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.

Tax cuts to cheer up apparel exporters
The government is going to cut withholding tax and corporate tax for garment exporters in what can be viewed as yet another pullback by the revenue authority from its intent to collect higher tax from the sector. Last fiscal year, the sector earned $30.61 billion, which is 83.5 percent of the total export receipts for the year.

Call rate rise unlikely ahead of Eid-ul-Azha
The inter-bank call money rate is unlikely to rise ahead of the Eid-ul-Azha, as the overall excess liquidity with the banks increased by over 22 per cent or Tk 171 billion in this June. The call money rate has been showing an upward trend since August 12, mainly due to higher withdrawal of cash money from the banks ahead of the Eid, according to the market operators.

Pricy mobile call rate decision must be scrapped
Political leaders and mobile phone customers on Saturday urged the government to cancel its uniform floor rate decision that has made the mobile users pay more for phone calls. The uniform floor rate of Tk 0.45 per minute came into effect from 12:01am on August 14 following a Bangladesh Telecommunication Regulatory Commission order.

Savar Leather Estate rife with environmental hazards
Despite huge investment and government efforts to make tannery industry free from environmental pollution, danger lurks in Savar Leather Industrial Estate as solid waste is being dumped in open space and the Central Effluent Treatment Plant (CETP) is yet to start full-fledged operation. In face of strong pressures from environmentalists and global retailers, the government forced tanners to relocate factories from Dhaka’s Hazaribagh to Savar in a bid to prevent environmental pollution.

Sales of sacrificial animals yet to gain momentum in city
Sales of sacrificial animals began in the city’s 25 cattle markets on Saturday with their prices showing comparatively higher than that of last year. Traders have attributed the higher prices of sacrificial animals to increased cost of cattle fodder and persisting good weather.

RMG drives export earnings growth from US to 21pc in July
Bangladesh’s export earnings from the United States in the first month (July) of the current financial year 2018-19 rebounded overcoming the sluggish growth in last few months as the export orders for readymade garment products from the US started increasing. Export to India in July of FY19 achieved more than 165 per cent growth due to excellent performance of RMG products as the Indian and global brands set up a good number of retail shops in the neighbouring country and increased their procurement from Bangladesh.

Written-off loans reach Tk 48,053cr
The amount of loans written off by banks increased six times year-on-year to Tk 141 crore in the first quarter of 2018 as the lenders used a central bank policy to clean up their books. This took the total written-off loans figure to Tk 48,053 crore since January 2003 when the policy was introduced.

Three companies to be suspended from stock exchanges
The Bangladesh Securities and Exchange Commission (BSEC) on Thursday ordered the stock exchanges of the country to suspend the trading of three companies. The three companies are Monno Jute Stafflers Ltd, BD Auto Cars and Legacy Footwear. The companies have been suspended for 30 sessions, BSEC Executive Director and spokesperson Md Saifur Rahman told the Dhaka Tribune.

BBN/SSR/AD