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.
Garment exports to US on the rise
With increased shipments of garment, overall exports to the US rose 1.12 percent to $3.6 billion in the first seven months of this year, according to data from the US Department of Commerce. Between January and July, manufacturers exported $3.36 billion of garment products to the US, Bangladesh's single largest export destination. The number is a 0.87 percent rise year-on-year.
BB raises three SoCBs' credit growth limit
The central bank has enhanced the credit-growth limits for three state-owned commercial banks (SoCBs) for this calendar year despite their soaring classified loans. Officials said the annual lending-growth limits for Sonali, Janata and Rupali have been re-fixed at 10 per cent, 12 per cent and 15 per cent respectively, up from 6.0 per cent, 10 per cent and 12 per cent a year ago.
Remittance dips for 2nd month as banks suspect rise in hundi
Inward remittance dropped for the second month in August, contradicting with the usual trend before an Eid festival, as banks suspect that the inflow of remittance through illegal channels rose because of a lower rate of the dollar against the taka in the banking sector. The inflow of remittances in August declined to $1.183 billion from $1.195 billion in the same month a year ago.
Bangladesh’s stocks edge higher for third day
Bangladesh’s stocks posted marginal gain on Sunday, extending the gaining spell for the three consecutive sessions, as pre-Eid sale pressure somewhat subdued. Only four trading sessions are left before Eid vacation. Trading on bourses will remain closed from September 9 on the occasion of Eid-ul-Azha.
Fate of garment industrial park uncertain
Uncertainty lurks around the construction of the proposed garment industrial park at Bausia in Munshiganj as the Chinese developer company has abandoned the job unfinished. “We are not certain yet about when we will be able to shift our factories there,” said Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association. “Moreover, the cost of setting up factories in Bausia is too high.”
Meeting today to fix rawhide prices in Eid
The government will sit with the stakeholders concerned today (Monday) to fix the procurement prices for rawhides of sacrificial animals during the upcoming Eid-ul-Azha. Commerce Minister Tofail Ahmed will preside over the scheduled meeting. Besides prices it will also discuss preservation, processing and other relevant issues regarding procured rawhides, officials said.
July sees only 0.56pc ADP spending
Ministries and divisions could utilise only 0.56 per cent of the Annual Development Programme allocation in the first month (July) of the current fiscal year spending Tk 694 crore. The ADP implementation is Tk 20 crore less than July of the last fiscal year when the expenditure was Tk 714 crore with one per cent implementation rate. According to the latest data of the Implementation, Monitoring and Evaluation Division, only Tk 78 crore (0.11 pc) was spent from the government fund during the first month, while Tk 596 crore (1.49 pc) in July from project assistance.
Construction starts late this month
Amid public criticism against the 1320 megawatt Rampal Coal Power Project, the Indo-Bangla friendship power company has nearly completed its financial arrangement to start the construction work from late September. “The project will be completed within 41 months after the financial closure,” said Uzzal Bhattacharya, managing director of India-Bangladesh Friendship Power Company that is equally owned by National Thermal Power Company (NTPC) of India and Bangladesh Power Development Board (BPDB).
BBN/SSR/AD