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.
Exports cross $34bn in FY16
Bangladesh earned over $34bn from exports in the fiscal year 2015-16 which just ended, registering around 10% growth from the previous year. The figure also exceeded export target set for the year by $743m, according to provisional data prepared by the Export Promotion Bureau.
Inflation lowest in 12 years
Inflation stood at 5.92 percent on average in fiscal 2015-16 — the lowest in 12 years and even lower than the government’s budgetary target of 6.2 percent. The central bank apprehended a rise in inflation last fiscal year due to the pay rise for government staff, but it fell 0.49 percentage points over fiscal 2014-15.
MoS finds Paira-Dhaka rail line project feasible
The ministry of shipping (MoS) has found the proposal of the UK-based DP Rail on connecting the new sea port at Paira with capital Dhaka through railway feasible, officials have said. The rail connectivity of the port with Dhaka is very important, they added.
Bangladesh risks megaquake
A massive hidden fault, discovered recently, could trigger a cataclysmic quake beneath Bangladesh, and parts of India and Myanmar, revealed a new research. The hidden fault, buried deep under river sediments, could cause the devastating quake of 8.2 to 9 magnitude, show the recent findings. The quake could cause devastations in the capital of Bangladesh and its eastern region as well as parts of Myanmar and Eastern India, show the findings.
BB-Fed Reserve meeting in August to recoup $81m
A bilateral meeting between the Federal Reserve Bank of New York and the Bangladesh Bank (BB) will be held in New York in August to speed up efforts for recovering the stolen US$ 81 million from the Philippines, officials said. The meeting date has already been shifted to next month from tentative July 15, proposed earlier by the parties concerned, for taking adequate preparations, they added.
Deal signed for construction of Rampal coal plant
An agreement was signed with Bharat Heavy Electricals Limited (BHEL), India yesterday to build the 1,320MW coal-fired power plant at Rampal of Bagerhat, near the Sundarbans mangrove forest. The $1.49 billion is likely to start producing electricity in 2019. It would be financed by Indian Exim Bank. Bangladesh-India Friendship Power Company (Pvt) Limited signed the contract agreement for main plant EPC (turnkey basis) package with BHEL at Pan Pacific Sonargaon Hotel in Dhaka.
Stocks continue gaining streak
Stocks continued to gain for a second session yesterday amid improved participation of investors who were optimistic about the future outlook. DSEX, the benchmark index of the premier bourse, rose 39.53 points or 0.87 percent, before closing the day at 4,544.7 points. IDLC Investments in its regular analysis said the bourse gained the momentum with rising participation and soaring indices.
Pvt sector credit growth in SCBs rise abnormally
The year-on-year private sector credit growth in state-owned commercial banks, struggling with defaulted loans, increased abnormally to 16 per cent in May from 6.4 per cent in July of the just concluded fiscal year 2015-16 as they continued to maintain an aggressive lending. According to Bangladesh Bank officials and an economist, an increased trend in defaulted loan of the five SCBs — Sonali, Janata, Agrani, Rupali and BASIC – in the recent months also played a role in increase in their private sector credit growth.