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.
Mobile wallet users suffer as BB lowers transaction limits
On Friday morning, Mozammel Hossain, a contractor, came to a mobile financial service (MFS) agent at Tejturi Bazar to deposit Tk 47,000 into two accounts of his site managers, who would then use the sum to pay the labourers their daily wages. But, he was dealt a blow when the vendor informed him that he could deposit at most Tk 30,000 into the accounts; and not only that, his site managers would not be able to take out the entire sum that day. And it was Friday, a bank holiday, meaning Hossain had no other option but to resign to the new restrictions, which meant after a full day’s hard work, his labourers went home with just a fraction of their pay.
Maiden policy permits LPG export
Licenced firms can produce, import and export liquefied petroleum gas (LPG) under a policy the government has made for the first time in the country. Officials said the Energy and Mineral Resources Division (EMRD) under the Ministry of Power, Energy and Mineral Resources (MPEMR) has already published a gazette notification of the policy styled ‘LP Gas Operational Licensing Policy 2017. Under the maiden LPG policy, potential firms will be given licence and the licencees will be called ‘LP Gas Operator’.
AL, allies for $1b compensation from WB
The ruling Awami League-led alliance on Wednesday demanded $1 billion compensation from the World Bank for causing delay in the construction of Padma bridge by raising allegation of corruption conspiracy. The alliance made the decision at its meeting at Awami League president Sheikh Hasina’s Dhanmondi office. At a press conference after the meeting, alliance spokesperson Mohammad Nasim, also AL presidium member, said that the World Bank delayed the construction of Padma bridge raising false corruption allegations against Bangladesh government which were proved baseless in a verdict of a Canadian court.
Demand for plastic goods industrial park in Keraniganj
While Industries Minister Amir Hossain Amu said the work of an industrial park for the plastic sector in Munshiganj is to be completed by 2018, the industry people demanded another in Keraniganj near Dhaka. “We are working on a project at Sirajdikhan, Munshiganj at a cost of Tk133 crore on over 50 acres of land, to be completed by 2018,” said Amu at the inauguration of the International Plastic Fair 2017 in Dhaka on Wednesday as the chief guest. The fair is being held at Bangabandhu International Conference Centre.
BANGLADESH’S STOCKS BREAK WEEK-LONG RALLY
Bangladesh’s stocks witnessed a marginal correction on Wednesday, breaking a week-long rally, as risk-averse investors booked quick-profit on sector specific stocks. Analysts said investors mostly preferred to book quick-profit on stocks that saw substantial gain in recent upsurge, especially second half of the session, taking the market in the red territory. The market opened with an optimistic note and the key index of the premier bourse crossing the 5,600-mark in early trading, but could not sustained that level amid profit booking sale pressure, ultimately ended 18 points lower.
Global yarn makers see Bangladesh as a potential market
Global textile and yarn makers see Bangladesh as a potential market despite the country’s apparel export is facing challenges in some of its strong markets, including the United States and Europe. Though fabrics and yarn are being locally made, Bangladesh still needs to import a good quantity to meet the growing demand. In Bangladesh, local spinners meet over 90 percent demand for raw materials of the knitwear sector and over 40 percent demand of the woven sector.
BANGLADESH FOREX RESERVE CROSSES $32BN AGAIN
Bangladesh’s foreign exchange (forex) reserve has crossed the US$32 billion-mark again following exchange gain from different currencies, officials said. The forex reserve rose to $32. 001 billion on Tuesday from $31.96 billion of the previous working day, according to the central bank latest statistics, released on Wednesday. The forex reserve was $32.02 billion on December 22, 2016. It was $32.05 on November 3 last year.
After HSBC, SBI closing branches
State Bank of India has become the second foreign bank after HSBC that has taken a move to reduce the number of branches in Bangladesh in recent times because of poor business. Bangladesh Bank on February 1 gave permission to SBI to close down its Sylhet branch as the branch sought the closure citing dull business, said officials of the central bank and SBI. With the closure of Sylhet branch, the number of branches of SBI would come down to four from a total of six as the bank had earlier in 2016 closed down its Rajshahi branch.