Dhaka, Bangladesh (BBN)- The Bangladesh Business News (BBN) prepares the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
MCCI pushes for higher tax-free income ceiling:The Metropolitan Chamber of Commerce and Industry (MCCI) yesterday urged the government to increase the tax-free income ceiling for individuals and cut corporate tax. The chamber recommended resetting the tax-free income ceiling at Tk 2.75 lakh from Tk 2.20 lakh for individuals; Tk 3.25 for women and Tk 3.5 lakh for senior citizens. “In the perspective of inordinate escalation of prices of all commodities, the cost of living has increased to a great extent. As a result, the prevalent tax exempted income ceiling has lagged far behind the purpose for which it was considered,” MCCI said in a budget proposal to the National Board of Revenue yesterday.
Trade deficit widens substantially in Feb: The country's overall trade deficit widened by nearly 28 per cent in the month of February last due mainly to higher import payments and relatively lower export revenue growth, officials said Sunday. The overall trade deficit rose to US$3.56 billion in the July-February period of the fiscal year (FY) 2013-14 from $2.79 billion in the July-January period of the fiscal. It was $4.60 billion in the corresponding period of the previous fiscal year, according to the central bank statistics.
ERD slashes foreign loan target by $420m: The Economic Relations Division has lowered the availability for foreign loans by US$ 420 million in the outgoing fiscal year because of slow utilisation of project aids. ERD officials said initial projection of US$ 3,370 million had been revised to US$ 2,950 million after the ministries and divisions could not improve implementation rate of projects funded by lenders. The availability of net foreign aids, as calculated by the ERD in the outgoing fiscal year, will stand at US$ 1,819 million after payment of US$ 1131 million for debt servicing.
WB to give budget support: After five years, the World Bank once again looks likely to extend budget support to Bangladesh, a move which demonstrates the multilateral lender's renewed faith in the government. Finance Minister AMA Muhith earlier indicated that the government would seek $500 million in budget support from the lender, but an official of the Economic Relations Division (ERD) suggested the figure would be in the region of $300 million. The issue was discussed briefly on the sidelines of the spring meetings of the WB and IMF, which took place in Washington DC earlier this month. The ERD official said the WB seemed receptive of the proposal, so a formal request will be sent by next month.
Rana Plaza tragedy survivors face financial hardship: The majority of Rana Plaza tragedy survivors have been facing immense financial hardship, as over 73 per cent of them are yet to get back work even nearly a year after the industrial accident, according to a survey report. ActionAid Bangladesh conducted the survey covering 1,436 survivors and 786 family members of the deceased workers ahead of completion of one year of the Rana Plaza collapse at Savar on April 24 last year.
India, Bangladesh need cooperation in rice seed trade: Enhanced cooperation between India and Bangladesh on trade in rice seeds would help farmers of both the sides increase the yield of the commodity, a study by think-tank CUTS International has said. At present, farmers of both the sides are using smuggled seeds which are not of good quality, it said. Rice growing areas in Bangladesh and India, "where farmers make widespread use of smuggled seeds", can immensely gain from cooperation between the two countries, the Consumer Unity & Trust Society (CUTS) study added, reports Press Trust of India.
Turnover hits below Tk 4.0 billion-mark: The stock market inched up Sunday with turnover tumbling further as investors diverted their attention from large-cap to mid-cap and small-cap scrips because of their recent spike in prices. DSEX, the prime index of the Dhaka Stock Exchange ended at 4,616.44 points, gaining 17.52 points or 0.38 per cent from previous session. However, the other two indices ended in red. The DS30, comprising blue chips lost 4.59 points or 0.26 per cent to close at 1,698.56 points. The DSE Index (DSES) went down by 0.60 points or 0.05 per cent to close at 1,034.32 points
BBN/SSR/AD-21Apr14-8:40 am (BST0