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.
BD emerges as 3rd largest apparel supplier to US
Bangladesh has emerged as the third largest sourcing country for the US-based apparel and fashion companies in 2020, advancing from the last year’s sixth position despite the Covid-19 pandemic, according to a latest study. Bangladesh was the fifth sourcing hotspot in 2016 and 2018 while seventh in 2017. The results of the seventh edition of the survey report, conducted jointly by the United States Fashion Industry Association (USFIA) and the University of Delaware, were released on Tuesday.
Dhaka gets first tranche of $1b Japanese loan
Bangladesh yesterday got the first tranche of the $1 billion loan pledged by Japan to bounce back from economic whiplash brought on by the global coronavirus pandemic. Japan joins the likes of development partners such as the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank International Monetary Fund and the Islamic Development Bank in rallying behind Bangladesh.
57% listed banks saw fall in earnings per share in H1
As many as 17 out of 30 publicly traded banks registered negative growth in their Earnings Per Share (EPS) in the first half (January-June) of 2020, compared to the same period last year. According to banks’ disclosures posted on the Dhaka Stock Exchange (DSE) website, out of the 30 listed banks, 12 or 40% registered higher EPS, while 17 or 57% banks registered negative growth in the January-June period compared to the same period of previous year.
Navana bailed out
The government has decided to bail out Navana Group, a leading business conglomerate in the country, from the deep financial crisis it is in. The Financial Institutions Division (FID) under the Ministry of Finance has asked four state-owned commercial banks to lend Navana Tk1,200 crore in working capital from the Tk30,000 crore incentive package announced for coronavirus-affected industries to help it continue to run its business that has almost stopped owing to a massive amount of bad loans.
Industrial imports drop in FY20 on dismal pvt sector
The country’s import payments for capital machinery and industrial raw materials, two major components of the private sector dynamism, dropped by 8.51 per cent and by 9.42 per cent respectively in the last fiscal year of 2019-2020. As per the Bangladesh Bank data on letter of credit settlement, payments against imports of capital machinery, a major component of economic expansion and a reflection of businesses enthusiasm of investments, dropped by $402.81 million year-on-year in FY20.
DSEX exceeds 4,300-level after five months
The prime index of the Dhaka Stock Exchange (DSE) crossed the 4,300-mark on Wednesday after five months as optimistic investors continued their buying binge on sector-wise issues amid optimism. DSEX, the key index of the DSE, went up by 8.04 points or 0.18 per cent to settle at 4,307 during the four hours trading. The core index added more than 231 points in the past nine straight sessions, taking the index above 4,300-level after March 5, this year.
Bangladesh’s share in global clothing exports rises to 6.8%
Bangladesh’s global market share in apparel exports has increased by 0.4 percentage point to 6.8% in 2019 after a slight fall in the previous year. In 2018, Bangladesh’s market share dipped to 6.4% from 6.5% in 2017. According to the World Trade Statistical Review 2020, published by the World Trade Organisation (WTO) last week, Bangladesh’s global market share in apparel exports stood at 6.8% in 2019, which was 6.4% in 2018.
No more work from home facility for govt employees
Government employees will no longer enjoy the work-from-home facility. They will have to attend offices physically, like they did before the pandemic hit. The ministries have started issuing orders that staff members attend their respective offices regularly – revoking the work from home facility in the wake of last Monday’s verbal directive from the cabinet division to different ministries and divisions.