Japan’s exports accelerate in April

Japan’s exports accelerated in April on increased shipments of cars and machines used to make semiconductors, with rising volumes suggesting healthy overseas demand could help the economy recover quickly from a dip in the first quarter. Exports grew 7.8 percent in April from the same period a year ago, below the median estimate for an 8.1 percent annual increase expected by economists in a Reuters poll. In March, exports grew an annual 2.1 percent. In terms of volume, which strips away the impact of exchange rates, Japan’s exports rose an annual 4.6 percent in April, faster than the 1.8 percent annual increase seen in March. Exports are likely to continue to grow thanks to increased demand for manufacturing equipment, cars and car parts, but Japan’s trade surplus with the United States makes it a potential target for US President Donald Trump’s protectionist policies.

Source: https://www.thedailystar.net/business/japans-exports-accelerate-april-1579717

New device set to replace ECR: EFD to be mandatory from next fiscal year

The National Board of Revenue (NBR) is set to make use of Electronic Fiscal Device (EFD) mandatory for businesses from the upcoming fiscal year, officials said. This will scrap the existing order for ECR installation. Such device will be interconnected with the server of the Value Added Tax (VAT) so that the VAT authorities can track each of the transaction of the EFD-installed businesses. The VAT wing has already drafted a statutory regulatory order (SRO) in this regard.

Source:
http://today.thefinancialexpress.com.bd/first-page/new-device-set-to-replace-ecr-1526924258
https://www.thedailystar.net/business/electronic-fiscal-devices-stores-next-fiscal-year-1579723
http://www.newagebd.net/article/41782/govt-to-make-efd-instead-of-ecr-mandatory-for-shops

Special efforts to keep Benapole port open during Ramadan

The authorities of Benapole Customs House have decided to keep the port open all the day during Ramadan with the help of non-Muslim officials and workers with effect from yesterday. During Ramadan, Muslim employees take intervals twice a day for Sehri and Iftar to eat something before dawn and after dusk respectively. Non-Muslim employees should come forward in these two intervals to keep the port up and running round the clock, Benapole Customs Commissioner Mohammad Belal Hossain Chowdhury said in a directive sent to the custom house.

Source: https://www.thedailystar.net/business/special-efforts-keep-benapole-port-open-during-ramadan-1579720

Project cost rises manifold

The quest to transform the Ashuganj container terminal port into a world-class one has become more expensive for the government, with the shipping ministry now placing a fresh Tk 1,293 crore proposal — exponentially more than the original project. The proposal will be placed in today’s meeting of the Executive Committee of the National Economic Council. The original project was taken up in 2011 with an estimated cost of Tk 245 crore, with India footing a portion of the amount committed from its first line of credit. But due to complexities in land acquisition and a lack of detailed feasibility study the neighbouring backed out from the project. Later, WAPCOS, an Indian water and power consultancy firm, made a detailed feasibility study and came up with a design, based on which the shipping ministry sent a proposal of Tk 831 crore for the project. India would provide Tk 431 crore from its second line of credit. But in October last year, the shipping ministry sought an additional Tk 431 crore after land acquisition costs increased. The additional Tk 431 crore will have to be borne by Bangladesh, meaning the country will now have to bear two-thirds of the project cost. The project is expected to be complete by December 2021.

Source: https://www.thedailystar.net/business/project-cost-rises-manifold-1579849

Salt output misses target, reliance on imports grows

Salt production in the country fell short of the target this year also in continuation of the trend of last few years leading to the country’s growing dependence on imports. The current season fetched a salt output of 1.49 million (14.93 lakh) tonnes, said the Cox’s Bazar office of the BSCIC, the prime mover of the country’s industrialisation process. The Bangladesh Small and Cottage Industries Corporation (BSCIC) set a target to produce 1.8 million (18 lakh) tonnes this season against the demand for 1.62 million tonnes.

Source: http://today.thefinancialexpress.com.bd/first-page/salt-output-misses-target-reliance-on-imports-grows-1526924101

Shrimp sector launches e-traceability system

A proto-type of planned e-traceability system for shrimps was launched recently in Khulna. Md Raisul Alam Mondal, Secretary, Ministry of Fisheries and Livestock (MOFL), officially launched the system. Industry insiders said if Bangladesh succeeds in introducing and scaling up of the e-traceability system, the consumers’ acceptance of Bangladesh shrimp export will improve and the country will be able to brand its products more effectively in international market and fetch higher per unit value for the shrimp shipment.

Source: http://today.thefinancialexpress.com.bd/trade-market/shrimp-sector-launches-e-traceability-system-1526925549

Internet slows for undersea cable repair

People in some parts of Bangladesh are experiencing slow internet, because of the ongoing maintenance work in the Chennai portion of a primary submarine cable of the country. Bangladesh established its connection with the SEA-ME-WE 4 submarine cable through the Cox’s Bazar-Bangkok-Singapore route by changing its regular Cox’s Bazar-Chennai-Singapore route due to the maintenance work.

Source: https://www.thedailystar.net/business/telecom/internet-slows-undersea-cable-repair-1579840

7 app-based transport services apply for BRTA registration

Although over two dozen app-based transport services are available in Dhaka, only seven companies have applied for registration with Bangladesh Road Transport Authority (BRTA) within the one-month deadline which expired on May 18. “We are now verifying the documents they [companies] submitted to us and will complete the registration process as soon as possible,” Mahbub-E-Rabbani, spokesperson for BRTA, told The Daily Star yesterday. The seven companies that sought registration are: Pathao Limited, Shohoz Limited, Chaldal Limited, Akash Technology Limited, Golden Ring Limited, Obhai Limited and Uber Limited, said Faruque Ahmed, assistant director (engineering) of BRTA. The cabinet on January 15 approved “Ride-sharing Service Guidelines 2017” validating the operations of app-based transport services, which is becoming popular in Dhaka. As per the guideline, which came into action on March 8, any company which seeks the BRTA permission must have at least 100 vehicles in its fleet for operating in Dhaka, 50 for Chittagong, and 20 for other cities. A company will have to pay Tk 1 lakh and submit other relevant documents, including trade licence, to the BRTA to get “enlistment certificate”.

Source: https://www.thedailystar.net/city/7-app-based-transport-services-apply-brta-registration-1579798

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