Tag Archives: Bangladesh

BSRM gets the nod to seek foreign funds Reply

by • Bangladesh News • Tags: , , , , ,

Dhaka-Bangladesh

Reposted from The Daily Star

The Bangladesh Bank (BB) yesterday gave approval to 15 private sector companies worth $154 million to take loans from foreign sources, with BSRM Steel Ltd, the country’s leading steel maker, being one of them.
Summit Meghnaghat Power, Summit Bibiyana Power, Midland Power and Saiham Textile Ltd are some of the other companies to get the green signal from BB to borrow — $30 million, $5 million, $21.1 million and $12.23 million respectively — from sources overseas.
The country’s leading steel maker will borrow $40 million, or around Tk 311 crore, to invest in BSRM Group’s billet manufacturing plant, said a senior official of the company.
The highest interest rate of the approved proposal is 6-month LIBOR+4.50 percent per annum, with the effective interest rate being within 4.50 percent per annum, said a BB statement. More…

Cabinet nods for Ticfa Reply

by • Bangladesh News • Tags: , , ,
The Ticfa will open up opportunities for Bangladesh and the US to further broaden bilateral trade relations.

The Ticfa will open up opportunities for Bangladesh and the US to further broaden bilateral trade relations.

Reposted from The Daily Star

The Bangladesh cabinet has approved a proposal to sign Trade and Investment Cooperation Framework Agreement (Ticfa) to bolster commercial ties with the US ending months of haggling.

The approval came Monday at a regular weekly meeting of the cabinet chaired by Prime Minister Sheikh Hasina.

The much-talked-about agreement will offer a platform for Bangladesh and the US to discuss bilateral trade issues, including the trade barriers and opportunities and also investment in the two countries. More…

London summit highlights Bangladesh’s potential Reply

by • Bangladesh News • Tags: , , ,
The conference was organised by FinanceAsia and AsianInvestor to explore the trade and investment opportunities in Bangladesh.

The conference was organized by FinanceAsia and AsianInvestor to explore the trade and investment opportunities in Bangladesh.

Reposted from The Daily Star

Bangladesh’s potential as a top destination for investment and the challenges it faces were highlighted at an international summit in London recently.

The FinanceAsia Bangladesh Investment Summit, Europe at Grosvenor House in London on June 11 underscores Bangladesh’s steady journey towards greater affluence and economic growth. More…

ADN Telecom to raise Tk 13.5cr Reply

by • Bangladesh News • Tags: , , , , ,
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Asif Mahmood, chairman and managing director of ADN Telecom, and Ershad Hossain, managing director of City Bank Capital Resources. Photo: ADN

Reposted from The Daily Star

Asif Mahmood, chairman and managing director of ADN Telecom, and Ershad Hossain, managing director of City Bank Capital Resources, shake hands over an issue management agreement to raise Tk 13.5 crore through private placement to expand ADN’s fixed broadband network, at a ceremony in Dhaka on Saturday.

The local telecom and information technology service provider will issue 45 lakh shares of Tk 10 each at an offer price of Tk 30, including a Tk 20 premium, mainly to institutional investors.
This was disclosed at a signing ceremony between the company and an issue manager in Dhaka on Saturday night. The programme also aimed at informing the investors.
ADN Telecom, which received regulatory permission this February, appointed City Bank Capital Resources to manage the issue. More…

President seeks Danish investment in potential sectors Reply

by • Bangladesh News • Tags: , , , , ,
President Hamid spoke about future investment opportunities between Bangladesh and Denmark during a farewell visit paid by Denmark's outgoing Ambassador.

President Hamid spoke about future investment opportunities between Bangladesh and Denmark during a farewell visit paid by Denmark’s outgoing Ambassador.

Reposted from The Bangladesh Today

President Abdul Hamid yesterday urged Denmark to make investment in the country’s potential sectors, like ship building, ICT, energy and power, marine fisheries, infrastructure development, and other various sectors, reports BSS.

The President said this while outgoing ambassador of Denmark in Dhaka Svend Olling paid a farewell call on him at Bangabhaban this afternoon. More…

Tesco stops sourcing from a Bangladesh factory due to safety concerns Reply

by • Bangladesh News • Tags: , , ,
Tesco has stopped using 15 factories of concern in Bangladesh over the last year.

Tesco has stopped using 15 factories of concern in Bangladesh over the last year.

Reposted from Reuters
By Stephen Addison and Serajul Quadir

Tesco, the world’s No. 3 retailer, has stopped sourcing clothes from a factory in Bangladesh after discovering serious problems with the safety of the site, the company said on Saturday.

The move follows a survey the British-based supermarket chain conducted in the wake of the collapse of the Rana Plaza factory complex in Dhaka in April that killed 1,129 people.

“A structural survey of a site we source from in Bangladesh, owned by Liberty Fashions, has revealed serious problems with the safety of one of the buildings,” Tesco said in a statement. More…

Bangladesh’s overall import orders up by 14.44% in March Reply

by • Bangladesh News • Tags: , ,
Bangladesh's imports are recovering after dropping by 13% in February.

Bangladesh’s imports are recovering after dropping by 13% in February.

Reposted from Bangladesh Business News

Bangladesh’s overall import orders increased significantly in March last over the previous month despite political turmoil, officials said Monday.

Opening of LCs against imports, generally known as import orders, increased by 14.44% to US$3.28 billion in March, 2013 from $2.87 billion in February, according to the central bank statistics. More…

Turnover hits eight-month high Reply

by • Bangladesh News • Tags: , ,
The Dhaka Stock Exchange closed the day at 4,103.39 points, after gaining 40.64 points, or 1 percent.

The Dhaka Stock Exchange closed the day at 4,103.39 points, after gaining 40.64 points, or 1 percent.

Reposted from The Daily Star

Turnover on the Dhaka Stock Exchange yesterday hit an eight-month high, powered by investors’ buying spree amid growing optimism.

Considered the most important indicator of a market’s vitality, turnover stood at Tk 752 crore, up 16.60 percent from the previous day.

DSEX, the benchmark index of the Dhaka Stock Exchange, closed the day at 4,103.39 points, after gaining 40.64 points, or 1 percent. More…

Bangladesh garment sales soar despite deadly incidents Reply

by • Bangladesh News • Tags: , ,
Clothing made in Bangladesh is shown after purchase from a Walmart store in California

Clothing made in Bangladesh is shown after purchase from a Walmart store in California

Reposted from Reuters
By Ruma Paul

Bangladesh’s exports rose 15.43 percent in May to $2.54 billion from a year earlier thanks to stronger clothing sales, the Export Promotion Bureau said on Sunday, even as the country reviews safety standards at factories after two deadly incidents.

Garment exports totaled $19.3 billion for the 11 months that ended in May, nearly 12 percent more than a year earlier. More…