South Korean Company to invest US$ 6m in Mongla EPZ
South Korean Company M/s Hwashin (BD) Limited will invest US$ 6 million to establish a Cosmetics Accessories Industry in Mongla Export Processing Zone. An agreement in this regard has been signed between Bangladesh Export Processing Zones Authority (BEPZA) and M/s Hwashin (BD) Limited at BEPZA Complex in the capital recently. According to the official, the fully foreign-owned company will annually produce 300 million pieces of makeup brush, makeup sponge, cosmetics box, cosmetics container, mirror, cosmetics bag, nail clippers, nail polishing paper, tweezers, eyelash curler and other accessories. The factory will create employment opportunity for 1480 Bangladeshi nationals.
Time for RMG to be eco-correct
As per the official, before 2012 DBL Group used 120 litres of water for washing a kilogram of fabric. But by 2016, the garment maker was able to bring down its water consumption to 60 litres thanks to installation of modern technologies. This means, DBL can now save more than one billion litres of water in a year and also save more than one million kilograms of dyes and chemicals. If the others follow DBL Group’s lead, Bangladesh can save around 22 billion litres of water, cut down water waste by 18 billion litres and greenhouse gas by 46,000 tonnes in a year.
NEC to consider Tk 2,02,721cr ADP today
The National Economic Council at a meeting today will set the new Annual Development Programme, size of which is likely to be Tk 2,02,721 crore. Prime minister Sheikh Hasina is scheduled to preside over the meeting at the Planning Commission in the morning. According to the official, the Planning Commission has already approved the draft ADP for the financial year 2019-20 at Tk 2,02,721 crore which will be placed before the NEC. Of the total outlay, Tk 1,30,921 crore or 64.58 per cent will be generated from the local sources while the remaining Tk 71,800 crore or 35.42 per cent would come from foreign sources as project assistance.
Tokyo to sign $2.5b deal with Dhaka
Japan will sign an agreement with Bangladesh on providing $2.5 billion Official Development Assistance (ODA) during a visit of Prime Minister Sheikh Hasina to Tokyo at the end of this month. The amount in the 40th ODA agreement will be 35 percent higher than that of last year, said Japanese Ambassador to Bangladesh Hiroyasu Izumi when he met Hasina at the Gono Bhaban recently. Mr. Izumi also assured the PM of Japan’s continued support to Bangladesh in its efforts for economic prosperity.
Two Singapore firms show interest in 3rd submarine cable
The Bangladesh Submarine Cable Company Ltd (BSCCL) has received proposals from two Singapore-based companies — SingTel and SigMar — to establish connection for the country’s third undersea cable. According to the BSCCL’s Managing Director Mashiur Rahman, the state-owned company is in the process of evaluating the proposals, both from the financial and technical perspectives, as it has already got go-ahead from the policymakers. SingTel offers 5 terabits per second (TBPS) bandwidth by way of the South East Asia-Middle East-Western Europe 6 cable, which runs from Singapore to France. It will cost BSCCL $72 million.
National Housing re-elects Chairman
Mr. Latifur Rahman has been re-elected as Chairman of National Housing Finance And Investments Limited at its 209th Meeting of the Board held recently for further 2 years. Mr. Rahman, an eminent businessman in the country, is the Chairman and CEO of Transcom Group whose business includes Beverage, Electrical & Electronics Products, pharmaceuticals, Fast Food, snacks and breakfast cereals, print media, FM Radio and tea plantations.
Moosa wants to bring €20b in Bangladesh
Private business firm DATCO Chairman Moosa Bin Shamsher, who grabbed the headlines time and again claiming to be a multi-billionaire, has applied for permission to bring about €20 billion to Bangladesh claiming that international arms business earned him the money.According to the Bangladesh Financial Intelligence Unit Chief Abu Hena Mohammad Razi Hasan, they found nothing wrong with the proposal and there was no bar to the bringing of the money. He also added, they have assessed the proposal of Moosa based on the source of earnings and other specifications mentioned in the proposal and so far, they have found no barrier in the existing laws including the Money Laundering Prevention Act, to the bringing of the money in the country.
Pubali Bank gets new Chairman
Pubali Bank recently saw the unanimous election of Azizul Huq, founder CEO of Islami Bank Bangladesh, Social Investment Bank and Islamic Finance and Investment, as chairman during a board meeting. Mr. Huq started his banking career as a probationary officer at Habib Bank of Pakistan in 1958.
Mahbub Alam re-elected CCCI President
The members of the board of directors of the Chattogram Chamber of Commerce and Industry (CCCI) elected a three-member presidium of the apex trade body of the district recently. Mahbubul Alam as president, Omar Hajjaj senior vice president and Tarafdar Md Ruhul Amin vice-president of the chamber for a two-year term (2019-2020).
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,679.90|| ↓84.10|| ↓0.33%|
|Nikkei 225|| 21,219.80||↓81.93||↓0.38%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 63.40||↑0.30||↑0.48%|
|Crude Oil (Brent)|| $ 72.36||↑0.39||↑0.54%|
|Gold Spot|| $1,276.58||↓1.24|| ↓0.10%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.7223|
|GBP 1||BDT 105.3270|
|EUR 1||BDT 92.3346|
|INR 1||BDT 1.1848|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<