RMG sector in Bangladesh

BBN file photo

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.

New global recession may hit Bangladesh hard
Economists and businesses feared that Bangladesh’s export income and remittance, two life lines of the country’s economy, would be hit hard if a global economic recession occurred in the near future. They said that the US-China trade war, Brexit issue, Iran crisis and many other developments were leading to a lot of uncertainty in the global economy.

Eminent economists and senior bankers have expressed concern over a decision the government made on Monday to pull out from the banking system Tk2,12,100 crore lying “idle” with autonomous and semi-autonomous bodies. They fear that the decision if implemented right away will aggravate the existing liquidity crisis in banks, putting extra burden on state-owned and fourth generation private banks.

Savers resent ‘whimsical’ deduction of source-tax
Savers have resented the deduction of tax at higher rate on the yield of their government savings tools (Sanchayapatras) that had fallen due on or before June 30 last. Whims rather than reasons and rules are at play as far as imposing tax is concerned, they have alleged.

BTRC starts work on 5G guideline
Bangladesh is homing in on a 2022 roll-out of the fifth generation (5G) cellular network technology, with the telecom regulator now working on a guideline for the next generation of mobile internet connectivity that comes with super-fast speeds. With 5G, mobile users can expect average download speeds of at least 1 Gigabits per second, in contrast to 7.5 Megabits per second under 4G.

Bangladesh’s stocks extend losing streak for 5 days
Bangladesh’s stocks extended the losing streak for the fifth straight session on Tuesday as worried investors continued their selling binge on large-cap shares. Lack of investors’ confidence, telecom regulator’s strict stance towards Grameenphone, soaring non-performing loans and falling foreign portfolio investment continued to hit investors’ sentiment, according to market operators.

RMG Sustainability Council to be formed by Nov 25
RMG Sustainability Council (RSC), a tripartite compliance and safety monitoring body of the apparel sector, will be formally formed by November 25 as agreed upon by brands, union leaders and factory owners yesterday. Rubana Huq, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), along with the RSC steering committee’s other members announced this after two days of meetings at the Four Points by Sheraton in Dhaka.

Banks to accept pleas till Oct 20
Bangladesh Bank on Tuesday extended for another one and a half months the cut-off date for submitting applications by the loan defaulters to reschedule their loans with just 2 per cent down payment and other facilities. The central bank issued a circular on the day following a High Court order of August 29 this year that asked for setting the cut-off date at October 20, 2019.

Bangladesh’s inflation eases slightly in August
Bangladesh’s inflation as measured by the consumers’ price index (CPI) eased 13 basis points to 5.49 per cent in August mainly due to downward trend of both food and non-food prices. Food inflation came down to 5.27 per cent in August on point-to-point basis from 5.42 per cent the previous month while non-food inflation stood at 5.82 per cent from 5.94 per cent, according to official data.