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.
Virus-struck Europe poses new risk to exports
With rapidly depleting stocks of raw materials, the outbreak of coronavirus in Bangladesh’s major markets — Europe, America and Japan — local exporters are growing increasingly worried about their business futures. Many buyers in these countries, which account for 70 percent of Bangladesh’s exports, have shut down their offices in the face of rapidly spreading infection of the deadly virus.
Farmers can now fire up a mobile app to sell paddy to govt
Technology can change the world, it is often said. And the lives of the country’s 1.5 crore farm families, who are often shorn of fair prices, are about to change with the government move to purchase paddy from them by way of a mobile application.
Bangladesh’s import orders drop by 12% in Jan
Country’s import orders fell by 12.52 per cent in January due to supply chain disruption caused by the coronavirus outbreak in China, bankers said. Opening of letters of credit (LCs), generally known as import orders, came down to $4.63 billion in January from $5.29 billion a month ago, according to the central bank’s latest data.
Lack of good governance intensifying income inequality, say economists
Lack of good governance in the financial sector was intensifying income inequality and politicians’ false claims on poverty eradication were affecting the country’s capacity to create new jobs, said economist on Wednesday.
BB buys $162m from banks in last three days
The central bank of Bangladesh directly purchased US$162 million from banks in the last three consecutive days to keep the country’s foreign exchange (forex) market stable. “We’re purchasing the US dollar from the banks aiming to protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable,” a senior official of the Bangladesh Bank (BB) explained.
Access to finance, graft remain key barriers: IFC
Access to finance, corruption and political instability are three major barriers the private sector faces in Bangladesh, according to a study. The private sector arm of the World Bank on Wednesday published the report on “Bangladesh’s Journey to Middle Income Status: The Role of the Private Sector.”
RMG buyers downsizing orders placed before: Rubana
A section of international buyers has informed the Bangladeshi apparel exporters that they would reduce their existing export orders by 15-30 per cent amid an adverse impact of coronavirus outbreak in China and its subsequent spreading to many other countries across the world, said Bangladesh Garment Manufacturers and Exporters Association president Rubana Huq on Wednesday.
Another sharp gain for the 2nd consecutive session
Dhaka bourse on Wednesday posted another sharp gain for the second consecutive session riding on the regulatory move to expedite the ongoing process of creating special funds by the scheduled banks for investment in the stock market. On the day, the DSEX, broad index of Dhaka Stock Exchange (DSE), gained 75 points while it added 148 points on the previous session.
BBN/SSR/AD
