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.
BPC turns down Indian request to invest in oil pipeline
The state-owned Bangladesh Petroleum Corporation turned down a request made by India to jointly invest in the installation of pipeline for supplying diesel from the latter’s oil refinery, officials said. Bharat Petroleum Corporation, the state-owned body of India, made the request during a recent visit by a high-powered BPC delegation, headed by its chairman Abu Hena Mohammad Rahmatul Muneem, officials added. Bharat Petroleum already moved to supply annually one million tonnes of diesel from its Asam-based Nomaligarh Refinery Ltd through Shiliguri oil depot with the installation of a pipeline network in the northern part of Bangladesh, they informed.
Confusion grips businesses over DEDO abolition
Businesses feel getting into a quandary as the government is poised to abolish the Duty Exemption and Drawback Office (DEDO) under a new law sans a better option. Officials said when the new VAT and supplementary duty act takes effect on July 01, 2017, the DEDO will stand abolished as the law scraps the provision concerning its establishment. The DEDO came into being in 1987.
Bangladesh’s private sector credit growth rises further in Feb
Bangladesh’s private sector credit growth increased further in February due to higher short-term loans for making import payments along with settling foreign currency liabilities with the banks. The growth in private sector credit flow rose to 15.88 per cent in February 2017 on a year-on-year basis from 15.61 per cent a month ago. It was 15.55 per cent in December 2016, according to the central bank’s latest statistics.
Envoy embraces robotic tech to raise standards, output
Bangladesh’s apparel manufacturers are increasing the use of modern technologies to boost productivity, deliver products on time and meet demand for finer products from global retailers and brands. Some local fabrics manufacturers have even gone one step further, as they are using robotic technology and machinery.
Bangladesh’s stocks face mild correction after three weeks
Bangladesh’s stocks finished marginally lower last week that ended on Thursday, after remaining positive in the past three weeks, as cautious investors’ bagged profit on heavyweight bank stocks. Brokers said correction was triggered by slow participation and pursuance of January-March quarter-end profit booking by the institutional investors that made some selling spree on market. The week featured four trading sessions as March 26 was public holiday due to the Independence Day of Bangladesh.
Fixed deposits account for 57pc of DSE’s revenue
Interests on fixed deposits generated more than half of the total revenue for Dhaka Stock Exchange than the bourse’s core business that includes share transactions and listing fees. The premier bourse received Tk 107.08 crore in interest on fixed deposits in fiscal 2015-16, which accounted for about 57 percent of the total revenue, according to the DSE’s annual report that was approved by the shareholders at its 55th annual general meeting on March 23.
Report: 7% growth still achievable in H2
A new research report assessed that a 7% growth rate is still achievable in the second half of the current fiscal year, on the back of moderate credit growth, higher rates of public and private sector investment, stabilisation of remittance earnings, and stronger exports, due to a stronger dollar. The report titled “Global Headwinds, Local Resilience and Rising Markets: Update on the Macro Economy and Capital Markets,” was prepared by Sajid Amit, Director of Center for Enterprise and Society (CES) of the University of Liberal Arts Bangladesh (ULAB).
7 more RMG factories face Alliance wrath
The Alliance for Bangladesh Worker Safety, a consortium of North American fashion retailers and buyers, has cut business relations with seven more Bangladeshi readymade garment units in March due to their failure in making required progress in factory remediation. With the seven, the total number of RMG factories with which the Alliance has severed business ties reached 141.