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.
Local apparel-makers lift objection to FDI in RMG outside EPZs
The country’s apparel-makers have finally withdrawn their objection to foreign direct investment (FDI) in readymade garment (RMG) industry outside the export processing zones (EPZs), officials said. Now the government will assign the Export Promotion Bureau (EPB) with the task of issuing utilisation declaration (UD) certificates for foreign-funded apparel factories after getting approval from the Prime Minister’s Office (PMO), they added.
Africa’s rise poses threat to Bangladesh’s apparel export
The upward trend of garment exports from Africa, thanks in part to Bangladeshi investors, poses a threat to Bangladesh’s second position in the global apparel trade. In 2016, garment exports from 39 sub-Saharan nations stood at $2.6 billion, according to data from the International Trade Centre. Industry insiders are tipping the shipments to cross the $3-billion mark this year. The countries enjoy duty-free and quota-free access for certain goods, including garment, to the US under the African Growth and Opportunity Act (AGOA).
REB to supply power to 100 new EZs
The Rural Electrification Board will supply electricity to industrial units to be set up at 100 new economic zones to help its loss incurring Palli Bidyut Samitis to become breakeven. Now, 71 out of 80 Palli Bidyut Samitis are incurring losses by supplying electricity in their distribution areas, mainly due to absence of the high-end domestic consumers and industrial and commercial units which pay the price of electricity at higher rates, officials said.
Rice price unlikely to drop despite import from Vietnam
Rice traders have warned of continued high prices of the staple food, saying fresh imports from Vietnam will have little effect “any time soon” as they will not be distributed for Open Market Sale to the general public. A total of 47,000 tonnes of rice have arrived at the Chittagong port in two consignments in the past week. The first batch of 20,000 tonnes arrived on July 13 and has already been unloaded, while the second shipment of 27,000 tonnes reached the port city on Monday.
Bangladesh’s stocks down on profit booking
After hitting historical high, the key index of the premier bourse witnessed a marginal correction on Monday as risk-averse investors opted for profits on quick-gaining stocks. Market insiders said correction occurred as the market saw a substantial gain in the past few trading days, which prompted many investors to book quick-profit.
Govt takes back 7 privatised jute, textile mills for violating T&C
The textiles and jute ministry has taken back seven privatised textiles and jute mills due to ‘violation’ of terms and conditions of privatisation by the buyers. Ministry officials said on Sunday said that the ministry had taken back Fouji Chotkol Jute Mills Ltd located at Ghorashal in Narsingdi. With the permission of the textiles and jute ministry, Fouji Chotkol Jute Mills had been handed over to Humayun Kabir Mollah with an agreement to repay all the dues and loans of the mills to various financial institutions in 1995.
BB may dissolve NRB Commercial Bank’s board
Bangladesh Bank may dissolve the board of four-year-old NRB Commercial Bank and remove its managing director Dewan Mujibur Rahman for gross irregularities. The development comes as the central bank was dissatisfied with the explanations given by NRBC Bank Chairman Farasath Ali and its CEO Rahman against the show-cause notices it had served earlier on 10 counts of wrongdoings, including signature forgery, interference of outsiders in the board and corruption.
Focal-point officers to deal with foreign taxpayers in tax offices
All income-tax offices across the country will each have a focal-point officer to extend a fair deal to foreign taxpayers, both corporate and individual, in tax-related affairs. Officials said the National Board of Revenue (NBR) has made the move following complaints from the foreign taxpayers of hurdles in getting satisfactory tax-related services.