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November 4, 2024
Economy Tag : Trade

South Korean Ambassador to Bangladesh, Park Young-sik, stressed the urgent need for an Economic Partnership Agreement (EPA) as Bangladesh nears its graduation from least developed country (LDC) status on November 24, 2026. At the “Korea-Bangladesh Economic Cooperation” seminar, he highlighted that swift negotiations are vital for market access and foreign investment. Park noted that South Korea would consider Bangladesh a developing country after negotiations, requiring attention to specific issues. He also mentioned Bangladesh’s plan to join the Regional Comprehensive Economic Partnership (RCEP). Sector leaders emphasized the importance of collaboration to ensure quality economic growth amid challenges following LDC graduation.

November 4, 2024
Economy Tag : Govt.

The government has removed the maximum investment ceiling on Wage Earner Development (WED) bonds to encourage expatriates to invest in Bangladesh. A recent circular from the Internal Resources Division (IRD) also allows expatriate mariners, pilots, and cabin crew employed by foreign companies to invest in WED bonds, effective December 1, 2024. Additionally, the IRD has simplified reinvestment options for various savings instruments, including WED and US Dollar bonds. Expatriates can now invest in WED for one term and reinvest for two consecutive terms, totaling 15 years, while reinvestments in US Dollar bonds will be valid for four consecutive terms.

November 4, 2024
Economy Tag : FDI

Xingchen Textile Co Ltd, a Chinese company, has signed a $35.03 million investment deal with the Bangladesh Export Processing Zones Authority (Bepza) to establish a textile recycling factory in Mongla EPZ. The factory will recycle scrap fabric, known as “jhut,” to produce 20,000 tonnes of yarn and 12,000 tonnes of woven fabrics annually, creating 600 jobs for Bangladeshis. This makes Xingchen the second Chinese investor in the Mongla EPZ’s textile recycling sector.

November 4, 2024
Industry : Migration
As of November 2, 2024, Bangladesh sent 930,003 workers abroad, signaling positive trends in overseas employment. Male workers accounted for the majority at 858,225, with 71,778 females. Remittances reached $2.40 billion in October, a 21.83% increase from the previous year, totaling $8.93 billion from July to October. Officials highlight the need to protect migrant workers’ rights and suggest investing in skilled labor, especially in healthcare, to meet growing international demand.
November 4, 2024
Industry : LNG

Linde Bangladesh reported a dramatic profit increase of 264 times in the third quarter of 2024, primarily due to the sale of its welding business, earning Tk 7.72 billion despite an operational loss of Tk 267 million. Although revenue rose 3% to Tk 1.68 billion, this did not translate into operational profits, with costs surging 228% to Tk 430 million due to retirement benefits paid post-sale.

Following the announcement, Linde’s stock jumped 7.5% on the Dhaka Stock Exchange. The sale also significantly boosted its nine-month profit to Tk 6.28 billion, though investors were advised to be cautious about the sustainability of this profit surge. The company declared an unprecedented 4,100% interim cash dividend, totaling Tk 6.24 billion, primarily benefiting its major shareholders. However, Linde’s profits have been declining, from Tk 883 million in 2022 to Tk 525.68 million in 2023, raising concerns about future profitability after the sale of a key revenue-generating business.

November 4, 2024
Industry : Beverage & Dairy

Aarong, the market leader in liquid milk, has increased its prices by Tk 10 per liter, setting the new retail price at Tk 100 for one liter and Tk 50 for half a liter. This marks the first price adjustment since August 2022, driven by rising production costs, including a Tk 5 increase in payments to farmers for raw milk.

While Aarong’s parent company, BRAC Dairy, cites higher livestock feed and material costs, competitors like Pran RFL and Milk Vita have not yet raised their prices. Critics express concern over the timing of this hike as the interim government attempts to control inflation and stabilize commodity prices.

Bangladesh’s domestic milk production is 9.9 million tonnes, while demand is 15 million tonnes, necessitating imports of powdered milk to meet the shortfall.

November 4, 2024

Linde Bangladesh reported a dramatic profit increase of 264 times in the third quarter of 2024, primarily due to the sale of its welding business, earning Tk 7.72 billion despite an operational loss of Tk 267 million. Although revenue rose 3% to Tk 1.68 billion, this did not translate into operational profits, with costs surging 228% to Tk 430 million due to retirement benefits paid post-sale.

Following the announcement, Linde’s stock jumped 7.5% on the Dhaka Stock Exchange. The sale also significantly boosted its nine-month profit to Tk 6.28 billion, though investors were advised to be cautious about the sustainability of this profit surge. The company declared an unprecedented 4,100% interim cash dividend, totaling Tk 6.24 billion, primarily benefiting its major shareholders. However, Linde’s profits have been declining, from Tk 883 million in 2022 to Tk 525.68 million in 2023, raising concerns about future profitability after the sale of a key revenue-generating business.

