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.
Payra rail link to bring $7.5b FDI
A British company has proposed to invest $7.5 billion in the Dhaka-Payra seaport rail link project, whose implementation is vital for the government's ambitious economic development plan. An official of the railways ministry said the UK firm -- DP Rail -- has submitted the proposal, and the decision about it would be made by the end of this month at a top-level meeting at the Prime Minister's Office.
Imports down by 18pc in July
Country's overall imports dropped by more than 18 per cent in July, the first month of the current fiscal year (FY) 2016-17, mainly due to lower imports of capital machinery, officials said. The settlement of letters of credit (LCs), generally known as actual import, came down to US$ 2.80 billion in July from $3.44 billion during the same period of the previous fiscal, according to the central bank latest statistics.
18 banks asked to explain $43 million LC settlement failure
Bangladesh Bank has issued show-cause notices to 18 scheduled banks to explain why they failed to settle their foreign and local bills against letters of credit in due time in line with the central bank’s directives. In the notices, the central bank said that the banks would have to count fines if they failed to give the BB satisfactory explanation for the failure.
4 banks fear losses from Hanif flyover
Four state-owned banks are fearing they might incur losses from the investment of Tk2,150 crore in the Mayor Hanif flyover, the first PPP (public private partnership) project in Bangladesh. This infrastructure project has been implemented completely through PPP in Bangladesh for the first time. The 11.7km-long flyover, Bangladesh’s longest, was fully opened from July 2014.
Bangladesh’s stocks close higher, turnover low
Bangladesh’s stocks ended higher on Sunday, the first session after Eid holidays with low turnover, as optimistic investors remained active on sector specific stocks. The trading on the Bangladesh’s stock markets remained closed for nine days from September 9 to September 17, including weekly holidays and special holidays.
Insurance losing pace
Insurance penetration has been declining for the past several years, even though the country's major economic indicators have been growing steadily for over a decade now. In Bangladesh, insurance and other insurance-based forms of risk transfer, overall insurance penetration, both life and non-life, stood at 0.72 percent in 2015, down from 1.13 percent in 2010, according to Swiss Re, a leading global reinsurer.
Daewoo may get job without tender
The government is likely to award a deep sea hydrocarbon block to Korean company Daewoo International Corporation for oil and gas exploration in the Bay of Bengal, bypassing the tender system. The energy division will send a proposal of Daewoo this week to the cabinet committee on economic affairs for its approval, before signing a production sharing contract, said officials.
BR plans new route to cut Dhaka-Ctg rail distance
The government has moved to cut the rail route between Dhaka and Chittagong by nearly 90 kilometres (kms) with a straight new line to be built for high-speed train, officials said. Bangladesh Railway (BR) officials said they would build a fresh rail track from Dhaka to Comilla via Laksam parallel with the existing Dhaka-Chittagong highway to reduce the travel time and distance both.
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