Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
RMG export shines in volume, pales in value
Bangladesh’s RMG export in terms of volume has registered over 58% rise in last fiscal year, but the value was affected by retailers’ low price offer and devaluation of euro. According to Export Promotion Bureau data, the country exported 1.57bn units of apparel products to global market in FY2014-15 with 58.17% up from 993m units a year ago. Of the total RMG exports, woven products were 757m units compared 485m in the previous year and knitwear products amounted to 815m units compared to 508.67m units a year ago.
Investors lukewarm as MFs fail to shine
The country's mutual funds (MFs) have failed to emerge as reliable investment tools in the absence of professionalism and dedication on the part of the Asset Management Companies (AMCs), experts and stakeholders have observed. Their observation came in the backdrop of investors' lukewarm response to MFs despite the securities regulator's efforts to make them popular by giving incentives.
Bangladesh’s public banks’ capital base shrinks
Capital base of all the state banks shrank further in the second quarter (Q2) of this calendar year mainly due to further deterioration in the quality of their assets, officials said. The capital shortfall of all eight state-owned banks had increased by more than 21 per cent to BDT 128.58 billion in the Q2 of 2015 from BDT 105.89 billion in three months ago, according to the central bank’s latest statistics.
Business leaders call for better services at land ports
Businessmen yesterday demanded an immediate improvement in infrastructure and more banking services at the land ports along the Bangladesh-India border to facilitate trade between the countries. Many land ports and customs stations that have been in operation for years do not even have a standard office room for government officials and warehouses for loading and unloading of goods, they said at a seminar on 'Development of Land Ports and Land Customs Stations for Trade Facilitation' at the office of the Federation of Bangladesh Chambers of Commerce and Industry.
Bangladesh’s forex reserves fall to $25.40bn
Bangladesh made a routine payment of more than US$900 million to the Asian Clearing Union (ACU) against imports during the July-August period of the current calendar year, officials said. After the payment, the country’s foreign exchange (forex) came down to $25.40 billion on Sunday from $ 26.40 billion of the previous working day, they added.
$1.9b is needed for Ctg port expansion
Chittagong Port will need to invest US$1.9 billion for expansion of its storage capacity required to accommodate growing trade up to 2043, according to a development plan designed by a foreign firm. Such estimation is made in a master plan prepared by German-based Hamburg Port Consulting (HPC) for overall development of the main seaport of Bangladesh which is becoming a regional shipping hub.
Exports rebound in August
Exports grew 4.71 percent year-on-year to $2.75 billion in August, returning from a 12 percent fall in the previous month, according to data from the Export Promotion Bureau. Exports in the July-August period grew 6.88 percent to $5.4 billion compared with the same period last fiscal year.
Bangladesh’s stocks inch up amid volatility
Bangladesh’s stocks edged up on Sunday amid choppy trading throughout the session as most of the investors followed cautious stance amid lack of clear direction. The market opened higher, rising around 14 points within 10 minutes, but failed to sustain the positive momentum.
BBN/SSR/AD