RMG Export to US grows 11.8pc in Jan-Aug Period
The country’s readymade garment (RMG) export to the US during first eight months of 2019 registered 11.81 per cent growth to $4.08 billion compared to that of 2018, according to official data. Bangladesh fetched $3.65 billion during January-August period of 2018, according to data of the Office of Textiles and Apparel under the US Department of Commerce released on Friday. Experts and exporters have attributed the growth to shifting work orders from China due to the rising cost there and ongoing trade war between the US and China. A recent study of Asian Development Bank also said that the trade war between China and the US has become a boon for Bangladesh and the country has started benefiting since 2017 when the trade tensions between the world’s two largest economies flared up. The US imported a total of $4.23 billion in textile and apparel items from Bangladesh during January-August period of 2019. In 2015, exports grew to $5.40 billion but continued declining in next two consecutive years. In 2017 and 2018, the country earned $5.06 billion and $5.40 billion respectively from garment exports to US, according to OTEXA data. Meanwhile, the garment exports of Vietnam grew by 12.17 per cent to $9.06 billion and India witnessed 8.19 per cent rise to $2.94 billion during the same period. Indonesian apparel exports registered a 0.37 per cent negative growth to $3.0 billion during the period. Apparel exports of Cambodia to US in January-August period of 2019 grew by 8.58 per cent to $ 1.72 billion while the exports of Mexico fell by 3.58 per cent to $ 2.17 billion
Another 0.1m RMG Workers linked to bKash
A total of 0.1 million workers of ten more leading RMG factories will receive their salary in their bKash accounts. The ten factories have signed agreements with country’s largest mobile financial service provider, bKash. With this, a total of around 350,000 workers of the country’s 260 export-oriented garment factories adopted the digital disbursement solution. The newly added garment factories in this service which will disburse salary through bKash are New Asia Group, Shinest Group, Evince Group, New Age Group, Debonair Group, Tamishna Group, Mahdeen Group, Vision Group, Shangu Group and Best Shirts Ltd.
Exim Exchange (UK) celebrates 10th Anniv
Exim Exchange Company (UK) Limited, a wholly owned subsidiary of Export Import Bank of Bangladesh Limited, celebrated its 10th anniversary in London recently. Bangladesh High Commissioner to the UK Saida Muna Tasneem was present as the chief guest in the program while Managing Director of Exim Bank Dr. Mohammed Haider Ali Miah was present as the special guest. President of the British Bangladesh Chamber of Commerce Bashir Uddin, Commercial Counsellor of Bangladesh High Commission in UK SM Zakaria Haque, General Secretary of the UK Awami League Syed Sajidur Rahman Faruq and Councilor of Red Bridge Jamal Uddin were present in the program. The CEO of Exim Exchange Company (UK) Jashim Uddin presided over the program. Bangladesh High Commissioner to UK Saida Muna Tasneem said, the expatriates are playing a vital role in developing the economy of Bangladesh by remitting their hard-earned money to Bangladesh. The government also announced 2.0 per cent incentive on remittances. She also expected that the Exim Exchange Company (UK) would play an effective role to develop the economy of Bangladesh.
Listed MNCs thrive on Superior Skills
The 11 listed multinational companies of the Dhaka bourse are bagging higher profits than their local counterparts thanks to their superior skillset, research-based investment and astute management of operational costs. The top five companies with the highest earnings per share (EPS) are multinationals: Bata, Reckitt Benckiser, Linde Bangladesh, British American Tobacco Bangladesh and Marico Bangladesh, according to data from the Dhaka Stock Exchange (DSE). Three other multinationals—Berger Paints, Grameenphone and Heidelberg Cement—also made their place to the list of top 20 companies with the highest EPS. There is a big difference in corporate governance practices of the multinationals and the locals, said Khan, who was also an adviser to the CEO of LafargeHolcim Bangladesh. The multinationals follow a lean business model based on the manufacture of a select few products only and not their packaging. In contrast, the local companies manufacture many products and they are involved in the backward linkage too, he said, adding such a production model also creates difference in their earnings. By and large, locals are fond of buying land, whereas multinationals run their businesses on rented properties and effective branding, which make a big difference in their profits. The multinationals benefit from their global research and development, which enables them to offer differentiated high-quality products often at a premium price, said Nakibur Rahman, executive director of DBL Group. They can also draw in from their central resources, which reduces their expenditure on functional areas like marketing, finance and human resources. Ethics are strongly upheld by the multinationals, so their officials know they will be punished if they do any wrong, which ultimately lowers their informal cost. The multinationals have created a system and process, which happen to be tried and tested and world-class.
Karmasangsthan Bank Workshop on Innovation in Public Service
A two-day long training workshop on ‘Innovation in Public Service’ was inaugurated recently at Karmasangsthan Bank’s head office. Kaniz Fatema, NDC, Chairman of board of directors of Karmasangsthan Bank, and former secretary of Bangladesh government was present as the chief guest while Kazi Sanaul Hoq (3rd from left), Managing Director of the bank, presided over the function.
Inaugural Ceremony of “Payroll Digitization in Readymade Garments’
Chief Executive Officer of bKash Kamal Qadir, Vice Chairman of New Age Group Asif Ibrahim and Director of Vision Group Sarah Hamid were present at the Inaugural Ceremony of “Payroll Digitization in Readymade Garments”. This is an inspiring example of Digitization of Processes at a massive level.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4949.39923|| ↓ 11.58||↓ 0.23|
|↑372.68 ||↑1.42% |
|FTSE100||7,155.38 || ↑ 77.74 ||↑1.10% |
|Nikkei 225||21,410.20 || ↑68.46 ||↑0.32%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.81||↑ 0.36||↑ 0.69%|
|Crude Oil (Brent)||$ 58.37 ||↑ 0.66 ||↑ 1.14%|
|Gold Spot|| $ 1,504.65 ||↓ 0.54||↓ 0.04% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9344|
|GBP 1||BDT 102.233|
|EUR 1||BDT 91.0139|
|INR 1||BDT 1.17190|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<