Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Dubai firm offers to build deep sea port: The UAE-based firm DP World is likely to present tomorrow (Wednesday) the details of its multi-billion-dollar investment proposal for building a deep sea port in Bangladesh, officials said Monday. “The aspirant UAE investor is expected to give us the details of the investment proposal at a meeting in Dhaka Wednesday. We will then review it,” said Jamal Abdul Naser, Chief Executive Officer of the Deep Seaport Cell of the government.
Padma bridge to see deep cuts in allocation: The government plans to slash the allocation for the Padma bridge project by 70 percent to Tk 2,108 crore in the revised budget for the current fiscal year. The proposal for bringing down the outlay was placed at a meeting on the draft revised ADP yesterday, with Planning Minister AHM Mustafa Kamal in the chair. The final approval may come at the National Economic Council meeting next week. Initially almost the entire fund from the Bridges Division’s allocation of Tk 6,999 crore for the current fiscal year was earmarked for the bridge project.
Pvt sector credit growth inches up in Jan: The country’s credit growth in the private sector increased slightly in January compared with that of the previous month as businesspeople have taken initiative to expand their business after the general elections which was held on January 5, said officials of Bangladesh Bank.
According to Bangladesh Bank data released on Monday, the credit growth in the private sector slumped to 11.08 per cent in January 2014 compared with that of 14.83 per cent in the same month of 2013. Private sector credit growth hit a 14-and-a-half-year low at 10.60 per cent in December of 2013 compared with that of 16.61 per cent in the same month of 2012 due to the political unrest over the general elections, a BB official told New Age on Monday.
Body formed to examine bank vault loopholes: The Bank and Financial Institution Division (BFID) Monday formed a six-member committee to examine loopholes of state-owned bank vaults and to take effective steps for stopping further robbery. The decision of constituting the committee was taken at a meeting of the chief executive officers of eight state- owned banks, including Sonali, Janata, Agrani and Rupali with Banking Division Secretary M Aslam Alam in the chair at the Bangladesh Secretariat.
Exports rise 6.0pc in Feb: Exports accelerated 6.36 percent year-on-year to $2.38 billion in February, data from the Export Promotion Bureau shows. Shipments are on the rise despite adversities such as the Tazreen Fashions fire and Rana Plaza collapse because of higher demand for garment items. The country fetched $19.82 billion in July-February, a 13.96 percent rise from the same time last year, data shows.
BB doubles forex quota for business travel: Bangladesh Bank on Monday decided to double the foreign exchange quota for business travel to $ 10,000 per year. The BB enhanced the amount by $ 5,000 to $ 10,000 per year from the previous $ 5,000 for traveling to foreign countries. To this end, the BB issued a circular to authorised dealer branches of all scheduled banks saying that the exporters, the importers and the producers for the local market would be able to spend $ 400 in a day when they will visit foreign countries.
Bangladesh’s stocks down for second day: Bangladesh’s stocks edged marginally lower for the second session on Monday amid thin market participation as most of the investors remained cautious. The prime index of the Dhaka Stock Exchange (DSE) — DSEX — ended at 4,665.56 points, shedding 21.63 points or 0.46 per cent. The DS30, comprising blue chips lost 4.07 points or 0.24 per cent to close at 1,681.25 points. The DSE Shariah Index (DSES) went down by 6.87 points or 0.67 per cent to close at 1,012.75 points.
BBN/SSR/AD-11Mar14-8:51 am (BST)