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October 17, 2024
Economy Tag : Inflation

The World Bank (WB) forecasts that Bangladesh’s inflation will moderate to 9% by the end of FY25, down from 9.7% in FY24. However, economic growth is projected to slow to 4%, largely due to political unrest and uncertainty affecting the first quarter of FY25. While Bangladesh Bank has tightened monetary policy, inflation pressures persist due to high food prices, supply disruptions, and currency depreciation. The WB also highlights vulnerabilities in the banking sector, including high non-performing loans (NPLs) and tight liquidity. The inflation outlook will depend on the effectiveness of monetary and fiscal policies moving forward.

October 17, 2024
Economy Tag : Vat & Tax

The government has reduced the import duty on eggs from 30% to 13% and lowered the duty on edible oil by 5%. It has also eliminated value-added tax (VAT) on edible oil at the production and distribution levels to help stabilize prices of essential commodities. These actions respond to rising prices and follow requests from oil refiners for tax waivers to mitigate increasing global prices for soybean and palm oil. Meanwhile, egg prices have surged amid supply shortages, prompting the government to approve the import of 4.5 crore eggs to alleviate the crisis.

October 17, 2024
Economy Tag : Employment

The World Bank’s latest report reveals that unemployment among Bangladesh’s tertiary-educated youth surged from 9.7% in 2013 to 27.8% in 2022, as many struggle to find jobs that match their qualifications. Additionally, around 12 lakh people may fall into extreme poverty this year due to job losses and wage cuts. Women face higher unemployment, and entrepreneurs struggle with limited resources and financing. The report highlights the need for better policies to boost private sector job creation, foreign investment, and skills development to address growing challenges in the labor market.

October 17, 2024
Industry : Stock Market

The Dhaka Stock Exchange (DSE) saw a turnover of Tk 296 crore, the lowest in two and a half months, as cautious investors sold shares to avoid further losses, marking a 6.83% decrease from the previous day. The benchmark DSEX index fell by 49.75 points (0.93%) to 5,316, while the DSES and DS30 indices also declined. The banking sector dominated turnover at 22.86%, and Taufika Foods and Lovello Ice-cream were the most traded shares. Among the gainers, Libra Infusions rose by 7.50%, while Union Insurance Company faced the largest drop at 9.85%. Overall, 53 stocks advanced, 300 declined, and 42 remained unchanged.

October 17, 2024
Industry : Consumer & Retail

In the first quarter of fiscal year 2024-25, government food distribution under various social protection schemes fell by 14% year-on-year, primarily due to a significant reduction in grain transfers under the Food for Work (FFW) and Food Friendly Programme (FFP). Between July 1 and October 10, public agencies distributed 750,000 tonnes of rice and wheat, down from 875,000 tonnes during the same period last year.

Notably, FFW distribution plummeted to just 74 tonnes from 10,000 tonnes a year earlier, while the Vulnerable Group Feeding scheme saw a decrease to 15,800 tonnes from 28,000 tonnes. In contrast, the Gratuitous Relief scheme nearly tripled, reaching 27,830 tonnes, largely due to relief efforts for flood-affected districts. Although the government has achieved near self-sufficiency in rice production, challenges remain, with high food prices impacting the purchasing power of low-income households. The food ministry is expected to distribute an additional 150,000 tonnes of rice under the FFP in the coming weeks.

October 17, 2024
Industry : Energy & Power

The interim government has opted not to proceed with an agreement with US-based Excelerate Energy for a new regasification plant for liquefied natural gas (LNG), following the cancellation of a similar deal with Summit Group for a third floating storage and regasification unit (FSRU). Petrobangla officials confirmed that a memorandum of understanding (MoU) with Excelerate, signed in November, has been revoked as the government reviewed previous agreements made without a tender process. While both current FSRUs are set to be operational by late 2026, Petrobangla plans to invite tenders for any new FSRUs, allowing Excelerate to participate. Additionally, Excelerate’s recent bid to supply LNG was canceled due to insufficient bids, with plans to re-invite suppliers in the future.

October 17, 2024

The Dhaka Stock Exchange (DSE) saw a turnover of Tk 296 crore, the lowest in two and a half months, as cautious investors sold shares to avoid further losses, marking a 6.83% decrease from the previous day. The benchmark DSEX index fell by 49.75 points (0.93%) to 5,316, while the DSES and DS30 indices also declined. The banking sector dominated turnover at 22.86%, and Taufika Foods and Lovello Ice-cream were the most traded shares. Among the gainers, Libra Infusions rose by 7.50%, while Union Insurance Company faced the largest drop at 9.85%. Overall, 53 stocks advanced, 300 declined, and 42 remained unchanged.

