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.
Allow FDI in RMG sector
Bangladesh should allow foreign direct investment (FDI) in the apparel sector to help the industry weather the Covid-19 crisis, analysts and businesspeople said on Monday. They also said that over-concentration on cotton rather than manmade fibre (MMF) for making clothes is stymieing the growth potential of the readymade garment (RMG) industry.
Bank deposit growth dips below 11pc in June on COVID-19
The growth rate of deposits in the country’s banks fell below 11 per cent in June after remaining above 11 per cent for three consecutive months as many people lost their savings capacity due to the COVID-19-induced economic shocks.
Private sector credit growth remains sluggish in June
The stimulus packages announced in April appear to have had no impact on the market as private sector credit growth continued its sluggish trend in June due to banks’ reluctance to lend during the pandemic. Private sector credit growth declined to 8.61 percent in June from 8.86 percent in May, according to the Bangladesh Bank’s data.
Banks slow in lending stimulus fund for CMSME sector
Banks are lending slowly to businesses belonging to the cottage, micro, small and medium enterprise (CMSME) sector from Tk20,000 crore stimulus fund, although the Bangladesh Bank (BB) had asked scheduled banks to disburse the entire fund promptly. As of June 30, banks had disbursed only Tk250 crore in the sector out of the Tk20,000 crore stimulus package, as revealed by the latest BB data.
Agent banking was a rough diamond. Pandemic has buffed and shined its great potential.
The ongoing pandemic, no doubt, has been a sucker punch to both lives and livelihoods like no other in recent memory. But, amidst the catastrophe, there are a few bright spots. And one such bright spot has been the lenders’ agent banking window, which has been in operation since 2016.
Banking sector dominates the turnover chart
Stocks broke the five-day losing streak on Monday as the buoyant investors showed their buying binge on major sectors’ issues at the lowest possible prices amid the floor price system. The market opened on positive note and remained upbeat throughout the session as investors showed buying spree on sector specific stocks after five-day price fall.
Cabinet okays draft law on formation of one-person co
The cabinet on Monday gave the final approval to a draft law with a provision allowing formation of a company by one entrepreneur to attract more investments and improve the country’s position as regards ease of doing business. The commerce ministry placed the draft Companies (2nd Amendment) Bill 2020 before a virtual cabinet meeting chaired by prime minister Sheikh Hasina from her Ganabhaban residence while the ministers and secretaries concerned joined it from the secretariat.
Sales of hygiene products skyrocket
Even though Square Toiletries Limited began production of hand sanitisers in 2007 for use in hospitals and clinics, it could market only 20 tonnes annually in the 13 years till the end of 2019. Since the Covid-19 pandemic made inroads into the country, the company has been manufacturing and marketing 60-70 tonnes of hand sanitisers per day with demand for hygiene products skyrocketing. It also has had to turn a few other production lines into sanitiser units to meet the growing needs.