WedJan172018

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Business

RMG export to India facing setback

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DHAKA, MAR 26: Bangladesh's clothing exports to India is facing a serious setback as about two dozens local garment factories have failed to secure payment of nearly $5 million from an Indian buyer Liliput Kidswear Ltd, exporters said. They feared they would default on bank loans and would not be able to pay workers' wages, which might trigger labour unrest in their factories only because of the non-payment by the Indian company.
This issue, according to sources, has put a break to the tempo in RMG exports to India since many of Bangladeshi garment manufacturers have lost their confidence to export to the neibouring India, a huge market for Bangladesh.
The entrepreneurs of 22 garment manufacturers, who have not received their payments from the Lilliput, will soon sit with the new committee of BGMEA to find out ways how to realize the payment.

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Appear personally, submit asset details, Sebi tells Subrata Roy

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MUMBA, MAR 26: Tightening its noose around Sahara group, market regulator Sebi on Tuesday asked Sahara
group chief Subrata Roy and three other top executives to submit details of their assets, bank accounts and tax returns by April 8, followed by personal hearings on April 10. Details have been sought to proceed with the regulator's attachment orders involving sale of assets of two Sahara firms and their top executives to recover funds for the purpose of facilitating refund to bond holders.
In an order passed on Tuesday, Sebi said it would go ahead with finalising the terms of the proclamation of sale ex parte, if Subrata Roy, Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava fail to appear before the regulator.

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Washington to renew pressure on Dhaka for signing TICFA

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Washington is likely to renew its pressure on Dhaka for signing the Trade and Investment Cooperation Framework Agreement and for improving labour rights in the apparel sector when the two sides meet here in May

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India risks losing Bangladesh, Lanka power projects to China

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News - India risks losing Bangladesh, Lanka power projects to ChinaNew Delhi, Mar 25 (UNB) - China may wrest power projects away from India in Sri Lanka and Bangladesh, thwarting its bid to exert economic and strategic influence in the neighbourhood by developing infrastructure.One such instance is Indian state-run power utility NTPC Ltd’s stalled plan to build a 500 megawatts (MW) plant in Sri Lanka. The island state is now said to favour a Chinese tie-up for the project.

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Forex Reserve touch $14 billion again

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Bangladesh's foreign exchange reserves has yet again touched the $14 billion mark.Bangladesh Bank governor Atiur Rehman says the present state of forex reserve was good enough to pay for imports for five months.

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NBR scanning tax files of persons in entertainment sector

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In a bid to increase revenue collection and ensure there is no tax evasion in the entertainment sector of the country, the National Board of Revenue (NBR) has recently started scanning the tax files of the persons related with entertainment business.
"We are getting interesting information from this sector, I won't disclose any particular name, but there is some information that tax evasion is going on there," a highly placed NBR official told UNB. He said they have got suspicious information about some actors and actresses and are now checking those. "The information in their (actor and actress) tax files does not match with their bank statements and lifestyle."

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Bangladesh, ideal place for FDI, says UNCTAD

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DHAKA, MAR 24:  The government have to implement a reformed investment policy in order to attract more FDI in Bangladesh said a senior UNCTAD representative on Sunday.
Kalman Kolotay, economic affairs officer of UNCTAD was addressing a workshop on “Investment Policy Review of Bangladesh” at a city hotel, jointly organised by the United Nations Conference on Trade and Development (UNCTAD) and Ministry of Industries. Kalman said that Bangladesh is one of the ideal destinations for FDI where investors can harvest benefits because of cheap labour force and congenial fiscal environment.

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Muhith acknowledges lack of good governance

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Dhaka, Mar 24: Acknowledging that there is a lack of good governance in the country, Finance Minister AMA Muhith on Sunday said the government has not been able to curb corruption fully although efforts are there.
“There’s a lack of good governance in the country. We’re also trying to root out corruption from the country, but we’ve not been able to do that,” he said. The minister was addressing a discussion meeting marking the Independence Day held at the Institution of Diploma Engineers Bangladesh (IDEB) held at its conference room this afternoon.

