Inclusive, sustainable finance should get more focus
The initiatives Bangladesh Bank has taken for inclusive and sustainable finance should be properly monitored and continued. Greening of the financial sector which has been contributing towards achieving green growth of the country. Dr Atiur Rahman, while serving as the governor of Bangladesh Bank, induced a number of innovative positive changes in the financial sector that ensured strong resilience in the face of the last global financial crisis. Syeduzzaman spoke at the launch of a book titled “Towards an inclusive green Bangladesh: occasional speeches by governor, Bangladesh Bank” written by Atiur Rahman. Rahman is a professor of the Department of Development Studies at Dhaka University. He is the chairperson of Unnayan Shamannay, a non-governmental research organisation.
Chinese eye bigger share in construction machinery market
The construction machinery market in Bangladesh is growing steadily given the fast expanding skyline and construction activities. Last fiscal year, the construction sector grew 16.25 percent to Tk 73,594 crore and the real estate sector 15.14 percent to Tk 61,935 crore, according to the Bangladesh Bureau of Statistics. More than 20 Chinese companies that manufacture construction equipment took part in the exposition and they expressed interest in establishing business relations with Bangladeshi companies. One of the largest professional construction machinery manufacturers in China, SL Machinery has supplied more than 80 units of cranes and different kinds of construction equipment to large businesses houses in Bangladesh, according to Huang. Chinese construction machinery and equipment manufacturers control 60 percent of the market because of competitive pricing. The rest come from Korea and Japan. Both the construction and the real estate sectors contribute significantly to the country’s economy. In fiscal 2017-18, the construction sector’s contribution to the gross domestic product was 7.89 percent and the real estate sector’s 7.82 percent, according to BBS.
StanChart to play bigger role in Bangladesh
Standard Chartered wants to play a larger role in fostering the economic, financial and social development of Bangladesh by promoting trade and investment and helping local companies go global. They are very hopeful about the future of the country. Of course, Bangladesh’s achievement is encouraging. The country has been growing at more than 7 percent and has the capacity to grow at 8 to 9 percent in the future. Bangladesh’s 177th position out of 190 countries in the World Bank’s Ease of Doing Business ranking is a testimony of how much more needs to be done. No country in the world is immune to this. This is a time you strengthen your fundamentals and for any country this is a time to put in place policies that allow growth to be sustained and enhanced. That’s the best protection against this potential external headwind. The London-listed bank, which is focused on Asia, the Middle East and Africa, came to Bangladesh in 1948 and acquired Grindlays Bank in 2000, which started operations here in 1905, giving it a footprint for more than a century.
Call for ensuring safe food production
The Bangladesh Agro-Processors Association (BAPA) and the Extreme Exhibition and Event Management Solution Limited, an event management company, organised the three-day international fair. A total of 147 organisations from home and abroad showcased various types of agro and food processing technology, and packaged foods such as snacks, frozen meat, frozen vegetables, soft drinks, juice, sauce, dairy products, sweet and species. Some 117 foreign entrepreneurs from 15 countries put agro and food processing machinery on display. A huge number of visitors visited the show with much enthusiasm on the last day of the exhibition as the stall owners offered discounts on various products, said the organisers. Besides, the visitors were seen visiting at the two other concurrent events ‘5th Rice and Grain Tech Expo Bangladesh’ and ‘8th Agro Bangladesh Expo’ at the same venue.
‘Singer Fun Fair’ begins in Ctg
‘Singer Fun Fair’ (furniture, kitchen appliance & electronics fair) began on Friday at the M.A. Aziz Stadium, C.J.K.S. gymnasium hall in Chittagong. The fair will end today (Sunday) and will be open for all every day from 10 am to 9 pm. During the fair, attractive discounts are offered on furniture, kitchen appliances and electronic products along with warranty and easy monthly installment facilities.
Microsoft overtakes Amazon as second most valuable US company
Microsoft Corp regained its spot as the second most valuable US company on Friday after a disappointing quarterly report from Amazon.com wiped $65 billion off the online retailer’s market capitalisation. Apple Inc tops the list at over $1 trillion after crossing that threshold in September. Microsoft’s market capitalisation was Wall Street’s highest in late 1998 through early 2000 before the dot-com bubble burst. Amazon’s shares dropped 7 percent, the most in nearly three years after its holiday season sales outlook missed targets, fanning concerns that Wall Street’s tech darlings are finally starting to face stronger competition. Microsoft fell a more modest 1.1 percent in a broad technology sell-off that was also driven by a weaker-than-expected report from Google-parent Alphabet Inc, leaving the Nasdaq composite index down 1.9 percent late Friday afternoon. Shares of Microsoft remain up nearly 4 percent from Wednesday, when the four-decade-old software company beat quarterly profit expectations, driven by its cloud computing business that competes with Amazon’s. Its stock market value on Friday stood at $823 billion, on track to close above Amazon’s for the first time since April, when it gave up its spot as second largest company by market capitalization. Amazon was worth $805 billion on Friday, after falling below Microsoft’s in extended trade on Thursday. The drop was equivalent to the combined values of Target Corp and Corning Inc.
Bangladesh Economics Summit begins
The ‘1st Bangladesh Economics Summit 2018’ presented by the Economics Study Center (ESC) of the University of Dhaka started on Friday, according to a statement. The policy debate was held on Saturday. It was a show debate where challenges and opportunities along with policy suggestions to attain sustainable economic growth in Bangladesh were discussed by invited debaters who are presently affiliated with economic research and global think tanks. The closing ceremony will take place on November 01, offering panel discussion and public lecture which will be open for everyone.
Joypurhat coriander leaf growers happy over fair market prices
Coriander leaf growers in Akkelpur, Kalai, Panchbibi, Khetlal and Sadar upazilas of the district are happy as they are getting fair market price this season. The item is selling at Tk 40 to Tk 50 per kg in the local kitchen markets. According to the Department of Agriculture Extension (DAE) office sources, over 100 hectares of land were brought under the production of coriander leaf. Farmers should bring more land under the cultivation of the leaf for more profit. The farmer said he has already earned some Tk 14,000 and expecting to make a profit of Tk 30,000 more.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 67.59 ||↑0.26||↑0.39%|
|Crude Oil (Brent)||$ 77.62 ||↑0.73||↑0.95%|
|Gold Spot||$ 1,233.53||↑1.36||↑0.11%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 85.2712|
|GBP 1||BDT 109.3859|
|EUR 1||BDT 97.2347|
|INR 1||BDT 1.1607|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.