Apparel exports to US, Canada post double-digit growth
Bangladesh’s apparel exports to major markets namely US and Canada posted a double-digit growth in the last fiscal year while that of European destinations showed a comparatively slow pace. Garment makers, however, said the ongoing trade war between the US and China helped in achieving such a higher growth in apparel export especially to the US market. They also held responsible a number of factors for slow growth in the EU countries that included diversified market options with price choice, competitor countries’ devalued currencies and buyers’ cautious order placing due to the last general election and wage hike in the country. Official data by Export Promotion Bureau (EPB) revealed that the US has again become the largest export destination for local readymade garment (RMG) items with earnings $6.13 billion in the just-concluded fiscal year, recording a 14.60 per cent growth.
3 economic zones get $17.91b investment proposals
Businesses from home and abroad have come up with investment proposals worth $17.91 billion in Mirsarai, Sreehatta and Moheshkhali economic zones, which are now under construction. Around $5.78 billion will come as foreign direct investment from Companies in China, South Korea, Japan, India, Singapore, the UK, Australia, Malaysia and the US. Over 60 local Companies will invest the rest $12.13 billion, according to data from Bangladesh Economic Zones Authority (BEZA). TK Group, Karmo Foam Industry, Mango Teleservices, BDCOM Online, Bashundhara Group, Siraj Cycle Industries Ltd, Abdul Monem Limited, Star Consortium and Ayesha Clothing Co Ltd are the major local investors. The domestic Companies want to pour funds in pharmaceuticals and chemical, steel, textiles, garments, bicycle, automobile, tyre and tube, electronics and ceramic sectors. Both local and foreign businesses who will invest in the economic zones will enjoy the same facilities, said Paban Chowdhury, Executive Chairman of BEZA.
Export earnings from furniture industry witness 18.53pc growth
The export earnings from the country’s furniture industry witnessed an 18.53 per cent growth in the last fiscal year (FY19). The country bagged $74.89 million from furniture export in FY19, which was $63.18 million in FY18. According to the latest data of the Export Promotion Bureau (EPB) the export earning in FY 19 was also 7 per cent higher than the fiscal target of $70 million. Industry insiders said the Bangladeshi furniture is gradually becoming popular among the foreign buyers due to its qualitative standard, time befitting design while the furniture industry has moved much ahead over the last one decade due to modern designs and innovations. The demand of Bangladeshi furniture is high especially in the Middle Eastern countries side by side the export market of furniture is gradually expanding in the USA, the UK, Japan, Australia, Russia, and South East Asian countries.
New Tax return form for firms mandatory: NBR
The tax administration has made it mandatory for both local and foreign firms to use a new form from the current fiscal year while filing returns, which will require Companies to disclose more information in detail. “There will be no usefulness of any other forms,” the National Board of Revenue (NBR) said in a notice recently. The tax administration amended the income tax rules three years ago to introduce the new return form, IT-11GHA 2016. It, however, did not make its use compulsory. In the new form, Companies will have to state the areas of tax exempted incomes and the incomes that were granted reduced tax benefits. Exporters will have to highlight the main items they sell abroad.The NBR has added provisions for multinationals and foreign companies to cite in the return form if they perform any international transactions with their associated or related enterprises abroad.
BB says PLFS liquidation for depositors’ interest
Bangladesh Bank on Wednesday assured the depositors of People’s Leasing and Financial Services (PLFS) that the liquidation process of Peoples’ Leasing was launched to protect their (depositors) interest. The Central Bank made the assurance at a press briefing organised at its headquarter in capital. BB Executive Directors Md. Serajul Islam and Md. Shah Alam were present, among others. Mr. Serajul, also the BB spokesperson, said that the depositors of People’s Leasing must not be panicked in any apprehension that they would not get back their money. He also mentioned that the asset of the entity was still higher than the deposits PLFS had received from different institutions and individuals.
Agri exports fetch ever highest $909 million
Bangladesh received all-time high earnings from agricultural product exports in the just-passed fiscal year (FY), 2018-19, riding on processed food shipments. Business insiders have attributed this to massive development in ‘compliance issues’ of the country which put a positive impact on export receipts. The country fetched $909 million, 35 per cent up from that of FY ’18, by exporting processed items like vegetable, betel leaf, tea, dry food, tobacco, fruit and foliage. According to the Export Promotion Bureau (EPB), earnings from farm produce in FY ’19 are also 28 per cent higher than the $711-million target. Dry and other processed food items fetched 77 per cent or $700 million of the total earnings.
BIWTC to build own oil tankers by 2021
Bangladesh Inland Water Transport Corporation (BIWTC) will build two shallow draft oil tankers within June, 2021. Shipping Ministry secretary M Abdus Samad on Wednesday disclosed it while presiding over a meeting at his office. The capacity of each tanker will be 400,000 litters and the corporation will build those with its own fund. High officials of the ministry and BIWTC were present at the meeting.
Dhaka Bank signs deal with Rancon Holdings
Dhaka Bank Ltd. has signed an agreement recently for providing online cash management services to Rancon Holdings Ltd. Under the agreement, Dhaka Bank Ltd will provide online cash management services to the client. Mr. Syed Mahbubur Rahman, Managing Director and CEO of Dhaka Bank Ltd. and Mr. Romo Rouf Chowdhury, Managing Director of Rancon Group exchanged the agreement on behalf of their respective organizations.
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)|| $ 60.60||↑0.17||↑0.28%|
|Crude Oil (Brent)||$ 67.05||↑0.04||↑0.06%|
|Gold Spot|| $1,421.14||↑2.12||↑0.15%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8881|
|GBP 1||BDT 103.4640|
|EUR 1||BDT 93.0933|
|INR 1||BDT 1.2104|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<