RMG sector in Bangladesh.

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.

EC warns BD again of improving labour situation before GSP goes
The European Commission has reiterated its concern over the labour rights situation mainly in respect of freedom of association and successful implementation of the ‘Compact’ in the readymade garment sector of Bangladesh. It also warned of taking steps, including launching investigation, to improve the situation ahead of withdrawal of the existing trade facility under the Generalised System of Preference (GSP).

Bangladesh’s stocks plunge on panic sale
Bangladesh’s stocks suffered a notable correction on Wednesday as cautious investors continued their selling spree following the news of slashing the limit of banks’ advance-deposit ratio (ADR). The Bangladesh Bank (BB) slashed the limit of advance-deposit ratio (ADR) on Tuesday to help check any possible liquidity pressure on the market due to the banks’ ‘aggressive’ lending.

Power utilities, city corpns face off
Approximately eight lakh consumers in the capital look destined for suffering as projects of power distribution capacity expansion requiring road digging faces apathy of the city corporations, with both the authorities meaning to please people before the upcoming election. The power projects are being delayed in most of the city areas covering approximately 800,000 consumers as the city corporation authorities are unwilling to allow road digging fearing public criticism at the fag-end of the government’s tenure.

Modern insulin to be made locally
Novo Nordisk, the world’s biggest insulin maker, has teamed up with local Eskayef Pharmaceuticals to set up a state-of-the-art manufacturing facility in what can be viewed as a pat on the back to Bangladesh’s pharmaceutical sector. The Danish pharmaceutical giant has six such production facilities outside of its home country but this is the first time that it has partnered with a foreign company to set up a plant.

Foreign fund at DSE rises 3-fold in Jan
The net overseas investment at the Dhaka Stock Exchange witnessed a threefold, or Tk 124.68 crore, increase in January this year compared with that in the previous month despite a downward trend at the market in the month. Market operators said the overseas investment surged over the month as they went for bargain hunting as the share prices at the market decreased amid the downward trend since December last year due to the local investors’ worries over bank scams and Bangladesh Bank’s monetary policy.

Govt to stop cattle import from neighbouring countries
Fisheries and Livestock Minister Narayan Chandra Chanda on Wednesday said the ministry was holding meetings with Border Guard Bangladesh (BGB) to stop cattle smuggling from neighbouring countries. The minister said this while responding to query placed by treasury bench member M Israfil Alam of Naogoan-6 at the house.

Customs intelligence fears rise in false declarations
The Customs Intelligence and Investigation Directorate (CIID) warned of an increase in false declarations due to an order of the National Board of Revenue on the assessment of duty of imported packaged goods like cosmetics and perfumes. The NBR at the end of last year directed field offices of customs to calculate the duty of imported items by adding the duty for the containers if the cost of the packing materials, for example bottles or containers, is not included in the import prices.

Sur Chowdhury to become Bangladesh Bank adviser
SK Sur Chowdhury on Wednesday completed his tenure as Bangladesh Bank (BB) deputy governor and will be appointed banking reform adviser for two years. The appointment was approved at a board of directors meeting held at the central bank headquarters in Dhaka on Tuesday with BB Governor Fazle Kabir in the chair.