Bangladesh remains 9th highest remittance receiver: WB
According to a World Bank report, Bangladesh remained the ninth highest remittance receiving country in 2018 with the total inflow rising to $15.5 billion from $13.47 billion of 2017. India, like the past year, retained the top position with $ 78.60 billion remittance inflow with over 14 per cent growth. Remittances flow to Bangladesh increased by 14.8 per cent. As per the report, regionally remittances to South Asia increased by 12.3 per cent, with remittances to both India and Bangladesh rising by double digits. The report, however, projected that remittance flow to the region will slow down in 2019 to 4.3 per cent due to a moderation of growth in high-income economies and slower migration to the Gulf Cooperation Council countries. Nationalisation policies in the GCC countries, particularly in Saudi Arabia, also saw shrinking employment opportunities for South Asian migrants. Recruitment of migrant workers from Bangladesh to GCC countries declined by 37 per cent in 2018, largely due to a fall in recruitment in Saudi Arabia. According to the report, the high recruitment costs faced by many low-skilled migrant workers reduce the overall benefits from migration and its impact on reducing poverty in poor countries. Migrant workers continue to be afflicted by recruitment malpractices, the report said citing a recent report of the Center for Migrants’ Rights.
Pahela Baishakh: online shops log brisk sales
Online shops are now even selling hilsa fish ahead of the Pahela Baishakh, an annual festival that is typically celebrated with a meal centred on the delicacy. One such e-shop is Othoba.com, which has sold about 2,000 pieces of hilsa fish of more than one kilogram each so far. Not just hilsa fish, the sister concern of Pran-RFL Group is also selling products that are related to the festivities surrounding the first day of the Bengali calendar such as sweetmeat, sarees, lungis and so on. It is also offering discounts for the Pahela Baishakh. According to the Chief Operating Officer of SSL Wireless, a digital commerce market research firm, on an average around Tk 3 crore to Tk 4 crore worth of products are sold online every day and before festivals like Pahela Baishakh another few crores are added.
Koreans urged to invest in BD’s township projects
Speakers at a seminar on Tuesday made a call to Korean investors to invest in Bangladesh’s township projects applying their advanced technology. As per the speakers, Bangladesh lacked advanced technology in the construction management which South Korean technology could supplement. According to them, both countries would benefit from the Korean investment in real estate and construction projects. They were speaking at the workshop on “Bangladesh CM (Construction Management)” at a city hotel. Heerim Architects and Planners in cooperation with the Korea Trade Promotion Agency (KOTRA) organised the programme. In his speech, Housing Ministry additional secretary Akhter Hossain said there were many new township projects being implemented in the public and private sectors as well as on the public-private partnership bases on the outskirts of Dhaka city.
CSE revises blue-chip index
Chittagong Stock Exchange (CSE) has revised its CSE30 index based on the performance of listed companies. The revised CSE30 index will come into effect from April 21 this year. The port city bourse revises its index twice in a year. The new companies which have been included in CSE30 index are: Bangladesh National Insurance Company, Bangladesh Steel Re-Rolling Mills, SAIF Powertec, Doreen Power Generations and Systems, Summit Power, One Bank, Al-Arafah Islami Bank, Export Import Bank of BD, Jamuna Bank, and Delta Life Insurance Company. A company having 21.50 per cent market cap compared to total market capitalisation of the CSE and 30.12 per cent of free-float market capitalisation is included in the CSE30 index.
Shabbir Ahmed New DMD of Al-Arafah Islami Bank
Mr. Shabbir Ahmed has joined Al-Arafah Islami Bank Limited as Deputy Managing Director recently. Prior to his joining he was the Additional Deputy Managing Director of ONE Bank Limited.
Consolidation of small RMG units to be top priority
As per the newly elected BGMEA president Dr Rubana Huq, consolidation of small readymade garment units and integration of boutique houses with the mainstream industry will be top priorities in order to help sustain the country’s apparel sector’s growth. The new leadership of the country’s biggest apparel trade body, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has also vowed to address the key challenges and emerging issues as well as the important ones to give an impetus to the highest foreign currency-earning sector.
Play due role to prevent money laundering: BFIU
Chief The chief of Bangladesh Financial Intelligence Unit (BFIU) on Tuesday called upon all agencies concerned to play their due role effectively through integrating their respective activities for the prevention of money laundering and terror financing in the country. As per BFIU Chief Executive, proper investigation and justice will help improve the country’s rating during mutual evaluation on the compliance of money laundering cases by the Asia Pacific Group on Money Laundering (APG). He was inaugurating a workshop on Money Laundering Prevention Rules 2019 at the auditorium of Metropolitan Chamber of Commerce and Industry, Dhaka
BPC goes into automation by June
The state-run Bangladesh Petroleum Corporation (BPC) is finally going into automation by June to bring about transparency and accountability in its fiscal transactions. As per the BPC Chairman, they have already awarded the task of developing software to a local company for full automation of the BPC’s payment system. The Computer Network Systems (CNS) is committed to develop the software and initiate its application by early June. The BPC is the biggest company of the country with an annual turnover of over Tk 500 billion (US$ 6.0 billion). The Ministry of Finance, the major fund provider of the BPC’s oil trading, has long been pressing for automation of the company’s payment and operations.
Bonik Barta, BIDS awarded three Entrepreneurs
The Bonik Barta and the Bangladesh Institute of Development Studies (BIDS) yesterday honoured three bright entrepreneurs for their contribution to the economy. Planning Minister MA Mannan and Commerce Minister Tipu Munshi handed out the Talented Entrepreneurs Award 2019 to Md Abul Kalam Azad, chairman of Azizu Recycling and E-Waste Company, Habibur Rahman Jewel, chief executive officer of Moonlight Pet Flakes Industry, and Md Mahmudul Hasan, chairman of Rokomari.com, an online book shop. This was the sixth edition of the awards held at the Pan Pacific Sonargaon hotel. Each winner was given a crest and a cheque worth Tk 3 lakh.
PUMA opens store in city
PUMA, one of the world’s leading sports brands, made its entry into the Bangladesh market with the launching of its first flagship store at Banani in the capital recently. The Banani outlet is one of the brand’s biggest stores in South and South-East Asia. The outlet showcases the widest array of the brand’s latest performance and sport-style products. High officials of PUMA India, DBL Group, star cricket players and distinguished personalities of Bangladesh were present at the Banani outlet opening ceremony.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||21,662.58||↓140.01|| ↓0.64%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 64.11||↑0.13|| ↑0.20%|
|Crude Oil (Brent)||$ 70.76||↑0.05||↑0.07%|
|Gold Spot|| $1,301.66||↓2.44||↓0.19%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.4431|
|GBP 1||BDT 109.0050|
|EUR 1||BDT 94.0247|
|INR 1||BDT 1.1992|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<