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.
Brexit: garment makers face price cuts
The British buyers of Bangladeshi garment products have started putting price pressure on manufacturers following the freefall of pound sterling as a result of Brexit. The pound sterling sank as low as $1.35 -- its lowest rate against the dollar since September 1985 -- before recovering to $1.37. It has also declined sharply in Bangladesh.
BD gets two blue economy projects
Blue economy is a marine based sustainable economic development is an initiative that is taking hold in Bangladesh where two new projects have been granted to the country. The two projects are ‘Small scale inland and/or coastal aquaculture project in the Indian Ocean Region’ and ‘Exploration of economically important marine flora from the Bay of Bengal: a pilot study’.
ADP execution rises to 90pc
Execution of the annual development programme (ADP) is finally going to fall short of expectation as the planning minister scaled it down to around 90 per cent. Planning Minister AHM Mustafa Kamal had earlier aired the hope for cent-percent implementation ADP up to the end of this fiscal. Only two days are to go before the financial year 2015-16 ends.
B’desh frozen fish exporters already feeling Brexit pinch
The British move to leave EU has already hit Bangladesh’s frozen fish sector with export consignments worth nearly Tk 100 crore getting stuck as UK buyers asked not to make any shipment following Brexit referendum. Experts and exporters feared that country’s frozen fish sector might be the worst victim of Brexit as most of the Europe-bound export consignments go to their destinations via London.
Call money rate likely to keep stable before Eid
The inter-bank call money rate is likely to keep stable before the Eid-ul-Fitr, as most of the banks are awash with excess liquidity following lower effective demand particularly for large loan. The call money rate came fell to 1.10-4.50 per cent on Tuesday from 2.75-4.50 per cent of the previous working day. However, most of the deals were settled at rates varying between 3.25-4.0 per cent, the market operators said.
Bangladesh’s stocks end higher for second day
Bangladesh’s stocks ended higher for the second consecutive sessions on Tuesday, with increased turnover as pre-Eid sale pressure waned. Meanwhile, trading on Bangladesh’s stock markets will remain closed from July 1 to July 9 on the occasion of Eid-ul-Fitr, the biggest religious festival of the Muslims, leaving only two trading sessions are left.
Crackdown awaits lavish non-life insurance firms
The insurance regulator now plans a tougher crackdown on the country's 45 non-life insurance firms for their lavish management spending in violation of the rules. Earlier, the Authority had conducted a drive against 17 life-insurance firms which are now in the courts of the anti-graft body, the Anti Corruption Commission (ACC), for investigations.
France, Germany offer $60m for factory upgrades
France and Germany yesterday offered more than $60 million in low-cost loans to Bangladesh, to speed up remediation process in the garments sector. The French and German governments are offering the money as many garment factories, especially the small and medium ones, are delaying remediation because of a fund crisis, said German Ambassador Thomas Prinz.
BBN/SSR/AD