Bangladesh Economy: News & Updates

[Al-zakir]

BKMEA demands yarn price control Sat, Apr 24th, 2010 5:03 pm



Dhaka, April 24 (bdnews24.com) – Bangladesh's top body of knitwear manufacturers and exporters has called for a control yarn price and formation of a monitoring cell by April 27.

They also demanded that the government fix yarn price.

"Price of yarn was never so high. It is increasing by the hour," said BKMEA president Fazlul Hoque.

He alleged that a certain quarter of yarn manufacturers were exploiting the opportunity of the Indian government's decision to suspend cotton export and a price rise in the international market.

BKMEA president pointed out that in February yarn cost $2.85 per kilogramme and on April 21 it stood at $4.20 per kg, increasing by just over 47 percent.

He also said that over the last 10 days it had increased by 60 cents per kilo.

However, Hoque said that cotton prices had not increased in a similarly corresponding proportion.

In February, cotton price was $80.05 per pound and on April 20 it had risen to $86.01, he said. Cotton prices had risen by only 7.4 percent.

He told that journalists that in neighbouring countries yarn was selling at $3.60 per kg.

Hoque demanded that barriers on importing yarn through the land port be removed.

He said that the apparel industry was under a severe threat due to the global recession and Bangladesh's domestic energy crisis.

Costlier yarn threatens an industry that employs up to 30 lakh people, he said.

bdnews24.com/rb/aam/ta/1700h

 

[eastwatch]

Only people has no clue about financial systems and corruption are dancing with such news. These rating systems are corrupt to the core and main reason behind banking collapse in US and EU. There is strong sentiment world wide (including in india) to get rid of these corrupt credit rating systems. Govt should say Bangladesh financial systems are sound without such corrupt rating and not let these people dictate terms. Besides, these ratings are mostly used when bond like istruments are used for borrowing. In Bangladesh history virtually that was not the case and in foseeable future Bangladesh will not be borrowing using such instrument.

But because of people like Leon, its new of an acheivement, what a joke!!!

Are you a joker? What you yourself know anything about economy that makes you dance like a wolf?

 

[eastwatch]

Indian friends should read the above article who are hell bent to prove that our labours are fluxing on inidan border for Maid job.
Acute shortage of labours are everywhere except north bengal.

Do not worry about these big-mouth Indians. Bragging is typically an Indian character. Maids in India must be happy to eat gold instead of stone-mixed rice, drinking honey instead of drain water and using open sky toilets.

 

[Al-zakir]

GMG set for Boeing boost

Fri, Apr 30th, 2010 8:05 pm


Dhaka, Apr 30 (bdnews24.com)—Bangladesh's largest private passenger carrier GMG airlines is adding a wide-bodied aircraft to its six-strong fleet.

The Boeing 767-300ER aircraft will arrive at the Shahjalal International Airport on Saturday, the company said in a media statement on Friday.

This is the first time a B767-300ER has been brought to Bangladesh. The 262-seat new, wide-bodied Boeing will have business and economy class to cater for the clientèle.

Shayan F Rahman, director, Beximco Group, which owns the majority stake in GMG, said, "This is the beginning of a new era for GMG. With the addition of a new aircraft, GMG will continue to expand its wings across the globe."

Beximco has been injecting crores into the airline since it bought a 50 percent stake last June to rev up the wobbling carrier.

The new aircraft will most likely be deployed on Dubai, Doha, Riyadh, and Jeddah routes. GMG now covers five local and eight international destinations.

The airlines flies three MD-80 planes to eight international destinations and three Dash-8 aircraft to five domestic routes.

It is also in the process of acquiring another wide-bodied B767 aircraft and two narrow-bodied new generation aircraft.

The management is also redesigning the company's website to make it become the first Bangladeshi airline to let customers book flights online from anywhere in the world with credit or debit cards.

GMG set for Boeing boost | Bangladesh | bdnews24.com

 

[fallstuff]

Country's 1st solar panel assembling plant opens


The first-ever solar panel assembling plant in the country was launched in Savar yesterday to make solar panels available on the local market at a competitive price.

Solar panels, assembled at the plant, are expected to hit the market in a month.

The plant set up by local company Electro Solar Power Ltd (ESPL) is capable of assembling solar panels with a production capacity of 10-megawatt electricity a year, said company officials.

