Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Export growth brings sunshine
Exports rose 7.43 percent year-on-year to $2.93 billion in March, a development which has brought a ray of sunshine amid the gloomy economic prospects. The figure takes the total export earnings so far in fiscal 2014-15 to $23.24 billion, up 2.98 percent year-on-year, according to data from the central bank. “Our exports could have grown more as we have a lot of work orders from international retailers. But the political unrest has been getting in our way,” said Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association.
India offers $1.0b new LoC
India offered Monday a fresh line of credit (LoC) worth US$ 1.0 billion to Bangladesh, notwithstanding the patchy record of project implementation under the past credit line of equivalent amount. Indian secretary of external affairs ministry (Multilateral and Economic Relations) Sujata Mehta, now in the city, made the new offer to Bangladesh during a meeting with Finance Minister Abul Maal Abdul Muhith at his secretariat office. “The new line of credit will be spent on implementing various development projects in health and education,” the finance minister told reporters after his meeting with the Indian secretary.
Trade gap widens to $6.37b in eight months on lower export growth
The country’s trade deficit increased by 78.81 per cent to $6.37 billion in the first eight months of the current financial year 2014-15 compared with that of $3.56 billion during the same period of the FY14 due to a massive drop in export earnings against a higher import payment. Officials of Bangladesh Bank said falling export growth of readymade garment, the main export product of the country, dented the overall earnings in July-February of the FY15 while import of capital machinery continued to rise significantly during the period. The trade deficit had posted a negative growth of 22.57 per cent in July-February of the FY14, according to the BB data. The trade deficit was $4.59 billion in the first eight months of FY13.
SoCBs asked to go for SME loans to minimise risks
The central bank of Bangladesh has asked four state-owned commercial banks (SoCBs) to go for small and medium-scale loans instead of large ones for minimising risks, officials said. The directive was given at a review meeting with the chief executive officers (CEOs) and managing directors (MDs) of the SoCBs held at the central bank headquarters in Dhaka Monday with Bangladesh Bank (BB) Governor Dr Atiur Rahman in the chair. At the meeting, the central bank reviewed the overall performances of four SoCBs in line with memorandum of understandings (MoUs) that were signed earlier to improve financial health of the public banks. The SoCBs have been asked to expedite their credit flow to small and medium enterprises (SMEs) along with agriculture sector instead of large ones to minimise risks.
Four state banks suffer Tk2,500cr provision shortfall
The country’s four state-owned banks have been found with provision shortfall of Tk2,442 crore in the year 2014. A Bangladesh Bank investigation has detected the shortfall while probing into the major branches of the banks based on the last year quick summery report. But the banks – Sonali, Janata, Rupali and Agrani – showed provision surplus in their unaudited balance sheet. The provision shortfall following the investigation report was discussed at a meeting held yesterday with the top managers of the four state-owned banks at the Bangladesh Bank headquarters. The Bangladesh Bank governor expressed dissatisfaction over the performance of the state-owned banks while presiding over the meeting. He even threatened the managing directors to dismiss from their job if any irregularities are found into the banks.
Noir opens second clothing store
After a three and a half decade of journey, the time has come for the second generation to take over the garment business. A majority of first generation apparel unit owners have already handed over the reins to their sons or daughters, or took them in as partners. Alongside exports, many owners have opened up their own brand stores as Bangladesh is also becoming a potential market with the fast-growing middle-income group.
Bangladesh gets trade corridor through India
Bangladesh will soon be able to use the roads, water and railways of India for carrying out trade with Nepal and Bhutan. The cabinet yesterday approved the draft amendment of the trade agreement between Bangladesh and India, which – once signed – will allow goods-laden trucks from Bangladesh to use an Indian corridor to import or export goods from Nepal and Bhutan. The original India-Bangladesh trade agreement was signed in 1972, and has since been renewed many times. However, this will be the first time when the deal would allow Bangladesh the use of an Indian corridor for trade with other countries in the region. Briefing reporters after the cabinet meeting at the secretariat, Cabinet Secretary M Musharraf Hossain Bhuiyan said: “Bangladeshi vehicles can use the Indian corridor for transit to Bhutan and Nepal.
Dhaka stocks hit 8-month low
Dhaka stocks declined for the fourth trading session on Monday with the key index of Dhaka Stock Exchange, DSEX, hitting its eight and a half months low amid investors’ fear of further market fall as the Appellate Division on the day rejected the review petition filed by war crimes convict Muhammad Kamaruzzaman. Market operators said investors were apprehending that the political tension might escalate following the court verdict as the Bangladesh Jamaat-e-Islami immediately after the verdict against its senior assistant secretary general announced nationwide strike for Tuesday and Wednesday. Operators also said that investors went for heavy share sales with a view to saving their investment from incurring further losses.
