Newsflash

17/06/2020

27/03/2015

Fashion lovers drive leggings export sales
March 25, 2015
§ Fashion lovers' preference for leggings has opened up new opportunity for local exporters, with orders booming for close-fitting knit pants in the last two years.
§ Local knit makers are looking to expand capacity to cope with the increasing demand of leggings.
§ More than 600 factories running around the capital Dhaka and the port city Chittagong are making this product, equally popular among males and females.
§ Competitive wage rate, easily trainable local workforce and entrepreneurial skill and government policy support have been helping the legging segment to grow.

From http://www.thefinancialexpress-bd.com/2015/03/25/86338

Fashion lovers' preference for leggings has opened up new opportunity for local exporters, with orders booming for close-fitting knit pants

27/03/2015

Financial firms spent 12.3pc more on CSR in 2014
March 25, 2015
§ Financial institutions spent 12.3 percent more on corporate social responsibility engagements last year, compared to 2013, mainly due to a wider reach into various social causes.
§ CSR activities in the financial sector expanded from Tk 55.4 crore in 2009 to Tk 502 crore in 2014
§ Banks and non-bank financial institutions spent their CSR funds to mainly empower the less well-off population segments, particularly in the areas of health, education, and emergency disaster relief.
§ He spoke at a workshop on the role of the private sector in disaster preparedness and humanitarian response organised by Oxfam at Lakeshore Hotel in Dhaka.

From http://www.thedailystar.net/business/financial-firms-spent-123pc-more-csr-2014-73569

Financial institutions spent 12.3 percent more on corporate social responsibility engagements last year, compared to 2013, mainly

27/03/2015

DSEX dips below 4,500-mark again
March 25, 2015
§ Stocks edged lower for the second sessions in a row Tuesday with key index of the prime bourse dipping below 4,500-mark as ongoing political instability is taking its toll on the capital market.
§ The market opened with a positive note like previous session, but could not sustain as the session progressed. DSEX, the prime index of the Dhaka Stock Exchange (DSE) went down by 13.15 points or 0.29 per cent to close at 4,493.40 points.
§ The two other indices also closed in the red. The DS30 index, comprising blue chips lost 4.34 points or 0.25 per cent to close at 1,707.22 points. The DSE Shariah Index (DSES) shed 5.61 points or 0.51 per cent to close at 1,090.75 points.
§ The total turnover on the DSE came down below Tk 3.0 billion-mark again and amounted to Tk 2.55 billion, which was 18.78 per cent lower over the previous session's value of Tk 3.14 billion.
§ The investors' attention was mostly focused on pharma, power and banks - the sectors that accounted for 24.8 per cent, 13.4 per cent and 13.2 per cent of the day's total turnover respectively.

From http://www.thefinancialexpress-bd.com/2015/03/25/86318

Stocks edged lower for the second sessions in a row Tuesday with key index of the prime bourse dipping below

27/03/2015

LC confirmation charges higher in Bangladesh
March 25, 2015
§ An importer in Bangladesh has to pay up to 4 percent of the import value as confirmation fees on letters of credit a year, which is far higher than in other South Asian countries.
§ Businesses fear that the new spat of political instability that began on January 5 may further increase the fees and put extra pressures on them. They are already reeling from additional costs in transportation and supply chain management.
§ The LC confirmation charge is 1 percent in India, 2 percent in Pakistan.
§ Bankers said although the LC confirmation charge is higher in Bangladesh, it differs from bank-to-bank and bank-to-client relationships.

From http://www.thedailystar.net/business/lc-confirmation-charges-higher-bangladesh-73560

An importer in Bangladesh has to pay up to 4 percent of the import value as confirmation fees on letters of credit a year, which is far

27/03/2015

Govt to take $50m in easy loans from Belarus for equipment purchase
March 25, 2015
§ The government plans to take a $50 million “commodity credit” from Belarus with low interest rates for procuring maintenance equipment for city corporations.
§ The local government division has already had talks with the Belarus government and sent the loan proposal to the cabinet committee on economic affairs.
§ The rate of interest on the loan will be 1 percent and no extra service charge or fee will be applicable, according to the proposal.
§ The government will have to pay 15 percent of the price of the commodities to Belarus in advance and the remaining 85 percent can be paid in 11 years, including a three-year grace period.

From http://www.thedailystar.net/business/govt-take-50m-easy-loans-belarus-equipment-purchase-73564

The government plans to take a $50 million “commodity credit” from Belarus with low interest rates for procuring maintenance

27/03/2015

ADB cuts growth forecast for messy politics
March 25, 2015
§ The Asian Development Bank yesterday revised down its growth forecast for Bangladesh for the fiscal year, saying the economy will grow by 6.1 percent instead of 6.4 percent as predicted earlier, due to the dragging political stalemate.
§ Before the political unrest began in January, the economy had been expanding briskly for six months, indicating good growth prospects for 2014-2015.
§ Strong remittance inflows boosted consumption, and private investment was rising as indicated by higher capital equipment imports. Although exports remained subdued, they were gradually improving as orders flew in.
§ The projections are based on several assumptions: the central bank will maintain its cautious monetary stance; the government will raise electricity and natural gas prices to cut subsidies and keep current spending within the budget; it will attain targeted budget revenue and foreign financing and strengthen project implementation; and the weather will be favorable.

