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Tea prices down on poor grade

Tea prices in Bangladesh fell at the weekly auction on Tuesday from the previous sale, due to larger supplies of inferior quality, although strong demand for quality leaf limited the slide and sales rose. teaBangladeshi tea fetched an average of 183.46 taka ($2.39) per kg at the auction, below the 184.74 taka at the previous sale, said an official at National Brokers Ltd. More than 2.47 million kg was offered at the auction centre in Chittagong, with 18.3 percent going unsold. The last time, about 2.45 million kg was offered, of which nearly a fifth w...

Government plans seven-fold hike in cotton output

The government has approved a Taka 105 crore proposal, which will help annual cotton output in the country to soar seven-fold by 2018. Currently, Bangladesh produces only 100,000 bales of cotton, which meets only 3 percent of the annual requirement of the textile mills in the country, the Daily Star reported. cottonBy implementing this project, it is expected that cotton production in the country will touch 700,000 cotton bales. By means of planned cotton farming, output will be hiked by implementing the project in 35 upazilas under 10 distr...

Tea prices edge lower on ample supplies

Tea prices in Bangladesh inched down at the weekly auction on Tuesday as the volumes offered were the highest for the season so far, although sales rose on strong demand for quality leaf. teaBangladeshi tea fetched an average of 188.25 taka ($2.40) per kg at the auction, against 188.69 taka at the previous sale, an official at National Brokers Ltd said. About 2.23 million kg was offered at the auction centre in Chittagong, with 24 percent remaining unsold. At the previous auction, around 2 million kg was offered, of which 30 percent went unsold. Th...

Car loan rules relaxed in BD, Tata Movus launched in Nepal

Bangladesh Bank (BB) has increased its car loan ceiling from Tk 20 lakh to Tk 40 lakh (increased from INR 15.73 lakhs to INR 31.46 lakhs). The debt-equity ratio too has changed from 30:70 to 50:50, which means that a customer can now avail a loan of up to 50 percent the price of the car. The move comes on the back of higher market prices for cars, an the increased demand for vehicles. Car sales are expected to increase slightly in Bangladesh, thanks to this recent change. Tata-Movus-Nepal-Movus in Nepal Tata Motors laun...

In a first, Andhra rice reaches Tripura via Bangladesh

After diplomatic and strategic parleys that lasted for nearly three years, for the first time rice from Andhra Pradesh reached Tripura via Bangladesh Thursday, an official said. pariza rice panicleThree Bangladeshi trucks loaded with rice entered India through the Akhaura integrated check post Thursday afternoon in the presence of Food Corporation of India (FCI) and Tripura government officials. “For the first time, Bangladeshi trucks transported rice from Ashuganj port in Bangladesh directly to the FCI warehouse at Nan...

Naphtha tender gets highest bid since March 2013

Bangladesh Petroleum Corp (BPC) will sell 170,000 barrels of naphtha to Vitol Asia at premiums of US$1.32 a barrel to Singapore quotes, the highest since March 2013, amid tight prompt supply, as Reuters reports. napthaVitol Asia offered the best price for the cargo among eight firms that competed for the tender, as per a BPC official. Last week state-owned BPC postponed the lifting of the cargo to Aug. 16-18 from Aug. 3-5 due to low production at its sole refinery, adding to the bullish sentiment despite the cargo size being small. The delay came at a ti...
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