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.
Cotton use to expand
Cotton consumption in Bangladesh is expected to rise 4.91 percent year-on-year to 6.4 million bales this year due to higher demand from spinners and garment makers, according to the US Department of Agriculture. The cotton year begins on August 1 and ends on July 31. Bangladesh is the largest cotton importer in the world at present, as China stopped importing the fibre in recent years. Bangladesh meets its demand for cotton through imports, as the country does not produce the white fibre locally.
LNG imports fully exempted from bidding
The government has decided to import liquefied natural gas or LNG without tenders. Petrobangla, the state-run Oil, Gas and Mineral Resources Corporation, will import a portion of required LNG under government-to-government agreements and the rest of it from spot markets, an energy division official told New Age on Monday. On November 16, the energy division issued a letter to Petrobangla chairman informing that it had decided to import a portion of LNG from spot market under the Speedy Supply of Power and Energy (Special Provisions) Act 2010, which facilitates awarding contracts avoiding tenders and indemnifies officials concerned against prosecution for making decisions.
BBA seeks extra time, cost hike for support project
The Bangladesh Bridge Authority (BBA) has sought four more years and 53 per cent cost hike for a project that supports the proposed Dhaka Elevated Expressway (DEE). But implementation of the DEE is yet to start even five years after striking a deal with a Thailand-based company.
Close coordination needs to boost green businesses: Atiur
There is a greater need for close coordination amongst regulators for boosting green businesses, said former Bangladesh Bank (BB) Governor Atiur Rahman. The former governor said this while addressing a panel discussion at the Asian Development Bank (ADB) headquarters in Manila on Tuesday, according to a message. The panel was moderated by Michael Barrow of ADB and participated by other panelists including Christopher of European Investment Bank, Arun Agarwall of Yes Bank, Assad Razzouque, Group Chief Executive Officer (CEO) of Sindicatum Sustainable Resource, Mahua Acharya of GGGI and Dipal Barua of Bright Green Energy Foundation, Bangladesh.
Bangladesh’s stocks end with higher turnover
Bangladesh’s stocks finished higher on Tuesday, after witnessing a flat session in the previous day, as investors took position on sector specific stocks amid optimism. The market started with an upward trend and the key index of the premier bourse rose around 37 points within first hour of trading, but mid-session profit booking wiped off some early gain, ultimately closed above 28 points higher.
‘Dhaka to make short-term gain’
US president-elect Donald Trump’s announcement to quit the Trans-Pacific Partnership (TPP) trade deal on his first day in the office might bring a short-term relief for Bangladesh, opined a senior economist. But such an announcement signalled his determination to move ahead with protectionist policies which might negatively affect the multilateral trading regime, he added.
Women workforce boosting economy
State Minister for Youth and Sports Biren Sikder said women could be used as the most powerful driver of economic growth by increasing their participation in labour force. “If we can encourage women entrepreneurs and increase female labour force participation, it will lead to an additional 1% of GDP growth in Bangladesh,” the state minister said while addressing a discussion on Challenges and Prospects in Bangladesh.
IDLC rights issue gets green light
Bangladesh Securities and Exchange Commission yesterday approved IDLC Finance’s application to raise Tk 251.37 crore through rights issue. The rights issue is an offer of new shares by a company to its existing shareholders in proportion to the shares they already own and usually at a discount to market price.