A worker is working at a RMG factory in Bangladesh. Photo: BBN

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.

Stop giving services to ‘errant’ RMG units
The government has instructed the apparel sector trade-bodies – BGMEA and BKMEA – to stop providing the required services to some 219 ‘non-compliant’ factories for exporting ready-made garment (RMG) products, officials said. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) in separate letters have been asked to stop issuing utilisation declaration (UD) certificates to those units.

Savings tools once again trump bank products
Savers have started to flock back to savings instruments with net sales hitting a six-month high in July as bank deposit products continue to yield underwhelming returns. Net sales of savings instruments stood at Tk 5,036 crore in July, the highest since February, according to the latest data of the Directorate of National Savings Certificates.

Scam-hit Farmers Bank to be renamed
Scam-hit Farmers Bank has initiated a move to change its name with a view to regaining public confidence for survival following changes in its management and board of directors. The new management, which took over charge of Farmers Bank after the forced resignation of its previous board’s chairman Muhiuddin Khan Alamgir and removal of managing director AKM Shamim, has initiated the move expected to start from January next year, sources said.

Top 10 e-commerce platforms to organize online shopping festival
Local top 10 e-commerce companies are going to host a “Mega Shopping Festival- 10-10” to popularize online shopping in the country. The 10-day event starting from October 1, will offer huge discounts on their products to attract consumers. The leaders of the companies concerned announced their online festival program at a press conference on Sunday.

Focus needs to be on capital market
Capital market should be the key funding source for Bangladesh’s future economic expansion instead of banks and financial institutions, experts said. Such shift is also necessary to attain sustainable development goals (SDGs) as some 42 per cent of the SDG financing here should come from the private sector.

Stocks fall sharply on political worries
Dhaka Stock Exchange yesterday saw its biggest single-day fall in over two and a half months fearing political uncertainty in the run-up to the national election, market insiders said. BNP leaders on Saturday joined a rally of Jatiya Oikya Prokriya, a platform of some political parties led by Dr Kamal Hossain, and extended support to their three-point demand including formation of a polls-time neutral government.

JV of Nippon Steel, Mcdonald Steel to invest $59m in MEZ
Japan’s steelmaker Nippon Steel and Sumikin Bussan Corporation and Bangladesh’s Mcdonald Steel Building Products Limited are going to jointly invest $59.19 million in the Mirsarai Economic Zone located in Chattagram. Bangladesh Economic Zone Authority will provide 100 acres of land to the joint venture company — Nippon Macdonald Steel Industries Limited — for setting up steel products production plant and other service facilities.

Economy to remain unaffected by election: Muhith
Finance minister Abul Maal Abdul Muhith on Sunday said that the country’s economy would not be affected even if a new government assumed power through the next general election. The ongoing economic progress will continue to grow and there will be no negative impact on the progress, he said at a seminar on sustainable development goals.

BBN/SSR/AD