Dhaka, Bangladesh (BBN) - The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Govt to buy 250,000 tonnes of rice from Thailand, local traders
The government is set to purchase 250,000 tonnes of parboiled rice from Thailand and local traders at a cost of Tk1017.14 crore in order to shore up Bangladesh’s depleted stock of the staple. The Food will submit two proposals in this regard to the Cabinet Committee on Public Purchase today. Speaking to the Dhaka Tribune, an official of the ministry said negotiations between Bangladesh and Thailand came to an end, with the Thai government agreeing to sell rice at $465 per tonne. They earlier demanded $516 per tonne under a G2G (government to government) deal.
FDI hit record $2.45b last fiscal year
Foreign direct investment hit an all-time high of $2.45 billion in fiscal 2016-17 on the back of a surge in equity investment by mobile phone operators. The inflows are an increase of 22.54 percent from a year earlier, according to data from the Bangladesh Bank. The telecom sector saw the highest inflows of $594 million, followed by textile and garment at $360.35 million and power at $334.26 million.
Indian tribunal rejects Bangladesh exporters’ appeal
An Indian appellate tribunal on customs has rejected appeals of Bangladesh jute goods exporters against anti-dumping duty imposed by the authorities of the neighbouring country on jute goods. Customs, Excise and Service Tax Appellate Tribunal of India issued the order on October 9, rejecting appeals filed by five local millers and Jute Products Importers’ Association of India against the anti-dumping duty—ranging between $19 and $352 per tonne – on jute goods from Bangladesh.
ADB approves $1.2bn to upgrade of Bangladesh inter’ road corridor
The Asian Development Bank’s (ADB) Board of Directors has approved $1.2 billion in finance for the second phase upgrade of the Dhaka-Northwest international trade corridor in Bangladesh. “Bangladesh has good prospects of becoming a regional trade hub, if the country’s transport infrastructure can be improved to bring down transport costs and make the sector more competitive,” said Dong Kyu Lee, Unit Head of Project Administration in ADB’s South Asia Department.
Govt making domestic consumers ready for feeding imported LNG
The government is readying domestic consumers for feeding imported and expensive re-gasified LNG (liquefied natural gas) as it aims to start importing the fuel for the first time in the country from April 2018, officials said. "We have talked with potential buyers and hopeful of feeding an entire volume of imported LNG in the first year of LNG imports as the consumers have remained hungry for long to get gas in their factories and plants," Petrobangla chairman Abul Mansur Md Faizullah told the FE on Tuesday.
BB grills NRBC Bank CEO over loan scandal
Bangladesh Bank has grilled NRB Commercial Bank's Managing Director Dewan Mujibur Rahman on charge of his alleged involvement in a number of loan scandals. A BB standing committee started interrogating Rahman in a personal hearing at the BB headquarters on October 16 and completed the process yesterday, a central bank official confirmed The Daily Star requesting anonymity.
Supply crunch sends onion price up to Tk 75
The prices of onion increased by more than 50 per cent within a month and it was retailing at Tk 65-Tk 75 a kilogram in the city markets due to off-season supply shortage in the country and the main import market in India. Traders said that prices of onion increased by Tk 10 a kg in the city’s wholesale markets as a result of price hike in Indian market.
Akij eyes big profits from purchase of Malaysian firm
Akij Jute Mills Ltd has proclaimed the prospect to make $83.06 million in 10 years from the overseas purchase of Malaysian fibreboard manufacturing firm Robin Resources and its subsidiary Robina Flooring. The company is also promising to repatriate $29.90 million from the overseas equity investment within the time frame.
BBN/SSR/AD