BRI to enhance trade, beef up infrastructure
The Belt and Road Initiative [BRI] by China provides opportunity for Bangladesh to improve its infrastructure, increase investment, trade and enhance connectivity with countries in South Asia, but it also raises concerns of debt trap and environmental damage, according to Experts. To reap benefits from the BRI, Bangladesh should engage in conversations with China to negotiate terms of loans and other issues, fix priority in selection of projects, ensure transparency and accountability as well as focus on ensuring governance related to the BRI schemes. an international conference on the BRI and interests of Bangladesh organized by the Centre for Policy Dialogue [CPD] at Gardenia Grand Hall in Dhaka, which was attended by current and former diplomats, economists and experts from China, India and Nepal. For Bangladesh, BRI provides an opportunity to seize benefits, particularly in areas of trade, investment, connectivity, education and tourism, through strong ties with countries particularly in the Southern Asia region, more specially, with China and India. The BRI spans across the territories of 72 countries, which covered 66.09 percent of world population and 33.65 percent of global GDP as of 2018. The initiative has generated a lot of discussion and speculation across the world and China has established a Silk Road Fund with $40 billion.
Bangladeshi Goods will reach highest Global Standards soon
Bangladeshi goods will reach highest global standards in the near future thanks to the increased efforts of the local manufacturers to improve quality, according to US Ambassador to Bangladesh Earl Robert Miller. Bangladesh’s ranking in the ease of doing business index, transparency in business practices and workers’ rights will also improve. Incredible progress has been made in workplace safety in Bangladesh. All workers have the rights to dignity and justice in the workplace, a fair wage, grievance system, safety protection and right to organize themselves. The ambassador said he believes that ‘Made in Bangladesh’ products will soon reach ‘global gold standards’. Bangladesh is rising rapidly to achieve the middle-income status. The bilateral trade hit $8.2 billion last year, which has more than doubled in the last 10 years, and around 95 percent of the workers the US firms have in Bangladesh are local.
Stocks edge higher as GP keeps gaining
Stocks posted a moderate gain on Sunday as some investors continued to show their appetite on selective large-cap shares. DSEX, the prime index of the Dhaka Stock Exchange [DSE], went up by 20.78 points or 0.41 per cent over the previous session to close at 5,033. The investors were active from the beginning of the session and had buying appetite throughout the session amid modest volatility in the mid-session. Market analysts said that the recent price correction tempted the bargain hunters to take position on the lucrative price level in large-cap stocks, particularly on telecom, Banking and financial institutions. Five most contributors are Grameenphone, Renata, Bangladesh Submarine Cable, Shahjalal Bank and GlaxoSmithKline, jointly contributed 14 points gain in index. Some institutional investors were also active in the market as the securities regulator informally requested them to support the market. Two other indices also edged higher. The DS30 index, comprising blue chips, advanced 8.55 points to finish at 1,766 and the DSE Shariah Index rose 4.41 points to close at Tk 1,171.
BD’s most well-funded Startup
Shohoz, the largest online destination in the country, has been featured on CB Insights Startup Continent as Bangladesh’s number 1 well-funded startup. The startup had started as an online ticketing platform, and now it has expanded its operation to ride-sharing and food delivery services with massive success. Companies that have raised a minimum of USD 1.0 million and raised any amount of equity funding since January 2014 has been considered for the list. While the list focuses on the recent round of funding raised by Shohoz, it is worth mentioning that the company has raised a sizable amount of funding previously as well. The Asia and the Pacific region is home to 19 countries or regions in which the most well-funded tech startup has raised at least USD 1.0 million in funding. Five companies have raised more than USD 1.0 billion, and only Ant Financial has raised more than USD 10 billion in total equity funding.
National Tubes generates highest Turnover
Ten most-traded companies accounted for more than 32 per cent transactions on the prime bourse Sunday with the National Tubes topped the chart after a long time. The state-run National Tubes was also the day’s highest gainer, soaring 9.98 per cent on Sunday over the previous session. Market analysts said investors showed their appetite for the National Tubes shares ahead of dividend declaration as the company’s financial year ended on June 30. According to statistics available with the DSE, about 2.33 million shares of National Tubes were traded, generating a turnover of more than Tk 326 million, which was 8.77 per cent of the day’s total turnover. The total turnover on the DSE stood at Tk 3.71 billion on Sunday, down from Tk 4.27 billion in the previous session. The company’s share traded between Tk 131 and Tk 141.10, before closing at Tk 141.10 on Sunday, soaring 9.98 per cent.
Liton urges Banks to support Potential Entrepreneurs
Mayor of Rajshahi City Corporation [RCC] A H M Khairuzzaman Liton has called for creating entrepreneurs to boost economic progress in Rajshahi region. All the public and private sector Commercial Banks should provide financial support to the potential entrepreneurs to promote the entrepreneurship. The SME sector as labor-intensive and the successful promotion of the sector could be the effective means of alleviating poverty and generating employment opportunity to accelerate economic growth. the youths to come forward to be entrepreneurs instead of depending on only public sector jobs as the government has taken massive measures for promoting entrepreneurship. Industrial development is the precondition to development of the region. Women participation is very much important to boost development process in the country.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||5033.79806||↑ 20.78||↑ 0.41|
| ↑ 69.31 ||↑0.26%|
|FTSE100||7,282.34|| ↑ 11.17 || ↑0.15%|
|Nikkei 225|| 21,199.57|| ↑113.63 ||↑0.54%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 57.16 || ↑ 0.64 ||↑ 1.13%|
|Crude Oil (Brent)|| $ 62.13||↑ 0.59||↑ 0.96%|
|Gold Spot||$ 1,509.61 ||↑ 2.79|| ↑ 0.19% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.9242|
|GBP 1||BDT 101.853|
|EUR 1||BDT 91.4067|
|INR 1||BDT 1.15544|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<