BD finalizes List of 300 Items for Duty-free Market access
The government of Bangladesh is set to send Indonesia a list of products next month for getting duty-free access under a proposed Preferential Trade Agreement [PTA], according to Officials. The Ministry of Commerce [MoC] has finalized the list of 300 products for approval by the government of Indonesia. The list will be sent to Jakarta in the second week of October next. The list of products for zero tariff market access to Indonesia. The products include readymade garment [RMG], jute and jute goods, light engineering and plastic products etc. Indonesia will also send their list of 300 products to Dhaka for approval by the government Bangladesh, according to the MoC sources. Initially we will seek zero tariff on our 300 products, on which more than five per cent tariff rates are currently applicable in Indonesia. If the product lists are approved, the two countries will proceed further for discussion on the rules of origin. Bangladesh and Indonesia have signed five instruments for boosting cooperation in different sectors including trade, diplomacy, fishing and energy between the two countries during the visit of Indonesian President Joko Widodo in Bangladesh last year.
StanChart unveils Guidebook for Japanese Investors
Standard Chartered Bangladesh has unveiled a guidebook to help Japanese businesses explore investment opportunities in the country and operate. The local operations of the London-based emerging-markets lender introduced the guidebook styled “Doing business in Bangladesh” at an event titled “Rising Tides” at the Westin Dhaka hotel on Thursday. The publication offers readers information in both Japanese and English. Now is the high time for Japanese investors to invest in Bangladesh thanks to the country’s higher growth potential, according to Yasunori Takeuchi, CEO of Standard Chartered Japan. StanChart is playing a leadership role in enabling and facilitating trade and investment across the vital Bangladesh-Japan corridor. In order to deliver a seamless experience for Japanese businesses in Bangladesh, the bank has set up a dedicated Japan-Bangladesh Desk. StanChart is also the mandated account bank for major Japan-funded megaprojects such as the Matarbari power plant, Kanchpur Gas project and Metro Rail Line 6. Japan has focused the rapid growth of Bangladesh’s economy in its latest development strategy.
Govt Firm to buy NPLs by Next Year
The government plans to form an asset management company this fiscal year to buy distressed loans off banks as part of its efforts to clean up the financial sector. As per the roadmap, the government will draw up a special law to form a public asset management company [PAMC] in the lead up to the next budget for fiscal 2020-21. The law will empower the PAMC to purchase non-performing loans [NPLs] from banks and sell them off to individuals or corporate entities by way of sidestepping court instructions. The development means banks will soon get respite from the legal complexities to recovering their default loans. The government has recently formed a five-member committee comprising of officials from both the Central Bank and the finance ministry to speed up the process for formation of PAMC. The IPAF members will also purchase the default loans from Bangladesh if the country’s PAMC joins the organization.
Farmers get better Price of Jute in Rangpur
Farmers in all five districts of Rangpur agricultural region have already completed harvesting jute producing over 0.51 million [5.17-lakh] bales of the fiber crop during the current season, reports UNB. the farmers are selling their newly-harvested fiber crop at better rates this year. The Department of Agricultural Extension [DAE] officials said farmers completed harvesting jute earlier this month and got an excellent yield rate of 11.46 bales per hectare on an average this season. The farmers had cultivated jute on 49,792 hectares of land this season. But, recent floods damaged standing jute crop on 4,616 hectares of land causing production loss of 50,630 bales of the fiber crop worth Tk 240.2 million [Tk 24.02 crore] in the region. Farmers are selling newly-harvested jute at better rates between Tk 1,650 and Tk 1,900 per mound [40-kg] depending on varieties and quality of the fiber.
$2.0m Project for Female Tea Workers
The Government will undertake a US$ 2.0 million project for the country’s female tea workers to improve their lifestyle and ensure social safety net. The proposed two-year project to be jointly taken with four development partners of the United Nations, including International Labor Organization [ILO], will be implemented for the betterment of the female tea workers employed in three districts of Sylhet division, according to a labor ministry statement. Stressing on improving skills of the tea workers, Mr. Azad said that the tea workers should be provided trainings on not only collecting tea leaves but also how to process them and such skill development training would be helpful for both the workers and the tea sector. Value addition will help increase income of workers along with improving their lifestyle and also growth of the sector.
ONE Bank opens Benapol Banking Booth
ONE Bank Limited’s “Benapol Banking Booth” and an “ATM Booth” started its operation at International Passenger Terminal premises of Benapole Land Port. M. Fakhrul Alam, MD of ONE Bank Limited inaugurated the Banking Booth and ATM Booth recently. Through this Banking Booth, Port users, travelers and local people will be able to avail of all kinds of banking facilities including foreign currency purchase & sale and endorsement in passport.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|FTSE100||7,344.92||↓ 11.50 ||↓0.16%|
|Nikkei 225|| 22,079.09 ||↑34.64||↑0.16%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$58.09 || ↓ 0.10 ||↓ 0.17%|
|Crude Oil (Brent)||$ 64.28 ||↓ 0.12 ||↓0.19%|
|Gold Spot|| $ 1,516.90 ||↑ 17.87 || ↑ 1.19% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8899|
|GBP 1||BDT 103.327|
|EUR 1||BDT 91.3364|
|INR 1||BDT 1.16355|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<