Working in a RMG factory of Bangladesh 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.
Labour law to be amended by Nov
The government is on course to amending the labour law within the stipulated timeframe of November, although a coalition of rights groups yesterday claimed the progress was very slow. At the International Labour Conference in June, Bangladesh committed to amend the labour law by the end of November.
Bernicat: RMG sectors’ problems lie with lead time
A lack of efficiency in Bangladesh’s ports is largely responsible for the decline in earnings from the RMG export to the US, said Md Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Following a meeting with US Ambassador to Bangladesh Marcia Stephens Bloom Bernicat on Wednesday, he said: “The great problem facing Bangladesh’s RMG sector lies with lead time. In today’s competitive markets, buyers want their goods delivered within a very short time.”
Bangladesh’s imports fall by 8.40% in September
Bangladesh’s overall imports dropped by 8.40 per cent or US$315.20 million in September despite higher import of food-grains to cool an overheated local market. The settlement of letters of credit (LC), generally known as actual import, in terms of value came down to $3.44 billion in September 2017 from $3.75 billion a month before, according to the central bank’s latest statistics.
Packaging materials of imported goods to face customs duty
Packets and packaging materials which are integral part of imported goods will face customs duty, according to a ruling of the National Board of Revenue. Customs wing of the NBR on October 9 issued the ruling to its field level offices for calculating the prices of packets and packaging materials for determining the customs valuation of those imported goods which are sold to consumers intact.
Bangladesh Bank sells $9.0m more to three banks
The central bank of Bangladesh has sold US$9.0 million more to three 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 Wednesday to settle their import payment obligations,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka.
Gasoil import deal with India on October 22
Bangladesh Petroleum Corp (BPC) is set to sign a 15-year deal with Indian oil refiner Bharat Petroleum Corp Ltd (BPCL) to import gasoil to meet the country's energy demand, two company officials with the direct knowledge of the matter said, reports Reuters. The sales and purchase agreement is expected to be signed on Oct. 22 during Indian Foreign Minister Sushma Swaraj's visit to the capital of Dhaka, the BPC officials said.
Chevron now wants to stay in Bangladesh, but under new terms
Chevron Bangladesh has renegaded on a decision taken five months ago to quit the country and now wants to continue its operations in three gas fields, sources from Bangladesh Oil and Gas Corporation (Petrobangla) have said. According to the sources, Chevron Asia South Business Unit Managing Director Brad Middleton met Petrobangla Chairman Abul Mansur Md Faizullah on October 8.
More rice on way from India, Thailand
The government is set to import 1 lakh tonnes of parboiled rice from neighbouring India under a state-to-state arrangement as part of its aggressive push to boost stocks.The development comes after the cabinet committees on economic affairs and purchase yesterday approved the proposal for import of rice for $455 per tonne -- $15 less than what the government paid to bring in the food grain from Vietnam earlier.
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