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Naphtha wins highest bid since March last year    

Bangladesh Petroleum Corp (BPC) is to sell 170,000 barrels of naphtha to Vitol Asia in May at a premium of $0.12 a barrel to Singapore quotes on a free-on-board (FOB) basis, a company official said on Tuesday. This is the highest tender bid BPC has received since March last year. Seven firms had competed for the tender, which opened on Tuesday, for the loading over May 10-12 from Chittagong. BPC logoUnipec came up with a discount of $0.38 a barrel while Itochu quoted a discount of $0.59 a barrel. Other participants included MRI tradin...

India, Bangladesh need cooperation in rice seed trade

Enhanced cooperation between India and Bangladesh on trade in rice seeds would help farmers of both the sides increase the yield of the commodity, a study by think-tank CUTS International has said. At present, farmers of both the sides are using smuggled seeds which are not of good quality, it said. pariza rice panicleRice growing areas in Bangladesh and India, “where farmers make widespread use of smuggled seeds”, can immensely gain from cooperation between the two countries, the Consumer Unity & Trust Society (CUT...

Australian Seek buys 25pc of Bdjobs

The Australian job search site Seek has forked out $5 million in cash for a 25 per cent stake in fast-growing Bangladeshi jobs site Bdjobs, as it continues its growth strategy in Asia. The acquisition was made using Seek's cash reserves, facilitated via a proportional sell-down by early stage investors. bdjobsIt grants the Australian company representation on Bdjobs' board as well as typical protections relevant to a minority shareholding. The managing director of Seek's international division,...

TCB buys 1,500 T chickpeas at $587/T

Singapore's Export Trading Commodities has secured a tender to supply 1,500 tonnes of chickpeas to Trading Corporation of Bangladesh after submitting the lowest offer of $587.80 a tonne, a state agency official said on Wednesday. ChickpeasThe tender closed on March 19 and the source of the chickpeas would be Tanzania, the official said. The price is higher than the lowest offer of 557.80 a tonne in a previous tender that was won by the same trading company. The state buyer has m...

Duty on sugar and tea imports raised

Bangladesh has increased regulatory duty on imports of raw and refined sugar and on tea to discourage overseas buying amid a drop in local prices due to ample supplies, a senior tax official said on Monday. teaThe duties on imports of raw sugar will now be 2,000 taka ($26) a tonne from 1,500 taka earlier, said the official at the customs wing of the National Board of Revenue. Duties on refined sugar imports will be raised to 4,500 taka from 3,000 taka. The duty on imports of tea has been increased to 15 percent...

Rice imports are likely to decline due to higher production

The USDA Post says that Bangladesh rice imports are likely to decline sharply to around 100,000 tons in MY 2014-15 (May – April), down about 75% from an estimated 400,000 tons in MY 2013-14 due to higher than expected production. The Post has increased the projections for Bangladesh rice imports in MY2013-14 to 400,000 tons, which is up about 81% from USDA official estimates of 220,000 tons. The Post says that rice imports are expected to increase this year due to a strong Taka (currency) and high internal transportation costs that are causing domestic rice prices to be uncompetitive in districts that border India.
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