October 17, 2024

The interim government has opted not to proceed with an agreement with US-based Excelerate Energy for a new regasification plant for liquefied natural gas (LNG), following the cancellation of a similar deal with Summit Group for a third floating storage and regasification unit (FSRU). Petrobangla officials confirmed that a memorandum of understanding (MoU) with Excelerate, signed in November, has been revoked as the government reviewed previous agreements made without a tender process. While both current FSRUs are set to be operational by late 2026, Petrobangla plans to invite tenders for any new FSRUs, allowing Excelerate to participate. Additionally, Excelerate’s recent bid to supply LNG was canceled due to insufficient bids, with plans to re-invite suppliers in the future.

October 17, 2024

Dhaka Electric Supply Company Ltd (Desco) reported a loss of Tk 505.7 crore for FY24, its second consecutive year in the red. The loss per share improved to Tk 12.7 from Tk 13.61 in FY23, thanks to higher distribution revenue and lower foreign exchange losses. Despite the slight recovery, no dividend was declared due to negative retained earnings. Desco, which supplies electricity to parts of Dhaka, had posted its first loss since FY02 in FY23 with Tk 541 crore.

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DSE Turnover Hits Two-and-a-Half-Month Low
October 17, 2024
Industry : Stock Market

The Dhaka Stock Exchange (DSE) saw a turnover of Tk 296 crore, the lowest in two and a half months, as cautious investors sold shares to avoid further losses, marking a 6.83% decrease from the previous day. The benchmark DSEX index fell by 49.75 points (0.93%) to 5,316, while the DSES and DS30 indices also declined.

Govt Food Distribution Declines by 14% in Q1 FY24-25
October 17, 2024

In the first quarter of fiscal year 2024-25, government food distribution under various social protection schemes fell by 14% year-on-year, primarily due to a significant reduction in grain transfers under the Food for Work (FFW) and Food Friendly Programme (FFP).

Govt Cancels Excelerate Energy LNG Plant Agreement
October 17, 2024
Industry : Energy & Power

The interim government has opted not to proceed with an agreement with US-based Excelerate Energy for a new regasification plant for liquefied natural gas (LNG), following the cancellation of a similar deal with Summit Group for a third floating storage and regasification unit (FSRU).

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DSE Turnover Hits Two-and-a-Half-Month Low
October 17, 2024

The Dhaka Stock Exchange (DSE) saw a turnover of Tk 296 crore, the lowest in two and a half months, as cautious investors sold shares to avoid further losses, marking a 6.83% decrease from the previous day. The benchmark DSEX index fell by 49.75 points (0.93%) to 5,316, while the DSES and DS30 indices also declined.

Govt Cancels Excelerate Energy LNG Plant Agreement
October 17, 2024

The interim government has opted not to proceed with an agreement with US-based Excelerate Energy for a new regasification plant for liquefied natural gas (LNG), following the cancellation of a similar deal with Summit Group for a third floating storage and regasification unit (FSRU).

Desco Posts Tk 505.7 Crore Loss for FY24
October 17, 2024

Dhaka Electric Supply Company Ltd (Desco) reported a loss of Tk 505.7 crore for FY24, its second consecutive year in the red. The loss per share improved to Tk 12.7 from Tk 13.61 in FY23, thanks to higher distribution revenue and lower foreign exchange losses.

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World Bank Projects Inflation to Reach 9% by FY25
October 17, 2024
Economic Tag : Inflation

The World Bank (WB) forecasts that Bangladesh's inflation will moderate to 9% by the end of FY25, down from 9.7% in FY24. However, economic growth is projected to slow to 4%, largely due to political unrest and uncertainty affecting the first quarter of FY25.

Govt Cuts Import Duty on Eggs to 13%
October 17, 2024
Economic Tag : Vat & Tax

The government has reduced the import duty on eggs from 30% to 13% and lowered the duty on edible oil by 5%. It has also eliminated value-added tax (VAT) on edible oil at the production and distribution levels to help stabilize prices of essential commodities. These actions respond to rising prices and follow requests from oil refiners for tax waivers to mitigate increasing global prices for soybean and palm oil. Meanwhile, egg prices have surged amid supply shortages, prompting the government to approve the import of 4.5 crore eggs to alleviate the crisis.

Unemployment Among Educated Youth Rises to 27.8%
October 17, 2024
Economic Tag : Employment

The World Bank's latest report reveals that unemployment among Bangladesh’s tertiary-educated youth surged from 9.7% in 2013 to 27.8% in 2022, as many struggle to find jobs that match their qualifications. Additionally, around 12 lakh people may fall into extreme poverty this year due to job losses and wage cuts.

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