Bangladesh readymade garment sector

Bangladesh readymade garment sector. Photo: BBN

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.

Worker killed, 100 injured in clashes
A garment worker was killed and around 100 others were injured in clashes with police at Savar and Uttara in Dhaka and in Gazipur as workers continued demonstration for the third consecutive day on Tuesday for wage hike. Workers said that the deceased, Sumon Miah, 22, was a finishing section operator of Anlima Yarn Dying Ltd at Ulail of Savar industrial belt.

Recovery slow for feeble efforts
Banks have been able to recover less than a fourth of their written off loans in the last 15 years because of half-hearted effort on their part. Introduced in January 2003 with a view to putting the brakes on rising default loans, the Bangladesh Bank’s write-off policy has allowed banks to clean up their balance sheets artificially.

Bangladesh’s forex reserve falls to $31.01b after ACU payment
Bangladesh’s foreign exchange reserve (forex) fell to US$ 31 billion on Tuesday following a regular payment to the Asian Clearing Union (ACU). The forex reserve came down to $ 31.01 billion on the day from $ 32.09 billion of the previous working day, according to the central bank’s officials.

Industries Minister for ‘zero tolerance’ against corruption
Industries Minister Nurul Majid Mahmud Humayun on Tuesday said his ministry will pursue zero tolerance policy against corruption as per the Awami League’s election manifesto. “In the coming days, the overall activities of the industries ministry will reflect a strong position against corruption. The industries ministry will not accept corruption in any situation,” he said while speaking at a meeting at the Industries Ministry in the city, reports BSS.

Bangladesh’s stock index exceeds 5700-mark
The prime index of the major bourse crossed the 5,700-mark after eight months as investors took fresh stakes on stocks amid optimism. Analysts said spontaneous participation backed by hopes and excitements lured the investors to take position on the large-cap stocks, taking the core index above 5,700-mark once again.

Pvt insurance staffers to be public servants!
A move is well under way to make private insurance employees’ as “public servants” with intent to bring them under a legal framework. The people working at the Financial Institutions Division under the Ministry of Finance are examining the issue.

Two new insurers may get licences
The government is set to hand out licences for new insurance companies although many newer insurers are yet to find a toehold in the industry despite five years of operation. The Insurance Development and Regulatory Authority (IDRA) gave the no-objection certificate to NRB Islamic Life Insurance to register with the Registrar of Joint Stock Companies.

BB seeks info on overdue import bills by Jan 13
The central bank of Bangladesh has sought information on overdue import bills up to December 31 last from the commercial banks by January 13, officials said. The Bangladesh Bank (BB), the country’s central bank, took the move against the backdrop of rising trend in the amount of non-payment of import bills recently.