Raw jute prices may stabilise as Bangladesh lifts export ban

Jute fiber being dehydrated after retting alongside a road. Photo: Wikipedia

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.

BJMC fund crunch cuts jute purchase
Due to cash crunch, Bangladesh Jute Mills Corporation (BJMC) has been failing to buy raw jute from growers at the peak harvest season and it has resulted in jute mills cutting production by around 66 percent. The delay in fund allocation for the state-run corporation is causing productivity losses in the 23 jute mills BJMC operates.

BD eyes $15b Saudi investment
Bangladesh eyes investment worth around US$ 15 billion from Saudi Arabian investors, as a high-profile delegation of the country is going to arrive in Dhaka today (Wednesday). “We are expecting a substantial amount of investment from the Saudi investors through this visit, which will be a crucial one,” Foreign Minister Dr A K Abdul Momen told the FE on Tuesday.

Tk 150cr more for scam-hit Janata, Basic
The financial institutions division has recommended that Janata and BASIC banks be provided with Tk 150 crore bailout funds because of severe capital shortfall faced by both the scam-hit state-owned banks. The financial institutions division made the recommendation to the finance division in the past week.

Bangladesh’s imports rise by 10% in seven months
Bangladesh’s overall imports grew by nearly 10 per cent in the first seven months of the current fiscal year (FY) following higher imports of intermediate goods and fuel oils, officials said. The actual import in terms of settlement of letters of credit (LCs) rose to US$32.60 billion during the July-January period of FY 2018-19 from $29.65 billion in the same period of the previous fiscal, according to the central bank’s latest data.

Ecnec approves economic zone in Narayanganj for Japanese investors
The Executive Committee of the National Economic Council (Ecnec) yesterday approved eight projects, including one to set up an economic zone in Narayanganj for Japanese investors spending Tk2,582 crore. The approval came from the weekly Ecnec meeting held at the NEC conference room here with Ecnec Chairperson and Prime Minister Sheikh Hasina in the chair.

Trade war a boon for Bangladesh: ADB
Bangladesh’s gross domestic product (GDP) will grow 0.19 percent more within the next one or two years if the US-China trade war escalates further, the Asian Development Bank’s (ADB) chief economist said on Monday. Moreover, the country will be able to make exports of an additional $400 million, said Yasuyuki Sawada.

Stocks edge up riding on bank, power shares
The daily trade turnover on the prime bourse fell below Tk 6.0 billion-mark again on Tuesday, hitting more than two months low, as investors were reluctant to make fresh investment in stocks. Turnover, an important indicator of the market, stood at Tk 5.75 billion on the country’s premier bourse, slumping by nearly 16 per cent over previous day’s mark of Tk 6.82 billion.

Inflation rises for 2nd month, stands at 5.47pc in Feb
Country’s point-to-point inflation increased slightly for two consecutive months in February to 5.47 per cent from that of 5.42 per cent in January. Overall point-to-point inflation first increased in January after declining for 12 months in a row from that of 5.35 per cent in December, 2017.