Macro
Bangladesh’s economy stabilising on exports and remittances: MCCI review
Bangladesh’s economy has gradually been recovering from political instability and a banking loan scam, according to a review by the Metropolitan Chamber of Commerce and Industry. ‘Exports posted robust growth during the period as did the earnings from remittance inflows. The slide experienced by the foreign exchange reserves was halted, and the exchange rate of Bangladeshi Taka against US dollars stabilised, although some volatility in the reserve position continues to persist,’ said the review.
https://www.newagebd.net/post/economy/258739/bangladeshs-economy-stabilising-on-exports-and-remittances-mcci-review

Top 10% hold 58.5% of total wealth in Bangladesh: Economic task force
The top 10% of the population control 58.5% of total wealth, while the bottom 50% hold only 4.8%, said Dr Rumana Haque, a member of the task force on “Re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development”. “With the wealthy earning even more, the income inequality in the country has further increased,” she remarked during a paper presentation at the Conference on Recommendations by the Task Force on Re-strategising the Economy, organised by the Centre for Policy Dialogue (CPD) in Dhaka.
https://www.tbsnews.net/economy/top-10-hold-585-total-wealth-bangladesh-economic-task-force-1077951

Bank
Banks balk at rescheduling non-wilful defaulters’ loans
A bailout policy-support committee constituted by the central bank for the affected businesses sits with all commercial banks’ chief executives soon to motivate them as the lenders hesitate to reschedule non-wilful defaulters’ loans. Sources said at the last meeting with the committee, some commercial banks had expressed unwillingness to reschedule such loans as they said the lenders were already struggling with massive non-performing loans (NPLs) and a financial crisis. Some banks also suggested the committee not to recommend changing any rules and regulations of the central bank for the exigencies of helping out non-wilful defaulters as the existing ones are enough, bankers said.
https://today.thefinancialexpress.com.bd/first-page/banks-balk-at-rescheduling-non-wilful-defaulters-loans-1740507556

MFS transactions to top Tk 25 lakh cr this year
The volume of transactions through mobile financial services (MFS) is expected to exceed Tk 25 lakh crore this year, Bangladesh Bank Governor Ahsan H Mansur said yesterday. He stated that current annual transactions through MFS amount to Tk 17 lakh crore, but this figure is likely to surpass Tk 25 lakh crore by the end of the year. This means the transaction volume through MFS alone will be nearly three times the national budget, he added.
https://www.thedailystar.net/business/economy/news/mfs-transactions-top-tk-25-lakh-cr-yr-3833516

Some sick banks may not survive: BB governor
Bangladesh Bank governor Ahsan H Mansur on Tuesday said that the banks those were hamstrung by classified loans over 80 per cent of their outstanding loans would not survive. ‘We have to make a resolution regarding those banks soon,’ he said without naming the sick banks while he was addressing a seminar on the ‘Recommendations by the task force on re-strategising the economy’ online.
https://www.newagebd.net/post/banking/258782/some-sick-banks-may-not-survive-bb-governor

Fuel & Power
Govt approves LNG import to address gas shortfall
The government has decided to import one cargo of liquefied natural gas (LNG) from the spot market by the first week of March through the direct purchase method to prevent a shortfall in gas supply. TotalEnergies Gas & Power Limited of Switzerland emerged as the recommended bidder, offering a unit price of $16.43 per million British thermal units (MMBtu), with a total purchase cost of Tk 787.99 crore, including VAT and tax.
https://www.thedailystar.net/business/news/govt-approves-lng-import-address-gas-shortfall-3833356

BERC to hold public hearing today on gas price hike
The Bangladesh Energy Regulatory Commission (BERC) is set to hold a public hearing today on the proposals to increase gas prices for industrial users, according to a notice from the commission. According to the proposals from the distribution companies and Petrobangla, gas prices for new industrial and captive power users will be determined based on the actual cost of LNG imports. Industries exceeding their sanctioned load will be charged according to the same method.
https://www.thedailystar.net/environment/natural-resources/energy/news/berc-hold-public-hearing-today-gas-price-hike-3834016

Textile
Beximco urges govt to extend Tk400cr loan instead of closing factories
Beximco Textiles has requested the government to avoid closing its factories under the Beximco Textiles Division by settling worker and employee dues of Tk550-600 crore. The Beximco Group, which owns Beximco Textiles, has also requested Tk400 crore in short-term credit assistance – known as a CC loan – at an average rate of Tk100 crore per month to maintain factory operations and ensure regular payment of salaries and allowances.
https://www.tbsnews.net/economy/industry/beximco-urges-govt-extend-tk400cr-loan-instead-closing-factories-1078526

Engineering
Singer Bangladesh secures Beza approval for commercial operation of new plant
Singer Bangladesh has announced that the Bangladesh Economic Zones Authority (Beza) has granted commercial operation approval for its new plant located at the Bangladesh Special Economic Zone in Narayanganj. This is the first investment in Bangladesh by Arçelik, the flagship company of Turkey-based Koç Group, which acquired Singer Bangladesh in 2019.
https://www.tbsnews.net/economy/stocks/singer-bangladesh-secures-beza-approval-commercial-operation-new-plant-1078486

Food & Allied
BAT Bangladesh to invest 25cr for packaging upgrade
To boost packaging operations, British American Tobacco (BAT) Bangladesh, a leading multinational tobacco company, has decided to invest Tk24.90 crore for the purchase and installation of laser printers in 36 surface mount device (SMD) packing lines at its Dhaka and Savar factories. According to the stock exchange disclosure on Tuesday (25 February), out of Tk24.90 crore, the company will use Tk14.55 crore for purchasing printers and Tk10.35 crore for installation.
https://www.tbsnews.net/economy/stocks/bat-bangladesh-invest-25cr-packaging-upgrade-1078481

Stocks
Jamuna Oil declares dividend
The 49th Annual General Meeting (AGM) of Jamuna Oil Company Limited (JOCL) was held on Tuesday (February 25) through a virtual platform. The meeting approved a 150% cash dividend for the fiscal year 2023-2024, along with the audited financial statements and other agenda items.
https://www.thedailystar.net/business/organisation-news/press-releases/news/jamuna-oil-holds-49th-agm-virtually-3833601