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.

India brings no cheer to garment exporters
Garment exports to India declined in fiscal 2016-17 thanks to 12.5 percent countervailing duty by the neighbour, which negates the benefit of duty-free access, and the emergence of its own apparel manufacturing industry. Last fiscal year, garment shipments to India, a market of more than $40 billion, fetched $129.81 million, down 4.85 percent year-on-year.

BJMC incurs Tk 482cr losses in FY17
State-owned jute mills under the Bangladesh Jute Mills Corporation incurred a loss of Tk 481.90 crore in the last fiscal year 2016-2017, said textiles and jute ministry on Sunday. The overall loss, however, declined by Tk 174.91 crore in the year compared with that of the previous FY 2015-2016 when 26 government-owned jute mills had incurred a loss of Tk 656.81 crore.

Bangladesh’s agro-credit classified loans jump by 27% in FY 17
The amount of classified loans in the agricultural sector jumped by 27.07 per cent in the just-concluded fiscal year (FY) despite a close watch by the central bank of Bangladesh. The non-performing loans (NPLs) of the farmers rose to BDT 52.41 billion in the FY 2016-17 from BDT 41.24 billion in the previous fiscal, according to Bangladesh Bank (BB)’s latest statistics.

Data shows Bangladesh 3rd largest bicycle exporter to EU
Manufacturers in Bangladesh supplied 11% of the European Union’s (EU) total imported bicycles in 2016, making the country the third largest bicycle exporter to the bloc after Taiwan and Cambodia. Data published by Eurostat, official EU website for European statistics, showed that 42% of the bicycles imported by EU member countries came from outside the EU.

Bangladesh’s stocks slip into red amid low turnover
Bangladesh’s stocks slipped into the red on Sunday, after single-session break, with turnover fell below BDT 5.0 billion on the major bourse as cautious investors reluctant to make fresh stake in stocks. Dealers said the market said most of the investors remained followed cautious stance ahead of Monetary Policy Statement (MPS) for the first half of the current fiscal year scheduled to be announced on July 26.

Tidal surge, rains damage Ctg wholesale hubs
Traders in Khatunganj and Chaktai, major wholesale hubs in Chittagong, are staring at losses of about Tk 50 crore after shops were beset by four feet of water yesterday. Patenga Met Office recorded 99.8mm of rainfall in the 24 hours to 3pm and there was a tidal surge too.

Bangladesh relaxes policy on NRBs housing loan
The central bank of Bangladesh has relaxed policy allowing Non-Resident Bangladeshis (NRBs) to receive more housing loan aiming to boost the flow of inward remittance. Under the relaxations, the NRBs are now eligible to avail housing finance facility at a maximum debt equity ratio of 75:25 instead of the debt equity ratio of 50:50.

Report: Banks, financial institutions faced cyberattacks every 39 seconds in 2016
Trans IT, a Bangladeshi IT firm revealed that banks and financial institutions worldwide came under cyber attack every 39 seconds in 2016. The report titled “Cyber Threat: Readiness for Bankers,” also revealed that worldwide losses due to ransomeware attack was worth more than $1bn only and the losses from the cyber attacks might cross the $6tn mark by 2021.

BBN/SSR/AD