Raw jute prices may stabilise as Bangladesh lifts export ban

Jute fiber being dehydrated after retting alongside a road. Photo: Wikipedia

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.

Govt plans Tk 10,000cr fund for jute sector
The jute ministry is working on a policy to form a Tk 10,000 crore fund to provide low-cost loans for the development of the nearly $1 billion export earning jute sector. A panel headed by Md Mahmudul Hassan, chairman of Bangladesh Jute Mills Corporation (BJMC) has prepared the draft for the Jute Sector Development Fund.

Move on for new guidelines for e-commerce
Commerce ministry has initiated a move to formulate another set of guidelines for the e-commerce sector so that there was no contradiction in government policy hurting the sector. The decision was made in a recent meeting at the commerce ministry with the ministry’s WTO cell director general Md Munir Chowdhury in the chair, an official of the ministry told New Age on Tuesday.

Bangladesh restores LC margin on rice import
The central bank of Bangladesh has reinstated the letter of credit (LC) margin on rice import aiming to make sure farmers get fair prices for their produces. Under the latest measures of the Bangladesh Bank (BB), the commercial are allowed to impose the margin on opening of LCs for rice import on the basis of bank-client relationship considering the credit risk.

BSEC approves IPO of Kattali Textile
The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved Kattali Textile Limited’s (KTL’s) Initial Public Offering (IPO) prospectus to raise Tk34 crore from the public. As per the IPO, KTL will offload 34 million ordinary shares at a fixed price of Tk10 each.

Bangladesh’s stocks end lower for second day
Bangladesh’s stocks closed lower for the two consecutive sessions on Tuesday as cautious investors continued to book profit on sector-wise stocks. The market opened on positive note gaining around 18 points within first 20 minutes of trading. But rest of the session went down amid volatility.

AIIB seeks to finance two transport sector projects
The Asian Infrastructure Investment Bank (AIIB) has shown interest in financing two projects in the country’s transport sector for improving regional connectivity as well as boosting trade and business. Of the projects, Sylhet-Tamabil road upgrading project is on the priority list, as three missions of AIIB have analysed its feasibility, said sources concerned.

Banks to cut lending rates in phases
Banks are sticking to their directors’ decision to bring down the lending rates to 9 percent from July 1 amid growing dilemma over how to execute the plan for a large number of loan products. Banks lend under different categories: industrial loan, manufacturing loan, working capital, SME loan, credit card, retail and wholesale loans, and many more.

ADB approves $500m loan to develop power plant in Bangladesh
The Asian Development Bank’s (ADB) Board of Directors has approved a $500 million loan to develop a 800 megawatt (MW) power plant in Khulna of Bangladesh. The ADB-financed project design will ensure that the Rupsha plant uses the latest combined cycle technology, which offers the highest efficiency to convert gas to electricity.

BBN/SSR/AD