Tuesday’s morning business round up of Bangladesh

Last updated: September 18, 2018

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.

Transporting Goods to 7 Sisters: Dhaka to let Delhi use Ctg, Mongla ports
The cabinet yesterday approved a draft agreement to allow India to use Chittagong and Mongla ports to transport cargo to its northeastern states. The decision came at a cabinet meeting at the Prime Minister's Office, with PM Sheikh Hasina in the chair.

Surging global prices likely to push up wheat import cost
The cost of wheat import is likely to be higher notably this fiscal year due to an upward trend in the international prices of the food grain. The low global output is blamed for the price hike. The hike might lead to an increase in wheat-based food prices in the country, adding to woes of the consumers further, market experts said.

High return keeps NSC sales above Tk 5,000cr in July
Government’s borrowing from the sales of national savings certificates remained buoyant in the first month of the fiscal year 2018-2019 in line with the trend of the last fiscal year as the rate of return from the instruments remained high. As per the data of the Directorate of National Savings, government’s borrowing from the NSCs stood at Tk 5,035 crore in July of the FY19.

Bangladesh imports jump by 16% in July
Bangladesh’s imports jumped by nearly 16 per cent in July mainly due to higher import of fuel oil that also use for power generation, officials said. The settlement of letters of credit (LCs), generally known as actual import, in terms of value, rose to $4.69 billion in July, the first month of the FY 2018-19, from $ 4.05 billion in the same period of the FY 18, according to the central bank’s latest statistics.

IFC ready to lend $1b a year
The International Finance Corporation (IFC), a member of the World Bank Group, is ready to lend Bangladesh $1 billion a year to meet its long-term financing needs. But the country could not avail the facility due to delay in approval and complex processes, a top official of the IFC said yesterday.

Govt asks BPC not to take loan from ITFC at high rate
The finance ministry has advised the Bangladesh Petroleum Corporation (BPC) not to receive the proposed loan from ITFC at higher rate of interest. It also asked that the state-run company to bring down the interest rate through negotiations with the International Islamic Trade Finance Corporation (ITFC), sources said.

RMG export to India soars to $101m in Jul-Aug
Country’s earnings from readymade garment exports to India increased by 138.54 per cent in July-August of the current financial year (2018-19) compared with that in the same period of last fiscal year. RMG exports fetched $101 million in July-August of FY19 against $42 million in the same period of FY18.

BSEC chairman: Proper implementation of CGC will boost stock market growth
Full implementation of the Corporate Governance Code (CGC) in the stock market is necessary to ensure good governance and ultimately help boost growth of the capital market, said Bangladesh Securities and Exchange Commission (BSEC) Chairman Dr M Khairul Hossain. The BSEC chief made the comments at a seminar on corporate governance, at the Bangabandhu International Conference Centre in Dhaka on Monday. The seminar was organized by BSEC to mark the stock market regulator’s silver jubilee.

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