PRAN to produce Boro and Maize

Singer Bangladesh Limited reported a 60% decline in net profit for H1 2024, attributing it to rising business costs due to the forex crisis and increased interest rates. Net profit fell to Tk23.59 crore from Tk58.31 crore, with earnings per share at Tk2.37. Sales revenue rose 9% to Tk1,185 crore in H1. In Q2, revenue increased by 10% to Tk785 crore, but net profit dropped 47% to Tk25 crore.

The Anti-Corruption Commission (ACC) filed a case against six officials, including a project director from the Department of Agricultural Extension (DAE), over the embezzlement of Tk4.75 crore. The case, filed by an ACC Deputy Director, pertains to fraud in a project to construct a 5-storey office-cum-staff dormitory under the "Upgradation of Existing Plant Quarantine Laboratory at Central Packing House to International Standard (UPQWLAB) Project (1st Revised)" in Dhaka's Shyampur.

"Paperfly", Bangladesh's biggest logistics company, bought back its 82% interest from Indian investor Ecom Express for a price that was not disclosed. This comes after Ecom Express faced problems in the global investment market, pushing them to withdraw from a planned second round of funding.

NRB Bank reported a profit of Tk 850 million in Q2 2021, up from a loss of Tk 28.5 million in the same quarter the previous year. The bank's foreign exchange gain and operational efficiency contributed to the turnaround. The bank's half-yearly results also showed positive results, with a profit of Tk 100 million in January-June 2021.

Stock trading in Bangladesh resumed after a three-day break, resulting in a 1.5-year low turnover at the Dhaka Stock Exchange. The market indices saw a decline, with the benchmark DSEX dropping 95 points to 5,350. The shariah-based DSES fell 21 points, and the blue-chip DS-30 plummeted 37 points. Investor confidence was affected by the ongoing quota reform movement, leading to selling pressure. Trading was limited due to an internet blackout. The market analyst suggested that the market may improve once internet access is restored.

Urea fertiliser imports in Bangladesh are facing challenges as banks struggle to secure dollars for opening letters of credit (LCs). The Bangladesh Chemical Industries Corporation (BCIC), responsible for supplying urea, has had its LC applications frequently rejected due to a dollar shortage.