ADB to provide $357m to develop power lines
The Asian Development Bank (ADB) will provide $350 million in loan and $7.5 million in grant for a project to develop two power lines in support of Bangladesh’s national target of electricity for all by 2021. Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and ADB Country Director Manmohan Parkash signed the agreements on behalf of Bangladesh and ADB respectively, reports UNB.
In addition to a $350 million ADB loan, the assistances comprise a $7 million grant from the Japan Fund for the Joint Crediting Mechanism (JFJCM), which will finance new high-technology energy efficient conductors. Another $500,000 grant from the Republic of Korea e-Asia and Knowledge Partnership Fund (EAKPF) will promote socially inclusive growth with gender equality, according to the ADB. The project will develop a 126-km long 230 kilovolt (kV) transmission line from Barishal to Faridpur; and a 104-km long 400kV transmission line from Bagura to Rohanpur, along with substations, transformers, and associated extensions and connections. This climate change mitigation accounts for $93 million of the investment, comprising $86 million from the ADB loan and $7 million from the JFJCM grant.
9,000MW power to be imported by 2041
Prime Minister Sheikh Hasina yesterday said the government has planned to import 9000 MW electricity from neighbouring countries by 2041 to maintain the country’s high economic growth. She was addressing a ceremony marking the inauguration of 500 MW additional power supply from India to Bangladesh through Behrampore-Bheramara interconnection, reports UNB. Terming the power sector a crucial element of bilateral cooperation, Hasina said Bangladesh was importing 660 MW power from India while steps were taken to import 3,000 MW more. Referring to her government’s success in increasing the power generation capacity, the premier said the capacity has grown to 20,000 MW from 3,200 MW over the past nine and a half years. Speaking at the programme, Modi said India was proud to help Hasina realise the high goals, set by her, of transforming Bangladesh into a middle income nation by 2021 and a developed one by 2041, reports our New Delhi correspondent. The Indian premier said during his visit to Dhaka in June 2015, he had promised to supply 500MW to Bangladesh and today 1.15 gigawatts of power was being transmitted using the grids in West Bengal. He thanked West Bengal CM Mamata for this cooperation.
Gold edges lower as trade concerns lift the dollar
Gold prices edged lower for a second session on Monday as trade tensions between China and the United States helped to boost the dollar and weaken the yuan. US President Donald Trump said on Friday that he was ready to impose tariffs on virtually all Chinese imports, representing a further $267 billion of goods in addition to the $200 billion already facing potential duties, prompting a threat by China to retaliate. That gold is below $1,200 an ounce again is mainly to do with the dollar. Spot gold was down 0.1 percent at $1,193.93 at 1122 GMT, slipping towards the 19-month low of $1,159.96 touched last month. US gold futures were 0.1 percent down at $1,199. Gold has tumbled more than 12 percent from a high of $1,365.23 in April, mirroring a 10 percent fall in the value of the yuan against the dollar. We could see a first positive signal only if prices return above $1,200, with space for further recoveries to $1,210 and $1,230. In other precious metals, spot silver was up 0.6 percent at $14.19, platinum rose 0.9 percent to $785.70 and palladium was up 0.3 percent at $983.20.
Largest business delegation from Thailand due on Sep 16
A Thai business delegation is set to visit Bangladesh this month to discuss ways and means for expanding businesses between the two countries. The 15-member business delegation will stay here on a six-day visit from September 16. The Thai delegation would be visiting few industries, Dhaka Export Processing Zone (DEPZ) and Chittagong Export Processing Zone (CEPZ). The high-powered business delegation will also attend business matchmaking meetings with Bangladeshi businessmen, to be arranged by FBCCI and Bangladesh Garment Manufacturers and Exporters Association (BGMEA). The export volume of Bangladesh to Thailand was US$ 48.57 million in the last fiscal year and import volume was US 781.6 billion in the same fiscal year. Currently, Bangladesh is enjoying duty-free and quota-free access of its 6,998 products. Bangladesh is also working to sign a free-trade agreement (FTA) with Thailand to boost bilateral trade volume.
Eight entrepreneurs win MIDAS award
MIDAS recently honoured eight entrepreneurs who found success in different fields of business after taking financial and technical support from the company, said a statement. The awardees-six of whom were women-received MIDAS Entrepreneur-ship Award 2018, at an event that MIDAS organised to celebrate its 35th anniversary at its head office in Dhaka. The award recipients are Nayan Salina from Cox’s Bazar, Afsana Asif Shoma, Noor A Alam Chowdhury, Wahida Khanam and Sultana Zaman Lina from Rajshahi, Soniya Rahman from Jessore, and MA Mannan and Selina Akter from Dhaka. Micro, small and medium enterprise (MSME) is an emerging sector in the country and MIDAS is one of the key players in this sector, Parveen Mahmud, chairman of MIDAS, said at the event.
BSEC celebrates silver jubilee tomorrow
The Bangladesh Securities and Exchange Commission (BSEC) will celebrate its silver jubilee tomorrow (Wednesday) through a series of programmes. To mark its 25 years of anniversary, the securities regulator will arrange discussions, seminars and reunion of BSEC officials during the five-day event in Dhaka and Chittagong. the establishment of Central Depository Bangladesh Ltd (CDBL) and the special tribunal on capital market, automation and demutualization of stock exchanges, and introduction of corporate governance code, among others, as successes of the regulatory body in last 25 five years. The BSEC was established on June 08, 1993 as the regulator of the country’s capital market through enactment of the Securities and Exchange Commission Act-1993. Through an amendment to the Securities and Exchange Commission Act-1993 on December 10 in 2012, the Securities and Exchange Commission was renamed Bangladesh Securities and Exchange Commission.
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)||$67.62||↑0.08||↑0.12%|
|Crude Oil (Brent)||$ 77.52||↑0.15||↑0.19%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7225|
|GBP 1||BDT 109.1574|
|EUR 1||BDT 97.1097|
|INR 1||BDT 1.1559|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.