RMG exports soar 36pc
Garment export to non-traditional markets grew by 36.21 percent year-on-year to $2.90 billion in the current fiscal year’s first six months because of a government stimulus package and duty-free market access. According to data from Export Promotion Bureau and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the receipt from the garment shipment in the same period last fiscal was $2.13 billion, Apart from the traditional US, European Union and Canadian markets, all others are considered non-traditional or emerging markets for Bangladesh. Of those, 11 are performing stronger than others. Australia, Brazil, Chile, China, India, Japan, South Korea, Mexico, Russia, South Africa and Turkey are the 11 stronger markets. Garment export to non-traditional markets has been growing since 2010-11 when the government announced a 5 percent cash incentive as a stimulus package to offset fallouts of financial recessions that affected the global economy in 2007 and 2008.
Bangladesh ahead of all in terms of Per Capita Economic Growth
According to The Spectator Index, Bangladesh equalled China and India to log in the highest per capita economic growth globally in the last five years. The country’s per capita growth was 45 percent in the past five years in terms of purchasing power parity, which is the same as neighbouring India and China, reported the index on its Twitter account yesterday. The index — which is run by The Spectator, a weekly British magazine focused on politics, economics, history, military affairs, sports, science, and technology — also compared Bangladesh’s economy with that of Venezuela to show how much the South Asian nation has progressed over the years. In 1980, the size of Venezuela’s economy was $117 billion in PPP terms compared to Bangladesh’s $41 billion. In 2018, the gross domestic product of Venezuela stood at $330 billion, whereas it was $751 billion for Bangladesh.
E-waste could be used in billion dollar industry: experts
Gradual increased use of electronic devices and home appliances is generating a huge quantity of e-waste which could be used for recycling in a billion dollar industry for electronic waste management. As per the experts, Bangladesh’s economy was expanding which would also boost the usage of electronic devices and appliances and as none could stop it, a time-befitting e-waste management policy was needed to address the issue. According to the Chief Executive Officer of Robi, E-waste management could be a billion dollar industry as the usage of the electronic products is growing significantly. The industry is now able to collect only 3 per cent of the total e-waste that is why collection of e-waste is needed to be systematized.
BB governor for export-led development
Bangladesh Bank (BB) Governor Fazle Kabir stressed on Saturday the need for export-led and manufacture-dominated development for the country’s desired economic uplift. He also advised the banks to come forward with their innovative and modern technologies to this effect. According to the Governor, the country’s bond and capital market were yet to develop to the expected level.
Genex Infosys to make debut Feb 6
Genex Infosys Ltd, an IT company, will make its share trading debut on February 06 (Wednesday) on the bourses under “N” category. Genex Infosys will be the 9th company under the IT sector on the Dhaka Stock Exchange (DSE). The company raised a fund worth Tk 200 million from the capital market under the fixed price method by offloading 20 million ordinary shares at an offer price of Tk 10 each under the fixed price method. The share subscription for the initial public offering (IPO) of Genex Infosys took place between November 18 and November 29 last year. The securities regulator — Bangladesh Securities and Exchange Commission (BSEC), approved the company’s IPO proposal on September 4, 2018.
LankaBangla, Contrivance ink MoU
LankaBangla Finance Ltd (LBFL) recently signed MoU with Contrivance International Ltd (Agent of OnePlus Mobile) for its customer privilege. Under this MoU, LBF Cardmember will buy OnePlus mobile phone and enjoy EMI facility up to 24 months @ zero per cent interest under ezypay scheme from CIL’s outlet and distributions
Senior executives of Modhumoti Bank Limited and local elite launching Digital Banking
Senior executives of Modhumoti Bank Limited and local elite launching ‘Modhumoti Digital Banking’ at Haridaspur, Nijamkandi, Puisur, Bethuri, Hatiara, Fukra and Mahmudpur Union Digital Centre (UDC) points at Gopalganj Sadar and Kashiani Upazilas in Gopalganj district recently.
Govt, owners may accept six-month timeframe
According to the Industry Insiders, the government and readymade garment factory owners are willing to set a six-month transition plan for the European brands and buyers group for handing over its factory safety responsibility to a national body in the face of continues pressure from the global stakeholders. Although the Supreme Court will decide over the extension of Accord on Fire and Building Safety in Bangladesh, the government recently formed a committee comprised of representatives of Department of Inspection for Factories and Establishments, Bangladesh Garment Manufacturers and Exporters Association and Accord signatories to finalise a time-bound transition plan for the retailers’ platform. In the first meeting of the committee, presided over by labour ministry additional secretary at the office of DIFE in the city on January 28, BGMEA representative presented a proposed plan for handing over the factories under Accord to the remediation coordination cell within six months.
H1 import payments cross $27b
The country’s import payments increased by 10.78 per cent in the first half of the current fiscal year 2018-2019 due mainly to rise in payments for import of petroleum oils, industrial raw materials and other products. According to Bangladesh Bank data, the country settled import payments worth $27.32 billion in July-December of FY19, against $24.66 billion in the same period of FY18. According to the central bank officials, import of fuel oils, crude and refined, surged by 45.66 per cent in six months due to an increased demand for the items in the fuel-based power plants. Of the other hand, industrial raw materials import went up by 10.56 per cent in the period while products in other category also surged by 19.68 per cent. Demand for industrial raw materials increased following higher export orders in international markets for Bangladeshi readymade garment products in the backdrop of ongoing trade war between US and China
BB Governor puts thrust on developing human capital
According to the Governor, there is no other way but developing human capital of the country to reach developing and gradually developed status. And development of education is the only to develop human capital. As per the Governor, the country’s banks spent Tk550 million CSR in 2009 while the amount reached to Tk 7.4 billion in 2017 growing13 per cent.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 55.26||↑1.47|| ↑2.73%|
|Crude Oil (Brent)||$ 62.75||↑1.91||↑3.14%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.6352|
|GBP 1||BDT 109.3865|
|EUR 1||BDT 95.8125|
|INR 1||BDT 1.1737|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<