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.
Export earnings fall short of target
Despite having a double-digit export target, Bangladesh’s export earnings have risen by nearly 4% in July-April period of the current fiscal year. In attaining the government target of $50 billion export by 2021, Bangladesh has to register a double-digit growth while RMG sector over 12% growth in export earnings. Export-oriented sector people opined that overall export earnings have shown a single-digit growth due to slower growth in export earnings of apparel sector.
Bangladesh’s trade deficit widens by 46.87% in July-March
Bangladesh’s trade deficit widened by 46.87 per cent in the first nine months of this fiscal year (FY), 2016-17, following higher growth of import payments than export earnings, officials said. The overall trade gap rose to $ 7.04 billion in the July-March period of the FY 17 from $ 4.79 billion in the same period of the previous fiscal, according to the central bank’s latest statistics.
Finance ministry in favour of firms investing abroad
The banking division is in favour of allowing local businesses to invest abroad — a stark contrast to the central bank’s stance on the matter. However, for taking the final decision on the matter, Finance Minister AMA Muhith has referred the proposal to the cabinet committee on economic affairs that has several ministers as its members. Three industrial giants — Akij, Nitol and Ha-Meem — have recently applied to the Bangladesh Bank for permission to invest a total of $37.44 million in ventures in three countries.
Apr foreign investment at DSE sinks by 79pc
Net overseas investment declined sharply by 78.78 per cent or Tk 259.97 crore in April compared with that in the previous month mainly due to sharp decline in share prices during the period. According to a DSE report released on Sunday, net foreign portfolio investment at DSE declined to Tk 70 crore in April compared with that of Tk 329.99 crore in the previous month. Before April, foreign investment was lower in August, 2016 when the net investment turned Tk 3.75 crore negative.
Bangladesh’s stocks finish lower for second day
Bangladesh’s stocks finished lower for the two consecutive sessions on Sunday as risk-averse investors booked profit on sector specific stocks. Following the previous week’s marginal gain, the key index of the country’s prime bourse advanced 13 points while the Selective Category Index of port city bourse rose 42 points within first 15 minutes of trading at 10:45am.
ADB development assistance for BD may double to $2.0b
The Asian Development Bank hinted at doubling its assistance for Bangladesh economy as it grows rapidly and demands higher investment to maintain the momentum. To support the advances, which an ADB functionary likened to the East-Asia model, the Bank is likely to enhance its financing to Bangladesh in the current year to around US$2 billion.
Extend Accord’s tenure with conditions: BGMEA
The garment makers want extension of the Accord’s tenure by three years to see through the factory remediation works that the international retailers’ agency set in motion but under certain conditions. The Accord on Fire and Building Safety in Bangladesh is a five-year independent, legally binding agreement between 220 Europe-based retailers and brands, to ensure a safe garment industry in the country. The tenure of the platform, which is inspecting and renovating 1,600 factories, will expire in June 2018.
Poor FDI weakest point of B’desh economy: ADB
Asian Development Bank’s South Asian department director general Hun Kim has identified poor foreign direct investment as the weakest point of Bangladesh’s economy. The FDI flow is very low, which accounts for less than one per cent of Bangladesh’s total GDP size, Hun said at a press conference on the final day of the 50th annual meeting of the ADB at the Pacifico Yokohama Conference Centre in Yokohama, Japan on Sunday. He said East Asian countries obtained robust growth because of good inflow of FDI.