Study on Electronic govt procurement / Tk 60,000cr contracts awarded in 11 years based on single bids
The electronic procurement, rolled out more than a decade ago to ensure competition and cut the scope of irregularities, still suffers from a lack of competition as public agencies awarded contracts worth Tk 60,069 crore based on single bids, a new study found.
Govt’s electronic fund transfers to save Tk 60,000cr in five years
Implementation of an integrated budget and account system (iBAS++) will save Bangladesh an estimated Tk 59,804 crore ($5.4 billion) in the next five years.
US cotton GSP scheme could be win-win
Bangladesh’s garment exports to the US can increase anywhere from $400 million to $800 million annually if the American government offers a “cotton GSP scheme”, according to a study.
BB fixes forward forex rate for first time
For the first time, the Bangladesh Bank has decided to determine the rate of foreign exchange, namely the US dollar, to be delivered in future, widely known as forward contract -- a move that has created mixed reactions among businesses.
Malaysia boosts exports of palm oil to China
Malaysia will increase palm oil exports to China by 500,000 tons a year as it faces pressure from new European Union restrictions targeting deforestation, a senior minister told AFP on Monday.
India could sell more wheat in open market
The Indian government could sell more wheat in the open market to control prices that have reached their highest in nearly eight months, the country’s food secretary said on Monday.
Bank Asia holds Agent Business Meet-2023
Bank Asia Limited organised a daylong “Agent Business Meet-2023” at the Bangladesh Academy for Rural Development (BARD) in Cumilla on Saturday.
NCC Bank distributes agri materials to Cumilla farmers
NCC Bank has distributed agricultural materials, including seeds, fertiliser and pesticides, free of cost among 1,155 marginal farmers of Nangalkot, Cumilla sadar and Gouripur of Cumilla district on Saturday.
Alliance Finance organises workshop
Alliance Finance PLC, in collaboration with Bangladesh Financial Intelligence Unit (BFIU), organised a daylong workshop on “Anti-money laundering and combating financing of terrorism”.
Economy
MONITOR AIRLINE OF THE YEAR / Emirates wins 9 awards
Emirates has been named the “Airline of the Year 2023” in Bangladesh in the “ShareTrip Monitor Airline of the Year 2023” award ceremony in recognition of its award-winning products and services.
Saif Powertec signs MoU with Kolkata port
Saif Powertec Limited, a local provider of logistics and container supply chain management services, has agreed to facilitate the transport of goods from mainland India to remote north-eastern states of the neighbouring nation.
Now Fitch has a negative outlook on Bangladesh
Bangladesh’s credit rating came under further threat today as Fitch put the country on a “negative” outlook while giving a damning verdict on the central bank’s policy response to the fast-depleting foreign currency reserves
Tourism awaits a fillip from long weekend
In Bangladesh, the peak season for the tourism and hospitality sector begins in September and continues until March. And the upcoming long weekend is going to provide an initial boost to the sector, with operators in major holiday destinations coming up with various offers.
‘Cotton GSP scheme’ could be win-win'
Bangladesh’s garment exports to the US can increase annually anywhere from $400 million to $800 million if the American government offers a “cotton GSP scheme”, according to a study.
Emirates sweeps 9 awards at Monitor Airline of the Year
The Dubai-based airline won a total of five gold, two silver and two Bronze awards in various categories
Democratic transition prerequisite for inclusive economy
A democratic transition has emerged as a prerequisite for an inclusive and sustainable economy, said a noted economist today.
Global Economy
German business morale weak in Sept
German business sentiment fell less than expected in September but it was the fifth consecutive decline, a key survey showed Monday, as Europe’s biggest economy struggles to recover from a recession.
Will Bangladesh benefit from trade in rouble?
Russia has included Bangladesh on its list of friendly and neutral countries, a development that would allow its local banks and brokers to settle trade transactions in the rouble.
China seeks energy partnership with Arab states
China is willing to work with Arab states to build a strategic energy partnership featuring mutual benefits and long-term friendship and explore the possibility of a renminbi settlement for oil and gas trade, a senior Chinese official said on Thursday during the sixth China-Arab States Expo.
UK consumers most optimistic since early 2022
British consumers are their most optimistic since the start of 2022 as they turn more hopeful about the economy with inflation on the wane and wages growing, a survey showed on Friday.
Fed official calls for more rate hikes
The US Federal Reserve has more work to do to tackle high inflation despite making “considerable” progress in the last 18 months, a senior bank official said Friday.
Malaysia’s medical tourism sector alive and well
Medical tourists are returning to Malaysia in full force and are expected to surpass the pre-Covid-19 pandemic level in 2019 thanks to the reopening of borders, quality healthcare and competitive pricing.