November 4, 2024

Aarong, the market leader in liquid milk, has increased its prices by Tk 10 per liter, setting the new retail price at Tk 100 for one liter and Tk 50 for half a liter. This marks the first price adjustment since August 2022, driven by rising production costs, including a Tk 5 increase in payments to farmers for raw milk.

While Aarong’s parent company, BRAC Dairy, cites higher livestock feed and material costs, competitors like Pran RFL and Milk Vita have not yet raised their prices. Critics express concern over the timing of this hike as the interim government attempts to control inflation and stabilize commodity prices.

Bangladesh’s domestic milk production is 9.9 million tonnes, while demand is 15 million tonnes, necessitating imports of powdered milk to meet the shortfall.

November 4, 2024
Ahmed Ismet has been appointed as the new chairman of Bangladesh Development Bank PLC. He previously served as an adviser to the board of Wall Street Exchange in Dubai and was the managing director and head of consumer banking at Eastern Bank PLC. Ismet has experience at the Central Bank of UAE as a senior research officer. He holds an honors and a master’s degree in economics from the University of Dhaka.

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Bangladesh Sends 930,003 Workers Abroad in 2024
November 4, 2024
Industry : Migration
As of November 2, 2024, Bangladesh sent 930,003 workers abroad, signaling positive trends in overseas employment. Male workers accounted for the majority at 858,225, with 71,778 females. Remittances reached $2.40 billion in October, a 21.83% increase from the previous year, totaling $8.93 billion from July to October. Officials highlight the need to protect migrant workers' rights and suggest investing in skilled labor, especially in healthcare, to meet growing international demand.
Linde's Profit Surges 264-Fold
November 4, 2024
Industry : LNG

Linde Bangladesh reported a dramatic profit increase of 264 times in the third quarter of 2024, primarily due to the sale of its welding business, earning Tk 7.72 billion despite an operational loss of Tk 267 million. Although revenue rose 3% to Tk 1.68 billion, this did not translate into operational profits, with costs surging 228% to Tk 430 million due to retirement benefits paid post-sale.

Aarong Milk Price Raised to Tk 100 per Litre
November 4, 2024
Industry : Beverage & Dairy

Aarong, the market leader in liquid milk, has increased its prices by Tk 10 per liter, setting the new retail price at Tk 100 for one liter and Tk 50 for half a liter. This marks the first price adjustment since August 2022, driven by rising production costs, including a Tk 5 increase in payments to farmers for raw milk.

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Linde's Profit Surges 264-Fold
November 4, 2024

Linde Bangladesh reported a dramatic profit increase of 264 times in the third quarter of 2024, primarily due to the sale of its welding business, earning Tk 7.72 billion despite an operational loss of Tk 267 million. Although revenue rose 3% to Tk 1.68 billion, this did not translate into operational profits, with costs surging 228% to Tk 430 million due to retirement benefits paid post-sale.

Aarong Milk Price Raised to Tk 100 per Litre
November 4, 2024
Company: Aarong

Aarong, the market leader in liquid milk, has increased its prices by Tk 10 per liter, setting the new retail price at Tk 100 for one liter and Tk 50 for half a liter. This marks the first price adjustment since August 2022, driven by rising production costs, including a Tk 5 increase in payments to farmers for raw milk.

Ahmed Ismet Appointed as Chairman of BDB
November 4, 2024
Ahmed Ismet has been appointed as the new chairman of Bangladesh Development Bank PLC. He previously served as an adviser to the board of Wall Street Exchange in Dubai and was the managing director and head of consumer banking at Eastern Bank PLC. Ismet has experience at the Central Bank of UAE as a senior research officer. He holds an honors and a master's degree in economics from the University of Dhaka.

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LDC Graduation Spurs BD to Pursue EPA with South Korea
November 4, 2024
Economic Tag : Trade

South Korean Ambassador to Bangladesh, Park Young-sik, stressed the urgent need for an Economic Partnership Agreement (EPA) as Bangladesh nears its graduation from least developed country (LDC) status on November 24, 2026. At the "Korea-Bangladesh Economic Cooperation" seminar, he highlighted that swift negotiations are vital for market access and foreign investment.

Govt Lifts Investment Ceiling on WED Bonds
November 4, 2024
Economic Tag : Govt.

The government has removed the maximum investment ceiling on Wage Earner Development (WED) bonds to encourage expatriates to invest in Bangladesh. A recent circular from the Internal Resources Division (IRD) also allows expatriate mariners, pilots, and cabin crew employed by foreign companies to invest in WED bonds, effective December 1, 2024.

Mongla EPZ Attracts $35M Investment from Chinese Recycler
November 4, 2024
Economic Tag : FDI

Xingchen Textile Co Ltd, a Chinese company, has signed a $35.03 million investment deal with the Bangladesh Export Processing Zones Authority (Bepza) to establish a textile recycling factory in Mongla EPZ. 

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