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.
ADB approves record fund for Bangladesh railroad
The Asian Development Bank yesterday announced a $1.5 billion fund to build a key train line from Dohazari in Chittagong to Cox’s Bazar, in its largest investment in railways in the continent. In a statement, the ADB said the new railroad, which is part of the Trans-Asia Railway network, will also improve Bangladesh’s access to Myanmar and beyond. China had sought to finance the project, so this development will be yet another setback for Beijing, whose efforts to turn its Silk Road investments into workable projects are running into brick walls in parts of Asia.
China, India vie for BD project contracts
China now emerges as a dominant player in Bangladesh’s development works, pushing the country’s other traditional partners into a backseat, insiders said Wednesday. India is also coming up close on the heels of China for the development activity here as many companies of the next-door neighbour are bagging contracts of different development projects, they said.
APG recognition to help attract more FDI: BB
Foreign investors will choose Bangladesh more for foreign direct investment and portfolio investment in the capital market as its achievement in containing money laundering and terror financing has been recognised by the Asia Pacific Group, said Bangladesh Bank deputy governor Abu Hena Mohd Razee Hassan. The AGP is a global anti-money laundering organisation. Razee Hasan, who led the Bangladesh delegation to the recently concluded 19th annual meeting of the AGP in San Diego, California of the United States, came up with the observation at a press briefing at the BB headquarters in Dhaka on Wednesday.
Indian may encourage businesses to utilise Bangladesh: Atiur
Indian authorities can encourage their businesses to utilize Bangladesh as low cost manufacturing base to produce goods for local, Indian, and external markets, taking into account favored market access for exports from the country, Atiur Rahman, former central bank governor, said. “For that to happen Bangladesh needs energy to accelerate investment in manufacturing,” the former Bangladesh Bank (BB) governor explained while addressing at a seminar on Indo-Bangladesh Cooperation for Mutual Sustainable Growth Acceleration held at a local hotel on Wednesday.
Bangladesh’s stocks return to green
Bangladesh’s stocks returned to green on Wednesday with low turnover, after a single-day correction, as some enthusiastic investors went on late hours buying spree. The market started with a positive note and the key index of the premier bourse advanced about 12 points within first 10 minutes. But it fell sharply by 27 points in the next 50 minutes. However, rest of the session went up steadily, ultimately ended marginally higher. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 12.94 points or 0.28 per cent to finish at 4,690.63, after losing 6.31 points in the previous day.
Bangladesh ranks 106th in Global Competitiveness Index
Bangladesh has ranked 106th in Global Competitiveness Index among 138 countries in 2016-17, one notch above its position held last year. In the previous year, the country held 107th position among 140 countries. Though Bangladesh scored 1.06% higher to 3.80 from 3.76, it lagged behind the ranking among the countries surveyed. Bangladesh’s position would have remained unchanged at 106th if the survey was conducted over 140 countries.
Sugar price still on the rise as refiners hike mill-gate rate
The price of sugar has been witnessing uncontrolled and unrelenting rise in the local market as the refiners have further increased its mill-gate rate quite significantly. When asked, the refiners however attributed the price hike to the increase in sugar price globally.
BB may approve City Bank’s share sale to IFC
Bangladesh Bank considers allowing City Bank to sell its 5 percent equity shares to International Finance Corporation, the private sector arm of the World Bank Group, about eight months after the signing of the deal. The development came after a meeting between Finance Minister AMA Muhith and BB Governor Fazle Kabir at the former’s office last week. “The finance minister has instructed Bangladesh Bank to consider the issue positively,” said an official of the central bank.