Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Pay more for Bangladeshi garments
The German consumers should change their attitude of paying low prices for garment items from Bangladesh, said Thomas Prinz, the newly appointed German ambassador to the country. “It is also necessary to influence discussions at home in Germany,” he said at a reception hosted by the Bangladesh German Chamber of Commerce and Industry (BGCCI) yesterday to welcome him. “We are asking Bangladeshi companies to invest in safety and security standards, in fire doors and sprinklers. We are pressing the government to increase minimum wages and to allow trade unions. But what have our consumers and purchasers done?”
BD largest woven garment exporter to India
Bangladesh became the largest exporter of woven garment items to India in 2014 superseding China, sector insiders said. The country’s export share of woven garments to Indian market reached 29 per cent in 2014 compared to that of 26.96 per cent by China, they added. China, however, remained as the largest knit product exporter to the Indian market. According to Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh exported woven products worth $ 85.73 million and knit items worth $27.88 million to India in 2014.
Bangladesh receives $1.29bn remittances in April
The flow of inward remittance fell slightly in April from that of the previous month despite an improved political situation in Bangladesh. The remittances from Bangladeshi nationals working abroad were estimated at US$1.29 billion in April 2015, less by $ 44.58 million from the level of the previous month.
In March last, the remittances stood at $1.34 billion. “The flow of inward remittances is still satisfactory level,” Kazi Sayedur Rahman, general manager of Forex Reserve and Treasury Management Department of Bangladesh Bank (BB), told the BBN in Dhaka on Tuesday.
Foreign loan commitment drops by $420m in Jul-Mar
The total amount of money involving commitment of foreign loans and grants has declined by $420.4 million in the first nine months of the current financial year 2014-15 as development partners like the USA and Japan are yet to sign any such agreements, said officials of Economic Relations Division. According to ERD data released on Tuesday, the total commitment by the foreign lenders in July-March was $2.47 billion compared to that of $2.90 billion in the same period of the previous year.
Banks’ interest rate spread falls to below 5.0% in Bangladesh
Interest rate spread in the Bangladesh’s banking sector fell to below 5.0 per cent in March, thanks to strict monitoring and supervision of the central bank, officials said. The weighted average spread between lending and deposit rates offered by the commercial banks came down to 4.87 per cent in March 2015 from 5.04 per cent in the previous month as the interest rates on lending decreased more than that of deposits. On the other hand, the weighted average rates on deposits came down to 7.06 per cent in March last from 7.19 per cent in the previous month while interest rates on lending dropped to 11.93 per cent from 12.23 per cent, according to the central bank statistics, released Tuesday.
World Bank provides $200mn to improve rural population in Bangladesh
The World Bank has provided $200 million to improve the livelihoods of approximately 5 million poor people in rural areas of Bangladesh. To materialise the aim, the Bangladesh government on Tuesday signed a $200 million financing agreement with the International Development Association (IDA) for the Nuton Jibon Livelihood Improvement Project. IDA is the World Bank’s concessional arm that helps the world’s poorest countries. The Nuton Jibon Livelihood Improvement Project aims to benefit approximately 5 million poor people in rural areas, said a press statement of the World Bank.
2 RMG factories recommended for evacuation as cracks found
The Accord on Fire and Building Safety in Bangladesh has recommended the review committee for evacuation of two RMG factories as its engineers found cracks in the buildings during a post-earthquake safety assessment. The factories are Ethical Garments Limited located in the capital and Man Trust Sweater Limited in Gazipur. “The Accord has sent the names of two RMG factories for review. During the ongoing post-earthquake safety assessment, the retailers platform identified cracks in those buildings in the wake of recent earthquake,” said Syed Ahmed, Inspector General of the Department of Inspection for Factories and Establishments.
Stocks break losing streak amid thin trading
The stock market returned to the green Tuesday, after three sessions’ steep fall, as investors went on a buying spree mainly on telecommunication, bank and power stocks. The morning buying pressure sustained till end of the session. DSEX, the prime index of the DSE went up by 54.63 points or 1.37 per cent to close slightly above the 4,000-mark to end at 4,014.37 points, after losing 159 points in the last three consecutive sessions.
