Scrap vessel imports slumped by half in the first nine months of the year as Bangladesh Bank is discouraging lenders from opening letters of credit to curb the depletion of forex reserves amid the soaring cost of the US dollar.

The government should allow freight forwarders to set up and run bonded warehouse facilities with a view to handling export and import cargoes smoothly, said Bangladesh Freight Forwarders Association (BAFFA) Vice President Khairul Alam Suzan. 

The government should declare that it will develop the bond market on a priority basis to reduce the pressure on banks for long-term financing, bring down non-performing loans, and provide people with a low-risk investment tool, according to business leaders.

The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) yesterday demanded that Bangladesh Bank narrow down the gap in the exchange rate between the US dollar and the taka as they were losing money from export receipts. 

The Bangladesh Securities and Exchange Commission (BSEC) has awarded 11 stock market intermediaries for their “outstanding performance” in 2021.

Most shares on the Dhaka and Chittagong exchanges did not find buyers yesterday as investors were worried that the markets would fall further amid deepening economic uncertainty at home and abroad.  

The trading of treasury bonds and bills took place on the stock exchanges of Bangladesh yesterday, a day after their debut. 

Akij Group, one of the biggest local industrial conglomerates, yesterday announced embarking on manufacturing and selling bathroom fittings under the brand name Akij Bathware to grab a portion of the Tk 1,400 crore-worth domestic sales and go for exports. 

Bangladesh Bank yesterday said businesses that export goods guaranteed by reputed export credit agencies (ECAs) will be able to enjoy loans as per their need, even if it goes beyond the single borrower exposure limit.

Industries, already under huge pressure for the fall in gas supply and higher input costs, have been hit with power outages in the last few days, which have raised the production cost and may force factories to cut output. 

Standard Chartered Saadiq Bangladesh recently hosted the fourth session of its “Living Islam” series, titled “Islamic Perspective on Wealth Creation, Accumulation, and Distribution.”

A professor of the Institute of Business Administration (IBA) at the University of Dhaka has been elected president of Asia Marketing Federation. 

Premier Bank has recently appointed a consultant. 

The United Nations’ Development Programme (UNDP) joined on Tuesday the chorus of institutions and charities warning that a serious debt crisis is now taking hold in the poorest parts of the world.

The Chittagong Stock Exchange (CSE) has provided the Bangladesh Securities and Exchange Commission (BSEC) a draft set of rules meant for establishing the first commodity exchange in Bangladesh.

Bangladesh Submarine Cable Company Limited (BSCCL) posted more than 31 per cent higher profit in the year that ended on June 30.  

The Institute of Chartered Secretaries of Bangladesh (ICSB) recently elected its president for a three-year term from 2022 to 2025. 

Deshbandhu Polymer Limited’s profit more than doubled in the financial year that ended on June 30.   

The Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman yesterday urged Iranian businesses to import more garments, jute goods, light engineering products and others from Bangladesh. 

NCC Bank recently provided a loan worth Tk 15 lakh to Neilex which is working on “Child Mode Apps”.