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.
World Bank pledges $2.0bn to Bangladesh for climate smart growth
World Bank (WB) Group President Jim Yong Kim has pledged US$2.0 billion over the next three years in new funding to help the country become less vulnerable to climate change. Kim made the pledge on Tuesday after concluding a two-day trip to Bangladesh focused on the country’s successes in reducing extreme poverty. The $2.0 billion pledge in new money for climate change is in addition to $1 billion pledged by Kim on Monday to end childhood stunting in Bangladesh. Both amounts are contingent on a successful replenishment of the International Development Association, the World Bank’s fund for the poorest countries, which should be agreed in December.
Bangladesh plans to borrow from forex reserve
Bangladesh government has planned to borrow from the country’s foreign exchange reserve to finance mega development projects for the fiscal year (FY) 2017-18. Bangladesh’s Finance Minister AMA Muhith unveiled the plan on Tuesday while handing over the Bangladesh Bank Remittance Award 2015 to those who made outstanding contribution to the nation’s coffers of foreign currencies that surged more than US$31 billion.
Jute exports to India may face anti-dumping duty
Bangladeshi jute and jute goods may be subject to 25-30 percent duty upon entry to the Indian market if the local exporters are found guilty of dumping. The development comes after the Directorate General of Anti-Dumping and Allied Duties or DGAD under India’s commerce ministry concluded its probe into the matter last week, said an official of Bangladesh Tariff Commission. The report is likely to be disclosed next week.
DSE invites EoI from foreign, local orgs
Demutualised Dhaka Stock Exchange has invited foreign and local entities to purchase 25 per cent share of the bourse under the Demutualisation Act 2013. The bourse, which has already got response from a number of foreign and local organisations in this regard but is yet to be satisfied with the proposals they have made, on Monday published an advertisement in a national daily along with its own web site, seeking application from interested organisations.
Bangladesh’s stocks return to green
Bangladesh’s stocks returned to green on Tuesday, after remaining down in the previous day, as optimistic took position on sector specific stocks. Analysts said the market edged higher as optimistic investors were active on sector specific mid-cap and some large-cap stocks. The market started with a positive note in the morning which sustained till end of the session, ultimately ended marginally higher.
India’s largest insurer LIC opens Bangladesh unit
India’s state-run Life Insurance Corporation launched Bangladesh operations yesterday as part of its plan to widen its international footprint. The company formed a joint venture with Strategic Equity Management Ltd (SEML) and Mutual Trust Bank for its Bangladesh operations, the Indian High Commission in Dhaka said in a statement.
Indian policies to drive apparel sector growth
Indian government’s proactive policies, including additional incentives and likely Free Trade Agreement (FTA) with European Union (EU), may drive the growth of the domestic apparel sector, a study said. The sector is the largest segment of the Indian textile and clothing industry (IT&C), accounting for 60-65 per cent of the total pie. Further, India is the 6th largest exporter of apparel in the world after China, Bangladesh, Vietnam, Germany and Italy, reports PTI.
BTRC gives final nod to merger of Robi-Airtel
Bangladesh’s first ever merger proposal of two mobile phone operators — Robi and Airtel — has got the final approval from the telecom regulator, reports BSS. Bangladesh Telecommunication Regulatory Commission (BTRC) in a meeting Tuesday, cleared the proposal terming it a “positive move” for the telecom industry of the country.