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.
Export earnings post over 4% growth in Q1
Bangladesh’s export earnings rose to US$8.08 billion in the first quarter of the current fiscal, a 4.12% rise, compared to the same period of last year. However, Bangladesh export earnings have seen a 5.63% fall to $2.24% billion in September of the current fiscal year due to holidays on the occasion of Eid-ul-Azha. In September last year, Bangladesh had fetched $2.37 billion as export earnings. According to Export Promotion Bureau (EPB) data, Bangladesh earned $8.08 billion in September and in July-September of the current fiscal, which was 4.12% higher compared to $7.75 billion a year ago.
Exporters fear price cuts as pound falls
Bangladeshi exporters to the UK are starring at another round of price cuts due to the freefall of pound sterling against the US dollar over Brexit issues. The currency fell off a cliff on Thursday to strike a 31-year low of $1.1841 before rebounding to upwards of $1.2439 on Friday, according to the AFP. The UK is the third largest export destination for Bangladesh after the US and Germany, accounting for 11.13 percent of the total shipments.
BD raises concern over its poor access to climate fund
WASHINGTON D.C, Oct 8: Bangladesh expressed dissatisfaction Friday over its very little access to global climate finance despite being one of the worst victims of the climate change. Finance Minister AMA Muhith expressed the dismay at a meeting with World Bank Vice President for South Asia Region Annette Dixon on the sidelines of the annual meetings of the World Bank and International Monetary Fund (IMF) here.
Bangladesh’s banks asked to provide information on CPs by Oct 30
The central bank of Bangladesh has asked all commercial banks to provide information on investment in commercial papers (CPs) and other related issues by October 30, officials said. The banks will have to provide such information as per prescribed format which was included in guidelines on CP for banks, issued by the Bangladesh Bank (BB) on September 25 last.
BPC wants info on private imports of petroleum
Bangladesh Petroleum Corporation is seeking data on the import of petroleum products by the private sector to detect the illegal sources of supply at the filling stations and determine the actual demand for fuel in the country. The state-run agency shared its views in a letter to the Ministry of Power, Energy and Mineral Resources and wanted the National Board of Revenue to provide month-wise import data, including the names of the importing firms, type and volume of petroleum products, in the last two fiscal years (2014-16).
Bangladesh’s stocks extend winning streak for fourth week
Bangladesh’s stocks extended their winning streak for the four consecutive weeks that ended on Thursday as investors continued on buying spree amid optimism. Analysts said the market maintained the upward trend as the optimistic investors, including some global fund managers, were active on both sides of the trading fence almost throughout the week.
Bangladesh, China to sign MoU on investment
Bangladesh and China will sign a memorandum of understanding on “strengthening investment and production capacity cooperation” during the upcoming visit of the Chinese President to Bangladesh.President Xi Jinping is scheduled to arrive in Dhaka on October 14 on a two-day visit. Dhaka is expected to seek financial assistance for more than 22 of its large projects. Bangladesh officials said the duration of the proposed deal will be two years and is aimed at promoting investment.
No trace of Tk 348cr given to 229 projects
Most borrowers did not repay the capital borrowed from Equity and Entrepreneurship Fund of the Bangladesh Bank in time as eight-year time frame for the repayment already expired and the projects disappeared. According to the latest Bangladesh Bank and Investment Corporation of Bangladesh data, 229 projects, which borrowed capital of Tk 528.45 crore from the fund, were yet to repay Tk 348.32 crore even after the expiry of the time frame.