Recycling plastic bottles to make garments
Bangladesh is set to become a major source of recycled yarn and fabrics made from plastic bottles as the country looks to capture more market share of global high value-added garment items such as activewear, outerwear, padding and quilting. Seven local mills have already set up plants investing Tk 1,670.73 crore collectively in order to make flakes from waste plastic bottles in order to make recycled yarn and fabrics, according to the Bangladesh Textile Mills Association (BTMA). Currently, Debonair Group imports $20 million worth of fibre and yarn made from plastic bottles mainly from China to make quilts, jackets, padding and outerwear for its international buyers in Europe and in the US. The BTMA urged the National Board of Revenue to waive the duty on the imported recycled plastic fibre and yarn so that local producers can grab more share of the global recycled garment market.
Women entrepreneurs shine in making jute products
A growing number of women are trying their luck in the business of jute and jute products and many have turned into successful entrepreneurs – by investing a small amount instead of pursuing traditional jobs. Bangladesh exports 282 types of products made with jute – which has a long history and is fondly dubbed “golden fibre” for its high value – to around 135 countries, according to the Export Promotion Bureau (EPB). In the last 12 years, the annual exports of jute and jute products have exceeded the $1 billion threshold four times. In fiscal 2020-2021, exports of these products saw a 31% year-on-year growth. Exports of jute bags and sacks increased by 30%, other products by 5% and hand-picked jute fibre and staple fibre by 10%.
Sri Lankan company snaps up Agora
Sri Lankan conglomerate Softlogic’s retail holdings wing entered into an agreement on Friday to fully acquire Agora, Bangladesh’s first ever and the second largest supermarket chain, according to a public disclosure by the Lankan conglomerate. The acquisition of 100% stake in the company via a series of transactions would be subject to terms and conditions set out therein and receipt of regulatory approvals, Softlogic Holding PLC said in its regulatory filing in Colombo Stock Exchange.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 179.86||↓ 0.53 %|
|FTSE100||$ 6,987.14||↓ 251.71||↓ 3.48 %|
|Nikkei 225||$ 25,985.47||↓ 591.80||↓ 2.23 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 115.68||↑ 8.01||↑ 7.44 %|
|Crude Oil (Brent)||$ 118.11||↑ 7.65||↑ 6.93 %|
|Gold Spot||$ 1,970.70||↑ 34.75||↑ 1.79 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 86.00|
|GBP 1||BDT 115.3260|
|EUR 1||BDT 95.6578|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<