Development budget to be revised upwards

In a departure from previous years, the development budget for the current fiscal year is likely to be revised upwards — by about 11 percent — to meet the government’s ambitious plans. The planning ministry has drafted a revised Annual Development Programme (ADP) allocation of Tk 200,546 crore. The original ADP allocation for fiscal 2018-19 is Tk 180,869 crore. Some 35 Ministries and divisions have demanded Tk 36,000 crore of additional allocation from the government’s own fund. The road transport and highways division demanded the highest amount at Tk 5,797 crore despite being one of the poor performers this fiscal year when it comes to ADP implementation. The average ADP spending in the first seven months of the fiscal year was 34.43 percent, but the road transport and highways division managed only 25.57 percent.

Source: https://www.thedailystar.net/business/news/development-budget-be-revised-upwards-1703749

Nitol Niloy gets final licence today

Nitol Niloy Group is all set to receive the final licence from Bangladesh Economic Zones Authority (Beza) today to establish Kishoreganj Economic Zone. The Bangladeshi business entity will set up a pickup assembly plant at a cost of Tk 300 crore inside the 84-acre land. As per the Chairman of the group, they have already brought in the equipment that is necessary for the plant. We may start assembling pickups by November this year. Local assembling of pickups would help to cut the present market price of each truck by Tk 1 lakh and the group would upgrade the plant in phases to go for manufacturing of pickups and heavy trucks in future. An Indian company has also showed interest to establish a steel manufacturing plant inside the zone.

Source: https://www.thedailystar.net/business/news/nitol-niloy-gets-final-licence-today-1703740

Shasha Denims to acquire 80pc stakes in EOS Textile

Shasha Denims Ltd. has now decided to acquire 80 per cent of stakes in EOS Textile Mills for US$ 12 million (about Tk 1014 million), reversing its earlier decision to acquire 40 per cent of stakes. EOS Textiles Mills, a 100 per cent export-oriented textile company, was established by Italian investors at the Dhaka Export Processing Zone in Savar on June 8, 1998. Shasha Denims has already paid Tk 300 million from the initial public offering (IPO) fund. According to a disclosure published on the Dhaka Stock Exchange (DSE) website on Sunday, the remaining amount will be paid from its cash flow after receiving approval from Bangladesh Bank. Earlier on February 24, 2018, the company announced that it would acquire 40 per cent of stakes of EOS Textiles Mills for about Tk 480 million.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/shasha-denims-to-acquire-80pc-stakes-in-eos-textile-1550421495

BTMA leaders urge single digit interest rate

Bangladesh Textile Mills Association (BTMA) leaders have urged the government to fix the bank interest rate at single digit and extend the duration of installment repayment facility for additional 10 years. According to them, the country’s primary textile millers have been hit hard by misuse of bonded warehouse facilities as yarn, fabric and other dress-making materials imported under misdeclaration and duty-free facilities have been flooding the local market and also expressed fear of possible shutdown of many textile mills ahead of the Eid-ul-Fitr in absence of new work orders, which may result in unemployment of tens of thousands of workers.

Source: http://today.thefinancialexpress.com.bd/trade-market/btma-leaders-urge-single-digit-interest-rate-1550424324

FBCCI seeks exemplary punishment of bank looters

Federation of Bangladesh Chambers of Commerce and Industry President Md Shafiul Islam Mohiuddin on Sunday demanded exemplary punishment of the persons involved in plundering money from banks and demanded exemplary punishment of those who looted money from banks. All businesses should not be regarded as dishonest due to wrongdoings by the black sheep of the community. FBCCI, the apex trade body in the country, organised the meeting to take recommendations from the associations over the upcoming national budget and to discuss the Vision 2041 of FBCCI. As per the President of FBCCI, the amount of non-performing loans in the country’s banking sector exceeded Tk 1,00,000 crore and FBCCI never supported the people who looted money from banks. According to the President, wilful loan defaulters and persons involved in irregularities in the banking sector must be punished.

Source: http://www.newagebd.net/article/65137/fbcci-seeks-exemplary-punishment-of-bank-looters

Aussie Firm opens $10m hanger factory

Australia’s TIC Group has set up a factory in Bangladesh to produce hanger with an initial investment of $10 million. TIC Manufacturing (Bangladesh Ltd), located in the Meghna Industrial Economic Zone at Meghnaghat in Narayanganj, will begin its commercial production today. The plant will produce five lakh pieces of hanger annually for export markets. In January 2018, TIC and local Meghna Group of Industries signed an agreement for setting up the plant at the private economic zone. The trial production began in November last year.

Source: https://www.thedailystar.net/business/news/aussie-firm-opens-10m-hanger-factory-1703743

3 suspected drug peddlers, robber killed

Two suspected drug peddlers and a suspected robber were killed in separate “gunfights” in three districts early yesterday. In Kushtia’s Sadar upazila, a “gunfight” between two groups of drug peddlers left one dead, claimed Nasir Uddin, officer-in-charge of Kushtia Model Police Station.

Source: https://www.thedailystar.net/country/news/2-killed-kushtia-munshiganj-gunfights-1703329

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