Prime Minister's Adviser on energy affairs Tawfiq-e-Elahi Chowdhury inaugurated the plant at Ashulia in Savar. Syed Manzur Elahi, former adviser to a caretaker government, was also present there.

“It's a positive initiative. Such ventures will facilitate the country's economic development,” said Tawfiq.

He said the ESPL's initiative would support the government's goal of meeting a part of the electricity demand through green energy.

The government aims to meet 5 percent of the country's energy demand through green energy by 2015 and 10 percent by 2020.

The government decided to install solar systems in government buildings, he said.

“We hope that there will be no problem in marketing locally-assembled solar panels,” Tawfiq said.

ESPL, a sister concern of Electro Group, was established in 2009. The company will import solar cells and other accessories, and assemble them, said its officials.

The plant has the capacity to assemble solar charger, battery and other accessories for solar home systems.

Ansar Uddin, managing director of ESPL, said they hope that their initiative would help ease the ongoing power crisis a bit.


Country's 1st solar panel assembling plant opens

 

[Skies]

Good news. I always against environmental pollution. This kind of new power source can reduce atmosphere temp, co2, co etc. We need more power from wind and sun ray instead of gas, oil to reduce pollution.

 

[CaPtAiN_pLaNeT]

Country’s first software launched for digitized Khasland management in Naogaon

April 27, 2010 ·


Country’s first software launched for digitized Khasland management in Naogaon

NAOGAON, April 26 (BSS) – The country’s first digitized software has been launched for modernized system of allocation and management of agriculture khaslands in Naogaon keeping in view to build Bangladesh a medium income country by 2021.

Naogaon district administration launched the software yesterday at a function arranged in the conference room of the Deputy Commissioner (DC) in presence of the district and upazila level officials, UNOs, upazila chairmen, professionals and journalists.

Naogaon DC Ahsan Habib Talukder formally launched the Database Software evolved by Pankouri Software and Services under the Khasland and Settlement Management Information System Project of Naogaon district administration.

Programmer of the software Abdullah Al Rafi Chowdhury elaborately narrated a series of advantages of the Software that will enable preserving all information in the Database of the Software about the Khasland of all 11 upazilas of the district.

The Software will ensure digitized systems for preserving the lists of the landless people, identifying the khaslands without any complexity for allocating those among the deserving landless people preventing double allocations for the beneficiaries.

It will also ease and expedite the whole process of khasland allocations, reduce time for the process, help implementing government decisions in allocating khaslands in a easier way and ensure complete transparency and accountability of the process.

Besides, the Software will help proper utilization of the khaslands to assist the landless people getting their due khaslands to change their socio-economic conditions and achieve economic self-reliance and eradicating poverty in the district.

“It is a step forward for the district in the process of building a digital Bangladesh and a medium-income nation by the year 2021 as envisioned by the present government led by Prime Minister Sheikh Hasina,” the DC said in his speech.

 

[CaPtAiN_pLaNeT]

BTCL takes initiative to cut land phone charges with India
April 27, 2010


BTCL takes initiative to cut land phone charges with India
Bss, DHAKA

The government has again taken up initiatives to reduce call charges of land phone with India.

The present per minute call charge between India and Bangladesh is Taka 12.

“The government has decided to install 25 kilometer optic fiber line spending Taka 1.5 crore from Darshana to Krishna Nagor in India in this regard,” SM Khabiruzzaman, Managing Director (MD) of Bangladesh Telecommunications Company Limited (BTCL) told the news agency yesterday.

He said that the BTCL has already signed an agreement with Bharat Sanchar Nirgom Limited (VSNL) of India to reduce the existing call charge.

The optic fiber line would be installed under this agreement, he said adding that the Indian VSNL company will also install optic fiber line up to Krishna Nagor.

The BTCL MD said that after completion of the installation of optic fiber lines between India and Bangladesh, the call charge in both the countries will reduce and it will also work as an alternative submarine cable to establish communications with all over the world.

Engineer Khabiruzzaman told the news agency that the BTCL has been communicating with India by microwave and it costs Taka 12 for a minute which was Taka 18 till June last year.

Meanwhile, BTCL Director Rafiqul Matin the news agency that they have already completed the tender formalities and will issue the work order to the lowest bidder immediately. The company is expected to complete its installation work within a month, he added.

He said that BTCL subscribers have been getting talking facilities with land phones of 55 countries and mobile phones of 23 countries at the rate of Taka 6 and 16 respectively and they could talk to any number from this month by dialing 0121.

