Briefing 2023-02-20

Reckitt Benckiser's 2022 profit falls on declining demand for hygiene products

Reckitt Benckiser Bangladesh reported an 18.4 per cent year-on-year drop in profit in 2022, mainly for costlier raw materials and a sharp devaluation of local currency against the dollar. The listed multinational company that sells health and hygiene-related products logged an annual profit of Tk 659 million last year. Page 9

Thousands still missing after NZ cyclone

The death toll from Cyclone Gabrielle in New Zealand climbed to 11 on Sunday as thousands of people remained missing a week after the storm struck the country's North Island. The cyclone hit the island's northernmost region on Feb 12 and tracked down the east coast, inflicting widespread devastation. Page 14

‘Ensure conducive climate for FDI’

The United Kingdom (UK) on Sunday urged Bangladesh to ensure a level-playing field for foreign companies eager to invest and operate businesses in Bangladesh. At the second BD-UK Trade and Investment Dialogue held in Dhaka, the UK invited Bangladesh to engage with their private sector for pursuing a commercial dispute resolution system to unlock the full potential of Foreign Direct Investment (FDI) into Bangladesh. Page 24

Push for adoption of factoring

Factoring in Bangladesh has still been very limited, whereas factoring in most other regions of the world has exploded with the shift towards open account trade. ICC Bangladesh Vice President AK Azad said this at a panel discussion of the ICC Bangladesh workshop on 'Operation of Open Account and International Factoring for Foreign Trade of Bangladesh' on Sunday. Page 17