Chinese firm to invest $27.8 million in Bepza Economic Zone

Dongfang Knitting (BD) Ltd, a Chinese company, will invest $27.8 million to set up a sock manufacturing factory at the Bepza Economic Zone at Mirsarai in Chattogram. The factory targets producing 216 million pairs of socks for men, women and children every year and it will create employment opportunities for 5,192 Bangladeshi workers.

Source: https://www.thedailystar.net/business/news/chinese-firm-invest-278-million-bepza-ez-3570281

Gold prices edge down

The Bangladesh Jewellers’ Association (BJA) has lowered gold prices by Tk 1,750 per bhori (11.664 grams) on the local market. As per the new rate, 22-carat gold will now be sold at Tk 111,158 per bhori. The latest pricing of the precious metal would come into effect today (Wednesday), said a press release issued by BJA. The price of 21-carat gold (per bhori) went down by Tk 1,633 to Tk 1,06,142, while the price of 18-carat gold has been reduced by Tk 1,400 to Tk 90,979 per bhori. And the price of conventional gold has been reduced by Tk 1,166 to Tk 75,816. The previous rate of 22-carat gold was Tk 1,12,908 per bhori while the price of 21-carat gold was Tk 1,07,775, and 18-carat Tk 92,379 per bhori. And the price of traditional gold was Tk 76,982 per bhori.

Source: https://today.thefinancialexpress.com.bd/trade-market/gold-prices-edge-down20-03-2024-1710864935

Steel industry on the brink as dollar, gas, power prices surge

The Bangladesh Steel Manufacturers Association has said the country’s steel industry is facing a severe crisis due to a surge in the dollar, gas, and electricity prices. The dollar surge hinders access to Letters of Credit (LC) for importing essential raw materials, creating a shortage and supply chain disruptions. Increased costs for raw materials, chemicals, components (85% import-dependent), interest rates (9% to 13.5%), fuel oil, electricity, gas, LC commissions, margins, discounting rates, and other charges have significantly raised working capital requirements. Electricity prices rose 15% last year, with another 10% this year and a further planned increase. Demand charges also rose by 20%. Gas prices nearly tripled, increasing production costs by Tk3 per tonne. Lower the tax deduction at source for steel companies from 2% to 0.5%. Reduce the minimum advance income tax on imported steel scrap from Tk500 to Tk200 per tonne and revoke the recent increase in the Ministry of Industries’ CM certificate fee. The leaders of the association urged the government to implement a turnover-based fee structure.

Source: https://www.tbsnews.net/economy/steel-industry-brink-dollar-gas-power-prices-surge-entrepreneurs-811766