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.
Readymade Garment Sector: Revised wage sees protests subside
The weeklong protests in the apparel hub in Gazipur, Ashulia, Savar and Mirpur ebbed away yesterday, a day after the government announced revised wages in six grades for garment workers. Apart from one or two incidents in Ashulia, where a few thousand workers took to the streets before being driven away by the police, the situation was normal elsewhere. Apparently, the unrest in the country’s largest foreign export earning sector has been resolved.
Apparel businesses bleed as labour movement turns violent
Each time there is any issue over worker rights or remuneration in the country’s apparel sector, why is it resolved on a collision course? Businesses bleed when worker movements get violent and it takes lots of time and effort to recoup the losses the sector suffers.
ILO welcomes to set minimum wages for apparel workers
The International Labour Organisation (ILO) has welcomed the government’s efforts to set the minimum wages for apparel workers of Bangladesh. “We acknowledge the genuine efforts of all parties, led by the Ministry of Labour and Employment, to work towards setting minimum wages at an appropriate level and to reach a consensus,” an ILO statement quoting its Country Director for Bangladesh Tuomo Poutiainen said in Dhaka on Monday.
BB sells $1.22b to banks to keep forex market stable
The central bank of Bangladesh has injected US$1.22 billion so far this fiscal year into the market to help keep the foreign exchange (forex) market stable. As part of the move, the Bangladesh Bank (BB), the country’s central bank, has sold the US currency directly to the commercial banks as liquidity support for meeting their import payment obligations, according to officials.
Bangladesh’s stocks break gaining streak on profit booking
Bangladesh’s stocks witnessed mild correction on Monday, snapping the recent rally, as investors booked some profit on sector-wise issues. Analysts said stocks returned to the red as a section of investors opted for booking profit on stocks which saw sharp gain in recent price upsurge.
China mum about DFQF facility for BD
China remains silent about extending duty-free and quota-free (DFQF) access of Bangladeshi products to its market, though Dhaka agreed to sign a ‘letter of exchange’ nine months ago. Despite repeated reminders from Bangladeshi trade officials over the period, their Chinese counterparts did not respond accordingly, officials said.
Le Méridien issues Tk 1,200cr bond to pay off loans
Best Holdings, the parent company of Le Méridien Dhaka, issued a bond to raise Tk 1,200 crore with a view to paying off its bank loans, which it has been struggling to service despite raking in profits. The company had taken loans amounting to Tk 1,160 crore for the upscale hotel’s construction. As of August 31, 2018, Best Holdings owes Tk 838 crore to a total of 13 banks and non-bank financial institutions.
BGMEA, finally, moves to hold polls on April 6
The election schedule of Bangladesh Garment Manufacturers and Exporters Association has finally been announced on Sunday. As per the schedule, polls for electing 35 directors of the trade body would be held on April 6.