RMG factory

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.

Trump’s trade war drumbeats may reach B’desh RMG sector
Looming global trade war may affect Bangladesh’s economy and trade particularly exports as the US administration under president Donald Trump is planning to impose additional tariffs on apparel imports. After imposing tariffs on imports of a number of products from different countries, the world’s biggest economy is now planning to impose tariffs on up to $60 billion of Chinese imports targeting apparels, footwear, and technology and telecommunication sectors, according to a Reuters report.

Chinese money starts to flow in
China has released $174.11 million, the first of its disbursements for the 27 projects it committed to bankroll for $22.5 billion during its president’s visit to Dhaka in October 2016. In February, the Chinese embassy in Dhaka handed over the amount, which is 20 percent of the total costs for two of the projects, said AKM Matiur Rahman, joint secretary of the Economic Relations Division.

Bangladesh’s trade deficit crosses $10bn in seven months
Bangladesh’s overall trade deficit crossed US$10-billion mark in the first seven months of this fiscal year (FY), 2017-18, following higher import payments against lower export receipts, officials said. The deficit rose by 91.65 per cent or $4.84 billion to $10.12 billion in July-January period of FY 18, from $5.28 billion in the same period of the previous fiscal, according to the latest central bank statistics.

Dollar price accelerates: Import pressure or manipulation?
In February, remittances rose by 22.14% compared to the same period last year. Export earnings in the first eight months of the current 2017-18 fiscal (July-February) also increased by 7.38%. Currently the foreign currency reserve in Bangladesh Bank (BB) stands at over $31 billion. Despite these positive factors the price of the dollar against taka (Bangladeshi currency) keeps increasing.

Bangladesh’s stocks return to green after three days
Bangladesh’s stocks returned to green breaking the losing streak of three consecutive sessions riding on mixed performance showed by major sectors. The market started the day’s session with ‘optimism’ and the rising trend continued for half an hour on Dhaka Stock Exchange (DSE), the country’s prime bourse.

Cabinet body approves extension of power import from India
Import agreement of 250-MW electricity from Indian open market received extension for another six months as Cabinet Committee on Public Purchase approved a proposal on Wednesday, reports UNB. The committee also approved proposals to set up 162 MW dual-fuel power plant at Manikganj in private sector and renewal of the government’s existing power purchase agreement with 110 MW NEPC power plant at Haripur of Narayanganj.

Flight safety top priority
Prime Minister Sheikh Hasina yesterday instructed the civil aviation authorities to give highest priority to flight safety and maintenance of planes of carriers. Speaking at a meeting at the Prime Minister’s Office (PMO), she said the reasons behind the US-Bangla plane crash in Kathmandu were yet to be known and asked all concerned to stay cautious, according to the PMO.

Bourses asked to ensure co directors jointly hold 30pc stake
Bangladesh Securities and Exchange Commission has directed bourses to ensure that all the listed companies comply with the rule regarding all time joint-holding of minimum 30 per cent shares by each company’s sponsor-directors. The commission on Sunday issued a letter asking Dhaka Stock Exchange, Chittagong Stock Exchange and Central Depository Bangladesh to take immediate moves in this regard.

BBN/SSR/AD