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.
Pvt sector credit growth falls to 15.66pc in FY17
Bangladesh Bank has failed to achieve the private sector credit growth target for the recently concluded fiscal year 2016-2017 because of slow credit demand from the entrepreneurs amid dull business. The private sector credit growth stood at 15.66 per cent year-on-year in FY17 against the 16.50 per cent target set by the central bank, according to the latest BB data.
Mongla not fit to take heat off Ctg port
With the Chittagong port grappling with huge vessel congestion, the country's second sea port in Mongla remains underutilised mainly because of inadequate facilities and low draft, said stakeholders. The port at the southwest coastal belt has the capacity to handle 70,000 TEUs (twenty foot equivalent units) of containers a year. It handled 26,952 TEUs containers in fiscal 2016-17, down 36 percent year-on-year, according to data from the Mongla Port Authority.
26 more Alliance factories complete CAPs
A platform of North American garment buyers has announced that another 26 Bangladeshi factories which supply products for their signatory brands have completed Corrective Action Plans (CAPs). The Alliance for Bangladesh Workers Safety said in its latest release that a total of 118 factories had completed CAPs by the end of July. As part of its on-going mission to improve safety in its affiliated garment factories in Bangladesh, the Alliance announced that within the last month, four additional factories have completed all material components outlined in their CAPs.
Foreign investment in Bangladesh’s stocks drops 49% in July
The month-on-month net portfolio investment in Bangladesh’s stocks fell nearly 49 per cent in July as overseas investors followed “go-slow” strategy. The foreign investors adopted a ‘wait-and-see’ policy in July, as their exposure to the stock market was the highest in June 2017, according to analysts.
Bangladesh’s stocks stay positive for third day
Bangladesh’s stocks extended the gaining streak for the third consecutive sessions on Wednesday as some optimistic investors continued their buying appetite on sector specific shares. Dealers said the market sustained gaining momentum with healthy amount of activities as optimistic investors remained active in the market while some rebalanced their portfolios.
PM approves nine power purchase proposals without tender
Prime minister Sheikh Hasina has approved nine proposals for purchasing expensive electricity from private fuel oil-fired power plants with 1,763MW combined capacity without any tender. ‘We have received the prime minister’s approval yesterday,’ a power division official told New Age on Wednesday. The power division would send the proposals to the cabinet committee on government purchase in the next week for approval before awarding the contracts, the official said.
FDI for apparel to be allowed in special economic zones: Tofail
The government will allow foreign direct investment (FDI) in the readymade garment sector in special economic zones (SEZ) and high-end fashion items in Bangladesh, Commerce Minister Tofail Ahmed said yesterday. Investors from many countries have been lobbying governments over the years to get permission to invest in the ready-made garment sector outside of the export processing zones (EPZ), but the FDI was confined in the specialised areas.
Financial Stability Group to be formed in Bangladesh
A move has been taken to form a Financial Stability Group (FSG) – an apex body comprising all financial-sector –to deal with possible financial shocks properly. The first meeting of the proposed apex body is scheduled to be held at the ministry of finance in the capital Dhaka on Thursday with Finance Minister AMA Muhith in the chair.
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