An apparel factory in Bangladesh. Photo: BBN file photo
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.
Commerce minister fears export fall due to coronavirus outbreak
Commerce minister Tipu Munshi on Sunday expressed his apprehension that the country’s exports might plunge if there was a widespread outbreak of coronavirus in the countries where Bangladesh sold its products. ‘Our import from China is being hindered but there is an apprehension, if the economic activities of the countries, who buy our products, become slow due to the widespread outbreak of coronavirus, Bangladesh’s sales will plunged,’ the minister told reporters following an event organised by the International Chamber of Commerce, Bangladesh at the Hotel Intercontinental in the capital.
Rustle up an action plan for coronavirus
The government should draw up an action plan to counter the impact of the raging coronavirus on the local economy and trade and commerce, said businesspeople yesterday, on the day Bangladesh confirmed the presence of the novel virus in the country. “The finance minister should immediately sit with the stakeholders, including the private sector, to outline an action plan,” said Mir Nasir Hossain, a former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
Bangladesh’s current account deficit narrows further
Deficit in the current account balance has further declined significantly in the first seven months of this fiscal year (FY), 2019-20, on the back of shrinking merchandise trade gap. Bangladesh’s trade deficit narrowed down by 2.33 per cent or US$230 million during the period under review, as export growth fell more than that of import one indicates a ‘sluggish trend’ in the economy.
Govt now mulls reconstructing People’s Leasing
The government may backtrack on its decision of liquidating People’s Leasing and Financial Services (PLFS) as it now mulls reconstructing the company. Bangladesh Bank high official and finance ministry sources have hinted finding out new investors and transferring the liabilities to them as the issues of liquidation has already have negative impact on the country’s financial sector.
Kamal cool on currency depreciation
Finance Minister AHM Mustafa Kamal said on Sunday depreciation of taka would not bring any benefit to an import-dependent country. “Some people ask why we are not devaluing currency to enhance export earnings. But the reality is if we even devalue currency to Tk 150 (against US dollar) from the present rate, export can’t exceed import,” the minister told an event in the capital.
Mobile operators cool down on investment plans
The mobile industry’s combined investment fell 19 per cent year-on-year to Tk 3,695.72 crore in 2019, the lowest in recent years, as the regulatory regime continues to spook the foreign owners of the top three carriers. Mobile carriers are not investing adequately into their network, a development that is directly hampering their service quality and customers are getting substandard service, industry insiders say.
Bangladesh’s stocks plummet on coronavirus fear
Bangladesh’s stocks plummeted on Sunday, stretching the losing streak to the third session as investors remained cautious amid global forecast about the consequences of escalating coronavirus outbreak on the world economy including Bangladesh. DSEX, the key index of the Dhaka Stock Exchange, plunged by 2.21 per cent, or 97.10 points, to close at 4,287.38 points on the day. The DSEX lost 178.68 points in the last three sessions and the index shed 470 points in the last 11 sessions with just two positive sessions.
BTRC’s public hearing on telcos’ service on Mar 30
Bangladesh Telecommunication Regulatory Commission will hold a public hearing on March 30 to listen to subscribers’ complaints and suggestions about mobile phone services. To participate at the event, interested mobile subscribers will have to get registered by filling in a form on the BTRC web site, said a notice of the commission issued on Sunday.
BBN/SSR/AD
