Chittagong port

Chittagong port of Bangladesh

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.

Chittagong port ranks 71 among 100 busiest ports in the world
Chittagong maritime port reached a new high in container handling according to the latest survey of Lloyd’s List, a UK-based maritime classification society. The port has moved up five spots and was ranked 71st among the 100 busiest container-handling maritime ports around the world.

Buyers’ credit jumps by 20pc in first half for low interests
The volume of buyers’ credit jumped by over 20 per cent in the first half (H1) of this calendar year as importers excessively bank on such cheaper foreign-currency loans. Sources said a section of businesses are deviating from the legal sanction for machinery and industrial raw-material imports with this dollar-denominated lower-interest credit facility and importing other items, too.

Limit mobile network coverage within country’s territory, BTRC asks telcos
The Bangladesh Telecommunication Regulatory Commission has asked mobile phone operators to keep network coverage within the country’s territory. The telecom regulator on August 30 issued a set of instructions regarding installation of base transceiver station commonly known as mobile phone tower at the country’s border region amid growing interest of the mobile phone operators to set up BST near the border areas.

Janata lenient over Beximco misconduct
In 2012, Janata Bank issued a loan guarantee of Tk 243 crore to Mashreq Bank for Beximco Group on condition that the local business giant will use three-fourth of the amount, or about Tk 182 crore, to repay the money it owed to the state-run lender. But, Beximco did not pay a single penny to Janata, and in so doing, has left a Tk 1,850 crore-sized hole in the lender’s books, according to the audit report of the Office of the Comptroller and Auditor General (CAG).

Bangladesh’s stocks break rally, turnover surges
Bangladesh’s stocks faced marginal correction on Wednesday, breaking eight-day rally, as risk-averse investors booked profit on quick-gaining stocks. Dealers said correction occurred as the market witnessed a substantial gain in the past few trading days, which prompted many investors to book quick-profit.

Ctg port faces fresh congestion
Container congestion has resurfaced in the Chittagong port with the storage capacity being exceeded yesterday, the general consensus reasoning the unavailability of adequate transport for the Eid-ul-Azha holiday. The poor presence of staff of clearing and forwarding (C&F) agents was also to blame as per officials of the port, which stayed closed for 12 hours on September 2, when Eid was celebrated.

Bapex to bid for drilling exploration well for ONGC
State-run petroleum exploration company Bapex is set to bid for a contract with India’s ONGC Videsh to drill an exploration well located at Kanchan in Cox’s Bazar under shallow sea block-4. Bapex took the move at a time when the government decided to award contracts to three foreign companies to drill 13 onshore wells allocated for Bapex itself, said officials.

Businesses struggle to access sufficient credit: ADB
Businesses of all sizes continue to struggle to access sufficient credit, resulting in a global trade finance gap of $1.5 trillion in 2016, according to an Asian Development Bank (ADB) Brief released on Tuesday, reports BSS. Developing Asia’s share of the trade finance gap was 40 per cent of the global total.