Export of agro-products rises 53pc in 9 months
The export of agricultural products increased substantially so far in the current fiscal year (FY 2018-19), amid a great leap in shipments of processed food items. According to the latest data of the Export Promotion Bureau (RPB), in the first nine months, the exports have already surpassed the target worth US$ 711 million set for the FY. As per EPB data, the local traders exported goods worth $ 723 million within the third quarter (July-March), a 53 per cent growth over the corresponding period of last FY. The overall shipment of fresh produces including vegetables, fruits, tobacco, tea, flower and foliage, dry and processed foods were worth $674 million in FY ’18. Processed food items comprised more than 75 per cent ($545 million) of the total farm produce exports. The sub-sector showed a 95 per cent growth in the July-March period of FY’19 than that of FY’18. Insiders were expecting that the trend might continue in the next three months and the exports might touch $1.0 billion mark for the first time with the end of this FY, amid rising demand for Bangladeshi process and fresh produce abroad. More than 100 companies are exporting food products like confectionaries and beverages to different Middle Eastern, South Asian, African and European countries. According to Bangladesh Agro-Processors’ Association, Pran, Square, Sajeeb, ACI, Partex, Globe, Bombay Sweets, Star Line Food Products, Akij Foods, BD Foods, Arku and Ahmed Foods lead the exporters.
Steel Industry booming on mega projects
As per the Experts, Bangladesh’s steel industry is going from strength to strength thanks to a construction boom and implementation of mega infrastructure projects. A decade ago consumption of steel, which includes mild steel rod, prefabricated steel and corrugated iron sheet, was 1.6 million tonnes and last year it stood at about 7.5 million tonnes. As per United Securities, the steel industry passed a stellar 2018. Tapan Sengupta, executive director of BSRM, one of the leading steel manufacturers in Bangladesh, gave the credit to the government’s mega infrastructure projects. According to a report, Government projects account for 35 percent to 40 percent of the total steel consumed in Bangladesh, up from 15 percent a decade ago. And last year seven mega projects picked up steam. As per Mr. Gupta, rapid urbanisation along with faster economic development is also contributing to the growth and BSRM’s growth was 12 percent last year in terms of sales. According to sector people, today, steel is almost a Tk 50,000 crore industry.
Bangabandhu satellite to connect local TVs, ATMs
Alongside providing feed to local television channels (TVs), Bangabandhu satellite-I (BS-I) is set to connect automated teller machines (ATM) to offer uninterrupted and secured banking services. As per the officials, isolated parts of the country were also going to be connected with internet services using the bandwidth of the country’s first geostationary communication satellite which would complete one year of its launching on May 12. Talking to BSS, Bangladesh Communication Satellite Company Limited (BCSCL) chairman Shahjahan Mahmood on Saturday said all local TVs would be connected by May 12 while trial run of ATMs was going on for the final demonstration during the celebration of the launching anniversary. Initially, Dutch-Bangla Bank Limited (DBBL) would launch the trial run of an ATM using bandwidth of BS-I at the anniversary ceremony in presence of Prime Minister Sheikh Hasina. Replying to a query, the BCSCL chairman said BS-I would provide most secured service for ATM than fibre-based connection and ‘no scope is here of any information leakage. Besides, an initiative had also been taken to provide 3G and broadband internet connectivity using BS-I to the people of Hatia Island and other isolated parts in the country. At present, the country has nearly 40 private satellite TVs while total number of ATM booths is over 7,000.
Three Companies finance Kushiara Power
The syndicated term loan closing ceremony of raising USD 50 million and BDT 3,900 million for Kushiara Power Company Limited of Max Group was held at The Westin Dhaka recently. IDCOL is the Lead Arranger for this syndicated financing facility. Financiers to this transaction include IDCOL, Pubali Bank Limited, and NCC Bank Limited. Dr. Tawfiq-e-Elahi Chowdhury, Energy Adviser to the Prime Minister was the Chief Guest of the ceremony while Mr. Manmohan Parkash, Country Director – Bangladesh Resident Mission, Asian Development Bank, was the Special Guest. Kushiara Power Company Limited, a concern of Max Group, is a 163 MW natural gas fired combined cycle power plant located at Fenchuganj, Sylhet.
Prime Bank Signed Prime Payroll with Eminence Chemical
Prime Bank has recently signed a ‘Prime Payroll’ agreement with Eminence Chemical Industries Limited. In presence of Md. Touhidul Alam Khan, Deputy Managing Director & CBO of Prime Bank, the agreement was signed by Mamur Ahmed, Head of Consumer Sales & Collection of Prime Bank and Belayet Hussain, Managing Director of Eminence Chemical Industries Limited.
Industry 4.0 readiness to shape future generations
As per the Chairman of ACI Group, existing Bangladesh’s stakeholders’ preparedness in Industry 4.0 will shape how they are remembered by future generations. The scale of tech jobs will be overwhelming having economical, political and societal impacts, while many traditional jobs will give way to those suited to the day and age, he said during a keynote presentation at the 2nd International Conference on Business and Management 2019 (ICBM) on Friday. Brac University’s (BracU) Brac Business School (BBS) organised the three-day event bearing the theme “Industry Focused Global Research Trends in Business and Management” at The Westin Dhaka.
24 Companies to get ‘OSH Good Practice Award’ today
A total of 24 local companies from five sectors will be awarded today (Sunday) for their outstanding contribution in ensuring occupational safety and health (OSH) in respective workplaces. The government will hand over the ‘OSH Good Practice Award’ to the companies at a ceremony, organised by the Ministry of Labour and Employment (MoLE) at Krishibid Institution Bangladesh in the city. A wide range of activities will take place today to celebrate the National OSH Day with the theme – ‘Safe Workplace: Bangladesh towards Sustainable Development’.
Janata Bank Ltd organised Branch Managers Conference
Chief Executive Officer & Managing Director of Janata Bank Ltd Md Abdus Salam Azad addressing as the chief guest at a branch managers’ conference of Dhaka south divisional office of the bank in the city recently with deputy managing directors Md Ismail Hossain, Md Zikrul Hoque and Md Tajul Islam present.
The 33rd Annual Business Conference of Green Delta Insurance Company Limited
The 33rd Annual Business Conference of Green Delta Insurance Company Limited was held in Dhaka on Saturday. Md. Abdul Karim, Chairman of the company, chaired the event as the chief guest. Farzanah Chowdhury, Managing Director & CEO and Nasir A. Choudhury, Advisor and Founding Managing Director seen.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225|| 22,258.73|| ↓48.85||↓0.22%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 63.30||↓1.91||↓2.93%|
|Crude Oil (Brent)||$ 72.15||↓2.20||↓2.96%|
|Gold Spot|| $1,286.16|| ↑8.99||↑0.70%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3395|
|GBP 1||BDT 107.5750|
|EUR 1||BDT 92.8660|
|INR 1||BDT 1.1894|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<