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Indian SME authorities for Indo-Bangla joint ventures

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Dhaka, Mar 24 (UNB) – Indian Small and Medium Enterprise (SME) authorities and associations on Sunday proposed Bangladesh for joint-ventures in promoting young SME entrepreneurs in the two countries.

A visiting delegation from India’s leading SME authorities, including Small Industries Development Bank of India, National Small Industries Corporation, Integrated Association of Micro, Small and Medium Enterprises of India, came up with the suggestion when they met Industries Minister Dilip Barua at his office.

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Stocks end in negative mode

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Dhaka, Mar 24 (UNB) – Share prices at the country’s both bourses -- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) –- ended in a negative mode on Sunday.
The DSE benchmark index, DGEN lost 78.37 points or 1.99 percent to close at 3860.12 at the closing of day’s trading.
Of the issues traded at the DSE, 26 gained, 233 declined and 12 remained unchanged.
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PM to open Mirpur-Airport Road flyover Wednesday

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Dhaka, Mar 24 (UNB) – Prime Minister Sheikh Hasina will inaugurate the much-awaited Mirpur-Airport Road flyover on Wednesday morning.

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Padma Bridge graft case: R&H engineer on 5-day remand

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DHAKA: A Dhaka court on Sunday placed Riaz Ahmed Jaber, executive engineer (Bridge construction and maintenance) of the Roads and Highways Department on a five day remand in connection with Padma Bridge graft case.

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GSP loss to send strong, negative signal: Mozena

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The loss of Bangladesh’s GSP privileges in the US market will send a strong and negative signal to the world, US Ambassador Dan W Mozena said yesterday.
“If Bangladesh’s GSP privileges are removed, I fear getting them restored would be a lengthy and arduous process,” Mozena said.
The US provides duty waiver for some selected products from different countries under the generalised system of preferences (GSP), introduced in 1976.
Bangladesh exported only $26 million worth of products in 2011 under the system, which covered only 0.54 percent of Bangladesh’s total exports to the US, valued at more than $5 billion.
Analysts said although GSP covers a little of the total exports to the US, the cancellation of such facility will have a significant negative impact.

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Bangladesh riots threaten its boom

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An upswing in the past few years that had lifted this impoverished South Asian nation into one of the world’s top clothing exporters now risks slipping through its fingers after a series of tumultuous events.
Violent protests this month over the sentencing of three Islamist opposition leaders for war crimes during Bangladesh’s 1971 war of independence have led to at least 60 deaths and widespread strikes.
The protests come on the heels of two apparel factory fires, one in November and a smaller one in January, which killed a combined 119 garment workers and attracted widespread negative press overseas. Rights groups said the fires reflected sometimes-dangerous working conditions and lax enforcement of labour standards in an economy that has become a major supplier to American and European retailers.
Now, some companies are speaking of the country in the past tense.

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Keep Motijheel free from agitation progs: DCCI

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Dhaka, Mar 23 (UNB) – Dhaka Chamber of Commerce and Industry (DCCI) on Saturday expressed concern over the call of various agitation programmes in the city’s business hub Motijheel commercial area.

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Carlos Slim's company wins Olympic TV rights

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exico City, Mar 23 (AP/UNB) - Mexican magnate Carlos Slim, the world's richest man, secured the Latin American broadcast rights to the 2014 and 2016 Olympics on Friday.

The IOC said America Movil, the Mexican telecommunications company controlled by Slim, was awarded the rights to next year's Winter Games in Sochi and the 2016 Summer Olympics in Rio de Janeiro on media platforms across Latin America. The deal does not include Brazil.

Financial terms were not disclosed.

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BB governor recommends Indo-Bangla SME taskforce

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DHAKA, MAR 23: Bangladesh Bank (BB) governor Dr Atiur Rahman, on Saturday, recommended for formation of a Task Force for developing small and medium-scale enterprises (SMEs), through cooperation between the two neighbouring countries, Bangladesh and India. A Task Force is essential for boosting cooperation between the countries in the field of SMEs, an important strategic sector, for promoting growth and social  development in both the countries, said the central bank governor, while addressing a seminar on the micro, small and medium enterprises (MSME) sector.

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