The BTCL subscribers could talk to those countries by spending only Taka 6 per minute both in land and mobile phones are-United States of America (USA), Canada, China, United Kingdom (UK), Saipan, Bahama, Bermuda, Brunei, Costa Rica, Cyprus, Hong Kong, Malaysia, Singapore, South Korea, Uzbekistan, Vatican, Gabon, Guam, Macaw, Malay, San Marino and US Virgin Island.

The BTCL subscribers could talk spending Taka six by land phone and Taka 16 by mobile phone to those 32 countries are- Argentina, Armenia, Austria, Australia, Check Republic, Belgium, Finland, France, Germany, Greece, Italy, Japan, Ireland, Mongolia, Netherlands, New Zealand, Norway, Panama, Poland, Portugal, South Africa, Spain, Sweden, Switzerland, Taiwan, Togo, Turkey, United Kingdom, Venezuela and Gambia.

 

[CaPtAiN_pLaNeT]

CDDL takes moves for building multipurpose vessels
April 28, 2010 · Leave a Comment


CDDL takes moves for building multipurpose vessels
BSS, Dhaka

Chittagong Dry Dock Ltd (CDDL), the lone state-run dockyard that repairs national and foreign flag vessels, for the first time plans to build multipurpose container vessels for national use.

An ECNEC meeting held here recently approved building four vessels each of 108 TEU (Twenty-Foot Equivalent Unit) container carrying capacity for Bangladesh Inland Water Transport Corporation (BIWTC) and out of the four, two vessels would be built by the CDDL.

To carry forward the ECNEC decision, the BIWTC has sent a letter of intent to the CDDL to build two vessels. The CDDL accepted the proposal signaling its desire and capability for the same.

CDDL Managing Director Engr. Enamul Baqui told BSS that the CDDL has initiated the work on building inland and seagoing vessels by making big sections and blocks in it’s covered workshops and open fabrication yards.

Shipbuilding programme for two BIWTC vessels will be conducted by the existing technical facilities and manpower at the CDDL workshops, dock and out-fitting ting jetties.

Engr. Baqui, also a naval architect & chartered engineer, noted with appreciation of the ECNEC decision terming it as an epoch-making one in the country’s history of shipbuilding.

The decision would pave the way for materializing the long- cherished desire of the country for shipbuilding at the government initiatives and enterprises, said CDDL MD.

Echoing the view of Engr. Baqui, BIWTC chairman Golam Mustafa Kamal told the news agency that they will put forward a document in this regard to the CDDL authority with a request to provide the BIWTC with competitive rates.

“We will pursue to have the two vessels from the CDDL as quickly as possible. Process would be on to carry out the government’s decision by any means,” Kamal observed.

Bangladesh Steel and Engineering Corporation (BSEC), an autonomous body run under the Ministry of Industries, was established on July 1, 1976, has now nine industrial units in operation.

The CDDL is one of the best amongst them and now planning to go for major BMRE and setting up of separate facilities for shipbuilding in addition to its on-going ship repair activities.

 

[akash57]

Thank you brother sami for the three great, consecutive posts, very informative and great to know our country is making progress al7amdulillah.

 

[leonblack08]

But because of people like Leon, its new of an acheivement, what a joke!!!

Where did I point it out as an achievement and dancing?


You seem to be hallucinating and making up stories.But then again,its nothing new with you.
The news was related to Bangladesh's economy and this is Bangladesh economy thread,not Bangladesh achievement thread.Got that Mr. Know-it- all?

Does making few letters highlighted sound achievement to you?In that case you have danced with Awami League's activities in joy many times.So who's the joker?

P.S.:
Don't ******* brag about your ****** knowledge.I don't give a shyte.Insulting others' knowledge shows your cheap mentality.

 

[CaPtAiN_pLaNeT]

Thank you brother sami for the three great, consecutive posts, very informative and great to know our country is making progress al7amdulillah.

Thanks a lot brother for the appreciation . I will try to post more in the future.

 

[CaPtAiN_pLaNeT]

Initial signed with local co to set up 105 mw rental plant

April 28, 2010


Initial signed with local co to set up 105 mw rental plant
Staff Reporter

Bangladesh Power Development Board (BPDB) yesterday signed an initial with a local company Desh Energy Limited (DEL) to set up a 105MW quick rental power plant in the country’s northern region.