From http://www.thedailystar.net/business/adb-cuts-growth-forecast-messy-politics-73558

The Asian Development Bank yesterday revised down its growth forecast for Bangladesh for the fiscal year, saying the economy will

27/03/2015

Denim exporter sees robust growth ahead
March 24, 2015
§ Bangladesh is becoming a major source of denim products as international retailers prefer the country to other destinations for its low prices.
§ Currently, 25 denim factories are in operations in Bangladesh. Five new companies -- Square, Thermax, Zaber & Zubair, Bashundhara and Fakir -- have also set up factories to join the ranks.
§ Among the global players in the $60 billion denim market, Bangladesh lags behind China, the US, Italy and some Latin American countries.
§ Currently, Bangladesh is the third largest denim exporter to the US after Mexico and China with an 11.3 percent market share.

From http://www.thedailystar.net/business/denim-exporter-sees-robust-growth-ahead-73345

Bangladesh is becoming a major source of denim products as international retailers prefer the country to other destinations for its low

27/03/2015

Brokers call for more time for lowering banks' stock exposure
March 24, 2015
§ Top brokers yesterday recommended extending the deadline for bringing down banks' investment exposure in the stockmarket by another two years.
§ As per the recommended deadline, if allowed, banks will have until July 2018 instead of the existing July 2016 for lowering their exposure to the permissible limit.
§ DSEX, the benchmark general index of Dhaka Stock Exchange, slid 26.65 points, or 0.58 percent, before closing at 4,506.55 points

From http://www.thedailystar.net/business/brokers-call-more-time-lowering-banks-stock-exposure-73348

Top brokers yesterday recommended extending the deadline for bringing down banks' investment exposure in the stockmarket by

27/03/2015

Summit to supply 165MW electricity this year
March 24, 2015
§ Summit Group is set to supply 165 megawatts of electricity to the national grid from later this year.
§ The electricity will be supplied from two sources -- a 110MW power plant in Barisal and another 55MW one in Narayanganj -- the construction work for which is going on in full steam.
§ As per the electricity purchase and implementation agreements signed, Summit is due to start supplying electricity from the two plants by the middle of next year.
§ The biggest private sector power producer in the country, Summit now supplies 850MW of electricity to the national grid. The company plans to raise the supply to 1,200MW by May this year and to 1,400MW once the plants in Barisal and Narayanganj begin commercial generation.

From http://www.thedailystar.net/business/summit-supply-165mw-electricity-year-73352

Summit Group is set to supply 165 megawatts of electricity to the national grid from later this year.

27/03/2015

Non-farm activities generate the bulk of rural income
March 24, 2015
§ Rural households earn more from non-farm activities than agriculture due to the low price of farm products and lack of an appropriate marketing system.
§ Of their average annual income of Tk 91,739, 22.77 percent comes from agriculture sector and 77.23 from the non-agriculture sector.
§ In 2013, the total number of rural households was estimated at 2.47 crore. Of them, 1.2 crore took agricultural loans.
§ The survey also found that as many as 41 lakh households applied for institutional loans for the first time but their applications were rejected.

From http://www.thedailystar.net/business/non-farm-activities-generate-the-bulk-rural-income-73341

Rural households earn more from non-farm activities than agriculture due to the low price of farm products and lack of an appropriate marketing system, a recent survey by Bangladesh Bureau of Statistics found.

27/03/2015

Bangabandhu-1 satellite tender today
March 23, 2015
§ An international tender is going to be offloaded today in order to lunch Bangabandhu-1 satellite.
§ Bangladesh Telecommunication Regulatory Commission (BTRC) with its international consultant has prepared the tender documents.
§ Meanwhile, BTRC paid $5.6 million (20% of the cost) to the Intersputnik, a satellite company from Russia, as first instalment of purchasing the orbital slot on 119.1 East Longitude, the cost of which was fixed at $28 million (around Tk218.96 crore).
§ According to the contract signed on January 15 this year with Intersputnik, the BTRC will have to pay 30% of the cost ($8.4m) within the next 15 months, 25% ($7m) within 18 months after that, and the rest within the next eight months.
§ The Bangabandhu-1 satellite will be launched by 2017

From http://www.dhakatribune.com/business/2015/mar/23/bangabandhu-1-satellite-tender-today

An international tender is going to be offloaded today in order to lunch Bangabandhu-1 satellite, a senior official of the telecom regulator has said. Bangladesh Telecommunication Regulatory Commission (BTRC) with its international consultant has prepared the tender documents. “We have complet