making the market stagnant.

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337 ships stranded with 9 lakh (900,000) tonne imports

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Loading and offloading activities at the outer anchorage of Chittagong Port as well as water transportation of goods across the country have remained suspended for the past two days due to the strike of lighter vessel workers

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DEPRECIATION OF DOLLAR BB - keeps buying greenbacks

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The Bangladesh Bank purchased dollars worth $407 million in March from the money market to tackle depreciation of the greenback against the local currency.
According to the latest BB data, the central bank has purchased dollars worth $36.01 billion from the commercial banks between July 1 and April 3 of the financial year 2012-13.

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Japan eager to set up industries in Bangladesh

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DHAKA, APR 5: Japan International Cooperation Agency (JICA) chief representative in Bangladesh Dr Toda Takao said that more and more private investors in Japan are eagerly looking at Bangladesh to set up new industries, particularly in the manufacturing sector. Alongside the government’s efforts to receive official development assistance (ODA), he suggested the policymakers in Bangladesh to pursue more foreign direct investment (FDI) that could generate huge employment.
The JICA country chief said: “We shall not neglect the potential attractiveness of Bangladesh for foreign private sectors.
Although there seems to be still modest signs, there will be more and more Japanese private sector actors who are becoming interested in having business with this country.

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Benefits for local industries to continue: Muhith

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DHAKA, APR 5: Finance minister AMA Muhith on Friday said special benefits like reduced tax rates will continue for the local entrepreneurs in the upcoming national budget.
“We are preparing the budget for the fiscal year 2013-14. We will try to reflect the demands of the local manufacturing companies like Walton and Runner in the forthcoming budget for promoting their businesses,” Muhith said. The minister made the comments at a press briefing after the inauguration of a new Refrigerator Factory of Walton at Chandra in Gazipur by cutting ribbon and releasing pigeon on Friday morning.

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Inflation falls on low food prices - Consumer Price Index drops to 7.74pc

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Inflation dropped 0.13 percentage points to 7.74 percent in March on the back of falling food prices.
In its weekly economic update, Bangladesh Bank linked the small decline in inflation to a drop in the price of everyday essentials on the world market and stabilisation of fuel prices in both local and international markets.
Food inflation dropped 0.04 percentage points to 8.30 percent, while non-food inflation 0.33 percentage points to 6.79 percent, according to Bangladesh Bureau of Statistics.

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Banking sector reeling from political unrest

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The country’s banking business has severely been affected due to political unrest and frequent shutdowns in the last few months, said top executives of some commercial banks.
They said that both collection of deposits and disbursement of loans had decreased alarmingly amid lower presence of clients in the bank due to the unrest.
The bankers said that the default loan in the banking sector might increase further if the political unrest continued in the month to come.

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B’desh ‘ensures US$1bn RMG export’ to Canada

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Dhaka, Apr 4 (UNB) - Bangladesh’s extensive diplomatic efforts and constant lobbying have helped ensure the export of one billion dollar readymade garments (RMG) export to Canada, and paved the smooth way for future export, said an official release on Thursday.

Canadian Parliament has recently decided to amend the relevant criteria in review of the General Preferential Tariff (GPT) and the Rules of Origin.

This important decision has culminated into a safeguard for the existing one-billion dollar export from Bangladesh to Canada and future growth in the apparel sector.

Bangladesh High Commissioner to Canada Kamrul Ahsan said the Canadian decision comes as a great relief after intense diplomatic efforts with the Canadian government, the release said.

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July, Feb see ‘$ 1,577.07mn foreign aid flow’

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Dhaka, Apr 4 (UNB) – The foreign aid flow to Bangladesh was much better during the first eight months (July-Feb) period of the current fiscal (2012-13) as it totalled $ 1,577.07 million against $ 1,196.59 million during the corresponding period last year.

The commitment for the July-February period was, however, a bit lower as it was $ 3,724.74 million compared to $ 4,021.54 million during the same period last year, said an official at the Economic Relations Division (ERD).

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PM seeks Chinese investment in Bangladesh to reduce trade gap

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News - PM seeks Chinese investment in Bangladesh to reduce trade gap

Dhaka, Apr 4 (UNB) - Prime Minster Sheikh Hasina on Thursday sought Chinese investment in Bangladesh for narrowing the trade gap between the two friendly countries.

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Atiur to stay Governor until 2016

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The government on Thursday extended the term of Bangladesh Bank Governor Atiur Rahman by more than three more years.

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Political unrest hiting GDP growth: IMF

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The political unrest in recent months affecting the country’s economic activities would push down the GDP growth below 6 per cent, said the International Monetary Fund in its latest statement.
A statement of an IMF mission on April 2 said, despite global uncertainty the country’s economic development was very visible as the exports were picking up, remittances remained strong, reserves continued to rise, and inflation pressures eased because of restrained fiscal and monetary policies.

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Economy loses $205m a day to hartal: DCCI study

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The country loses around Tk 1,600 crore, or US$205 million, to a day of hartal, reported a Dhaka Chamber of Commerce and Industry study on Wednesday.
The chamber at a press conference on ‘recent political crisis: negative impact on economy’ said the economy would suffer a total loss of Tk 64,000 crore, or 6.5 per cent of the gross domestic product, if hartal were enforced on 40 days in a year.
‘The country loses Tk 1,600 crore in a day’s hartal. Bangladesh can easily achieve a double-digit growth in gross domestic product annually, if
hartal and political violence can be shunned,’ said DCCI president Sabur Khan at the conference held at the chamber’s auditorium.

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Break cocoon and quit belligerent politics: DCCI

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DHAKA, APR 3: Dhaka Chamber Wednesday urged political parties to be liberal enough and come out of their rigid and cocooned political stand for the greater interest of general people and the economy.
The DCCI president made the request at a press conference on “Ongoing Political Crisis: Its Impact on The Economy” at DCCI auditorium in the city on Wednesday. “The people of the country are extremely annoyed at both the political parties because of the current belligerent politics and incessant hartals,” said DCCI president Md. Sabur Khan.
He said: As both the parties are ignoring the issues of development and intensifying their political distances, they are being slated by general people.
There is no alternative to dialogues between the major two political parties for removing the prevailing political turmoil, he said.

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ADB provides loan to boost power supply

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DHAKA, APR 3: The Asian Development Bank (ADB) will provide US$ 185 million in loan assistance to significantly boost Bangladesh’ s power supply system, which will reduce outages and shortages that are crippling the economy and causing severe hardship across the country. The assistance is the first tranche of ADB financing under an overall multi-donor-supported project, titled Power System Expansion and Efficiency Improvement Investment Program, of $1.6 billion with ADB contributing $700 million.
The other co-financiers supporting the program include Agence Française de Développement, the European Investment Bank (EIB), and the Islamic Development Bank.

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Daily shutdown toll $204m: Survey

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Hardly any activity is seen at the otherwise busy Inland Container Terminal at Kamalapur in the capital during the March 28 shutdown. In March, Jamaat-e-Islami and the BNP-led 18-party opposition alliance had enforced hartals on nine days, the same number of workdays the country had in the month. All this hurts the economy, especially the export-import sector. Photo: Anisur Rahman

A day of hartal (shutdown) causes the country’s businesses from export to retail shop a financial losses of Tk 1,600 crore (US$204.81 million), according to a survey conducted by a leading chamber.The Dhaka Chamber of Commerce and Industry (DCCI)-conducted survey found that the country faces 40 days of hartal on an average every year.

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