Tuesday , January 16 2018
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Bangladesh

Bangladesh moves to revise minimum wage for garment workers

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DHAKA: The existing minimum monthly wage of Tk 5,300 or almost $65 came into effect from Jan 1, 2014. On Sunday, the labour and employment ministry formed a panel by including a representative each from the trade body and labour organisation to its existing four-strong permanent wage board. The committee will file a report with its recommendations in six months, ... Read More »

Bangladesh trade deficit widens to $7.6b in 5 months

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DHAKA: Bangladesh spent $21.97 billion on imports from July to November in fiscal 2017-18, according to a central bank report released on Sunday. It fetched about $14.37 billion in exports in the same period. The trade deficit thus stands at $7.6 billion, a 96.1 percent increase year-on-year. Between July and November in fiscal 2016-17, Bangladesh’s trade deficit stood at $3.88 ... Read More »

One held in Bengal’s Malda district for smuggling rare lizards

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DHAKA: Malda, Jan 12 The BSF has apprehended a man at Farakka PTS More in Malda district, near India-Bangladesh border, and seized two ‘Tokay Gecko’, an endangered nocturnal lizard species, from his possession. The Border Security Force (BSF) officials had specific information about the illegal transportation of the endangered lizard species to Bangladesh, a release issued by the paramilitary force ... Read More »

Imported fish to be tested for heavy metals

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DHAKA: Bangladesh Food Safety Authority has instructed testing of all imported fish for heavy metal from now after finding hazardous levels of lead, chromium and mercury in almost all the fishes brought in from abroad. “This is a serious threat to public health,” said the BFSA in a letter last week to the commerce ministry, the National Board of Revenue ... Read More »

Bangladesh economy to stay strong

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DHAKA: World Bank has painted a brighter picture for Bangladesh’s economy for the next two fiscal years, pinning hopes on strong domestic demand, exports, investment and remittance. The Global Economic Prospects, a flagship report of the World Bank Group, said activity in Bangladesh would grow at an average of 6.7 percent a year over fiscals 2018-2020, benefiting from strong domestic ... Read More »

Rice exports seen surging to record as Bangladesh boosts buying

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DHAKA: The boost in shipments from the world’s top exporter of the grain is set to extend into 2018 as Bangladesh and Sri Lanka continue to buy aggressively amid depleting inventories in No.2 exporter Thailand, the officials said. Bangladesh was actively buying throughout 2017. It offset the impact of slightly weaker demand from African countries,” said M. Adishankar, executive director ... Read More »

Bangladesh lifts ban on hilsa exports

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DHAKA: Bangladesh on Monday lifted a 2012 ban on the export of its national fish hilsa, whose key markets include India, to check its smuggling and tap into the growing global demand for the popular but scarce food species. The country’s new fisheries and livestock minister, Narayon Chandra Chanda, announced the decision here, just a day after he assumed charge. ... Read More »

Taxes on Chittagong port services rise

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DHAKA: Bangladesh’s revenue board has expanded the value added tax (VAT) to all 60 services at Port of Chittagong, up from the 25  a move that has drawn mixed reviews.   Currently, the port collects a VAT on 25 export import services. Adding 35 more services to the VAT substantially raises the cost of doing business, businesses say. Under the new ... Read More »

Experts appreciate country success in economic field in 9 years

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DHAKA: Bangladesh economy has achieved remarkable successes in all socio-economic indicators in the last nine years from 2009 to 2017 because of the government’s inclusive and pro-poor policies, according to experts. “Bangladesh has achieved remarkable successes in various socio-economic indicators, including GDP growth, per capita income, food production, remittance, inflation, import and export in the last nine years,” Finance Division ... Read More »

Bangladesh govt to allow hilsa exports to stop smuggling

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DHAKA: The new minister made the announcement on Monday at the Secretariat after assuming his duties. Chanda was recently promoted from the post of state minister at the same ministry. Our hilsa production has increased and there is demand in the international market so we want to move towards exports,” he said. The Ministry of Commerce banned the export of ... Read More »

