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.
Tourism business on the wane
Tourism business is likely to feel the pinch as inbound foreign tourists are cancelling their scheduled trips to Bangladesh following the Gulshan terror attack on July 1. Industry insiders said around 90% foreign tourists have already cancelled their tour of Bangladesh which was scheduled in September. The tourism industry is receiving a blow after the extremist attack on the up-scale Holey Artisan café where 22 people, mostly foreigners, were brutally killed.
Banks allowed investing BDT45b more in capital market
Bangladesh’s all scheduled banks are allowed to invest BDT 45 billion more in the capital market after adjusting their stock market overexposure by July 21. “Such investment opportunity has been created following the central bank’s policy supports, provided to the banks for complying with the legal requirement on their stock market exposure within the stipulate timeframe without selling any shares in the market,” S K Sur Chowdhury, deputy governor of the Bangladesh Bank (BB) explained.
Retail struck by terror
Large shopping centres and markets are counting falling sales as many customers shelve their shopping plans amid fears of terrorist attacks. Operators said their daily sales have plummeted as much as 80 percent from a year earlier. “Panic appears to be running high and the impact is being felt high in large malls. People are unwilling to visit markets unless it is absolutely necessary,” said Azharul Haque Azad, president of Fashion Entrepreneurs Association of Bangladesh, a platform of 100 local fashion houses.
Operators propose 70pc tariff cut for survival
Operators of Pangaon container terminal, long lying underused, now believe a drastic cut in charges may help enhance operational activities, needed for its sheer survival. People familiar with the situation pointed out that while there has been a container jam at Chittagong seaport for handling constraints, this terminal in Dhaka was lying almost idle for lack of container-carrying vessels.
Bangladesh’s stocks edge higher for third week
Bangladesh’s stocks edged higher for the three consecutive weeks that ended on Thursday as investors grabbed telecommunication and bank stocks amid optimism. The week witnessed six trading sessions instead of usual five as the market was opened on Saturday in line with all government offices including financial institutions. Of them, the first three edged higher, while the last three saw marginal correction.
Power distributors reluctant to install pre-paid meters
Power distributors virtually scuttled a government move to check electricity theft and boost revenue with prepaid metering to plug the scope of meter tampering. Officials said Saturday the remedial move failed to make any headway as the power distributors were reluctant, for reasons best known to them.
Global buyers cut ties with 11 more RMG factories
Western fashion brands and retailers have severed business relations with 11 more readymade garment factories which are located in Dhaka, Chittagong, Gazipur and Narayanganj due to the factories’ failure in making required progress in remediation work. The Alliance for Bangladesh Worker Safety, a North American buyers’ group, has cut business ties with five out of the 11 factories as the firm authorities failed to provide evidences of remediation work at their units and did not submit design documents to the platform.
Pharma export sees 13% jump in FY’16
Bangladesh’s export earnings from pharmaceuticals have witnessed a 13.04% jump to US$82.11 million in the just-concluded fiscal year. A good number of pharmaceutical manufacturers have received certification from the respective countries and global organisation to export medicine, which helped rise export. According to Bangladesh Aushad Shilpa Samity, over the last two years, around 1,200 pharmaceutical products got registration for export earnings that will see a massive jump within the next three years.