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Delhi cotton export ban against int’l trade rules

The commerce ministry on Thursday said that the sudden ban on cotton export by India was against rules and regulations of international trade. ‘Any country can impose ban on export of its commodities for special and emergency needs. Full story

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Sluggish export misses July-Feb target

Export growth in the first eight months of the current financial year declined to 13 per cent compared with 40.28 per cent during the same period in the past financial year as the ongoing economic crisis in Europe and United States... Full story

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Forex reserve tumbles to $9.12b

The country’s foreign exchange reserve on Thursday tumbled to $9.12 billion from the $10 billion-mark after import bill payment to the Asian Clearing Union on Wednesday. Full story

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Payment grows by 13.63pc as food grain, capital machinery imports fall

The country’s import bill payment in July-January of the current fiscal year grew by 13.63 per cent from the same period of the previous year when payment grew by 43.80 per cent year on year. Full story

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Dhaka, Colombo to strengthen co-op in trade, commerce

Bangladesh and Sri Lanka have agreed to strengthen bilateral economic cooperation particularly in the field of trade and commerce by increasing investment and trade and diversifying exportable products. Full story

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Stocks edge up on bargain hunting

Dhaka stocks gained on Thursday because of bargain hunting after a rapid fall in share prices in the week amid confusion about a compensation package for investors. Full story

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Samuel becomes Square Group chairman

Samuel S Chowdhury was elected chairman and Ratna Patra vice-chairperson of Square Group at a board of directors’ meeting of the group at its headquarters in Dhaka on Thursday, said a news release. Full story

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‘China developers getting closer to downgrade thresholds’

Tough operating conditions and heightened refinancing risks in China’s property market are pushing more developers closer to their downgrade thresholds, Standard & Poor’s Ratings Services said in a report on Thursday. In the report titled ‘The Worst Is Yet To Come For Chinese Developers In Asia’s Shaky Property Sector,’ S&P warned that more credit downgrades are likely in the next six months. Full story

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Japan lower house passes draft $1.1 trillion budget

Japan’s ruling Democratic Party rammed a 90.3 trillion yen ($1.1 trillion) draft budget for the next fiscal year through the lower house of parliament Thursday over objections from opposition parties. The budget bill was sent to the opposition-controlled upper chamber following its approval by the House of Representatives where the centre-left Democratic Party holds a vast majority. Full story

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Dollar gains in Asia on Japan current account deficit

The dollar was given a boost against the yen in Asian trade Thursday after Japan logged a record monthly current account deficit in January. The US unit rose to 81.26 yen in Tokyo afternoon trade against 81.13 late Wednesday in New York. Full story

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market Disclosures

Mercantile Bank Md Abdul Hannan, one of the sponsors of the company, has expressed his intention to sell 6,36,205 shares out of his total holding of 1,22,81,950 shares while MS Ahsan, one of the sponsors/directors of the company, has expressed his intention to buy 6,36,205 shares in addition to his current... Full story

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Oil rises on Greek debt hopes, Iran concerns

Oil prices swung higher in Asian trade Thursday as the euro gained on hopes Greece’s debt swap will be successful, with tensions over Iran also supporting prices, analysts said. Full story

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Greece tallies pledges in tense debt rescue countdown

Greece added up pledges by private debt holders on Thursday to cancel half the money owed to them in a tense countdown to an evening deadline critical for a new bailout and to cooling the eurozone crisis. The private bondholders must send in their decisions on accepting to swap their bonds and take a loss by 2000 GMT on Thursday. Full story

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US job market shows more signs of life

US companies increased their hiring in February, shoring up expectations that the labour market’s recovery has moved into a higher gear. Separate data on Wednesday showed wages grew much more quickly at the end of last year than originally estimated, good news for consumers, but a potential inflation problem for the Federal Reserve. Full story

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Apple unveils 4G iPad

Apple Inc’s latest iPad sports a crisper display and an array of technology advances that, while less than revolutionary, may prove enough for now to keep rivals like Amazon.com Inc and Samsung Electronics Co Ltd at bay. While stopping short of vaulting ahead of Motorola and Samsung, the device... Full story

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Taiwanese protest at US beef import plan

Thousands of Taiwanese farmers staged a raucous protest Thursday against a government plan to allow the import of US beef containing a growth drug, challenging the island’s president to ‘say no’ to Washington. The protest outside Taiwan’s ornate legislative building came as newly re-elected president Ma Ying-jeou seeks to strengthen ties with the US... Full story

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Australia approves huge Chinese coal takeover

Australia on Thursday cleared the way for China’s Yancoal to take over miner Gloucester Coal in a multi-billion-dollar deal that gives Beijing a greater foothold in the resource-rich country. Full story

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