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.
Foreign investment plunges
Foreign investment dropped 32 percent year-on-year in the first quarter of the year due to uncertain business climate. Between January and March, foreign direct investment or FDI stood at only $410.68 million in contrast to $606.92 million a year earlier, according to data from the central bank.
China clinches biggest Bangladesh rail deal
Bangladesh Railway (BR) signed Monday the biggest contract in its history with a Chinese company to construct a 215-kilometre rail route from Dhaka to Jessore through the Padma Bridge. Director-General of BR Amzad Hossain and Deputy General Manager of China Rail Group Limited (CREC) Zhang Xuecai signed the commercial agreement at a ceremony at Rail Bhaban in the presence of representatives from both sides.
Dismal beginning for export sector in FY 2016-17
Country’s export earnings in July, the first month of the current financial year 2016-17, fell by 3.49 per cent to $2.53 billion compared with that of $2.62 billion in the same month of the FY 2015-16. The export earnings in July of FY17 were 24.93 per cent lower than the government-set target of $3.37 billion for the month, according to the Export Promotion Bureau provisional data to be published today.
No China credit until limited tender system finalized
Bangladesh is going to introduce new criteria for the Chinese contractors to implement its development projects under the Chinese credit, officials said, which include limited tender system for Chinese projects and direct procurement system for priority projects. Economic Relations Division has already sent a proposal on the new criteria to the Cabinet Division, which will be placed at a meeting of the Cabinet Committee on Economic Affairs for approval. Senior Secretary Mohammad Mejbahuddin signed the proposal.
Bangladesh’s stocks finish flat after bumpy ride
Bangladesh’s stocks closed almost flat on Monday, after witnessing mild correction in the previous session, as risk-averse investors continued on profit taking mood. Market insiders said the market witnessed see-saw movement almost throughout the session as a section of investors remained on profit taking mood, while some took position on sector specific stocks.
India calls for simpler capital repatriation
India has urged Bangladesh to simplify repatriation of capital and staff salaries as a step toward bringing in more investment. Indian High Commissioner in Bangladesh Harsh Vardhan Shringla yesterday urged the Bangladesh government to make the processes of getting visas and no-objection certification from police simpler for Indian nationals.
BB asks for awareness of fake foreign investment
Bangladesh Bank on Monday asked scheduled banks to make their clients aware about fake foreign investment to avoid fraudulent acts. The BB issued a circular to authorised dealer branches saying that the central bank and different government agencies had recently received allegations that some non-reputed foreign and local groups instigated the local entrepreneurs that they (foreign and local groups) would help bring foreign investment.
Biman asked to submit report on ticket sales earning
Parliamentary standing committee on Civil Aviation and Tourism Ministry has asked Biman Bangladesh Airlines to submit a report on its earnings, expenditures and profits from ticket selling. The parliamentary watchdog came up with the instruction at a meeting held at Sangsad Bhaban in the city yesterday with Faruk Khan, MP, in the chair. The meeting was attended, among others, by Civil Aviation and Tourism Minister Rashed Khan Menon, Professor Md Ali Ashraf, Tanvir Imam, Nazrul Islam Chowdhury, Rowshan Ara Mannan and Secretary to the Civil Aviation and Tourism Ministry SM Ghulam Farooque.