An apparel factory in Bangladesh. Photo: BBN file photo
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.
Trade experts stress taka devaluation, product diversification for RMG sector competiveness
Trade experts and businesses on Saturday stressed the devaluation of taka and diversification of products and market to remain competitive in the global readymade garment market. At a discussion on ‘Importance of Product Diversification’, they said that product concentration of the RMG sector in Bangladesh was extremely high and the government should incentivise the sector to explore the potentials of new products for sustainability.
3 reasons behind stock slide: BSEC chief
The chief of Bangladesh Securities and Exchange Commission has blamed the recent plunge in stocks on the ongoing tussle between Grameenphone and the telecom regulator as well as a huge selloff by foreign investors. A piece of news in April that the revenue administration is making tax identification number (TIN) mandatory for opening beneficiary owners’ accounts also played a part, BSEC Chairman M Khairul Hossain said.
Three projects taken off Chinese funding list
The government is going to implement three projects with funding from others, instead of Chinese assistance as was initially planned. This was disclosed in a recent meeting where 11 slow-going projects came under review.
Farm credit disbursements grow by 11.10% in July-Nov
Farm credit disbursement grew by 11.10 per cent in the first five months of the current fiscal year (FY), 2019-20, as demand for such loan has been picked up due to seasonal effects. Disbursement of agriculture loan rose to BDT 83.05 billion in the July-November of FY ’20 from BDT 74.76 billion in the same period of the previous fiscal, according to the central bank’s latest statistics.
Farm credit disbursements grow by 11.10% in July-Nov
Farm credit disbursement grew by 11.10 per cent in the first five months of the current fiscal year (FY), 2019-20, as demand for such loan has been picked up due to seasonal effects. Disbursement of agriculture loan rose to BDT 83.05 billion in the July-November of FY ’20 from BDT 74.76 billion in the same period of the previous fiscal, according to the central bank’s latest statistics.
Weekly Review: Stocks keep losing amid confidence crisis
Bearish spell sustained for the three consecutive weeks on both bourses as panic-driven investors continued their selling spree, fearing further fall of shares prices. Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 57.61 points or 1.28 per cent to settle at 4,456.
CPA seeks off-port delivery of more import containers
The Chittagong Port Authority has requested the National Board of Revenue to make arrangements for delivery of more containers at the premises of importers instead of the port premises to reduce the congestion in the port and increase its efficiency in container handling. Currently, around 70 per cent of full container load (FCL) containers are delivered to importers from the port premises, causing a severe congestion in the port as the containers keep the container yards occupied for long.
BTCL falls from grace
Bangladesh Telecommunications Company Limited’s revenue slumped 22.23 percent to Tk 886.81 crore last fiscal year, in yet another emblem of the steady decline of the once hugely profitable state-owned enterprise. In fiscal 2008-09, when it was declared a company from a state organisation, its revenue was Tk 1,689.36 crore and net profit was Tk 106.15 crore. Ten years later, it incurred a loss of Tk 389.39 crore.
BBN/SSR/AD