Star Business Report
Businessmen bagged Tk 20.59 crore ($3 million) worth of export orders from the 14th Dhaka International Trade Fair (DITF), which came to a close yesterday. “Spot orders show that the products showcased at the fair have international
Refayet Ullah Mirdha
Top readymade garment (RMG) makers are optimistic about meeting the export target in the current fiscal year although exports of some other products from Bangladesh declined in July-December period.
Woven garment surpassed the export target by 2.45 percent, knitwear 2.16 percent, terry towel 10.96 percent and textile fabrics by 8.16 percent during the same period of the current fiscal year, according to data of Export Promotion Bureau (EPB).
Bangladesh exported woven garment worth $2.805 billion against the target of $2.738 billion, knitwear $3.240 billion against $3.172
NATION BUSINESS REPORT
The Bangladesh Bank has started closely monitoring the country’s real estate prices in the wake of drastic fall in housing prices worldwide, including the United States and neighbouring India.
Even the International Monetary Fund has recently warned that the US housing downturn might deepen and lasted longer than previously forecast, and the slump could spread to other countries.
In a report to the Group of 20 developed and developing countries, the IMF said that house prices in the US and other countries could continue to plunge through 2010 as unemployment rises amid the global economic slowdown.
“In the United States in particular, there is a risk of deeper and more prolonged housing correction,” the Washington-based multilateral
NATION BUSINESS REPORT
The total deposit of Islami Bank Bangladesh Limited (IBBL) reached at Tk 20,289 crore up to January of the current year, showing a growth rate of 22 per cent against the corresponding period of the last year.
The total investment has reached Tk 20,555 crore, showing a growth rate of 15 per cent against the corresponding period of the last year.
This was disclosed at the review meeting of the top executives of the head office and zonal heads of the bank at the IBBL boardroom in the city Thursday, said a press release.
IBBL board of directors Chairman Abu Nasser Muhammad Abduz Zaher was present in the meeting as the chief guest while its
Sajjadur Rahman
Bankers fear random import of low-cost yarn from neighbouring India will cost them heavily by making their clients defaulted.
Banks have also tightened their grip on new lending to this sector to see the bad time of the industry, which had a consistent growth for the past one decade, bankers said.
“Payment from the spinning millers is getting slowed,” said Ali Reza Iftekhar, managing director and chief executive officer of
Kazi Azizul Islam and Asif Showkat
Economists and commodity importers on Wednesday suggested that the government should be careful before framing any policy to allow depreciation of taka, as it may fuel inflation and erode the customs revenue.
If the government wants to encourage exporters and wage-earners abroad, they could be offered some other interim incentives, they said.
‘If taka is devalued [against dollar], import costs will rise,’ said Bangladesh Bank chief economist Mustafa K Mujeri in a BB report.
‘The government should in no way opt for any measures which will depreciate the value of taka now; such steps will hinder the falling
UNB, Dhaka
The government has taken initiative to simplify the textual language of Income Tax, VAT and Customs rules and regulations for easy understanding of the stakeholders, as many shy away from paying taxes for legal encumbrance.
“The language and attitude of the rules and regulations concerning Income Tax, Customs and VAT will be changed for better understanding of the stakeholders,” National Board of Revenue Chairman Muhammad Abdul Mazid said on Wednesday.
He gave the announcement in a pre-budget meeting with the bond-related export sectors (RMG, knitwear, composite and packaging) at
Star Business Report
Leaders of the MCCI yesterday urged Industries Minister Dilip Barua to modernise the BSTI so that its certification is accepted worldwide for smooth running of international trade and commerce.
At present, many countries especially India does not accept the certification of the state-owned Bangladesh Standards and Testing Institution (BSTI).
As a result, Bangladesh has to suffer a lot in business with
Staff Correspondent
The volatility in share prices of low-profile companies continued on Wednesday at the Dhaka Stock Exchange as retailers chased shares of ‘Z’ category companies to make some quick cash, market operators said.
Dhaka stocks, however, finished downbeat on Wednesday for the third consecutive day in volatile trading. The DSE general index lost 1.46 points, or 0.06 per cent, to close at 2611.21, while its blue chips index, DSE20, shed 3.88 points, or 0.18 per cent, to finish at 2133.24.
‘Retailers have recently been chasing shares of low-profile companies in a bid to make quick capital gains amid volatility at the
Staff Correspondent
The 6th Dhaka International Textile and Garments Machinery Exhibition is set to start on February 8 with suppliers from 30 countries participating in this top textile technology event in Asia.
Some 600 suppliers or their local representatives will showcase their products at around 800 booths at the Bangladesh-China Friendship Conference Centre, organised by the Bangladesh Textile Mills Association.
The six-year old fair in Bangladesh has already been regarded as the ITMA in South Asia. The ITMA is the world largest textile technology
Sohel Parvez
UAE-based carrier RAK Airways has shut down its operation in Bangladesh as global financial meltdown is causing a drop in demand for air travel, officials said yesterday.
