Export earnings grow 17.24pc in five months
Merchandise export earnings in the first five months of the current fiscal year stood at $17.07 billion, a 17.24 per cent rise from the same period last year. Official data showed exports fetched $14.56 billion in the July-November period of fiscal year (FY) 2017-18. The export performance was 12.07 per cent higher than the target set for the period under review. Single-month earnings in November grew by 11.94 per cent to $3.42 billion from $3.05 billion in 2017, according to the Export Promotion Bureau (EPB) data released on Wednesday. The November performance also surpassed the target set at 10.10 per cent. Meanwhile, proceeds from garment exports from July to November grew by 18.59 per cent to $14.18 billion. It was $11.96 billion in the corresponding period last fiscal, according to the EPB data. The earnings also surpassed the 11.09 per cent target. The country earned $7.30 billion from knitwear exports, marking 17.0 per cent growth compared to $6.24 billion in the same period last fiscal. The EPB data showed that export earnings from home textile witnessed a 2.92 per cent rise to $340.7 million from $331.04 million. Earnings from home textile, however, fell short of the 7.22 per cent target during the period of FY ’19.
Number of migrant workers across world stands at 164m in 2017: ILO
The number of migrant workers stood at 164 million in 2017 across the globe, a 9.0 per cent rise since 2013, according to the latest estimate of International Labour Organisation (ILO). The ILO estimated 150 million as migrant workers in 2013. Most people move across borders in search of better work opportunities. The majority of migrant workers – 96 million – are men, while 68 million are women. This represents an increase in the share of men among migrant workers, from 56 per cent to 58 per cent, and a decrease by two percentage points in women’s share, from 44 per cent to 42 per cent. The 164 million account for 70.1 per cent of the 234 million working age migrant population (15 years and over). The findings were revealed Wednesday by the ILO in its second edition of ‘Global Estimates on International Migrant Workers’. From 2013 to 2017, the concentration of migrant workers in high-income countries fell from 74.7 to 67.9 per cent, while their share in upper middle-income countries increased. This could be attributed to the economic development of the latter. Nearly 61 per cent of migrant workers are found in three sub-regions; 23.0 per cent in North America, 23.9 per cent in Northern, Southern and Western Europe and 13.9 per cent in the Arab countries. Other regions that host large numbers of migrant workers – above 05 per cent – include Eastern Europe, Sub-Saharan Africa, South-Eastern Asia and the Pacific, and Central and Western Asia. In contrast, Northern Africa hosts less than one per cent of migrant workers.
Stockmarket stable: BSEC
The stockmarket regulator has advised investors to keep confidence in the market, saying it was now stable. The advice came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) at the InterContinental hotel in Dhaka on Tuesday, organised to thank Finance Minister AMA Muhith for his contribution to the stockmarket. Though a bad image was created following market crash twice during the Awami League government’s tenure in 1996 and 2011, the BSEC has become an ideal regulatory body through its commitment to rules and regulations. The year 2019 will be a very significant year for the stockmarket.
Clean textile campaign gains momentum
The second edition of the Partnership for Clean Textile (PaCT II) has concluded its first year with seven organisations joining the campaign along with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). The PaCT II, the International Finance Corporation’s multi-stakeholder partnership to drive sustainability in Bangladesh’s textile sector, aims to work with more than 200 factories to adopt state-of-the-art efficiency and cleaner production practices to reduce water, energy, and chemical use across the textile value chain. Five textile brands, namely VF Corp, PUMA, Levi Strauss & Co, TESCO and GAP Inc and two technology providers Jeanologia and Omera Solar have joined the campaign, the IFC said in a statement yesterday. Started in January 2018, with support from the governments of Denmark, Australia and the Netherlands, the PaCT II seeks to save 10.9 billion litres of water and 1.3 million megawatt hours of energy every year. In the process, there will be 241,160 tonnes of green-house gases and 10,000 tonnes of chemical use avoided every year. The successful first edition of the PaCT, which ran from 2013 to 2017, helped save 21.6 billion litres of water every year, which is the average annual water use for 840,000 people in Bangladesh. The participating factories also saved 2.5 million megawatt hours of energy each year, equivalent to 5.4 percent of total national grid output in 2015-16.
