Bangladesh leads world in Green RMG Production
Bangladesh is now home to the highest number of platinum rated garment factories in the world, which portrays the country’s strong footing in green production. Twenty-five Bangladeshi factories have achieved the highest certificate provided by the US Green Building Council [USGBC], a Washington-based non-profit organization that promotes sustainability in building design, construction and operation. Six out of the top 10 LEED [Leadership in Energy and Environmental Design] certified factories worldwide are located in Bangladesh, according to Mr.Faisal Samad, vice-president of the Bangladesh Garment Manufacturers and Exporters Association [BGMEA]. Currently, the total number of LEED certified green garment factories in Bangladesh is 91, which is also the highest in the world.
SBC posts 10pc Net Profit
The lone state-owned non-life insurer Sadharan Bima Corporation [SBC] fetched an approximately 10-per cent net profit after tax in the 2018 calendar year. The healthy profit is attributable to premium earnings from the government’s mega development projects. SBC earned a net profit to the tune of Tk 2.33 billion in the year under review against Tk 2.12 billion in 2017, according to an audited financial statement. On the other hand, the profit before tax was Tk 3.25 billion in 2018 compared to Tk 3.02 in 2017. SBP wants to launch hospitalization scheme for government employees and crop insurance for farmers. SBC recently contributed Tk 500 million to the national exchequer for the year that ended in December 2018. SBC has a strong financial base having more than 20-per cent stake in the country’s total non-life insurance market. The company is entitled to 50 per cent of the public-sector business in Bangladesh.
BD Products pull crowd at Paris
Bangladeshi products are drawing the attention of the visitors at the ‘Texworld Paris’, being held in the French capital from September 16 to 19 according to reports BSS. A total of 16 Bangladeshi apparel, fabric and leather garment manufacturers are taking part in the four-day tradeshow, according to a press release in Dhaka on Wednesday. The Bangladeshi business firms are Evince Textile, Momtex Expo, Regent Textile, Zaber and Zubair Fabrics, Argon Denims, Chittagong Denim Mills, NZ Denim, Ayesha and Galeya Fashions, Fahim Apparels, Fashion group or S&S Swimwear Limited, GMS Composite Knitting Industries Limited or Elham Sourcing, JM Knitwear, Pakiza Knit Composite Limited, Pacific Export & Euro Fashion Mart, Synergies Sourcing and Toads Printing. The fair is displaying a global range of fashion products from the major manufacturing countries, including Bangladesh, India, China, Cambodia, South Korea, Indonesia, Sri Lanka, Taiwan, Thailand, Turkey and Pakistan.
Young Business Leader Mujib among 10 UN SDG Pioneers
The United Nations Global Compact has announced 10 new SDG Pioneers – young business leaders including one from Bangladesh who are doing an exceptional job to advance the Sustainable Development Goals [SDGs]. The young business leader selected from Bangladesh is Mashook Mujib Chowdhury, Sustainability Manager of DBL Group, according to UNB. The 2019 SDG Pioneers will participate in the ‘UN Global Compact Leaders Week’ to be organized on the sidelines of the 74th session of the United Nations General Assembly [UNGA] on Sept 23-26 at the UN Headquarters in New York, USA. Prime Minister Sheikh Hasina will attend the 74th UNGA. The 2019 search for SDG Pioneers focused on professionals aged 35 and under, working at any level in a company participating in the UN Global Compact, according to UN Information Centre in Dhaka. The SDG Pioneers were judged by an expert panel comprised of representatives of Government, business and civil society.
CIP status for 182 Exporters, Businesspeople
The government yesterday bestowed the Commercially Important Person [CIP] status on 182 exporters and businesspeople in recognition of their stellar contribution to exports and trade for 2017.Of the recipients, 136 were given the cards in export category and 46 in trade category. The CIP cards given under the trade category are for the president, vice-presidents and directors of the country’s apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry [FBCCI]. The awardees represent diverse sectors such as jute and jute goods, garment and textiles, leather and leather goods, fruits and vegetables, frozen fish, sea foods, processed and agricultural foods, software and IT services, home textile, tea, engineering products, ships and yarn. Bangladesh started its journey as a garment manufacturing nation in the late 1970s and now is the second largest apparel exporter worldwide. After independence, Bangladesh exported eight million kilograms of tea, out of a total production of 10 million kgs. However, last year the country produced 85 million kgs of tea and all of them were consumed locally. Besides, the country had to import a handsome quantity of tea to meet the local demand.
Mercantile Bank to open Islamic Window
The Board of Directors of Mercantile Bank Limited has approved a proposal to establish an Islamic Banking Window. The decision was taken at a meeting of board of directors of the Mercantile Bank held on Tuesday, according to an official disclosure on Wednesday. The board of directors of Mercantile Bank has approved to initiate required course of activity for establishing Islamic Banking Window side by side with the conventional banking of the Bank. The establishment of Islamic Banking Window, also known as Shariah-based banking system, is subject to the approval of regulatory authority and also the shareholders of the Bank in Extraordinary General Meeting [EGM]. The bank’s consolidated Earnings Per Share [EPS] stood at Tk 1.16 for April-June 2019 as against Tk 0.88 for April-June 2018. In six months for January-June 2019, its consolidated EPS was Tk 1.79 as against Tk 1.69 for January-June 2018.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|FTSE100||7,314.05 ||↓ 6.35 ||↓0.09%|
|Nikkei 225|| 22,183.53 ||↓222.82||↓1.01%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 58.23 || ↑ 0.12||↑ 0.21%|
|Crude Oil (Brent)||$ 63.70 ||↑ 0.10 ||↑ 0.16%|
|Gold Spot|| $ 1,495.04 ||↑ 1.04|| ↑ 0.07%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.7957|
|GBP 1||BDT 103.299|
|EUR 1||BDT 91.5040|
|INR 1||BDT 1.16157|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<