Dhaka, Bangladesh (BBN)- The Bangladesh Business News (BBN) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
IMF says Bangladesh GDP growth to be below 6.0 pc for FY 14: International Monetary Fund mission (IMF) has projected that the real gross domestic product (GDP) growth to be below 6.0 percent for the fiscal year (FY) 2013-14 as unrest and uncertainty in the run-up to the January general elections have taken a toll on the Bangladesh economy.
Energy shortage hits manufacturing sector: Short supply of energy -- both power and gas -- is taking its toll on production in the country's manufacturing sector, industry insiders and businesses say. According to them, production in many manufacturing units is now well below their capacities in the absence of the required supply of energy.
Mongla set to emerge as country's first economic zone: Mongla is likely to emerge as the country's first economic zone out of five selected sites as the authorities concerned have already finalised land purchase deals for the purpose, sources said. The five selected areas for setting up of economic zones are Anwara upazila and Mirsarai upazila, both in Chittagong, Sherpur in Moulvibazar, and areas surrounding Bangabandhu Bridge in Sirajganj and Mongla in Bagerhat.
DSE witnesses profit-booking: Stocks edged lower Tuesday, a day after positive trend with turnover crossing Tk 6.0 billion-mark as profit booking triggered the selling pressure in later part of the day's session. The market started with a positive note, but lost momentum as session progressed. At the end of the session, the prime index of the Dhaka Stock Exchange (DSE) --- DSEX ended at 4,586.91 points, shedding 21.38 points or 0.46 per cent.
Bangladesh allows foreigners to invest in BGTBs using NITA: The Bangladesh government has relaxed regulations, allowing foreigners to invest in its treasury bonds by using Non-Resident Investor’s Taka Account (NITA), officials said on Tuesday. Under the relaxations, the purchase is made with funds of a Non-Resident Foreign Currency Account (NFCA) or a NITA with a bank in Bangladesh in the name of the purchaser, according to a notification, issued by the Ministry of Finance (MoF).
BGMEA urges brands not to close orders: Bangladesh Garment Manufacturers and Exporters Association (BGMEA) urged the Accord buyers not to withdraw orders from factories housed in shared buildings if they are found structurally okay. It also called for setting a parameter to decide on a factory’s structural status. According to the BGMEA, around 40% of factories are housed in shared buildings which employ 1.5m workers, mostly women.
Central bank of Bangladesh purchases $75m more from banks: The central bank of Bangladesh purchased $75 million more from the commercial banks Tuesday to keep the inter-bank foreign exchange market stable, officials said. “We’ve bought the US currency from six banks directly at market rate to protect the interest of exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
Concern over growing underground economy: The government is set to conduct a new study on the underground economy after economists voiced concerns about the rise of black money and capital flight. “Alongside the increase in economic growth rate, the underground economy also expanded,” Finance Minister AMA Muhith said after a pre-budget meeting on Monday with the country's leading economists. Citing a study conducted during his last stint as finance minister, he said the government will start another study on the size of underground economy next year, likely to be concluded in two years' time. The finance minister said many economists raised the issues of capital flight and increase in black money at the meeting.
BBN/SSR/AD-09Apr14-9:29 am (BST)