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.
Bangladesh-Myanmar border trade closed as Rohingya crisis worsens
Border trade between Bangladesh and Myanmar remains closed as the traders are worried about their security after the Rohingya crisis broke out.Officials said the Bangladesh government has also suspended efforts to enhance trade with Myanmar after the crisis worsened in the neighbouring country, said officials. “We planed to increase annual trade between Bangladesh and Myanmar to Tk10,000 crore within a few years from less than Tk6,000 crore now. But we dropped the efforts after the latest persecution on the Rohingya crisis began,” said a Ministry of Commerce official.
ADP spending rises in Aug
The ministries and divisions put to use 5.15 percent of their total outlay in the first two months of the fiscal year thanks to a spike in expenditure in the month of August. Last month, the ministries and divisions employed Tk 7,505 crore to take the two-month tally to Tk 8,457 crore, according to statistics from the Implementation Monitoring and Evaluation Division. At this point last fiscal year, Tk 4,756 crore was spent, which was 3.86 percent of the total allocation for the annual development programme.
Bangladesh’s banks asked to avert loan concentration
The central bank of Bangladesh has directed the commercial banks to avert loan concentration in single big groups or sectors through diverting their investment portfolios for minimizing risks. The instruction were made at a meeting of bankers, held at the central bank headquarters in the capital on Sunday with Bangladesh Bank (BB) Governor Fazle Kabir in the chair.
Bangladesh’s export earnings grow by 14% in July-Aug
Bangladesh’s export earnings grew by nearly 14 per cent during the first two months of the ongoing fiscal year (FY) 2017-18 following higher shipments of apparel products. The overall export earnings rose to US$6.62 billion in the July-August period of the FY 18 from $5.82 billion in the same month of last fiscal year, the state-run Export Promotion Bureau (EPB)’s latest data showed.
Bangladesh’s stocks extend gaining streak
Bangladesh’s stocks extended the gaining streak for the second day in a row on Sunday with all three indices and market capitalisation of the prime bourse hit a new high. Analysts said the market maintained the upward trend as investors continued their buying appetite on large-cap sectors like telecommunication, cement, bank and pharmaceuticals, taking the key index to record high.
Exchange-traded fund at bourses unlikely to be launched this year
Exchange Traded Fund at the capital market is unlikely to be launched this year despite publishing of gazette notification on ETF rules by Bangladesh Securities and Exchange Commission. Brokers said that the delay in issuing ETF could hinder the prospect of the market and the aim of its diversification. BSEC published gazette notification containing the ETF rules on June 13 this year.
BD gold reserve rises fourfold in seven yrs
Bangladesh’s official gold reserve has risen four times in seven years since 2010 to 14 tonnes, prompting economists to discourage its external purchase now. Sources said a big purchase and recurrent seizure of the precious metal at the airports during the time resulted in a rapid increase in the size of the reserve.
2nd Submarine Cable: Users denied full benefit
Bangladesh yesterday launched its second submarine cable connection for commercial use, making another stride in ensuring uninterrupted internet connectivity and boosting online-based business. Industry experts, however, say this cable with a capacity of up to 1,500 Gigabits per second (Gbps) bandwidth will not bring immediate benefits to end-users as the inland cable network set up by state-owned Bangladesh Telecommunications Company Ltd (BTCL) is not up to the mark.