BBN/SSR/AD-07Apr15-9:06 am (BST)
Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Export growth brings sunshine
Exports rose 7.43 percent year-on-year to $2.93 billion in March, a development which has brought a ray of sunshine amid the gloomy economic prospects. The figure takes the total export earnings so far in fiscal 2014-15 to $23.24 billion, up 2.98 percent year-on-year, according to data from the central bank. “Our exports could have grown more as we have a lot of work orders from international retailers. But the political unrest has been getting in our way,” said Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association.
India offers $1.0b new LoC
India offered Monday a fresh line of credit (LoC) worth US$ 1.0 billion to Bangladesh, notwithstanding the patchy record of project implementation under the past credit line of equivalent amount. Indian secretary of external affairs ministry (Multilateral and Economic Relations) Sujata Mehta, now in the city, made the new offer to Bangladesh during a meeting with Finance Minister Abul Maal Abdul Muhith at his secretariat office. “The new line of credit will be spent on implementing various development projects in health and education,” the finance minister told reporters after his meeting with the Indian secretary.
Trade gap widens to $6.37b in eight months on lower export growth
The country’s trade deficit increased by 78.81 per cent to $6.37 billion in the first eight months of the current financial year 2014-15 compared with that of $3.56 billion during the same period of the FY14 due to a massive drop in export earnings against a higher import payment. Officials of Bangladesh Bank said falling export growth of readymade garment, the main export product of the country, dented the overall earnings in July-February of the FY15 while import of capital machinery continued to rise significantly during the period. The trade deficit had posted a negative growth of 22.57 per cent in July-February of the FY14, according to the BB data. The trade deficit was $4.59 billion in the first eight months of FY13.
SoCBs asked to go for SME loans to minimise risks
The central bank of Bangladesh has asked four state-owned commercial banks (SoCBs) to go for small and medium-scale loans instead of large ones for minimising risks, officials said. The directive was given at a review meeting with the chief executive officers (CEOs) and managing directors (MDs) of the SoCBs held at the central bank headquarters in Dhaka Monday with Bangladesh Bank (BB) Governor Dr Atiur Rahman in the chair. At the meeting, the central bank reviewed the overall performances of four SoCBs in line with memorandum of understandings (MoUs) that were signed earlier to improve financial health of the public banks. The SoCBs have been asked to expedite their credit flow to small and medium enterprises (SMEs) along with agriculture sector instead of large ones to minimise risks.
Four state banks suffer Tk2,500cr provision shortfall
The country’s four state-owned banks have been found with provision shortfall of Tk2,442 crore in the year 2014. A Bangladesh Bank investigation has detected the shortfall while probing into the major branches of the banks based on the last year quick summery report. But the banks – Sonali, Janata, Rupali and Agrani – showed provision surplus in their unaudited balance sheet. The provision shortfall following the investigation report was discussed at a meeting held yesterday with the top managers of the four state-owned banks at the Bangladesh Bank headquarters. The Bangladesh Bank governor expressed dissatisfaction over the performance of the state-owned banks while presiding over the meeting. He even threatened the managing directors to dismiss from their job if any irregularities are found into the banks.
Noir opens second clothing store
After a three and a half decade of journey, the time has come for the second generation to take over the garment business. A majority of first generation apparel unit owners have already handed over the reins to their sons or daughters, or took them in as partners. Alongside exports, many owners have opened up their own brand stores as Bangladesh is also becoming a potential market with the fast-growing middle-income group.
Bangladesh gets trade corridor through India
Bangladesh will soon be able to use the roads, water and railways of India for carrying out trade with Nepal and Bhutan. The cabinet yesterday approved the draft amendment of the trade agreement between Bangladesh and India, which – once signed – will allow goods-laden trucks from Bangladesh to use an Indian corridor to import or export goods from Nepal and Bhutan. The original India-Bangladesh trade agreement was signed in 1972, and has since been renewed many times. However, this will be the first time when the deal would allow Bangladesh the use of an Indian corridor for trade with other countries in the region. Briefing reporters after the cabinet meeting at the secretariat, Cabinet Secretary M Musharraf Hossain Bhuiyan said: “Bangladeshi vehicles can use the Indian corridor for transit to Bhutan and Nepal.
Dhaka stocks hit 8-month low
Dhaka stocks declined for the fourth trading session on Monday with the key index of Dhaka Stock Exchange, DSEX, hitting its eight and a half months low amid investors’ fear of further market fall as the Appellate Division on the day rejected the review petition filed by war crimes convict Muhammad Kamaruzzaman. Market operators said investors were apprehending that the political tension might escalate following the court verdict as the Bangladesh Jamaat-e-Islami immediately after the verdict against its senior assistant secretary general announced nationwide strike for Tuesday and Wednesday. Operators also said that investors went for heavy share sales with a view to saving their investment from incurring further losses.