FDI from India up by 6.3pc

Net inflow of Foreign Direct Investment (FDI) from India increased by 6.3 per cent in the last financial year (fiscal year 2015-2016), according to the latest statistics of Bangladesh Bank. Net FDI from India stood at $88 million in the FY16 which was $82.8 million in FY15. The central bank statistics also showed that gross inflow of FDI from India was $102.54 million in the last fiscal year while disinvestment was $14.54 million. Thus the net inflow stood at $88 million.

Source: http://www.thefinancialexpress-bd.com/2016/10/18/49900

Brexit may slow shipment to Britain

Bangladesh’s total export to the UK may shrink by around US$ 330 million, if the country loses its quota-free access to the British market in the aftermath of Brexit, experts warned on Tuesday. The fall in UK export may reduce Bangladesh’s total export income by almost 1.0 per cent and trim the country’s GDP by 0.1 per cent, they said. The forecasts came from a lecture titled ‘What does BREXIT mean for Bangladesh and other Developing Countries’ in the city. South Asian Network on Economic Modelling (SANEM) organised the event. Economists present in the session pointed out that Britain, being a member state of European Union, is currently offering Generalized System of Preferences (GSP) facility to Bangladesh.

Source: http://www.thefinancialexpress-bd.com/2016/10/18/49885

India’s largest insurer LIC opens Bangladesh unit

India’s state-run Life Insurance Corporation launched Bangladesh operations yesterday as part of its plan to widen its international footprint. The company formed a joint venture with Strategic Equity Management Ltd (SEML) and Mutual Trust Bank for its Bangladesh operations, the Indian High Commission in Dhaka said in a statement. “The corporation has a vision to expand its life Insurance business throughout the country,” said the statement. LIC has introduced five insurance schemes in Bangladesh and plans to bring in more products with attractive features in future. The new company’s authorized capital is BDT 1.0 billion while paid-up capital BDT 600.0 million, according to LIC Bangladesh’s website. Mutual Trust Bank has bought a 3 percent stake in LIC’s Bangladesh venture, while SEML, a fund management company, bought 7 percent shares.

Source: http://www.thedailystar.net/business/indias-largest-insurer-lic-opens-bangladesh-unit-1300657

Services export fetches USD 497.0 million in Jul-Aug

The country fetched USD 497.0 million from export of various types of services during the first two months of current fiscal year. Service is a new sector incorporated in the official overseas sale data for the first time, The sub-sectors included maintenance and repair services, transportation, travel, construction services, insurance services, financial services, charges for use of intellectual property, telecommunications, computer and information services, computer services, other business services, entertainment, cultural and recreational services and government services, the Export Promotion Bureau (EPB) showed. Earnings, however, witnessed an 8.06% negative growth during the July-August period of 2016-17 fiscal compared to the corresponding period of last fiscal, according to the central bank data. The country earned USD 540.9 million during the same period of fiscal 2015-16, it showed.

Source: http://print.thefinancialexpress-bd.com/2016/10/19/154434

Jute exports to India may face anti-dumping duty

Bangladeshi jute and jute goods may be subject to 25-30 percent duty upon entry to the Indian market if the local exporters are found guilty of dumping. The development comes after the Directorate General of Anti-Dumping and Allied Duties or DGAD under India’s commerce ministry concluded its probe into the matter last week, said an official of Bangladesh Tariff Commission. The report is likely to be disclosed next week. “I heard that a 25 percent to 30 percent anti-dumping duty was recommended in the report,” said a jute exporter who has been doing business with his Indian partners for many years now.

Source: http://www.thedailystar.net/business/jute-exports-india-may-face-anti-dumping-duty-1300684

BTRC gives final nod to merger of Robi-Airtel

Bangladesh’s first ever merger proposal of two mobile phone operators — Robi and Airtel — has got the final approval from the telecom regulator, reports BSS. Bangladesh Telecommunication Regulatory Commission (BTRC) in a meeting Tuesday, cleared the proposal terming it a “positive move” for the telecom industry of the country. Talking to the news agency, BTRC Chairman Dr Shahjahan Mahmood said they have approved the merger proposal as it is in line with the consent of the High Court. Terming the merger as good, the chairman hoped it would bring positive change to the industry. Replying to the queries regarding payment and spectrum, Dr Mahmood said they made some observations, but those are “minor”. With the final approval of the BTRC, way of amalgamation of both the operators has been cleared.

Source: http://print.thefinancialexpress-bd.com/2016/10/19/154455

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