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.
Road, rail in focus under $ 50b investment plan
Much of the focus would be on development of road and rail infrastructures in Chittagong-Cox’s Bazar and Dhaka-Sylhet corridors under the around US$ 50 billion investment plan during Chinese President Xi Jinping’s ensuing visit to Bangladesh, sources concerned said. They said the two friendly countries would work out investment of more than $20 billion for constructing the Karnafuli tunnel, a marine drive, an elevated expressway and rail connectivity in the Chittagong-Cox’s Bazar corridor and a four-lane road and a dual-guage railway line in the Dhaka-Sylhet corridor.
Ceramic exporters in a tight corner
Local manufacturers and exporters of ceramic products are feeling the pinch after the US suspended a trade benefit for Bangladesh, industry people said. The falling exchange rate, the poor pressure and supply of gas, and no incentives for export of the products are also eroding the sector’s competitiveness, they added.
NBR to issue temporary registration numbers
The National Board of Revenue has decided to develop a data-bank with issuing temporary registration numbers (TRN) to foreigners coming to Bangladesh to track the duration of their stay in the country. Officials of the revenue board said that the TRN would be used to trail the foreigners from their entrance to departure from the country to check whether they have paid income tax, if they earn here. According to the income tax law, a foreign national is required to open income tax file if he or she lives in the country for 90 days in a year.
Bangladesh launches programme to train 800,000 RMG workers
Bangladesh has launched a programme aiming to provide training some 800,000 readymade garment (RMG) workers across the country. “This training will contribute greatly to that goal as both workers and employers will benefit from improved safety practices,” Mujibul Haque Chunnu, State Minister for Labour and Employment of Bangladesh, said while inaugurating third phase of the Essentials of Occupational Safety and Health (EOSH) programme in the capital Dhaka on Sunday.
BCIM corridor to deepen trade ties
The government should work actively to help establish the Bangladesh, China, India, and Myanmar (BCIM) economic corridor, which could deepen trade ties and improve the livelihood of millions of people in the region, analysts said yesterday. “Bangladesh should play an active role to establish the BCIM economic corridor, which holds unlimited potential,” said Sadiq Ahmed, vice-chairman of Policy Research Institute of Bangladesh. He was backed by Khondaker Golam Moazzem, additional research director of the Centre for Policy Dialogue (CPD), and Mahbubur Rahman, a leader of the Bangladesh Nationalist Party (BNP).
Bangladesh’s stocks open week with declining trend
Country’s stocks opened on Sunday, the first working day of this week, with declining trend as most of the major sectors witnessed notable price corrections. Among the falling major sectors in Dhaka Stock Exchange (DSE) were steel and jute when 202 securities incurred loss due to lower activities. Insurance sector, however, advanced marginally at the day’s closing. On the day, a sell pressure was also observed due to investors’ profit booking mood after a flat rally of previous week.
Pound slumps to Tk 94 on flash crash impact
The exchange rate of the British currency pound sterling against the Bangladeshi currency taka depreciated heavily on Sunday due to a ‘flash crash’ of the British pound that sent shockwaves across global markets already hyper-sensitive to Brexit issues on Friday. Data of different private and state-run commercial banks showed that buying rate of pound came down to Tk 94.82-Tk 94.20 on Sunday from around Tk 97.03-Tk 96.50 on Thursday. Banks in Bangladesh were closed on Friday and Saturday due to weekly holidays. Global markets remained closed on Saturday and Sunday due to weekend.
Bangladesh’s trade deficit rises slightly
Bangladesh’s overall trade deficit increased slightly in the first two months of the current fiscal year (FY) 2016-17 for higher import payments against relatively lower export earnings. The trade deficit rose by 5.0 per cent or US$25 million to $525 million during the July-August period in FY 17 from $500 million in the same period of the last fiscal year, according to the central bank’s latest statistics, released on Sunday.