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.
FDI rises 9.27pc
Foreign investment increased 9.27 percent year-on-year in fiscal 2015-16 due to an improvement in reinvestment in existing companies. Last fiscal year, net foreign direct investment stood at $2 billion in contrast to $1.83 billion a year earlier, according to data from the central bank. Foreign investment is split into three categories: equity, reinvestment of earnings and intra-company loan.
Bangladesh now number 1 cotton importer in the world
Bangladesh has overtaken China as the world’s top cotton importer with expanding global market share significantly thanks to strong demand from apparel makers, the US Department of Agriculture (USDA) said. The overall cotton import increased by 500,000 bales to 6.2 million, reinforcing Bangladesh’s position as the world’s largest importer in 2015/16, said the USDA last week. One bale weighs 480 pounds. Meanwhile, consumption is raised a more moderate 300,000 bales, to 6.1 million, as market reports attest to growth of spinning, according to the USDA.
Govt may create $5b fund from BB reserve for mega projects
The government may create a sovereign wealth fund worth US$ 5 billion using the Bangladesh Bank foreign exchange reserve for implementing its mega development projects. A government-formed committee, headed by Bangladesh Bank deputy governor SK Sur Chowdhury, is now working on making recommendations to the finance ministry on formation of the fund, said central bank officials. The recommendations would be made based on a concept paper prepared by Policy Research Institute executive director Ahsan H Mansur on how to create the fund by utilising the BB’s foreign exchange reserve.
Low skill, poor business environ overshadow country’s advantages
A US rating agency has ranked Bangladesh as the world’s most cost-competitive destination for outsourcing. In a latest global survey conducted by the agency, the country has beaten world’s top outsourcing destinations like India, China, Malaysia and Brazil to secure the highest score in terms of financial attractiveness.
Bangladesh’s stocks finish flat after bumpy ride
Bangladesh’s stocks finished almost flat in green territory on Sunday after witnessing volatility throughout the session as investors followed cautious stance. Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) closed in the flat zone. After witnessing volatility almost throughout the session, the key index of the DSE advanced 0.56 points, while the Selective Category Index of port city bourse rose 4.79 points.
BGAPMEA likely to launch testing lab for improving product quality
Bangladesh Garments Accessories and Packaging Manufacturers Association (BGAPMEA) is likely to launch a testing laboratory to improve product quality by providing timely and reliable testing facilities from next month. The testing laboratory is going to set up under Integrated Support to Poverty and Inequality Reduction through Enterprise Development (INSPIRED) project funded by the European Union (EU) and Ministry of Industries.
Internet slows for maintenance work
Internet has slowed down in Bangladesh since yesterday morning due to the maintenance work of the country’s lone submarine cable. On early Sunday, the connection with the eastern side of the South East Asia–Middle East–Western Europe 4 (SEA-ME-WE 4) was shut down for the scheduled maintenance, said Moshiur Rahman, general manager for operation and maintenance of Bangladesh Submarine Cable Company Ltd. However, an alternative connection was established through some Chennai-based operators, he said.
Mobile cos shed 92 lakh users from lists in Aug
The number of active mobile phone users in the country declined by 92 lakh in the month of August as operators were still adjusting their subscriber number after the biometric SIM re-registration that ended on May 31. According to the latest data of Bangladesh Telecommunication Regulatory Commission, the total active mobile phone users in the country was 11.97 crore in August, while the number was 12.89 crore in July. In July, country’s six mobile phone companies lost 37 lakh subscribers as the total number of active mobile users was 13.26 crore in May.