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 plan needs $85 billion in investment by 2041
Power sector would require $85 billion in investment in the next 25 years to attain the government’s plan to increase per capita power consumption to more than 7,000 units or kilowatt-hour from the existing 407 units. According to a report prepared by the power cell of the power division in June, $21 billion would be required in the next five years until 2021 while the power sector received $8 billion in investment in the past seven years.
Pharma sector to grow at 15pc a year: study
Bangladesh’s pharmaceutical sector can grow at 15 percent for the next five years riding on the expanded domestic market as well as new export frontiers, according to a new research. “It would be unsurprising if it takes a similar route to Indian pharmaceutical industry,” said LR Global, an asset management firm, in its report on Bangladesh’s pharmaceutical sector.
Govt to allow import of 500,000 metric tons of crude salt
The government has decided on Wednesday to again temporarily suspend the prohibition set on the import of salt in the country’s import policy and authorise the import of 500,000 metric tonnes of crude (unrefined) salt in order to meet the domestic demand. Estimates made by the Ministry of Industries state that the demand for salt in the country this year stands at 1.576 million tonnes. With the current salt production rate at 1.364 million tonnes, the clear deficit of 212,000 tonnes has pushed up the market price of local salt to Tk40 per kilo.
Global cotton production to grow by 7.0% in 2017/18
Global cotton production is expected to grow for the second consecutive season by 7.0 per cent to 24.6 million tonnes in 2017/18, according to the International Cotton Advisory Committee (ICAC). The ICAC also said world cotton area is projected to expand by 7.0 per cent to 31.8 million hectares, which remains below the average of 32.3 million hectares of the previous ten years despite prices above their long-term average.
DSEX hits all-time high on buying binge
Bangladesh’s stocks extended the winning spell for the third day in a row on Wednesday, with key index of the premier bourse rose to its highest level since the inception in January 2013. Brokers said the market maintained the upbeat momentum as optimistic investors continued their buying interest on large-cap issues amid optimism, thereby taking the prime index of the premier bourse to fresh hike.
Credit growth dips in May after five months
Private sector credit growth bucked its five month-long upward trend in May, declining 0.2 percentage points to 16 percent. “There is nothing to worry about,” said Syed Mahbubur Rahman, managing director of Dhaka Bank, adding that the demand for credit is on the rise thanks to the government’s various infrastructure projects.
Telcos lose tribunal battle over Tk 2,048cr SIM replacement tax
The National Board of Revenue has demanded Tk 883.32 crore from four mobile phone operators alleging that they had dodged the amount as SIM replacement tax between July 2012 and June 2015. The operators — Grameenphone, Robi, Banglalink and Airtel — also last month lost a legal battle at NBR’s VAT appellate tribunal regarding previous dispute over SIM replacement tax worth Tk 2,048 crore, officials said.
IDB approves $95.24m loan for rural housing project in Bangladesh
Islamic Development Bank has recently approved a loan of $95.24 million for rural and peri-urban housing finance project in Bangladesh. The approval came at the bank’s 320th meeting held in Jeddah on Sunday.