Gold prices drop again
Local jewelers have revised gold prices downward in line with the international market price. As per new rates, the price of 22-carat gold has been fixed at Tk 4,070 per gram, down from Tk 4,170 nearly two weeks ago. The new price will come into effect today (Monday), according to a statement issued by the Bangladesh Jewelers’ Samity (BJS).Prices of both 21-carat and 18-carat gold have been reduced by Tk 100 per gram to Tk 3,875 and Tk 3,440 respectively. However, the price of traditional gold remains unchanged to Tk 2,365 a gram. The price of 21-karat silver has been fixed to previous level or Tk 90 per gram. The Samity had last revised the precious metal’s price on July 20.
Trade gap soars to $17b, current account deficit $9b in 11 months
Country’s trade deficit soared by 84 per cent to $17.2 billion in the July-May period of the just concluded fiscal year (2017-2018) as import payments surged past $50 billion in the 11 months. Current account balance also reached negative $9.3 billion in the first 11 months of FY18. According to the central bank data, import payments grew by 25.52 per cent to $50.5 billion in July-May of FY18 against $40.2 billion in the same period of FY17.
On the other hand, export earnings grew only by 7.79 per cent to $33.3 billion in the period of last fiscal year compared with that of $30.9 billion in the same months of the previous fiscal year. Export earnings stood at $36.66 billion with 5.81 per cent growth in FY18 over the previous FY17. The inward remittance, however, climbed by 17.09 per cent to $13.33 billion in the first 11 months of FY18 from $11.38 billion in the same period of FY17.
Nepal seeks lift of Bangladesh’s ban on yarn import thru Banglabandha
Nepal has sought withdrawal of Bangladesh’s restriction on yarn import through the Banglabandha land port in Bangladesh saying that the ban was causing financial losses to the Nepalese manufacturers of the product. Bangladesh commerce ministry has also requested the National Board of Revenue to consider Nepal’s proposal to allow yarn export by the landlocked Himalayan nation through the port in Tetulia of Panchagarh. Commerce ministry officials said Nepal had repeatedly been seeking permission for export of yarn, particularly acrylic yarn, to Bangladesh. In this context, the NBR on July 7 arranged a meeting with stakeholders at its conference room to examine the Nepalese proposal.
NBR officials said that most of the participants from both private and public sectors opined that the NBR should examine related issues very carefully before taking any positive decision. So, the meeting decided to take written opinion from jute and textile ministry, foreign ministry, BTMA, BGMEA, Bangladesh Knitwear Manufacturers and Exporters Association and Federation of Bangladesh Chambers of Commerce and Industry.
62 cos receive Nat’l Export Trophy
The country’s 62 companies on Sunday received National Export Trophy 2014-15 under 28 categories for their extraordinary performance in export earnings. Out of 62 companies, 28 received gold trophies, 20 silver and 14 bronze trophies. The government awarded gold trophy to Zaber and Zubair Fabrics Limited as the highest exporter company overall for the fourth consecutive year in the financial year 2014-15.
Twenty-eight gold trophy winning companies are Zaber and Zobaer Fabrics, AKM Knitwear Ltd, Fakir Knitwears Limited, Kamal Yarns Ltd, Envoy Textile Ltd, Noman Teri Towel Ltd, Jalalabad Frozen Foods, Ltd, Popular Jute Exchange Ltd, Akij Jute Mills Ltd, SAF Industries Ltd, Picard Bangladesh Ltd, Bay Footwear Ltd, Mansur General Trading Company, Pran Dairy Ltd, Rajdhani Enterprise, Karupanna Rangpur, Bengal Plastic Ltd, Shinepukur Ceramics Ltd, Uniglory Cycle Industries Ltd, BRB Cable Industries Ltd, BSRM Steels Ltd, Square Pharmaceuticals Ltd, Service Engine Ltd, Universal Jeans Ltd, RM Interlinings Ltd, Moon Trims Ltd, Gazi Enterprise and Fexinco.
Eight new power plants add 1742MW to national grid
Prime Minister Sheikh Hasina inaugurated eight newly constructed power plants on Sunday, adding some 1742 megawatts (MW) of electricity to the national grid, reports UNB. She opened the power generation stations through a videoconference at her official residence Ganobhaban in the city.The Prime Minister also inaugurated two power grid substations and 100 per cent electrification of 21 upazilas.The eight power plants are Ghorashal 350MW Combined Cycle Power Plant, Kodda 300MW Power Plant in Gazipur, Daudkandi 200MW Power Plant, Kushiara 163MW combined cycle Power Plant at Fenchuganj, Noapara 100MW Power Plant, Kamolaghat 54MW Power Plant, Simple Cycle (Gas Turbine) of Siddhirganj 335MW Combined Cycle Power Plant and Siddhirganj 225MW combined cycle power plant. The two grid substations include Vulta 400/230KV Grid Substation in Narayanganj and Khagrachhari 132/33KV Grid Substation.
In her inaugural speech, Sheikh Hasina said Bangladesh will import 1500MW of electricity from India to meet the growing demand for power. “We’ll import 500 MW first and then go for 1000 MW.”
Govt backtracks on setting term limit of office bearers
The government has amended Trade Organisations Rules for the second time in the last seven months lifting the bar on contesting executive committee election of a trade body after serving the office for two consecutive terms. The latest amendment of Trade Organisations Rules has created an opportunity for the influential business leaders for serving the office of their respective trade bodies for longer time.
The government has amended ‘Section 21KA’ and ‘Section 22’ to the Trade Organizations Rules 1994 under section 23 of Trade Organisations Ordinance 1961. Earlier, the government had amended Trade Organizations Rules in December 5, 2017, incorporated a new ‘Section 21KA’ in place of ‘Section 21’ in the rules that has been abolished through another amendment in 2002.
Distribution cos to start buying rooftop solar power soon
Power Division has issued an official order to all the six power distribution utilities of the country, asking each of them to purchase rooftop solar power from at least 20 consumers within next three months under net metering system, reports UNB. The six distribution utilities are power Development Board (PDB), Rural Electrification Board (REB), Dhaka Power Distribution Company Ltd (DPDC), Dhaka Electric Supply Company (Desco), West Zone Power Distribution Company Ltd. (WZPDC) and North West Zone Power Distribution Company Limited (Nesco). On July 28, the Power Division unveiled “Net Metering Guideline 2018” in order to buy rooftop solar power from consumers. Power Secretary Dr Ahmed Kaikaus announced that each of the distribution companies must buy solar power from at least 20 consumers. It will be treated as a key target under their annual performance agreement (APA) signed with the ministry. Power Cell officials believe the government will be able to buy about 10-12 MW power from rooftop consumers as many large consumers like industries, apartment complex, shopping malls and hotels have already set up rooftop solar power plants for their own consumptions as part of the government policy.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$68.79||↑0.30||↑0.44%|
|Crude Oil (Brent)||$73.51||↑0.30||↑0.41%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.2061|
|GBP 1||BDT 109.4511|
|EUR 1||BDT 97.3759|
|INR 1||BDT 1.2283|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.