Dhaka, Bangladesh (BBN)- The BBN (Bangladesh Business News) has prepared the morning news highlights compiling reports, published by different newspapers and news portals in Bangladesh.
Credit-deposit ratio in declining trend in Q1
Credits from all the banks fell slightly in ratio with the deposits, as of the third week of February, which indicates a sluggish trend in the country's banking businesses owing to uncertainties. Sources in the banking circles attributed the tipping of the credit-deposit ratio (CDR) to the ongoing political unrest that prompted the businesses to make a pause. The CDR came down to 70:79 as of February 19 from 70:97 as of December 31, according to the central bank's latest statistics.
Hyped renewable energy plant left flapping in the wind
Ten months after the power purchase agreement was signed, there still has been no tangible progress in the construction of the country’s first 60MW wind turbine power plant in Cox’s Bazar. The agreement to build the renewable energy plant, signed amid much fanfare, was touted as a major move forward for Bangladesh. Energy Adviser to the Prime Minister Tawfiq-e-Elahi Chowdhury, when the deal was inked, called the project a “milestone in the country’s power generation history.” At the signing ceremony, State Minister for Power Nasrul Hamid said the wind energy plant marked the Bangladeshi energy sector’s “entry into a new era.”
BNP likely to contest city elections
The Bangladesh Nationalist Party which has enforced a nonstop blockade since March 6 has given a broad hint it might contest the elections to the three city corporations scheduled for April 28. ‘The party high command is discussing with the leaders available about whether to contest the three city corporations elections or not,’ a source close to BNP chairperson Khaleda Zia told New Age on Friday. He said the party was in a difficult situation as many leaders and activists were either in jail or hideouts in ‘false’ cases. The BNP high command’s close aides said there were opinions in both favour of joining and not joining the city polls as the BNP-led alliance was waging a movement.
Turnover falls further in Bangladesh call money market
The overall transactions in call money market fell further on Thursday due to higher interest rates in inter-bank Repo market, bankers said. The overall turnover in the inter-bank call money market came down to BDT 36.16 billion on the day from BDT 38.90 billion on Wednesday. It was BDT 53.29 billion on Monday. The call rate ranged between 7.0 per cent and 8.0 per cent on the day unchanged from the previous level. But most of the deals were made at rates between 7.25 per cent and 7.50 per cent on the day, market operators said.
Jobless rate of youths rises to 8.1pc
The rate of jobless young people recorded a marginal rise over a period of three years to reach 8.1 per cent of the total in 2013. A slew of factors that include shrinkage of spaces in the slow-going economy are responsible for the growth of unemployment. By official count this figure of unemployed youths accounts for nearly double the country's overall unemployed population. The findings came from the latest survey on the country's labour force, concluded in 2013. The statistics are expected to be disclosed sometime next month.
Bangladesh Bank purchases $35m from two banks
The central bank purchased US$35 million more from two commercial banks on Thursday to help keep the inter-bank foreign exchange (forex) market stable, officials said. “We’re purchasing the greenback from the banks directly at market rate to protect the interests of exporters and migrant workers by keeping the exchange rate of the Bangladesh Taka (BDT) against the US dollar stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
Global markets eye Indian apparels; Bangladesh, China out of focus
Indian apparel exporters will savour a sweet time soon with the disruption in production in Bangladesh due to political turmoil and the rising cost of garment produce in China. Orders are being diverted to India from these nations for high-value garments, which is likely to help the Indian apparel exports that has clocked a 13.4% growth in dollar terms in April-February of FY15.
ICC backs umpires in Tigers’ match
The International Cricket Council today backed one of its umpires’ calls that led to controversy during the World Cup 2015 quarterfinal between Bangladesh and India. “The no-ball decision was a 50-50 call. The spirit of the game dictates that the umpire’s decision is final and must be respected,” said David Richardson, chief executive of the ICC, in a statement released to the media today.
BBN/SSR/AD-21Mar15-11:30 am (BST)