Economy

90pc of furniture demand met locally

Local furniture makers are meeting 90 percent of the domestic demand, market players said yesterday. “Presently Bangladesh's market size is around Tk 18,000 crore, of which only 10 percent is being imported,” KM Akhtaruzzaman, chairman of Akhtar Group, told reporters at a briefing at the office of the Export Promotion Bureau (EPB).

Govt set to release over Tk 11b in cash incentives for exporters

The government is set to release a sum of Tk 11.05 billion in favour of the Bangladesh Bank for the payment of cash incentives/subsidy to local exporters, officials said. It will be the last (fourth) installment of cash incentives for FY 2017-18, according to the finance division.

Oil jumps after US abandons Iran deal, plans 'highest level' sanctions

Oil prices rose more than 2 percent on Wednesday, with Brent hitting a 3-1/2-year high, after US President Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member amid an already tight market.

Textile

Jul-Apr RMG exports to India surge 115pc

The country’s export earnings from India in the July-April of the current financial year 2017-18 surged by 20.73 per riding on a 115.18-per cent growth in readymade garment exports. Export earnings from China, the largest trading partner of Bangladesh, however, plunged by 30.59 per cent in July-April due to the poor performance of leather and leather goods sector, according to Export Promotion Bureau data released on Thursday. 

Capital Market

BSEC lacks rule on paid-up capital reduction by listed cos

Bangladesh Securities and Exchange Commission lacks a rule explaining what step it will take if a listed company wants to reduce its paid-up capital below the minimum listing requirement. This lapse in its rule came to light as Shurwid Industries, listed with the stock exchanges, decided to reduce its paid-up capital far below the minimum requirements of Tk 30 crore, a step which is feared to affect the company’s general shareholders who hold 90 per cent of its shares.