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.
Govt expects 7.25% GDP growth in FY’17
The government expects that Bangladesh economy will grow at 7.25% in next fiscal year with a possibility of rise in investment. Planning Minister AHM Mustafa Kamal disclosed the growth projection for the FY2016-17 at the National Economic Council (NEC) meeting recently. “Under the leadership of Prime Minister Sheikh Hasina, the GDP growth will be at 7.05% this fiscal year and we hope that the growth in next fiscal will be at 7.25%,” said Mustafa Kamal as quoted by the meeting sources.
Private sector credit growth beats target
Private sector credit growth has surpassed the target set in the central bank’s monetary policy — three months ahead of the end of the fiscal year — thanks to low interest rates and less borrowing by the government. The growth was 15.16 percent in March, which is 0.16 percentage point higher than the target, according to central bank statistics.
PC suggests scrapping of 41 non-performing projects
The Planning Commission (PC) has identified 41 non-performing projects of 11 different ministries which have even failed to execute 5.0 per cent of the total projects. The Commission recently recommended exclusion of those worst-performing projects from the annual development programme (ADP). It also said that the funds could be diverted to other priority development projects, many of them facing fund shortages.
Bangladesh’s stocks end flat amid low turnover
Bangladesh’s stocks ended flat on Sunday, after remaining upbeat in the past week, as risk-averse investors opted for quick-profit on large-cap stocks. Both the Dhaka Stock Exchange, the prime bourse of Bangladesh, and Chittagong Stock Exchange, the port city bourse of the country, experienced volatility at the opening and turns negative at the closing.
Import growth registers slight downward trend
The country’s overall import growth witnessed a slightly downward trend in the first nine months of the current fiscal year (FY) due to falling trend of prices of commodities including fuel oil in the global market, officials said. The import growth rate came down to 4.98 per cent during the July-March period of FY2016 from 5.17 per cent in the same period of the previous fiscal, according to the latest central bank statistics.
Accord cuts ties with 3 more RMG factories
The Accord on Fire and Building Safety in Bangladesh, a platform of the major European brands and retailers, has cut business relations with three more readymade garment factories as the supplier factories failed to make satisfactory progress in remediation for ensuring workplace safety. The factories are Crystal Apparels Ltd, M-Yew Fashion Ltd and All Weather Fashions Ltd, which are located at Mohakhali in the capital, Dhaka.
High prices lure farmers to jute cultivation
Farmers have sown jute on more lands this season for greater profits after many growers incurred losses due to low prices of rice and other crops. Jute farming rose 10 percent to 7.96 lakh hectares this season, compared to the previous period, according to a provisional estimate by the Department of Agricultural Extension or DAE.
Lead exposure costs country $15.9 bn a year
Lead exposure costs Bangladesh $15.9 billion annually and this cost exceeds the amount Bangladesh receives in development aid annually, said a study. The study, Economic Costs of Childhood Lead Exposure in Low- and Middle-Income Countries, developed by Department of Pediatrics at the New York University (NYU) School of Medicine, was released yesterday at the United Nations Environment Assembly meeting being held in Nairobi, Kenya.