Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Cheaper foreign loans outweigh bank credits
The credit-deposit ratio (CDR) of all banks again dived down 70 per cent in the middle of July as available foreign-currency loans at lower interests are virtually crowding them out, bankers said. All banks’ CDR came down to 69.79 per cent, as of July 16 last, from 70.34 per cent of June 30, 2015. It was 69.91 per cent on August 28 last year, according to the central bank statistics.
Apparel prospects to stay strong
Bangladesh will remain the top garment sourcing destination for global retailers at least for the next five years, and buyers will continue increasing purchase from the country, McKinsey & Company said in a report. During the period, the country’s garment exports will grow 7-9 percent year-on-year, while India and Vietnam will be its nearest competitors, according to the survey report. The survey was conducted among 40 chief purchasing officers (CPOs) of top 40 international garment retailers during January-February this year.
FUEL OIL PRICES : Bangladeshis pay more than its neighbours
Bangladeshis pay highest for fuel oils like diesel, octane and petrol, after the people of Maldives, among the South Asian nations and many other lower-middle income economies. With very few exceptions, the prices of fuel oils have been reduced in the local markets of all the importing countries in the past one year after the prices started declining in the international market since June 2014. Bangladesh remains in the exception list after the price of Brent Crude in the international market fell down to nearly $50 per barrel from $117 in June 2014. The prices of refined petroleum products like diesel, furnace oil, octane and petrol have fallen accordingly.
Bangladesh’s stock turnover hits 2-month low
Bangladesh’s stocks edged lower on Sunday with turnover hitting fresh two months low, after marginal gains in the previous session, as investors remained cautious. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 21.84 points or 0.45 percent to settle at 4,790.97. The two other indices also closed in the red. The DS30 index, comprising blue chips, lost 5.48 points or 0.29 percent to finish at 1,835.40.
Tarana goes tough on lobbyists
Tarana Halim, the state minister for telecom, yesterday issued an order to prevent five senior executives of different telecom operators from entering the secretariat and telecom regulator’s office. The move was made as the executives were reportedly taking undue benefits for their companies by lobbying government officials. The executives had earlier worked for Bangladesh Telecommunication Regulatory Commission or Bangladesh Telecommunications Company Ltd and later resigned to join the telecom companies, Tarana said.
Economists suggest devaluation of Taka
The devaluation of Bangladeshi currency is now the order of the day to retain competitiveness in global market as appreciation of taka against dollar intensifies the crisis of export sector and hurts remitters, suggests experts. “It is time to think over the depreciation of local currency to adjust price in the global market,” said Bangladesh Bank Former Governor Salehuddin Ahmed. Bangladesh Bank should give attention to exchange rate following an analysis of advantages and disadvantages of currency devaluation to absorb the shock created by the downturn of currencies in Asia region, he observed.
BTRC advises telcos to introduce biometric security for SIM card sales
The telecom regulator has proposed that the mobile phone companies introduce biometric security check with verification through the Election Commission’s NID database for SIM card sales. Officials of the Bangladesh Telecommunication Regulatory Commission said the BTRC in a meeting with the mobile phone companies last week also proposed a new model which would allow the commission to monitor the data sharing between the mobile operators and the EC.
Fix raw-hide prices much ahead of Eid
The government urged the tanners on Sunday to fix prices of raw-hide much ahead of the upcoming Eid-ul-Azha to prevent artificial price hike of the item. “We have asked the tanners to fix prices of raw-hide much early before the upcoming Eid-ul-Azha,” Home Minister Asaduzzaman Khan Kamal told journalists after a meeting on law and order situation at the ministry’s conference room.