Under the initial, DEL will provide per unit of electricity at a cost of Tk 13.33.

Prime Minister’s Adviser Dr Tawfiq-e-Elahi Chowdhury Bir Bikram and State Minister for Power and Energy Muhammad Enamul Huq, Power Secretary Md Abul Kalam Azad and BPDB Chairman ASM Alamgir Kabir were present in the signing ceremony.

BPBD will hold a separate meeting with DEL to finalise site to install the power plant.

“We have completed initial with the Power Division to install the power plant and site selection would be completed Thursday,” a senior official of DEL said. The BPDB signed a Memorandum of Understanding (MoU) with the UK based company Aggreko to set up two 100MW each quick rental power plants at Khulna and Ghorasal.

Earlier, Prime Minister Sheikh Hasina allowed generating 1,220MW electricity through high cost rental projects by modification of procurement policy. This will be the first track projects for mitigating irrigation and summer load of 2011.

Sheikh Hasina directed the Power Division officials to search reputed rental providers as the projects would not be delayed from schedule, sources said.

The Power Division has already decided to invite spontaneous bid from reputed rental providers as the plants could be utilised for irrigation and summer load of 2011.

About 620MW rental plant to be commissioned within four months to six months with a contract term of one to two years, the Power Division earlier decided.

Selected sites of these high speed diesel and furnace oil fired power plants are: Siddhirganj 100MW, Haripur 100MW, Shikalbaha 100MW, Madanganj 100MW, Syedpur 100MW and Patenga 20MW.

However, the government is yet to select sites for installation of the rest of 600MW rental which would be commissioned within nine months.

 

[CaPtAiN_pLaNeT]

Govt to amend foreign exchange regulation act to attract FDI

April 28, 2010



Govt to amend foreign exchange regulation act to attract FDI


The government has decided to amend the foreign exchange regulation act 1947 for attracting more foreign investments into the country, official sources said.

It will also amend the Bankers’ Book Evidence Act 1891 for making it time-befitting.

To this end, the finance ministry on Tuesday formed a five-member committee headed by the executive director of foreign exchange policy department of Bangladesh Bank.

Other members of the committee are deputy secretary of the law and parliamentary affair ministry (Bank and financial institutions division), general managers of the FEPD and banking regulation and policy department of Bangladesh Bank.

The committee would submit its report to the authorities concerned within two months while the Bangladesh Bank would provide the committee secretarial assistance.

‘The government wants to attract more foreign investments by making the act time-befitting for the foreign investors,’ said a senior official of the finance ministry.

The official pointed out that capital account is still not transferable under the existing foreign exchange regulation act.

The committee would give suggestions after examining the provisions of foreign exchange regulation act 1947 in comparison with that of neighboring countries.

But some Bangladesh Bank sources claimed that Bangladesh’s foreign exchange regulation act is more liberal compared to that of India and Pakistan.

They pointed out that people are transferring up to $ 5,000 from the country for medical and education purposes.

‘The country’s capital account is not still transferable but the current account is liberal,’ one of the officials said.

Executive director of D-Net Ananya Raihan told New Age that the country’s foreign exchange act is of old days compared to that of India.

‘The local investor does not invest in foreign countries as there is a bar under the country’s foreign exchange act,’ he said.

Raihan said that local people are not yet transferring their money through online channels, abiding by the foreign exchange rules.

‘Indian people are already transferring their money through online channels under its foreign exchange act,’ he added.

Former chairman of Regulatory Reforms Commission Akbar Ali Khan said that the government should conduct a thorough research into the probable changes to the foreign exchange regulatory acts.

 

[CaPtAiN_pLaNeT]

Seoul to hire 4,500 skilled workers a year
Unb, Dhaka

South Korean Ambassador in Dhaka Taiyoung Cho yesterday said his country would recruit 4,500 skilled Bangladeshi workers each year under a quota system.

He said different sectors of South Korea now need a large number of skilled and unskilled workers.

Cho showed eagerness to recruit the Bangladeshi workers when he called on Labour and Employment Minister Khandakar Mosharraf Hossain at the latter’s Secretariat office.

During the meeting, they discussed different bilateral issues, especially manpower export to South Korea.

The South Korean ambassador assured the minister of appointing more Bangladeshi workers in his country in future.

Praising the Bangladeshi workers employed in South Korea, he said they are industrious, sincere and law-abiding.