The closure of operation has forced about around 15 employees of the Dhaka office of the airline out of job. However, the carrier’s General Sales Agent (GSA) Mohammed Aviation said the shut down is ‘temporary’.
“We have suspended operation for the time being. It’s mainly because of global financial crisis,” SAK Ekramuzzaman, chief executive of
United News of Bangladesh . Dhaka
Finance minister AMA Muhith Sunday apprehended that it might not be possible to keep the exchange rate of taka against US dollar at current level due to the sharp devaluation of the currencies of major trading partners.
‘We want to keep the value of taka [at the current level]. But, I think, it may not be possible any longer,’ he told reporters after a meeting with the Bangladesh Textile Mills’ Association at the finance ministry.
The exchange rate of currencies in the free-float market cannot be controlled, but the Bangladesh Bank sometimes uses its tools to
Economists say
Star Business Report
Empowerment of the poor, mainstreaming informal economy and developing the agricultural sector are keys to poverty reduction through trade in South Asia.
The observation came at a session of a seminar, chaired by Executive Director of the Centre for Policy Dialogue Professor Mustafizur Rahman.
The session, “Future Work on Globalisation and the Poor in South Asia”, is part of a two-day seminar organised by South Asian Network on Economic Modelling and CUTS International in Dhaka yesterday.
Trade experts, economists,
Staff Correspondent
Dhaka stocks gained on Sunday in volatile trading despite the downtrend at the market persisting for the last four weeks.
The general index of Dhaka Stock Exchange gained 12.20 points, or 0.46 per cent, to close at 2661.69, while its blue chips index, DSE20, advanced by 12.97 points, or 0.60 per cent, to finish at 2188.08.
M Habibur Rahman, a small investor, said the market saw a sort of buying spree. A section of investors also chased shares of low-profile securities on various rumours and speculations, he said. ‘However, it appears to me that the market remained downbeat as institutional and big individual investors stayed on the sidelines
Nur Uddin Alamgir, Ctg
A three-day housing fair organised by REHAB concluded here in the port city on Saturday making a business of Tk 200 crore, with the organisers and participants expecting an additional Tk 100 crore from the intended
Staff Correspondent
Theme Solution and Bangladesh Mobile Phone Business Association are going to organise International Telecom Fair 2009 in Sylhet in April 1-9 aiming to increase the number of cellphone users and businesspeople in the region, the organisers said on Sunday.
‘This is the first time such a fair will be held in Sylhet. Our main aim is to increase the number of mobile phone users and businesspeople in the country, particularly in Sylhet,’ BMBA president M Nizam Uddin Jitu told a news conference at the National Press Club.
Finance minister Abul Maal Abdul Muhith will inaugurate the fair at the Hafiz Complex as the chief guest of the inaugural session, with chief whip of parliament Abdus Shahid, Sylhet mayor Badar Uddin Ahmed Kamran, and former
Asif Showkat
The finance ministry has given its consent to seek $75 million loan for fuel import from the Jeddah–based Islamic Development Bank with a six per cent mark-up rate, officials said on Thursday.
The ministry has also suggested more negotiations with the IDB for reduction of the mark-up rate.
The government will seek the loan from the Islamic Trade Finance Corporation, a newly established window of the IDB to deal with trade finance, at an interest rate 5.0 per cent more than London inter-bank offer.
‘The BPC will get $75 million loan from the IDB. The IDB plans to increase the mark-up rate as the Energy Division has secured consent of the finance ministry,’ Bangladesh Petroleum Corporation chairman Anwarul Karim
Alpha Arzu
The country’s largest software and information technology exhibition of the year, BASIS SoftExpo 2009, concludes today, with a target to increase the income from IT-enabled services to $150 million from the present $7 million by 2011, software and information service leaders said.
Bangladesh Association of Software and Information Services coordinator of events Nurul Alam said the BASIS organised the event to facilitate a presentation of the country’s potentials in information and communication technology to international players in different fields, like national and international vendors and service
Sliding pound, additional NTBs blamed
Sohel Parvez
Fresh vegetables exports dipped 25 percent in the July-November period of the current fiscal year against the same period last fiscal, thanks to a sliding pound sterling and additional non-tariff barriers (NTBs) imposed on some items to enter one of the key markets — United Kingdom.
“We are bearing the brunt of falling pound against taka,” said Mohammed Monsur, owner of Monsur General Trading Company, one of the leading fresh fruits and vegetables exporting firms.
“Some additional
Kazi Azizul Islam
Bangladesh is becoming the ‘Trousers Island’, if not the Treasure Island, for global apparel importers as local manufacturers are sourcing jeans and other cotton trousers at the cheapest prices and maintaining admirable quality, industry people said.
The industry’s strength has weighed up with Bangladeshi exporters occupying the number-one position in the US market of jeans and other cotton trousers in December, industry insiders told New Age.
Quoting the latest report of world’s leading market survey organisation Research & Markets, Bangladesh Garment Manufacturers and Exporters’ Association officials said by December Bangladesh controlled 13.82 per cent