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.
Apparel benefitting from US-China trade war
Bangladesh’s garment sector is turning into a beneficiary of the US-China trade war as American retailers are placing more work orders, but other sectors, such as jute and leather goods, are yet to see an uptick in fortunes. Though China is by far the world’s biggest exporter of manufactured goods, some factory owners over the past decade began moving production to other developing countries such as Bangladesh, Cambodia and Vietnam, said a recent report of The Financial Times.
LGED in a hurry to take up road projects
The government is in a hurry to get rural infrastructure development projects involving substantial volume of funds approved by the Planning Commission (PC) before the forthcoming national elections, officials said on Saturday. They said the Local Government and Engineering Department (LGED) alone has sought approval for nine projects meant to construct rural roads and bridges, where billions will be required.
Govt to award CIP status only to actual exporters
The government has decided to amend the existing policy on CIP (export) status aiming to include exporters of services and exclude ex-officio trade body leaders. Currently, business leaders of different trade bodies as ex-officio (trade) and exporters of goods get CIP (export) status. Commerce ministry is now working to finalise the draft amendment of the Commercially Important Persons (Export) Policy-2013 by including exporters of services for status.
Foreign investment in capital market continues to fall for fifth month
Foreign investment in the capital market of Bangladesh continued to fall for the fifth month in a row in August. Analysts said the depreciation of the taka coupled with political uncertainty ahead of the 11th general election had shaken the confidence of investors, leading to the decline. According to the Dhaka Stock Exchange (DSE), foreign investors sold shares worth Tk181.76 crore against purchases of Tk176.01 crore in August, amounting to net investment of negative Tk5.75 crore in the month.
Bangladesh’s stocks keep losing for second weeks
Bangladesh’s stocks extended the losing streak for the two straight weeks that ended on Thursday as cautious investors continued their selling binge on large-cap stocks. Analysts said stocks investors booked profit, particularly December year-ending stocks like bank, financial institutions and telecommunication, taking the market in the negative territory.
Bangladesh demands better prices for garment items
Bangladesh sought better prices for its export items, especially garments, from the US retailers and brands in the fourth round of Ticfa meeting held in Washington on Thursday. In the event of the Trade and Investment Forum Agreement (Ticfa), Bangladesh also demanded duty privilege for all the products of its export basket to the American markets.
Energy prices to go up soon, says Tawfiq
Prime Minister’s energy adviser Dr Tawfiq-e-Elahi Chowdhury on Saturday said that gas prices might go up soon after the announcement of a new tariff structure by the energy regulator. “But we want the prices to be adjusted upward in phases so that it remains affordable and rational,” he said.
Steel corps gets Tk 89 crore to retain Bangladesh Honda’s 30pc share
The finance ministry has allocated Tk 89.67 crore to the state-owned Steel and Engineering Corporation for payment of installment for 30 per cent of shares in the Bangladesh Honda Private Limited, a Bangladesh-Japan joint venture company. Narayan Chandra Debnath, a director of the steel corporation, on Saturday told New Age that the corporation required paying a total of Tk 204 crore for the shares owned by the corporation in BD Honda.