Dhaka, Bangladesh (BBN) - The Bangladesh Business News (BBN) prepares the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
50,000 RMG workers jobless as 50 factories closed down: Some 50,000 readymade garment (RMG) workers lost their jobs over the last one year as nearly 50 apparel units were shut down because of work order cancellation by the international buyers on ground of compliance deficiency, a study said. Revealing the follow-up study, the Transparency International Bangladesh (TIB) said on Monday there is an allegation that many buyers posted their audit reports with false information on internet without informing apparel owners and coordination authority, leading to the work order cancellation.
BB to bring banks under central payment system by July: Factors preventing Bangladesh Bank from launching its National Payment Switch (NPS) have been resolved, and efforts are in full swing to make the services available to customers by July. Once all the banks join the NPS, a customer using a credit or debit card from any bank will be able to make low-cost transactions through any ATM (automated teller machine) and POS (point of sales) across Bangladesh. “We are expected to begin the NPS services on full-scale by July,” said Dasgupta Asim Kumar, executive director of the central bank. Currently, BB is testing 26-27 services that will be available under the NPS.
Hero MotoCorp forms joint venture in Bangladesh: Country's largest two-wheeler maker Hero MotoCorp today announced a joint venture with Bangladesh's Nitol Niloy group and the two plan to invest around $40 million (over Rs 240 crore) in next five years. The joint venture, in which Hero MotoCorp will hold 55 percent stake and rest will lie with the Bangladeshi partner, plans to set up a new manufacturing facility which will have an annual capacity of 1.5 lakh units when fully functional by second quarter of 2015-16, reports The Economic Times.
PSOs, PSPs need to procure licences from BB to operate: The country’s payment system operators and payment system providers will have to procure licences from Bangladesh Bank to conduct their business operation, said officials of the central bank. Payment system operator (PSO) refers to an entity for operating a settlement system for payment activities between participants of which the principal participant must be a scheduled bank or financial institution. The PSOs are settling inter-bank transaction between banks and clients through automated teller machines. Q-Cash, Cashlink Bangladesh and OMNIBUS are now providing such type of services in the country’s baking sector. Payment service provider (PSP) refers to an entity for providing payment services to its participants or to a payment system for the purpose of facilitating payment processes and settling their transactions through a scheduled bank or financial institution.
Improve standards in apparel factories: Bangladesh is well known for producing low-priced apparel items across the world. But just being price competitive is not enough to win the hearts of the European consumers, especially after the fire at Tazreen Fashions and Rana Plaza building collapse that took the lives of at least 1,247 workers and injured more than 2,000. The local clothing sector requires continual improvements to ensure workplace safety and better living conditions to avert the risks of losing customers in Europe.
Farm credit disbursement rises 12pc in 9 months of FY '14: Farm credit disbursement grew by more than 12 per cent during the first nine months of the current fiscal year (FY), 2013-14, as the central bank is persuading the banks continuously to increase lending to farmers. All scheduled banks disbursed Tk 114.46 billion in the July-March period of FY 14, compared to Tk 102 billion in the corresponding period of the previous fiscal, according to the central bank statistics. Of Tk 114.46 billion, six state-owned banks disbursed Tk 72.21 billion, and the remaining Tk 42.24 billion was disbursed by the private commercial banks (PCBs) and foreign commercial banks (FCBs).
HSBC launches fifth export awards: HSBC Bangladesh yesterday announced the launch of its Export Excellence Awards for the fifth year to honour five exporters for their outstanding performance. The bank has designed the awards to promote Bangladeshi exporters and recognise their contribution to sustainable economic growth of the country through exports. The awards will be given in five categories -- readymade garments and textiles exporters (Group A and Group B), EPZ enterprises, traditional and emerging sectors, and SMEs. The deadline for submissions is May 21 and HSBC is expected to announce the winners in June.
BBN/SSR/AD-22Apr14-10:32 am (BST)