Prime Minister opens first elevated expressway
Prime Minister Sheikh Hasina on Saturday inaugurated the 11.5 km Airport- Farmgate segment of 19.73-km Dhaka Elevated Expressway, the first of its kind in the country, raising high hope to reduce traffic congestion and commuters’ travel time in the capital, reports UNB. The long-awaited expressway, one of the mega infrastructure projects under the current government, will be opened to traffic on Sunday morning and it will take 10 minutes for a vehicle to reach Farmgate from Kawla with a speed up to 60 km per hour. This is the first project in the transport sector being implemented under the public-private partnership (PPP) with foreign investment.
Construction materials industry thriving on mega projects
The construction materials industry of Bangladesh has registered massive growth over the past decade as some mega projects are providing ample opportunity for capacity building and ensuring world-class products, according to industry insiders. Local companies need to ensure quality products as well as display sufficient production capacity and operational efficiency to participate with international firms in implementing mega projects. At present, the government is implementing around a dozen mega projects using locally made construction materials instead of imported alternatives. For example, at least 10 local companies are contributing materials, such as cement, steel and paint, for constructing the country’s first elevated expressway in Dhaka. Till date, a total of 66,000 tonnes of steel has been used in the elevated expressway project, with BSRM contributing a majority 52,000 tonnes.
Oil prices rises to highest in over seven months on supply worries
Oil prices rose on Friday to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. Saudi Arabia is widely expected to extend a voluntary 1 million barrel per day oil production cut into October, prolonging supply curbs engineered by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known collectively as OPEC+, to support prices. Brent crude settled up $1.66, or 1.9 percent, at $88.49 a barrel. Earlier it gained to a session high of $88.75 a barrel, the highest since Jan. 27. US West Texas Intermediate crude (WTI) had risen $1.39, roughly 1.7 percent, to $85.02. It rose earlier to $85.81, the highest since Nov. 16.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 115.80||↑ 0.33 %|
|FTSE100||$ 7,464.54||↑ 25.41||↑ 0.34 %|
|Nikkei 225||$ 32,710.62||↑ 91.28||↑ 0.28 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 85.55 ||↑ 1.92||↑ 2.30 %|
|Crude Oil (Brent)||$ 88.55 ||↑ 1.72||↑ 1.98 %|
|Gold Spot||$ 1,940.06||↑ 0.13 ||↑ 0.01 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 109.5000||BDT 109.5000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<