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.
ADB forecasts BD growth down at 6.9pc in FY18
The Asian Development Bank (ADB) scaled down Bangladesh’s economic growth to 6.9 per cent from the government-projected 7.4 per cent in the current fiscal. Slower income growth in agriculture and wage employment and also sluggish improvement in remittances are cited as reasons for the lower economic growth forecast by the Asian development financier.
Govt requests Daewoo to hire more B’deshi construction workers
The government on Tuesday requested South Korea’s Daewoo E&C, a leading global construction company to hire more workers from Bangladesh. The request was conveyed to Daewoo E&C general manager Joong-Hwan Lim during his meeting with Expatriates Welfare and Overseas Employment minister Nurul Islam at his Probashi Kalyan Bhaban office.
Shipping Corporation to procure eight ships worth Tk1,843 crore from China
The Bangladesh Shipping Corporation (BSC) is set to procure eight new ships from China under a government-to-government (G2G) arrangement in a bid to break the monopoly of foreign companies in Bangladesh’s shipping and transportation business. The ships, worth Tk1,843cr, will be purchased from the China National Machinery Import and Export Corporation (CMC) within next year through a direct procurement method, a senior shipping ministry official wishing to remain unnamed told the Dhaka Tribune.
BDT depreciates 30 paisa against US$ for importers
The exchange rate of Bangladesh Taka (BDT) depreciated significantly against the US dollar at the customers’ level for clearing import payment obligations on Tuesday, market operators said. The local currency depreciated by 0.37 per cent or 30 paisa against the US currency as the average Bill for Collection (BC) rate of the greenback stood at BDT 82.0892 on the day from BDT 81.7889 on the previous working day, according to Bangladesh Foreign Exchange Dealers Association (BAFEDA).
India loosens up some conditions
Exim Bank of India is set to relax one of the major conditions for the projects under the $4.5 billion line of credit extended to Bangladesh for smooth implementation of the projects. The final round of negotiations concluded on Monday. Shahidul Islam, additional secretary of the Economic Relations Division, led the Bangladesh side and Amit Kumar, joint secretary of the foreign affairs ministry, the Indian side.
Commerce ministry for cash incentive continuation for 5 years
The commerce ministry has requested finance ministry to continue 15 per cent cash incentive against export receipts from leather goods and footwear for next five years to achieve the $5 billion export target by 2021. ‘Commerce ministry thinks that the continuation of 15 per cent cash incentive is essential to attract foreign direct investment for the leather sector and to promote the export earnings to $5 billion by 2021 from this sector,’ the ministry said in a recent letter to the finance ministry.
City set to get auto traffic signals
Dhaka is finally set to get new automated traffic-signal system for managing booming and chaotic traffic, with four busy intersections coming first for piloting. Dhaka Transport Coordination Authority (DTCA) has taken up a pilot project to introduce the digital traffic signals, against the backdrop of the existing signalling systems having failed to work, somehow.
Textile sector crying out for investment
Bangladesh’s primary textile sector, an essential cog in the garment export wheel, has been witnessing a dearth of fresh investment for the last few years due to gas crisis and scarcity of bigger industrial land. Only five new spinning, three weaving and two dyeing mills with an investment of about Tk 1,300 crore were set up in the last four years, according to data from the Bangladesh Textile Mills Association.