Synesis IT, eGen to implement HRM solutions to DDM
eGeneration Ltd and Synesis IT Ltd recently signed an agreement with Department of Disaster Management (DDM) to jointly provide consulting services in developing Human Resources (HR) Performance Management System for Department of Disaster Management (DDM) and Ministry of Disaster Management & Relief (MoDMR). eGeneration and Synesis IT jointly won this prestigious IDA credited project through competitive bidding with leading software companies in the country, said a statement. Once implemented, the HRM is believed to greatly impact the performance management workflow by substantially reducing associated paperwork and thus enable DDM most efficient use of its human resources, talent, skill and capabilities. This HR software is going to transform the HR business of the ministry of disaster management to digital. This will reform the process the way it is doing business currently. eGeneration & Synesis IT both will devote itself to develop the best possible HR platform for disaster management ministry and we hope this will spur digital transformation of the government.
Govt to start pilot project amid falling frozen fish exports
Amid falling exports of frozen fish, the government has decided to start a pilot project of farming vannamei species of shrimp in the isolated areas in Khulna and Cox’s Bazar regions. Under the government supervision, the private entrepreneurs will run the one-year project, according to the decision taken at a recent meeting the Department of Fisheries (DoF) in the city. Primarily, four to five hatcheries will be permitted to produce Post Larvae (PL) from imported Specific Pathogen Free (SPF) mother of vannamei shrimp or Pre-Post Larvae (PPL). Before piloting the project, a team of experts will visit major vannamei producing countries like India, Thailand and Vietnam to gather experience, and will prepare a report analysing the possibility and future of this variety in Bangladesh, according to the meeting. The meeting also suggested forming a full protocol regarding quarantine and disease surveillance, bio-security, hatchery management, SPF PL, PPL and brood shrimp (mother shrimp) import, supply and production. Shrimp contributes 91 per cent of the country’s total frozen fish exports while other varieties 9.0 per cent. The country earned Tk 421 million from the shrimp export in the fiscal year 2017-18. About 3.5 million people are involved in this sector.
ADN Telecom sees 13pc growth in net profit
ADN Telecom Limited, a leading IT and telecommunication service provider of the country, registered a net profit growth of 12.93 per cent in the fiscal year 2017-18. This year, the company announced 6 per cent cash dividend for its shareholders, said a statement. During the last fiscal year, AND Telecom’s net revenue and gross profit also increased 10.97 per cent and 16.60 per cent respectively. The company offers seamless and secure connectivity with a wide range of data, voice and internet services to its domestic and international clients through wireless, fibre and satellite connections.
World’s largest dialysis product maker opens office in city
Fresenius Medicare Care, the world’s largest manufacturer of dialysis products and services, has opened its office in Dhaka, aiming to provide dialysis treatment to kidney patients more affordably throughout Bangladesh. Having a direct presence in Bangladesh will enable us to better address the needs of patients, healthcare professionals and the wider community in the country. Fresenius Medical Care, company listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS), provides services to individuals with renal diseases of which around 3.2 million patients worldwide regularly undergo dialysis treatment, said a statement. In Bangladesh, the incidence rate of End-Stage Renal Disease (ESRD) is assumed to be high. With a population of over 166 million, around 18 million people throughout the country currently suffer from some kinds of kidney diseases, among which, 800,000 require dialysis. According to ISN, one in 10 people worldwide will develop chronic kidney disease (CKD) in their lifetime. Fresenius Medical Care’s direct presence is expected to take proactive measures for prevention and treatment of CKD at the initial stage of the disease.
Panama awards $1.4b bridge project to Chinese group
The government of Panama awarded Tuesday a Chinese consortium a $1.4 billion contract to build a bridge over the Panama Canal, a day after a visit by President Xi Jinping. That tour was part of China’s efforts to extend its political and economic influence in Latin America.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.59||↓0.30||↓0.57%|
|Crude Oil (Brent)||$ 61.30||↓0.26||↓0.42%|
|Gold Spot||$ 1,239.03||↑1.74||↑0.14%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.6876|
|GBP 1||BDT 106.4674|
|EUR 1||BDT 94.9268|
|INR 1||BDT 1.1798|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.