Poverty Rate slips to 20.5 per cent

The poverty rate in Bangladesh fell by 1.3 percentage points to 20.5 per cent in the fiscal year [FY] 2018-19. In the previous FY2018, the poverty rate was estimated at 21.8 per cent by the Bangladesh Bureau of Statistics [BBS]. After a meeting of the Executive Committee of the National Economic Council [ECNEC] presided over by Prime Minister Sheikh Hasina on the day, Planning Minister MA Mannan told reporters that the poverty rate fell to 20.5 per cent in the last fiscal year from 21.8 per cent in the previous fiscal year. Besides, the extreme poverty rate in Bangladesh also dropped to 10.5 per cent in the FY 2019 from 11.3 per cent in the previous FY2018. According to the BBS, the country’s Gross Domestic Product [GDP] grew at a rate of 8.15 per cent in the last FY2019 from 7.86 per cent in the FY2018. The Household Income and Expenditure Survey [HIES] 2016 of the BBS estimated Bangladesh’s poverty rate at 24.3 per cent among its total population and the extreme poverty rate at 12.9 per cent. The Planning Minister said the ECNEC meeting approved nine projects at a combined cost of Tk 32.27 billion. The cost of the Ashrayan-3 project rose to Tk 30.95 billion from the original cost of Tk 23.12 billion, and the Sheikh Kamal IT training and incubation centre project cost stood at Tk 5.33 billion against the original cost of Tk 3.05 billion. Besides, the cost of re-installation and upgradation of level-crossing gates of the East Zone of Bangladesh Railway project increased to Tk 1.04 billion from Tk 805.9 million in the first revision. The project cost of re-installation and upgradation of level-crossing gates of the West Zone of Bangladesh Railway rose to Tk 922.8 billion from the original cost of Tk 478.4 million.

Source: https://today.thefinancialexpress.com.bd/first-page/poverty-rate-slips-to-205-per-cent-1576604506

DSE Main Index dips to 42-month low

The key index of the Dhaka Stock Exchange [DSE] tumbled to 42 months’ low on Tuesday, as panic-driven investors dumped their holdings, fearing further fall. DSEX lost 78.66 points or 1.74 per cent to settle at 4,419 on the day. It was the lowest level of DSEX in 42 months since June 27, 2016, when it was 4,412. DSEX lost a total of 298 points in past one month, while it shed 1,531 points since January 24, this year, when the index peaked at 5,950. The market capitalisation also shed Tk 171 billion in the past one month, while it lost Tk 820 billion in the past eleven months, the DSE data shows. On Tuesday, 79 per cent of the listed securities lost prices on the DSE, ranging from 0.08 per cent to 9.10 per cent. Investors’ dampened mood also kept participation thin, as turnover went down by 8.0 per cent from the last session to close at Tk 2.82 billion. Some brokerage firms also opted for forced sale to minimise risk in margin loans. On the day, telecommunication sector witnessed the highest price correction of 2.90 per cent on the DSE, followed by financial institutions 2.80 per cent, textile 2.80 per cent, engineering 2.60 per cent, and fuel & power 2.20 per cent. Of 30 listed banks, the share prices of 22 declined, while the prices only three advanced marginally. Of 23 non-banking financial institutes, the share prices of only two rose marginally. Of 56 textile companies, the share prices of only seven advanced on the DSE.

Source: https://today.thefinancialexpress.com.bd/first-page/dse-main-index-dips-to-42-month-low-1576604561

TOA Corporation to prepare land for Japanese EZ

Japanese firm TOA Corporation has finally won the contract for developing land and other related works for the construction of an exclusive economic zone for Japanese investors in Araihazar upazila of Narayanganj. Two Japanese firms — TOA Corporation and Tokyu Construction — vied for the job of one of the country’s largest economic zones taking part in the tender floated by Bangladesh Economic Zones Authority [Beza] under the Prime Minister’s Office, reports UNB. In the final evaluation, TOA Corporation came out to be the lowest responsive bidder quoting the value of the job at more than Tk 10.81 billion to develop the economic zone. According to official sources, Tokyu Construction’s offer was 15.72 per cent higher than the estimated cost of over Tk 9.94 billion while TOA’s offer was 8.75 per cent higher. According to official sources, the government has a plan to develop the economic zone on 1,000 acres of land in Araihazar. The first phase will be implemented on 500 acres of land that have already been acquired while the second phase will be developed on the remaining 500 acres. The sources said the proposed economic zone, to be named as Bangladesh Special Economic Zone [BSEZ], is being developed exclusively for Japanese investors as the follow-up of a decision taken during Prime Minister Sheikh Hasina’s visit to Japan in May 2014 and Japanese Prime Minister’s visit to Bangladesh in September the same year.

Source: https://today.thefinancialexpress.com.bd/trade-market/toa-corporation-to-prepare-land-for-japanese-ez-1576599410