Dhaka, Bangladesh (BBN)- The Bangladesh Business News (BBN) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Broad money growth decelerates in 2013: The broad money (M2) growth decelerated to 15.6 per cent (year-on-year) in December 2013 from 19.0 per cent in December 2012, according to a Bangladesh Bank (BB) report released Monday. The report said the deceleration was the result of slower growth in net foreign assets as well as domestic credit during the October-December period. In economics, broad money is a measure of the money supply that includes more than just physical money, such as currency and coins.
New ADP to get 22pc bigger: The government may increase the size of its annual development programme for the next fiscal year by around 22 percent to Tk 80,000 crore, compared to the original allocation this year. The Finance Division has set the preliminary outlay for the next fiscal year's budget which will be placed at a resource committee meeting tomorrow, a finance ministry official said.
Roadmap for Basel-III implementation prepared: Bangladesh has prepared a roadmap for starting implementation of the Basel-III framework for bank companies from July, 2014, in line with the global standard. Under the roadmap, the central bank will issue guidelines for implementation of the Basel-III within April this year. Besides, initiatives will be taken for capacity building of the banks on Basel-III issues during April to June this year. The Basel-III implementation process will start from July, 2014. It will be implemented fully by January, 2019, according to the roadmap issued by the central bank Monday.
Planning ministry drafts revised Tk 62,745cr ADP: The planning ministry has drafted a Tk 62,745 crore revised annual development programme for the current fiscal year, with the development outlay exceeding by Tk 7,745 crore the finance ministry’s estimation amid resource constraints, sources said. The estimation of the revised ADP, Tk 3027 crore less than its original allocation, still does not satisfy the finance ministry officials who believe that the draft estimation of the planning ministry would shoot up the budget deficit to as high as six per cent amid gloomy revenue earning performance.
Three more months for e-TIN re-registration: The National Board of Revenue yesterday extended the deadline for online re-registration of taxpayer identification numbers (TINs) by three months to June 30 following requests from different chambers and professional bodies. The existing TIN holders will have to get a 12-digit TIN instead of the present 10-digit one by re-registering online within the period, the tax administrator said in a statement. The TIN holders will have to face penalties and legal action if they do not comply with the directive, it said.
Overseas investment at DSE drops in March: Foreign investment at the Dhaka Stock Exchange dropped by 19.89 per cent in March compared with that in the previous month amid an apprehension that the market might fall further with majority of the institutional investors remaining on the sideline following some Bangladesh Bank moves. Net overseas investment at the DSE declined to Tk 96.96 crore in March from Tk 121.04 crore in the previous month. Turnover by the foreign investors at the bourse declined to Tk 313.58 crore in the month from Tk 533.06 crore in February.
RMG village to be set up in Ctg soon: The Prime Minister has directed the concerned ministries to take necessary steps for setting up garment villages for the factories in Chittagong. BGMEA in a press release said Prime Minister Sheikh Hasina instructed the authorities concerned in the cabinet meeting held on March 24 in Dhaka. "We on behalf of the standing committee on garment industrial region in Chittagong congratulate the Prime Minister on her directives in this regard," the press release issued from BGMEA (Bangladesh Garment Manufacturers and Exporters Association) Chittagong regional office said.
More time for merchant banks to restructure margin accounts: The stockmarket regulator gave merchant banks and stockbrokers six more months to restructure their clients' margin accounts whose value is still below 150 percent of debit balance. Bangladesh Securities and Exchange Commission extended the time yesterday after fresh requests from Dhaka Stock Exchange, as the initial deadline ended yesterday. With the discretionary power, the stockbrokers and merchant bankers can make buy-sell decisions without referring to the client for every transaction until September 30, in a bid to recover the losses in those accounts.
BBN/SSR/AD-01Apr14-12:17 pm (BST)