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Textile sector faces blow as India bans cotton export

The Indian government’s decision on Monday to ban cotton export will hit the Bangladesh textile sector hard, said local textile millers. The Directorate General of Foreign Trade of India on Monday said that export of cotton has been prohibited with immediate effect till further orders as the world’s second-largest exporter of the fibre moved to conserve supplies for local mills, reports Reuters. Full story

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BB, SEC to monitor stock compensation package implementation

Bangladesh Bank and the Securities and Exchange Commission will monitor implementation of the compensation scheme for the small investors, said a finance ministry notification on Monday. Full story

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BB asks banks to increase agri loans

Bangladesh Bank on Monday asked commercial banks to increase agriculture credit disbursement as the loan disbursement in July-January fell by 6.15 per cent compared to the same period of the last fiscal year. Full story

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Dhaka stocks plunge on rumours of forced selling

Dhaka stocks plunged on Monday, one day after announcement of the compensation package for small investors, as rumour spread that the merchant banks went for forced sales of stocks to offset their losses. DGEN, the benchmark general index of Dhaka Stock Exchange, shed 4.20 per cent, or 192.45 points, to close the day at 4,385.22 points. Full story

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Experts term stock compensation move confusing

The government’s move to waive 50 per cent margin loan interest for compensating investors got a thumbs-down from the market while experts termed it confusing and premature as many of the related questions remained unanswered. Full story

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Canadian entrepreneurs urged to invest in Bangladesh

Business leaders at a seminar on Monday urged Canadian entrepreneurs to invest in Bangladesh taking advantage of various business-friendly policies and incentives on offer for foreign investors. Full story

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Global patent filings rise

Global patent filings shrugged off weaker economic conditions to set a new record in 2011 with annualised growth of 10.7 per cent, the World Intellectual Property Organisation said Monday. Full story

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Banks’ deposits at ECB top another record

Banks’ deposits with the European Central Bank have hit yet another new record, data showed Monday, just days after the ECB pumped more than half a trillion euros into banks to unclog seized credit markets. Full story

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IBBL gets 2 new DMDs

AKM Abdul Malek Chowdhury and Md Mahbub-ul-Alam were promoted to the post of deputy managing director of Islami Bank Bangladesh Limited recently. Abdul Malek is the head of risk management unit of the bank, said a news release. Full story

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Euro holds firm in Asia as market awaits data

The euro held firm against the dollar in Asia on Monday as investors opted to sit and wait for upcoming data. The single currency, which lost ground Friday on weak European economic figures, stood at $1.3199 in Tokyo afternoon trade compared with $1.3196 in New York late Friday. Full story

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market Disclosures

Ashok Kumar Saha, one of the directors of the company, has expressed his intention to buy 5,50,000 shares in addition to his current holding of 45,23,100 shares of the company at prevailing market price through the stock exchange within next 30 working days. Full story

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Oil prices rise

Oil prices rose in Asian trade Monday on prospects for stronger US economic growth and jitters sparked by sabre-rattling over crude producer Iran’s nuclear programme, analysts said. Full story

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China cuts 2012 growth target to 8-year low

Chinese premier Wen Jiabao cut his nation’s 2012 growth target to an eight-year low of 7.5 per cent and made boosting consumer demand the year’s first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital. Full story

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Out of intensive care, Europe risks chronic illness

The eurozone is out of the emergency ward, but it may face a chronic debilitating illness rather than a rapid convalescence. The challenges confronting Europe now are to avoid complacency, rekindle economic growth while cutting debt and prevent national politics pulling the currency area apart. Full story

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SingTel to buy US firm to boost mobile ad business

Singapore Telecom said Monday that it will buy a US mobile advertising start-up for $321 million to expand group revenues from phone ads and marketing across Asia. Full story

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BARVIDA gets new president, secretary general

M Abdul Hamid Sharif was elected president of the Bangladesh Reconditioned Vehicles Importers & Dealers Association at its executive committee meeting on March 1. Full story

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UK businesses want debate about Heathrow runway plans

Some 70 business leaders and groups representing hundreds of others have written an open letter to the government demanding the debate about building a third runway at Heathrow airport be re-opened. Full story

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