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Textile sector regulatory body reformed      

The cabinet has given its nod to change the regulatory body for the textile sector. As per the decision, the Department of Textiles under the Ministry of Textiles and Jute would serve as patron of the country’s textile sector. The decision, made in accordance with a recommendation made by the National Council of Industrial Development, relieves the Board of Investment from its duties as the regulatory and responsible body for the textiles sector of the country. ministryIn October 1992, the then Government in its Industrial Policy 1991 had stated that...

Tau plans $200mn fund for Bangladeshi garment firms  

A new venture ‘Tau Bangladesh’ has been launched by a New York-based growth-equity venture investment firm Tau Investment Management, LLC. Under its new venture, the company plans to invest US$ 200 million to buy minority ownership of large garment manufacturing enterprises in Bangladesh. Speaking at the launch of Tau Bangladesh in Dhaka, Oliver Niedermaier, CEO of Tau Investment, said they are investing in Bangladesh to help a few companies become stronger strategic suppliers by helping the factories decrease inefficiency and increase productivity, thereby helping workers, the environment and investors.

Stocks make strong turnaround on earning declarations  

Dhaka stocks, which ended Monday flat and witnessed fall in the previous few trading sessions, made a strong turnaround on Tuesday on earning declarations. DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose substantially by 1.25 percent or 56.52 points to reach at 4562.96 after falling down to the psychological support level of 4,500 points. The blue-chip DS30 also followed the general index with 1.30 percent or 21.44 points rise to 1668.98 when the Shariah DSES index eased up by 0.77 percent of 7.74 points to finish the day at 1010.59. dse cse

Jute and Textiles Ministry spends 73pc ADP fund    

The Jute and Textiles Ministry has spent 73 per cent of the fund released for implementing 18 projects under the annual development programme (ADP) in the first nine months of the current fiscal year 2013-14. According to an official release, the ministry spent Taka 53.27 crore out of Taka 72.65 crore released till March this year under the ADP. ministryThe information was revealed at a recent review meeting on the progress of implementation of the ADP projects, reports BSS. The government has allocated Taka 121.75 crore for the ministry for imple...

Bangladesh aims to become world’s leading cotton importer    

Bangladesh, the world’s third largest cotton importer according to the U.S. Department of Agriculture, is on a mission to topple No. 1 importer China. “Obviously, we wish to take China’s place, and that day is not so far off — two, three years’ time,” Mehdi Ali, general secretary of the Bangladesh Cotton Association, told WSJ Frontiers on Friday at an industry conference in Miami. China’s imports are expected to drop 50% during the upcoming season as it winds down a strategic stockpiling program, according to the National Cotton Council, a U.S. industry group — leaving room for Bangladesh to expand its role in the international market.

World Press Freedom Day today    

Bangladesh will observe the World Press Freedom Day today as elsewhere in different countries of the world through various programmes. As part of the observance of the day, the Information Ministry will arrange a discussion meeting at the PIB auditorium here on Saturday at 12 noon. Information Minister Hasanul Haq Inu will be the chief guest at the discussion, BSS reports. Prime Minister’s Information Advisor Iqbal Sobhan Chowdhury and Dr Shakawat Ali will be the special guests at the discussion to be chaired by Information Secretary Mortuza Ahmed. Bangladesh Federal Union of Journalist (BFUJ) will also organise a roundtable at the Jatiya Press Club (JPC) at 10.30am marking the day.
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