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.
RMG market share rises to 5.9% defying odds
Despite all odds, Bangladesh remains as the second largest exporter of clothing products after China as its market share rose to 5.9% in 2015 According to the World Trade Statistical Review 2016 released last month by the World Trade Organisation (WTO), Bangladesh global market share in clothing rose to 5.9% in 2015, which was 5.1% in the previous year. China’s market share stood at 39.3% topping the list, which was 38.6% in 2014.
Buyers’ credit rises to $4.45b
The buyers’ credit in the country’s business sector increased by 17.84 per cent to $4.45 billion as of June 30, 2016 from $3.78 billion as of June 30, 2015 as the local importers are allowed to take the foreign loans with a lower rate of interest. Bangladesh Bank officials and an economist said that the increased trend in the buyers’ credit would create a risky situation in the financial sector as it would become a burden for the country.
Dutch envoy expresses satisfaction over security steps
The Dutch ambassador to Bangladesh yesterday expressed satisfaction over the government's security measures in response to the recent militant attacks in Dhaka and Kishoreganj. “We are confident that the government is making progress in securing the country,” Ambassador Leoni Cuelenaere said after a meeting with Commerce
Minister Tofail Ahmed at his secretariat in Dhaka.
DCCs want NBR to levy new taxes to bankroll city development work
The twin city corporations of Dhaka proposed to the revenue board to levy an additional tax, called, Cess (upa-kar) for the city-dwellers to meet their growing expenditures for development activity. Dhaka South City Corporation and Dhaka North City Corporation Mayors Sayeed Khokon and Annisul Huq respectively placed the common proposal on the new kind of tax under provisions laid down in the fourth schedule of the City Corporation Act 2009.
Bangladesh’s stocks end higher for third day
Bangladesh’s stocks extended their gaining spell for the third consecutive sessions on Wednesday, as optimistic investors remained on buying spree, especially on large-cap stocks. The market started with an upward note which continued till end of the session. At the end of the session, the benchmark index of the Dhaka Stock Exchange (DSE) finished at 4,575.97 points, advancing 23.61 points or 0.52 per cent.
Pakistan GSP, currency woes batter towel, home textiles makers
Pakistan's GSP facility by the European Union and fluctuations in the value of local currency against that of major importing countries continues to take a toll on the country's terry towel and home-textile exports, insiders have said. Lower global demand for terry towel and home-textile products coupled with absence of necessary policy support from the government is also responsible for the situation, they said.
$2b IT projects await foreign funding
The government is seeing to implement dozens of IT-related projects in the country costing nearly $2 billion with foreign loans, as the lenders gave a positive nod to its financing, a top official in the finance ministry said. Of the projects, four have already been approved in the executive committee of the national economic council, six projects’ development project proformas have been finalised, and the remaining nine await approval from the planning commission.
Bangladesh seeks return of stolen $15m from Philippines by August
The government of Bangladesh is hoping to retrieve at least $15 million of its stolen central bank reserves this August, its top diplomat to the Philippines said on Tuesday. Meanwhile, moving to step up local safeguards against dirty money and nearly six months after the unprecedented $81-million bank heist, the Anti-Money Laundering Council (AMLC) ordered banks and covered institutions to report suspicious transactions within five working days, shorter than the previous 10-day window, reports BusinessWorld.
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