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.
India fast catching up with Bangladesh
The Indian government’s massive stimulus package of Rs 60 billion, or $894 million, for boosting its garment sector is bearing fruit as the neighbouring country is progressively eating into Bangladesh’s share in global apparel trade. For instance, India last year was the third biggest exporter of garment items to the US, which happens to be Bangladesh’s single largest export destination.
IMF predicts 7.0pc growth for BD
The International Monetary Fund (IMF) projects that Bangladesh’s economy would grow by 7.0 per cent in the current fiscal year (FY18)-yet a bit below the government-set rate. The Fund unveiled the projection in its latest World Economic Outlook, released in Washington Tuesday on the eve of Bank-Fund Annual Meetings.
Bangladeshis to enjoy partial PayPal facilities, for now
Bangladeshi users will only be able to receive their earnings through PayPal once it is inaugurated, which means its services will be limited in the country. The most popular online money transfer service in the world will be launched here next week.
Bangladesh Bank sells $7.0m more to two banks
The central bank of Bangladesh has sold $7.0 million more to two commercial banks directly to meet the growing demand for the greenback in the market, officials said. “We’ve sold the US currency to the banks at market rate on the day to settle their import payment obligations particularly,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka.
World Bank stands with Bangladesh to support Rohingya refugees
Bangladesh has asked the World Bank (WB) for support to cope with hundreds of thousands of Rohingya refugees. And the WB said it is ready to move with a programme of support for the government, host communities, and the refugees, according to a statement.
Heidelberg Cement to build new plant for Tk 92.52cr
Heidelberg Cement is set to invest Tk 92.52 crore of its own funds on a new grinding mill, but the disclosure yesterday failed to stem the sliding share price as investors view the plan as a drag on the cash flow. The cement manufacturer’s shares closed yesterday at Tk 409, down 2.71 percent from the previous day.
Bangladesh’s institutional strength to event risk very low: Moody’s
Global credit rating agency Moody’s Investors Service said that the institutional strength and susceptibility to event risk of Bangladesh is very low (VL+). The agency came up with the finding in its report on ‘Sovereigns – Frontier Markets: Divergent credit paths’ published on Wednesday.
Generous rural power connections far outstrip actual generation
Generous power connections through “unplanned” network expansion in the country’s rural areas have far outstripped generation, resulting in sporadic outage, sufferers said. Inadequate and inefficient electricity-transmission system and overload in the countryside also lead to the tripping of electricity lines, they added.