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.
Weak apparel exports pare down earnings in Feb
Export earnings declined 4.49 percent year-on-year to $2.72 billion in February due to a slowdown in apparel shipments that account for more than 80 percent of national exports. February’s receipts were 21.49 percent less than that in January at $3.31 billion, according to data from Export Promotion Bureau. The amount was also 9.64 percent lower than the monthly target of $3.01 billion, data showed. However, overall exports in July-February increased 3.22 percent to $22.83 billion.
Current account deficit widens
The country saw its current-account deficit widen further in the first seven months of this fiscal mainly as trade and inward remittance both remained on a downturn. Officials said the nation’s current account counted a deficit of US$754 million during the July-January period of the financial year (FY) 2016-17 in a slide from $2.47 billion worth of surplus in the matching period of the last fiscal.
Call to ensure One-Stop Services to draw investment
Economists and business individuals have called for an integration of policies with Bangladesh Investment Development Authority (BIDA) Act to ensure One-Stop Services to attract investment. They made the call at a seminar titled – The role of BIDA and proposed One-Stop Services Act: Investment climate in Bangladesh by International Business Forum of Bangladesh (IBFB) – held in the capital on Wednesday. IBFB president Hafizur Rahman Khan, also Runner Group chairman, presided over the seminar.
H&M factory in Myanmar damaged in violent labour dispute
Workers demanding better conditions and benefits have destroyed the production line of a Chinese-owned factory making clothes for Swedish fashion retailer Hennes & Mauritz, in one of the most violent labour disputes in Myanmar in years. The month-old dispute, which also saw managers attacked, highlights the need for Aung San Suu Kyi’s government to enact social and labour reforms, analysts say, while at the same time reassuring investors looking to tap the opening of one of the world’s fastest growing economies after decades of isolation.
Bangladesh’s stocks end higher for 3rd day
Bangladesh’s stocks extended their winning spell for the three consecutive sessions on Thursday with turnover increasing further as enthusiastic investors continued their buying spree. Brokers said the market kept upward trend as optimistic investors took fresh position, especially on sector specific large-cap issues amid optimism. Maintaining the previous day’s upturn, the market opened with upward trend and the key index of the Dhaka Stock Exchange (DSE) advanced 9.73 points to reach at 5,632 points at 10:45am.
Large taxpayers urge govt not to milk them, always
Two major business bodies proposed that the government expand tax net instead of imposing heavy tax burden on large taxpayers to meet the revenue-collection targets. Leaders of the chambers lamented that large taxpayers have to face unusual pressure whenever the tax authority faces revenue shortfall against its target. Leaders of the Metropolitan Chamber of Commerce and Industry (MCCI) and the Bangladesh Chamber of Industries urged the National Board of Revenue (NBR) to address the issue in a pre-budget meeting Wednesday in the run-up to formulation of the next national budget.
Telcos getting ready to launch 4G services
Mobile operators are taking preparations so that they can roll out 4G data services as soon as they get a go-ahead from the regulator. Top three mobile operators — Grameenphone, Robi and Banglalink — tested their 4G networks with one of their technology partners a few months ago and found 50 Mbps to 100 Mbps of upload and download speed, which is much higher than that in existing 3G services. Another technology vendor is currently testing different methods of spectrum use for 4G services, working alongside the mobile operators and Bangladesh Telecommuni-cation Regulatory Commission.
Government keen to cut subsidy on sugarcane
The government has tightened its hold on subsidy to cash-strapped state-run BSFIC to purchase sugarcane during harvesting time in the current fiscal year, said an official. According to the source, the Finance Division has decided to disburse only Tk25 crore in the current fiscal year 2016-17 to meet the seasonal capital shortage created by the price trade gap in sugarcane purchase and subsidy.Finance Minister AMA Muhith will sign the summary this week as Bangladesh Sugar and Food Industries Corporation (BSFIC) will badly need the amount to meet daily expenditure and repay bank loans, official sources said.