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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.

Former Avon CEO to run Grameen America

The former head of Avon is now leading Grameen America, a group that provides small loans to poor women entrepreneurs in the U.S. Andrea Jung was CEO of the beauty products company from 1999 through April 2012 and served as chairman through the end of that year. Considered one of the most powerful women in business, she came under fire for failing to stem Avon's sales declines and left amid an overseas bribery investigation. avon ceoBut as head of Avon, she pushed a message of female self-empowerme...

Tight budget less crucial with interest rates low: IMF

The IMF traditionally calls on its member nations, especially those receiving its financial support like Greece and Portugal, to rein in spending to reduce their budget deficits and public debt, AFP reported. But the persistence of unusually low interest rates in the major economies has pushed the global lender into questioning—at least on the margins—its doctrine, according to an analytical chapter of its World Economic Outlook report released ahead of next week’s IMF/World Bank spring annual meetings. Market rates paid by nations to finance themselves “have declined substantially” since the 1980s and now are even in “slightly negative territory” when taking into account inflation, the 188-nation IMF said. IMF

Bangladesh not to follow Japanese law constructing Chancery Complex

Cabinet Economic Affairs Committee has turned down a proposal of the Foreign Ministry to follow Japanese law in appointing contractor for the construction Bangladesh Chancery Complex in Tokyo. Rather, the Cabinet body asked the Foreign Ministry to go for direct procurement process under the purview of Bangladesh public procurement law (PPA) 2006. bangladesh-tokyoIn its proposal, the Foreign Ministry sought the waiver from following the Bangladesh law and instead following the Japanese law in th...

Bangladesh agrees to open power corridor for India

Dhaka has agreed to provide transit facility for a 6,000-megawatt Indian power transmission line while parts of the quantum could be used by Bangladesh. "A committee has been formed to see the feasibility of transmitting power through Rangia Raota in Assam to Borakpur in Bihar through Boro Pukuria in northwestern Dinajpur in Bangladesh," Bangladesh's power secretary Monowar Islam told a joint media briefing with his Indian counterpart Pradeep Kumar Sinha on Thursday. bd-indiaThe briefing came after a...

Tea prices snap 9-weeks losing streak

Bangladeshi tea fetched an average of 118.81 taka ($1.50) per kg at the auction, up from 109.66 taka at the previous week’s sale, when prices fell around 20 percent, an official from National Brokers Limited said. More than 2 million kg was offered at the auction centre in Chittagong, and almost 60 percent remained unsold. At the previous auction, 2.4 million kg was offered, of which nearly 62 percent went unsold. “There was good demand for quality tea, which is in short supply,” the official said. tea Buyers were reluctant to buy end-of-season tea that tends to be of poor quality, he added. The auction season, typic...
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