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.
Biman incurs over Tk57cr loss since UK cargo ban from Dhaka
Biman Bangladesh Airlines has incurred a loss of over Tk57 crore as the British government put a ban on direct air cargo shipment from Dhaka to London a year back. “If the ban continues till March this year, the total loss would cross Tk61 crore,” said the Biman officials. They said: “The national flag carrier is currently incurring a loss over Tk5 crore each month because of the air cargo ban.” Biman officials, however, expect that the direct cargo ban will be withdrawn within March this year as they have already undertaken some measures following the ban imposed by UK.
Lack of skilled professionals challenge for pharma export
Country’s leading pharmaceutical manufacturers on Saturday said that penetrating overseas markets was a big challenge for Bangladesh’s pharmaceutical sector despite having huge export potential as the sector lacked highly skilled professionals required for the job. This is the right time to sit with the country’s academicians to upgrade the university curriculums to address the requirements of the industry, they said at the Samson H Chowdhury Memorial Conference on Bangladesh pharmaceutical industry. Square Pharmaceuticals Limited organised the conference at the Dhaka Club in the capital. Samson H Chowdhury, who died on January 5, 2012, was the founder of Square Group, one of the country’s business conglomerates.
Current account deficit widening
Current account deficit widened further in the first six months of the fiscal year on the back of the sliding remittance inflow and slow export growth. Between the months of July and December of 2016, the current account deficit stood at $793 million in contrast to $1,852 million in the surplus a year earlier, according to the central bank’s balance of payments data. The current account balance set foot into the negative territory for the first time in four years in the first quarter of fiscal 2016-17: the deficit was $504 million and every month it has been gradually increasing.
Countrywide mega traffic infrastructures under study
The government now moves to build overhead expressways along potential national highways and second bridges over major rivers under a mega traffic plan. Officials said the objective is to make nationwide road infrastructures ready for growing traffic beyond 2030. Building such communications networks is particularly being seen as an imperative for the fact that Bangladesh is poised to become an important regional transport corridor.
BANGLADESH’S STOCKS KEEP UPBEAT FOR TWO WEEKS
Bangladesh’s stocks stayed upbeat for the two consecutive weeks that ended on Thursday with high turnover value as investors took position on large-cap stocks amid optimism. Brokers said the opportunity seeker investors showed their buying interest riding on the hopes of revival of stocks prices. The week witnessed five trading sessions as usual. Of them, four sessions closed higher while one saw mild correction. DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 78.20 points or 1.42 percent to settle the week at 5,590.67 points.
4G auction to be open for all: BTRC
The telecom regulator plans to issue 4G licences by a month, which will enable people to enjoy fastest data service. Bangladesh Telecommunication Regulatory Commission has decided to make it an “open for all” licence where even a new entity can participate. The commission will also arrange an auction to distribute spectrum in four months, BTRC Chairman Shahjahan Mahmood told The Daily Star yesterday. “Prior to the auction, we will give go-ahead to technology neutrality for all existing spectrum,” said Mahmood. A senior executive of a top mobile operator said they are ready to launch 4G services as they have already upgraded their network.
BB to phase out magnetic strip-based bank cards
Bangladesh Bank has taken initiative to phase out the use of magnetic strip in the credit and debit cards of scheduled banks to secure clients’ card-based transactions through ATMs and POS terminals from data skimmers under its National Chip Specification programme. A BB official told New Age on Thursday that some banks had already introduced chip-based credit and debit cards after a major ATM scam in the country in February last year, but the banks also kept magnetic strip in the cards. He said the central bank would develop an app for all local banks to attach it to the chip of their credit and debit cards under the programme.
TATA STEEL EXPLORES BANGLADESH RETAIL
Bangladesh and Myanmar are the two B2C markets which have similar profile as India. Boosted with the success of its solution business in the retail segment in the domestic market, steel major Tata Steel is now exploring possibility of entering overseas markets like Bangladesh and Myanmar with retail branded steel solution products, reports The Hindu quoting PTI. “We have a great success in developing brands and distribution network in B2C markets in India. We see the opportunity there in the B2C markets to build the brand and distribution network,” Tata Steel MD (India and South East Asia) T V Narendran said.