Bangladesh has highest number of green garment factories
Ten more garment factories received the top billing from the United States Green Building Council (USGBC) to take the total to 24, the highest in the world, in a heartening development for Bangladesh’s apparel sector, whose image has been battered by incidents of industrial accidents. Of the 24 platinum-rated LEED (Leadership in Energy and Environmental Design) factories in Bangladesh, six are amongst the top 10 in the world. According to the USGBC, in every consideration, Bangladesh has the highest number of green garment factories in the world. Overall, the total number of LEED-certified garment factories in Bangladesh is 90, including the 24 platinum rated buildings. As per Mohiuddin Rubel, representative of Bangladesh at the USGBC, although the buyers do not pay any extra money for green buildings, such initiative helps a lot in branding of the country or the company.
ADB provides $400m loan for Ctg-Cox’s Bazar rail link
Bangladesh signed a deal with Asian Development Bank (ADB) on Thursday for a $400 million loan to connect Chattogram and Cox’s Bazar by rail. According to ADB, its goal is to promote trade, investment and tourism in Bangladesh. The assistance forms the second part of $1.5 billion ADB loans for the SASEC Chattogram-Cox’s Bazar Railway Project. The loan will finance around 27 per cent of the progress towards constructing 102 kilometers of new railway line between the two districts. Chattogram-Cox’s Bazar Railway is part of the Trans-Asia Railway network, an initiative led by the UN to provide seamless rail links between Asia and Europe to better connect people and markets.
Govt prioritising PPP development in next FY
The government has planned to take 30 per cent Annual Development Programme (ADP) projects under the Public-Private Partnership in the next fiscal to boost PPP growth for infrastructural development. According to the officials, various moves are being made to increase domestic and foreign investment. As part of the move, the government wants to implement rules for national priority projects, a series of training programmes for PPP, implementation of decisions taken in board of governors meetings, special project review meeting for executive board members, budget transfer in PPP Technical Assistance Fund and special incentive for PPP projects.
HK businesses keen to invest in Bangladesh
A 24-member business delegation from Hong Kong recently visited Bangladesh to get to know firsthand of investment opportunities as part of efforts under China’s Belt and Road Initiative. The delegation from the Chinese Manufacturers’ Association (CMA) of Hong Kong visited Bangladesh at the invitation of Bangladesh Investment Development Authority (BIDA) from May 23 to 25. The BIDA organised a seminar and business matchmaking session between Bangladeshi Companies and the delegation at the InterContinental Dhaka hotel yesterday in order to foster strong economic ties between Hong Kong and Bangladesh. As per Dennis WP Ng, President of CMA, beyond manufacturing and export, Bangladesh has great opportunities in its domestic market, which will fully flourish within a few years.
BSEC issues notification regarding issuing stock dividend
The securities regulator has issued a notification on mandatory requirements to be fulfilled by the listed companies in case of issuing stock dividend. The Bangladesh Securities and Exchange Commission (BSEC) issued the notification on Thursday in line with its previous decision regarding compliances of the issuance of bonus shares. The notification was issued to ensure proper utilisation of the fund to be raised through bonus shares. As per the BSEC notification, no listed company shall be allowed to declare bonus shares without justified reasons including the BMRE (Balancing, Modernisation, Rehabilitation and Expansion) or any of its components. In case of declaration of bonus shares, the listed companies will have to disclose, among others, the price sensitive information (PSI) mentioning different contents.
Exclusive Economic Zone for Japanese Investors
An Exclusive Economic Zone for Japanese investors is going to be developed at Araihazar upazila in Nayaranganj alongside Dhaka-Syhet Highway. As per the official, Bangladesh Economic Zone Authority (BEZA) will sign a joint venture agreement with Sumitomo Corporation of Japan for development of the proposed economic zone. According to them, the new economic zone will be developed on 1,000 acres of land of which the government has already acquired 500 acres in phase-1 while the remaining 500 acres are under the land acquisition process as part of phase-2. The location of the economic zone is 37 km away off Gulshan in the capital and it will be named as Bangladesh Special Economic Zone (BSEZ).
Bank Asia elects Vice Chairman
Romo Rouf Chowdhury has recently been elected Vice Chairman of Bank Asia. Mr. Chowdhury is one of the sponsor shareholders as well as sponsor directors of Bank Asia. He holds Directorship of various sister concerns of Rangs Group and Sea Fishers Group.
BRAC Bank, Bata sign partnership agreements
BRAC Bank Limited and Bata Shoe Company (Bangladesh) Limited have entered into partnership agreements. According to these agreements, all Bata outlets will able to accept payment through VISA, MasterCard & JCB Cards (both Local & International Cards) by using BRAC Bank POS Terminals. BRAC Bank Credit cardholders will also enjoy 10 per cent Cashback up to 1,000 taka during this Ramadan campaign period till last day of Ramadan 2019 on total purchase volume made in all the outlets of Bata.
NRBC Bank signs deal with Fintech Innovations
NRBC Bank Ltd has signed an agreement with Fintech Innovations International DMCC, UAE for subscribing Trade Assets platform which is an E-marketplace for banks and powered by blockchain protocol.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,585.69|| ↑95.22|| ↑0.37%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 58.63||↑0.72||↑1.24%|
|Crude Oil (Brent)|| $ 68.69||↑0.93||↑1.37%|
|Gold Spot|| $1,284.92||↑1.47||↑0.11%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.6329|
|GBP 1||BDT 105.0230|
|EUR 1||BDT 92.5539|
|INR 1||BDT 1.1895|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<