Bangladesh RMG

RMG workers in a Bangladesh factory. BBN file photo.

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.

RMG exports to India can hit $2b in 2yrs
Bangladesh has the capability to export $2 billion worth of apparel to India in the next two years on the back of its duty-free access to the market and rising demand for garment items at competitive prices, said Commerce Minister Tipu Munshi yesterday.

Petrobangla utilising full capacity of FSRU
The state-run Petrobangla has finally started utilising the full capacity of the US-based Excelerate Energy’s floating LNG terminal by re-gasifying around 500 mmcfd equivalent of LNG for consumers since Friday (Jan 25). As a result, the Petrobangla can also escape from paying ‘capacity payment’ to Excelerate after more than five months since the beginning of commercial operation of the floating, storage and re-gasification unit (FSRU) — Excellence — on August 18, 2018.

BRB eyes another SoE board buying 27pc Renwick shares
After securing four posts of director in the board of state-owned enterprise Eastern Cables, leading private sector cable manufacturer BRB Group has set eyes on another state-run company, Renwick Jajneswar & Co, as it (Group) bought a significant amount of shares of the company from the capital market.

Brexit anxiety weighs on Bangladesh exports to UK
The tension over Brexit has slowed down Bangladesh’s export growth to the UK, as earnings from the European country during the first half of the current fiscal year posted only a 3.16% increase, compared to 14.42% overall export growth for the country.

Bangladesh’s stocks dip but turnover hits 16-month high
Bangladesh stocks witnessed marginal correction on Sunday as investors went for profit-taking sales of shares of financial scrips and Grameenphone, market operators said. On the day, the turnover hit 16-month high as many investors injected fresh funds in securities, they added.

Car sales drop on polls worries
Car sales fell 16.5 percent to 18,227 units last year, the lowest in four years, as customers tightened their belts because of uncertainty surrounding the general election. Some 21,959 units of cars were registered with Bangladesh Road Transport Authority (BRTA) in 2017. It was 20,304 and 21,062 units in 2016 and 2015 respectively.

NBR seeks data on charges of ride sharing cos
National Board of Revenue has sought a set of data including accounting system and fare setting method from mobile apps-based ride sharing companies to remove complexities in collecting value-added tax on the service. In a letter issued on January 20, VAT wing of NBR asked Uber Bangladesh Ltd and Patho Ltd, the two major ride sharing companies in the country, to send the required data on emergency basis to solve the problem.

Government to import 1.42m tons of petroleum by June
Bangladesh will import around 1.42 million tons of petroleum from eight state-owned companies of different countries under the government-to-government (G2G) arrangements in the first half of the current year. According to sources at the Energy and Mineral Resources Division under the Power, Energy and Mineral Resources Ministry, the government will require to spend about $806.769 million, equivalent to Tk6,772.87 crore, to procure this bulk refined petroleum from January to June this year.