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December 4, 2024
Economy Tag : GDP

The Bangladeshi government has revised its FY25 GDP growth projection down to 5.25% from 6.75% due to ongoing financial challenges, political instability, and a business slowdown. Inflation, currently in double digits, is forecasted to ease slightly to 9% by the end of the fiscal year, despite an initial budget estimate of 6.5%. The government reduced the budget by Tk30,000 crore to Tk767,000 crore by excluding certain projects and aims to stabilize the banking sector and stock market. However, experts find the projections overly optimistic, citing factors like weak revenue collection, crop damage from floods, and industrial stagnation. The next fiscal year’s budget will prioritize inflation control, with a focus on austerity measures and supporting remittances and exports to maintain economic stability.

December 4, 2024
Economy Tag : FDI

Bangladesh BaoRui Textile Co Ltd, a Chinese company, will invest $19.53 million in the Mongla Export Processing Zone to establish a composite textile manufacturing industry. An agreement was signed between Bangladesh Export Processing Zones Authority (BEPZA) and the company, with BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman present at the ceremony. The factory will produce 10 million pounds of raw yarn, 6 million pounds of knitted fabric, and 1 million garments annually, creating 1,505 jobs for Bangladeshi workers.

December 4, 2024
Economy Tag : FDI

The governing body of the Korean Export Processing Zone (KEPZ), led by Chief Adviser Prof Muhammad Yunus, held its first meeting in nine years to enhance the park’s appeal as a foreign direct investment hub. Key decisions included fast-tracking land registration, simplifying bond licensing, and decentralizing KEPZ’s administration to BEZA. The meeting addressed critical issues such as land rights, ports, customs, and labor laws, aiming to signal that Bangladesh is open for business. A temporary SWAT team was formed within BIDA to tackle challenges, and officials emphasized the government’s commitment to swift, effective action to improve the investment climate. KEPZ, managed by Youngone Corporation, currently employs over 34,000 workers and has substantial green space.

December 4, 2024
Industry : Financial

The government has appointed four new members to the Insurance Development and Regulatory Authority (IDRA) for a three-year term. Tanjina Ismail, a former senior district and sessions judge, will oversee the law department; Apel Mahmud, CEO of Fareast Islami Life Insurance, will handle life insurance; Mohammad Abu Bakar Siddique, former CEO of Meghna Insurance, will be responsible for non-life insurance; and Md Fazlul Haque, a former additional secretary, will manage administration. These appointments are contractual and require the members to sever ties with other organizations. The move follows the resignation of four IDRA members on November 7 and a decision by the interim government in August to phase out previous contractual appointments.

December 4, 2024
Industry : Bank

BRAC Bank PLC has partnered with Pran-RFL Group to provide advanced cash management and supply chain financing solutions, enhancing financial operations and working capital optimization. The agreement was signed by Tareq Refat Ullah Khan, BRAC Bank’s deputy managing director, and Uzma Chowdhury, Pran-RFL’s finance director, at BRAC Bank’s Gulshan office. This collaboration integrates Pran’s ERP system with the bank’s API for secure, real-time transaction processing and account reconciliation, eliminating manual errors. BRAC Bank will also offer distributor collections via virtual accounts, supplier financing, and 24/7 payment processing through CORPNet. The initiative supports SMEs and leverages the bank’s extensive network.

December 4, 2024
Industry : Financial

The Infrastructure Development Company (Idcol), a state-owned financial institution in Bangladesh, paid a Tk 50 crore cash dividend to the government for FY 2023. Md Shahriar Kader Siddiky, secretary of the Economic Relations Division and Idcol chairman, handed over the cheque to Finance Adviser Salehuddin Ahmed, who commended Idcol’s contributions to infrastructure development and renewable energy. Of the Tk 100 crore profit declared as dividends at Idcol’s 27th AGM, Tk 50 crore was allocated for increasing the company’s paid-up capital to Tk 888 crore via bonus shares. Idcol’s executive team, including CEO Alamgir Morshed, attended the ceremony.

December 4, 2024

BRAC Bank PLC has partnered with Pran-RFL Group to provide advanced cash management and supply chain financing solutions, enhancing financial operations and working capital optimization. The agreement was signed by Tareq Refat Ullah Khan, BRAC Bank’s deputy managing director, and Uzma Chowdhury, Pran-RFL’s finance director, at BRAC Bank’s Gulshan office. This collaboration integrates Pran’s ERP system with the bank’s API for secure, real-time transaction processing and account reconciliation, eliminating manual errors. BRAC Bank will also offer distributor collections via virtual accounts, supplier financing, and 24/7 payment processing through CORPNet. The initiative supports SMEs and leverages the bank’s extensive network.

December 4, 2024

The Infrastructure Development Company (Idcol), a state-owned financial institution in Bangladesh, paid a Tk 50 crore cash dividend to the government for FY 2023. Md Shahriar Kader Siddiky, secretary of the Economic Relations Division and Idcol chairman, handed over the cheque to Finance Adviser Salehuddin Ahmed, who commended Idcol’s contributions to infrastructure development and renewable energy. Of the Tk 100 crore profit declared as dividends at Idcol’s 27th AGM, Tk 50 crore was allocated for increasing the company’s paid-up capital to Tk 888 crore via bonus shares. Idcol’s executive team, including CEO Alamgir Morshed, attended the ceremony.

December 4, 2024

Aziz Pipes has been out of production since May due to a working capital shortage and accumulated losses of Tk 322.48 million by June 2024. The company’s liabilities now exceed its assets, with negative equity of Tk 199.4 million in FY24. It faces significant financial challenges, including unpaid loans totaling over Tk 1 billion, with assets worth only Tk 334 million. The auditor expressed concerns about the company’s ability to continue operations, noting that no plan was provided to address its financial problems. Despite these issues, Aziz Pipes’ stock price rose 1.56% to Tk 52.10 per share.

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BRAC Bank and Pran-RFL Ink Cash Management Agreement
December 4, 2024
Industry : Bank

BRAC Bank PLC has partnered with Pran-RFL Group to provide advanced cash management and supply chain financing solutions, enhancing financial operations and working capital optimization. The agreement was signed by Tareq Refat Ullah Khan, BRAC Bank's deputy managing director, and Uzma Chowdhury, Pran-RFL's finance director, at BRAC Bank's Gulshan office.

IDCOL Pays Tk 50 Crore Dividend to Government
December 4, 2024
Industry : Financial

The Infrastructure Development Company (Idcol), a state-owned financial institution in Bangladesh, paid a Tk 50 crore cash dividend to the government for FY 2023. Md Shahriar Kader Siddiky, secretary of the Economic Relations Division and Idcol chairman, handed over the cheque to Finance Adviser Salehuddin Ahmed, who commended Idcol's contributions to infrastructure development and renewable energy.

LPG Price Holds at Tk 121.25 per Kg
December 4, 2024
Industry : LPG
The Bangladesh Energy Regulatory Commission (BERC) has kept the price of liquefied petroleum gas (LPG) unchanged for December at Tk 121.25 per kg, effective from 6 PM Tuesday. Prices for all LPG cylinder sizes, from 5.5 kg to 45 kg, remain stable, as Bangladeshi operators import LPG based on the Saudi contract price, which saw no changes.

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