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.
US law firms want 10pc of stolen amount
Bangladesh Bank faces a condition to pay 10 per cent of $66 million or $6.6 million to US law firms for carrying out a successful legal battle against a Pilipino commercial bank to recover the remaining money stolen from reserve fund, officials said. The condition has been given by US firms ahead of the BB’s final preparation to file cases against Rizal Commercial Banking Corporation of the Philippines in an international court by January 15.
BPC set to install 246-km oil pipeline
The government is set to lay a 246-kilometre pipeline for supplying fuel oil from Chattogram to Dhaka in an attempt to check pilferage and ensure its quick supply, officials said on Saturday. The Bangladesh Petroleum Corporation (BPC) will install the country’s longest pipeline involving Tk 28.61 billion, they said.
6 reasons stocks may rise in 2019
In 2018 stock market investors lost a good sum due to liquidity crisis, rising nonperforming loans in the banking sector and political tension centring on the national election. On December 17, DSEX, the benchmark index of the Dhaka Stock Exchange, sank to 5,218 points from 6,280 points at the beginning of last year in spite of the peaceful political situation in the country.
Bangladesh’s stocks soar post-election week amid optimism
Bangladesh’s stocks soared last week that ended on Thursday, the first week after the national election, as investors reacted positively to the election outcome. Analysts said the investors took a fresh position expecting better days ahead riding on political stability and more sound business activities as the election held almost peacefully.
Bangladesh export earnings cross $20b-mark in H1
Bangladesh’s overall export earnings crossed US$20 billion-mark in the first-half (H1) of this fiscal following higher shipment of apparel products. The export earnings grew by 14.42 per cent to $20.49 billion during the July-December period of the fiscal year (FY) 2018-19 from $17.91 billion in the same period of the FY 18.
Dormitory funding becomes popular among NBFIs
Dormitory financing has become an attractive product for non-bank financial institutions (NBFIs) in recent times as the demand for accommodation keeps increasing rapidly in labour-intensive areas around Dhaka, sector insiders said. As a result, financial institutions (FIs) are now enhancing their investments in these areas to grab a good share of such opportunity.
Govt to try out new shrimp variety
The government is expected to allow experimental cultivation of non-native vannamei species of shrimp in the face of demand from exporters, said industry insiders. The move comes against the backdrop of intense competition faced by the locally grown black tiger shrimp and prawn in the world market from the cheaper and widely produced vannamei, commonly known as whiteleg shrimp.
BGMEA says no benefits to workers beyond wage order
Bangladesh Garment Manufacturers and Exporters Association has instructed its members not to provide any benefits to the workers beyond the new wage structure set by the government for the garment workers. At a meeting on Thursday the BGMEA leaders suggested its members to maintain the newly announced wage structure strictly saying that if any factory provides allowance or benefit other than wage and allowance set in the wage order that might upset workers of other factories that will not be able to provide those, meeting sources said.