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.

WB offers $100m to fortify insurance, pension sectors
The World Bank has offered Bangladesh $100 million for strengthening the insurance sector and the private pension market so that the financial sector can give better service to the people. The Washington-based multilateral lender has recently sent a draft proposal to the finance ministry in this regard. There has been notable progress in financial sector development over the years increasing the depth of the financial sector from 12 percent in 1980 to 70.8 percent in June 2013, the draft proposal said.

Tk deflates slightly against US dollar
The local currency has depreciated slightly against the US dollar after maintaining stability for more than seven months in the inter-bank foreign exchange (forex) market, treasury officials said. The US dollar was quoted at Tk 78.41-Tk 78.44 in the forex market on Monday, against Tk 78.41-Tk 78.42 of the previous working day. It was Tk 78.40-Tk 78.42 on Thursday.

Foreign loan inflow slows down in FY16
Foreign loan inflow into Bangladesh slowed down during the fiscal year 2015-16, thanks to the sharp fall in lending rate that inspired businessmen to borrow from local source. The private sector foreign loan increased by 12.54% during the last fiscal year compared to that of 73% in previous fiscal year, according to the Bangladesh Bank data. The total external debt to private sector rose by $980 million to $8.79 billion at the end of June 2016 compared to the rise of $3.29 billion to $7.81 billion during the same period of last year.

Buyers cut ties with six more apparel factories in Bangladesh
The global buyers and retailers have announced to cut business relations with six more apparel factories in Bangladesh taking the total number to 151. The factories have failed to make required progress in remediation for ensuring workplace safety in line the international standards. The factories are: Mithun Knitting and Dyeing, Intercare Ltd and Goldmart Apparels (Pvt) Ltd in Chittagong and Fair Cotton (pvt) Ltd, Authentic Knit Wear Ltd and Time Knitwear (Pvt) Ltd at Naranyanganj.

Bangladesh’s stocks extend losses for fourth day
Bangladesh’s stocks extended losses for the four consecutive sessions on Monday as investors continued on selling mood. Market insiders said the correction phase of the market continued as string of downbeat earnings update has stifled the market sentiment. Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) finished lower for the four consecutive sessions.

Duty-free access to UK to continue until Brexit: envoy
Bangladesh will continue to get duty privilege to the UK under the European Union’s Everything But Arms scheme until Brexit formally happens next year in June, said Alison Blake, British high commissioner in Dhaka, yesterday. “Until we leave the EU, we remain a member of the EU with all the rights and obligations that our membership entails, including our commitments to the existing trade framework,” Blake said.

Cotton farming in Barendra area can reduce reliance on import
Bangladesh can reduce cotton import by replacing tobacco cultivation with cotton farming in shoal areas and unused land in Barendra region of North Bengal. Speakers came up with the observation at a seminar titled “Boosting Cotton Cultivation in North Bengal: Problem and Prospects” held at Diaz Hotel Seminar Hall, Uttara EPZ, Nilphamari.

Bangladesh’s farm credit disbursement grows by 7.65% in Q1
Agriculture credit disbursement grew by 7.65 per cent in the first quarter of the current fiscal year (FY) 2016-17 mainly due to continuous persuasion of the bankers by the central bank. Disbursements rose to BDT 34.44 billion in the July-September period of the FY 17 from BDT 31.99 billion in same period of the previous fiscal, according to the central bank latest statistics.

BBN/SSR/AD