Pharma Exports soar 26pc
Bangladesh’s medicine exports soared 25.60 percent year-on-year to $130 million last fiscal year thanks to continuous improvement of product quality and government support. The sector has built up skilled manpower and improved quality and at the same time more effort is being put to win the global market, said Mizanur Rahman Sinha, MD of ACME Laboratories. “For this reason, the export volume is increasing. The export figure though is insignificant. But the sector has a good potential in the global market,” he added. Local players dominate Bangladesh’s pharmaceutical industry. Square Pharmaceuticals is the major player with 18.8 percent share, followed by Incepta at 10.2 percent, Beximco 8.5 percent, Opsonin 5.6 percent, Renata 5.1 percent and Eskayef 4.5 percent, according to the Bangladesh Association of Pharmaceuticals Industries (BAPA). Multinational companies Radiant, Sanofi and Novo Nordisk also have significant presence with their specialised products. According to BAPA, Bangladesh exports pharma products to 144 countries and caters to 97 percent of the domestic market.
PFC accounts can be used to make Import Payment: BB
The Central Bank has allowed Private Foreign Currency (PFC) account-holders to use their accounts’ balance for making import payment obligations, officials said. “….funds from PFC accounts may be used for payment of admissible imports in terms of Import Policy Order in force,” the Central Bank said in a clarification on Wednesday. A senior official of the Bangladesh Bank (BB) said the Central Bank issued the clarification to eliminate confusion over use of balance of PFC accounts. The Central Bank has noticed that there is confusion in the market regarding trade payment from PFC accounts. Foreign contractors of different projects are mainly operating such accounts in Bangladesh, he added.
Govt to set up firm to fund Startups
The government is set to form a specialised firm to fund and nurture startups and ICT entrepreneurs under the Innovation Design and Entrepreneur Academy of the ICT division with the view to encouraging innovative ventures in Bangladesh. All the preparatory work and formalities have been completed a few months back, Zunaid Ahmed Palak, state minister of the ICT division told The Daily Star. The proposal will be placed in the next cabinet meeting. “We are trying to establish a startup culture in Bangladesh and to achieve that goal this company can play a huge role.” The government has targeted to set the wheels rolling for about 1,000 startups. To be called Startup Bangladesh Company Limited, the firm’s paid-up capital would be Tk 500 crore. Its initial target would be to provide Tk 10 lakh each as seed money to about 200 local startups.
Ministry sends Industrial Biotechnology Policy draft to Cabinet soon
The Ministry of Industries (MoI) has prepared a draft of the Industrial Biotechnology Policy Guidelines 2019 with an objective to explore and utilise biotechnological knowledge for ensuring due contribution of bio-economy to the national economy. The draft policy has the objectives of identifying opportunities in industrial biotechnology, developing bio-manufacturing industries, and empowering skilled human resources in the sector. Besides, it will help develop a strong infrastructure for biotechnology research in the country as well as contribute to development and commercialisation of various biotech products. “We have prepared a draft of the Industrial Biotechnology Policy Guidelines 2019, considering its importance,” a high official of the MoI told. The MoI will soon send the draft policy to the cabinet for approval.
BSEC revises Auditors’ panel for listed Companies
The securities regulator on Tuesday approved and published the revised auditors’ panel list for the listed Companies, dropping Ahmad & Akhtar Chartered Accountants from the list. According to the revised list, 39 chartered accountants firms are now eligible for auditing financial statements of the listed securities. In 2016, the Bangladesh Securities and Exchange Commission (BSEC) formed a panel of 40 auditors to audit financial statements of the listed firms. The BSEC has now revised the list, dropping one firm, as the Institute of Chartered Accountants of Bangladesh (ICAB) has recently decided not to renew the licence of Kanchi Lal Das, managing partner of Ahmad & Akhtar Chartered Accountants.
Chinese Sinopec finds gas prospect in Shariatpur
Chinese energy exploration firm Sinopec has found onshore natural gas prospect at Shariatpur in central Bangladesh after a 2D seismic survey, a senior official said. The Sinopec has carried out the seismic survey in Shariatpur and 16 other districts in three onshore blocks – 3B, 6B and 7 – to delineate hydrocarbon prospects over the past one and a half years having been assigned by the state-run Bangladesh Petroleum Exploration and Production Company Ltd (Bapex). The pre-discovery sign is the latest in five years. In 2014, the Bapex had found gas at Rupganj. “It could find only one prospective spot for natural gas reserves at Shariatpur, which is located near gas-rich Bakhrabad and Shahbazpur gas fields,” Bapex managing director Md Abdul Hannan told.
Eighteen steps to develop Bond Market recommended
A Finance Ministry Committee has made 18-point recommendations to develop the country’s bond market, including rationalisaiton of taxation and process simplification. The interministerial committee, headed by finance ministry’s Financial Institutions Division senior secretary, has recently submitted its recommendations to the finance ministry on how to develop the country’s long-term financing and the capital market. The FID on July 8 asked several government agencies to take necessary steps on an emergency basis to implement the recommendations.
Man killed in ‘gunfight’ in Kushtia
A suspected drug peddler was killed in a “gunfight” with police in Kushtia’s Sadar upazila early yesterday. The dead, Rafiqul Islam, 40, of Haripur village in the upazila, was accused in at least six drug related cases filed with Kushtia Model Police Station.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||21,466.99||↑420.75|| ↑2.00%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 55.63||↑0.33||↑0.60%|
|Crude Oil (Brent)||$ 62.47||↑0.54||↑0.87%|
|Gold Spot|| $1,425.37||↓20.73||↓1.43%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9000|
|GBP 1||BDT 103.5940|
|EUR 1||BDT 92.9963|
|INR 1||BDT 1.2017|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<