Bangladesh to inaugurate construction work power plant on Jan 25

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DHAKA: According to him, 18 percent work to construct associated facilities like jetty and coal handling facilities for coal import, coal storage, township and roads was already completed. The estimated cost to build the plant on a 1,414-acre piece of land is around Tk 360 billion. Japan is providing around Tk 290 billion in loan support for the project while ... Read More »

Bangladesh fights terrorists radicalization

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DHAKA: Bangladesh is to blame for recent terrorist attacks committed by individuals linked to the country (“East Is East: Bangladesh Exports a New Generation of Jihadists,” op-ed, Dec. 29). The title is also misleading. Bangladesh is a democratic aSnd secular nation. Its citizens enjoy the right to free speech and practice different religions guaranteed by its constitution. The Bangladesh government ... Read More »

Bangladesh exports continue robust run rise 8.42% in December

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DHAKA: In the first half of the current 2017-18 fiscal year, the country earned $17.91 billion with a year-on-year rise of 7.15 percent and crossing the target by .05 percentage points. In December, export earnings grew over $3.35 billion with an 8.42 percent year-on-year rise, but missed the target of $3.41 billion by 1.84 percent, according to data released by ... Read More »

Rice imports hit two decade high

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DHAKA: Imports of the staple stood at 22.59 lakh tonnes in July-December of fiscal 2017-18, the highest since 1998-99 when a record 30.67 lakh tonnes of rice were bought from external sources in the full fiscal year, according to food ministry data. Analysts said imports soared in the face of speculation of a decline in yield of current aman and ... Read More »

Bangladesh tea prices rises on strong winter demand

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DHAKA: Tea prices in Bangladesh rose at the weekly auction for the second time in a row, thanks to strong winter demand and tight supplies.Bangladeshi tea fetched an average price of 238.25 taka ($2.80) per kg at the auction held on Tuesday, compared with a revised price of 236.80 taka at the previous sale, National Brokers said. There was strong ... Read More »

Bangladesh forex reserves rise to $33.2b

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DHAKA: Bangladesh’s foreign exchange reserves rose to $33.23 billion by the end of December, $630 million more than the previous month, the central bank said on Monday. The reserves were up nearly 3.4 percent from a year earlier, and are sufficient to cover about 10 months’ worth of imports for the country of 160 million people. Steady garment exports and ... Read More »

Bangladesh economy in 2017 and the way forwar

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DHAKA: Bangladesh 2017 has been a mixed year of achievements and challenges. Though some macro indicators reflect the positive trends, the overall strength of the economy is weakening due to a number of developments toward the second half of the year. One of the major achievements of the economy has been a 7.28 percent economic growth in FY 2016-17 breaking ... Read More »

Pharmaceutical sector to be named product of the year 2018

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DHAKA: Bangladesh will recognize its booming pharmaceutical industry as the ‘product of the year’ for 2018 to help it achieve its full potential. Prime Minister Sheikh Hasina will formally make the announcement on January 1 when inaugurating the month-long Dhaka International Trade Fair. The industry currently meets 98% of the local demand and exports medicines and raw materials to over ... Read More »

Economy expands despite banking woes

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DHAKA: The economy of Bangladesh has expanded significantly in 2017, despite ups and downs in the performance of major economic indicators. The financial sector however faced a number of serious challenges, which could threaten the progress in the future. According to the Centre for Policy Dialogue (CPD), a sound financial sector is the key for a sustained economic development for ... Read More »

Asia rice markets slow into year end Bangladesh awaits India shipments

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DHAKA: Rice markets in major Asian centres remained muted this week, with trades few and far between due to the holiday season and the approaching year-end, while Bangladesh awaited shipments from India as part of a previously announced deal. Bangladesh, which has emerged as a major importer this year after floods damaged its crops, has signed a deal, announced earlier ... Read More »