Toyota to speed up EV production
Toyota Motor will speed up production of electric vehicles of its Toyota and luxury Lexus brands, the Nikkei newspaper reported on Friday.
Dollar up against major currencies
The US dollar advanced against a basket of currencies on Friday as the latest batch of data on business activity from around the globe highlighted the superior position of the United States relative to other major economies.
Organisation News
NSU observes World Pharmacists Day
North South University Pharmaceutical Club organised a rally today, marking World Pharmacists Day 2023, read a press release.
Islami Bank wins Muktadhara’s ‘Remittance Award’
Islami Bank Bangladesh PLC won the “Remittance Award” from Muktadhara New York Inc for collecting the highest amount of remittance in Bangladesh.
Prime Bank inks deal with Le Meridien Dhaka
Prime Bank recently signed a strategic partnership with Le Meridien Dhaka.
Commercial Bank of Ceylon, Partex Furniture sign MoU
The Commercial Bank of Ceylon PLC signed a memorandum of understanding (MoU) with Partex Furniture Industries Ltd, a furniture manufacturing company in Bangladesh.
Meghna Bank wins ‘Excellence in Credit Cards’ by Visa
Meghna Bank Ltd has won the “Excellence in Credit Cards” award in the “Visa Leadership Conclave 2023”.
Union Bank distributes agriculture funds
Shariah-based Union Bank Ltd distributed agriculture investment among farmers in Chattogram yesterday.
Exim Bank holds business development confce
Exim Bank yesterday arranged a “Business Development Conference” for the branch managers, executives and officials of the bank in Chattogram region.
Fresh Ceramics opens dealer showroom in Bangla Motor
Fresh Ceramics, a ceramics and tiles manufacturing company of the Meghna Group of Industries, recently launched a dealer showroom styled “Hatirpool Tiles” at Bangla Motor in Dhaka.
Business Multimedia
Khulna farmers prefer cultivating beans instead of shrimps
Shrimps were once widely cultivated in Dumuria upazila of Khulna. Now, farmers in this area are moving towards growing vegetables, especially beans. Vegetables from Dumuria are also exported to many countries in Europe
Fishes aplenty at Friday haat
A haat pops up every Friday along the Kaliakoir-Tangail road in Gazipur where buyers find almost all varieties of fish available in the country
Bogra Motors manufactures, exports automobile filters
There are 350 different types of filters made by Motors Bogra Pvt Ltd, from motorbike filters to car filters. These filters, produced in Bangladesh, are exported overseas as well as being used locally
Has the number of unemployed really decreased in the country?
The number of unemployed in the country has decreased. In other words, more people are involved in economic activities than ever before
Jon Haat: a place for hiring farm workers
The demand for day labourers is considerably high in Faridpur as farms in the major crop producing region require the assistance of seasonal workers whenever the harvest period comes around.
Exporters’ dollar retention limit lowered again
The Bangladesh Bank has once again lowered the US dollar retention limit that exporters have to maintain in their foreign currency accounts from the shipment proceeds as Bangladesh continues to face the shortage of the American greenback.
Minori, Emerald, Jamuna join hands to produce rice bran oil
Emerald Oil and Minori Bangladesh joined hands with Jamuna Edible Oil Industries to produce and sell rice bran oil in the local and Japanese markets.
BATBC to build Tk 151cr warehouse
British American Tobacco Bangladesh (BATBC) has decided to invest nearly Tk 151 crore to construct a warehouse and set up ancillary facilities in its Savar factory.
US wants govt action against counterfeit apparel exports
The United States has urged Bangladesh to take action to address the export of counterfeit clothing items from the second-largest garment supplier to the world’s largest economy.
US dollar gets costlier
The Bangladesh Foreign Exchange Dealers' Association (Bafeda) and the Association of Bankers' Bangladesh (ABB) increased the rate at a virtual meeting
Banks asked to work together to stabilise forex market
The central bank instruction came from a meeting between Governor Abdur Rouf Talukder and a delegation of the Association of Bankers Bangladesh (ABB)
BGMEA demands fair price from buyers
The BGMEA made the demands in a letter sent to Action, Collaboration, Transformation (ACT)
Exporters’ dollar retention limit lowered again
Traders are allowed to keep a portion of their earnings in the export retention quota (ERQ) accounts to settle back-to-back letters of credit liabilities without facing exchange losses.
BTMA re-elects Mohammad Ali Khokon as president
The president, three vice-presidents and 23 directors were elected unopposed
Govt’s bank borrowing in check
The government’s borrowing from the banking system has remained in check so far in the ongoing fiscal year thanks to lower expenditures and higher revenue collection.
