Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

Changing of the guard at Islami Bank
Several little-known local companies have bought the bulk of the local shares in the Islami Bank Limited over the last one and a half years, leading to the latest reshuffle at its top level, say officials of the bank. Changes have been made to the posts of the bank’s chairman, managing director, heads of various committees and chief of the Islami Bank Foundation in line with a decision at the bank’s board meeting on Thursday.

US, UK citizens asked to remain alert in Bangladesh
The United States and the United Kingdom asked their nationals to remain alert during their travel in Bangladesh. The US Department of State, in a travel warning updated on January 5, drew attention of its citizens to continued threats from extremist groups in Bangladesh asking them to consider the risks in travelling to and throughout the country. The state department allowed only employed adult family members of the US government personnel to remain in or return to Dhaka.

BD to seek Indian review of anti-dumping duty on jute
Bangladesh will negotiate with India for a review of the latter’s decision to impose anti-dumping duty on jute and jute goods. The Indian government imposed the duty on Thursday last on jute products being exported from Bangladesh and Nepal.

CPD for rationalising NSD interest rate, fuel price and exchange rate
Bangladesh government needs to focus on lowering the interest rate of National Savings Bond (NSD) and adjustment of fuel price and exchange rate to sustain the economic growth for the fiscal year (FY) 2016-17.
Three reforms are vital as well- banking sector, local government management and public investment towards economic sustainability, the Centre for Policy Dialogue (CPD) said Saturday.The independent think-tank shared these observations at a media briefing on the release of the State of the Bangladesh Economy in the FY 17 (First Reading), held at BRAC Auditorium in the capital Dhaka.

Bangladesh’s stocks keep upbeat for 10 straight weeks
Bangladesh’s stocks witnessed yet another upbeat week that ended on Thursday, extending the winning spell for the 10 weeks in a row. Market insiders said the first week of 2017 ended higher as enthusiastic investors continued their buying spree on large-cap stocks, backed by spontaneous participation, taking the prime index of the premier bourse nearly 27 months’ high. The week witnessed five trading sessions as usual.

Trade gap with India rises in Q1
The country’s trade gap with India in the first quarter of the current financial year 2016-17 slightly increased to $1.11 billion from $1.10 billion due to higher import payments against fall in export earnings. The trade gap was high as different non-tariff barriers continued to limit Bangladesh’s exports to the neighbouring country, said economists and experts. Bangladesh’s imports from India stood at $1.265 billion in July-September of the FY17 whereas exports stood at $153.61 million during the period.

Concerns over mismatch of tax collection figures
The Cash and Debt Management Committee (CDMC) has expressed concerns over mismatch of tax revenue collection figures of three government agencies. They are Office of the Controller General of Accounts, Bangladesh Bank and National Board of Revenue, said official sources. CDMC of the Finance Division recommended compulsory use of treasury chalans instead of pay orders/demand drafts/ account payee cheques for any types of forgery. It also asked the NBR to form a technical committee on the matter, according to the minutes of a recent CDMC meeting.

Year of hackers: Bangladesh Bank heist, Comeleak
The year 2016 will go down in Philippine history as a year of successful cyber heists following two major hacking incidents that rocked the country in the first half of the year. In February, hackers siphoned off some $101 million from the account of the Bangladesh bank at the Federal Reserve Bank of New York after gaining access to the bank’s security credentials that enabled the fraudulent money transfer, reports The Philippine Star.
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