World Bank lends $500m to boost dairy, livestock production
The World Bank has approved a loan worth US$ 500 million to improve livestock and dairy production in Bangladesh so that the country can meet the growing demand for egg, meat and milk and thereby improve the nutritional intake of its citizens. The Livestock and Dairy Development Project will improve agricultural productivity and market access of 2.0 million smallholder household farmers and small and medium-scale agro-entrepreneurs. The livestock sector employs 14 per cent of the total labour force, but more than 70 per cent of rural households are engaged in livestock production. Currently, 68 per cent of the agricultural labour force is women and they are mainly involved in livestock and poultry production. Production in cattle and milk, meat, and poultry meat and eggs are not meeting consumption growth, resulting in rising shortages: it is anticipated that by 2021, there will be annual shortages of 1.5 billion eggs, 0.5 million tonnes of meat, and more than 5.9 million tonnes of milk. In 2015-2016, imports of dairy reached $ 248.8 million. Young children, pregnant women and new mothers are particularly vulnerable to nutritional shortfalls. The credit from the World Bank’s International Development Association, which provides grants or zero-interest loans, has a 30-year term, including a five-year grace period.
ADP implementation 20pc in July-Nov
The government spent Tk 364.38 billion for projects under the Annual Development Programme (ADP) during July-November period of the current fiscal year (FY 2018-19) with an implementation rate of 20.15 per cent. The expenditure in the first five months is Tk 34.41 billion higher than that of the corresponding period of the previous fiscal (FY18) when the expenditure was Tk 329.97 billion. If the current momentum continues, we expect that the GDP growth rate in the current fiscal year would reach 8.25 per cent to 8.30 per cent. The government has been implementing various programmes to bring down the poverty rate at around 3.0 to 4.0 per cent by 2030 from the current level of 21 per cent. Noting that the agriculture, manufacturing and the services sectors have flourished a lot over the years while the ICT sector is booming, he said the country would be able to attain double digit or 10 per cent growth rate by the year 2021.
Moody’s Analytics, BIBM to provide commercial credit and SME certifications
Moody’s Analytics and the Bangladesh Institute of Bank Management (BIBM) announced their collaboration to provide commercial credit & SME certifications to financial professionals in Bangladesh. The initiative aims to bring a globally recognised credit certifications to Bangladesh’s financial industry, developed with the expertise in Commercial credit assessment and risk management of Moody’s Analytics, a leading financial intelligence and learning solutions provider. Collaboration with Moody’s Analytics will provide Bangladesh’s banks and financial institutions with a robust understanding of both international and domestic best practices in credit. Moody’s Analytics and BIBM will equip Bangladesh’s bankers with expertise to operate effectively within the context of Bangladesh’s financial industry. Moody’s Analytics has extensive experience providing financial education to banking, insurance, and capital markets professionals in Bangladesh. They are honored to collaborate with BIBM and look forward to a long-lasting relationship with an institute that shares our commitment to excellence in financial services education.
MJL Bangladesh witnesses steady growth in five years
MJL Bangladesh, country’s largest lubricant company has exhibited a steady growth in revenue earning and dividend disbursement, among others, in last five consecutive years through ‘operational excellence’. During the period, the company registered growth rates between 1.88 per cent to 39 per cent in revenue earnings based on a ‘loyal’ and ‘productive’ force. For the year ended on June 30, 2018, the company has reported a consolidated net profit of above Tk 2.29 billion, which was 7.0 per cent higher than the revenues calculated in previous year. Except 2014-15, the company’s earnings per share (EPS) gradually rose during 2013-14 to 2017-18 following the increased net profits. A steady growth was also observed in dividend disbursement in last five years. MJL Bangladesh disbursed 25 per cent dividend in 2013-14, 30 per cent in 2014-15, 40 per cent in 2015-16, and 45 per cent in 2016-17. The company possesses significant ownership in two companies, which are its subsidiaries – Omera Petroleum Limited (62.50 per cent share) and Omera Cylinders Limited (98.77 per cent share). The company’s net asset value (NAV) per share gradually rose during 2013-14 to 2017-18. The company’s share price closed at Tk 93 each on Thursday with a marginal loss of 0.43 per cent or Tk 0.40 on the Dhaka Stock Exchange (DSE).
Samsung brings after-sales service vans
Samsung Bangladesh has launched an after-sales customer service campaign under which three vans will roam around cities to reach customers, especially those who specifically ask for it on the company’s helpline 08000-300-300. The vans will also stop in front of Samsung showrooms to provide advice on how to use the brand’s products efficiently and ways to increase lifecycles. This campaign will initially run in Khulna, Rajshahi and Rangpur till December 20. The services include free software upgrades for handsets, free air conditioner filter cleaning and fixing problems of home appliances such as televisions, refrigerators, washing machines and microwave ovens.
Bikroy.com launches story writing competition on Victory Day
Bikroy.com, the largest marketplace of Bangladesh, has launched #ILoveBangladesh – story writing competition on the occasion of this Victory Day. The participants have to visit Bikroy Blog, give the relevant information and submit their story. Then they need to share the submitted stories on their Facebook timeline with#ILoveBangladeshcaption. The last date of story submission is December 16, 2018. Among all the collected stories, three best stories will be selected as winners. A panel made of respected freedom fighters and Bikroy’s management team will be in charge of selecting the winning stories. The result will be announced on December 18, 2018. The first prize of the contest will be Tk 10,000, second prize will be Tk 5,000 and third prize will be Tk 2,000. Moreover, the winners will be given certificates from Bikroy and the selected stories will be published on the Bikroy blog and other selected mediums.
Dhaka, Beijing need to accelerate study on FTA
Bangladesh holds an important ‘geopolitical strategic position’ in the Belt and Road Initiative (BRI) that offers ‘great potential’ to strengthen economic and trade cooperation between Bangladesh and China. The BRI is a multi-billion-dollar initiative launched by Chinese President Xi Jinping. This mega initiative emerged when President Xi came to power in 2013. The FTA between Bangladesh and China can effectively reduce the trade deficit. This is very important. Bangladesh and China will complete the exchange of letters for zero-tariff treatment to 97 per cent of tariff items exported from Bangladesh to China within a short time, to further boost the export of Bangladeshi goods to Chinese market, according to Chinese Embassy in Dhaka. In 2017, bilateral trade value between the two countries reached US$ 16 billion, 5.8 per cent higher than last year, with China remaining the number one 1 trade partner to Bangladesh. In the first 9 months of this year, the bilateral trade value stands at US$ 13.9 billion, with a growth rate of 19.3 per cent year on year.
Cabbage cultivation proves profitable in Bogura
Cabbage cultivation has brought smile on the faces of hundreds of grassroots farmers in the district. The Department of Agriculture Extension (DAE) office sources said some 835 hectares of land have so far been brought under the farming of the item this season. A small cabbage is selling at Tk 10 to Tk 12, middle one at Tk 15 to Tk 18 and big at Tk 25 to Tk 30 in the retail markets across the district. A farmer has cultivated cabbage on 23 decimals of land this season spending Tk 9,000. He has already earned Tk 15,000 from the sale of the item and am expecting to make profit of Tk 30,000 more if the market prices remain good. A large number of locally-produced cabbages are sent to different districts across the country. Farming the item is profitable for high demand.
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)||$ 52.61||↑0.00||↑0.00%|
|Crude Oil (Brent)||$ 62.10||↑0.43||↑0.70%|
|Gold Spot||$ 1,249.01||↓0.30||↓0.02%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.9050|
|GBP 1||BDT 106.9285|
|EUR 1||BDT 95.9034|
|INR 1||BDT 1.1760|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.