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.
Economy likely to rebound in FY '15: Bangladesh's economic growth is expected to rebound to 6.2 per cent in the coming fiscal year (2014-15), aided by higher remittance and buoyant exports, the Asian Development Bank said in its latest Bangladesh Economic Update. The Manila-based multilateral lending agency pinned its hope on the positive outcome of better growth prospects in the United States and mild recovery of the Eurozone economy. The ADB in the Update said 6.2 per cent growth is possible following a likely rise in consumer and investor confidence with the stabilisation of political situation that would stimulate demand and strengthen growth momentum.
Banks, telcos seek access to national ID database: Banks and telecom operators yesterday urged the government to immediately create an integrated platform enabling them to access the national identity database for checking the authenticity of information. Mobile operators have to follow a similar process as banks when signing on new customers, so there is an urgent need to set up a common platform where the legitimacy of information, photograph and national identity card (NID) can be verified, Vivek Sood, chief executive of Grameenphone. He went on to urge the central bank and Bangladesh Telecommunication Regulatory Commission to come up with a solution. Sood's comments came at a roundtable on the pros and cons of electronic payment system in Bangladesh, co-organised by Eastern Bank and The Daily Star at The Daily Star Centre in Dhaka yesterday.
World Bank approves $60m to modernise Bangladesh VAT administration: The World Bank Board has approved $60 million in interest-free credit to modernise Bangladesh’s value added tax (VAT) administration and to increase tax revenue. The credits from the International Development Association (IDA) – the arm of the World Bank Group that helps the world’s poorest countries – have 40 years maturity period with a 10-year grace period, and carry a service charge of 0.75 percent, the World Bank said on Friday. The VAT Improvement Program Project will introduce automation, including on-line VAT taxpayer services, and improve transparency in the VAT administration system.
Agri ministry terms crop insurance ‘unrealistic’:The agriculture ministry has opposed a move to introduce crop insurance terming it ‘unrealistic’ for Bangladesh, a disaster-prone country with huge small-scale farmers, officials said. The ministry last month forwarded its opinions to the banking and finance division of the ministry finance suggesting that the crop insurance should not be viable without setting up modern weather forecast technology in the country.
Orion signs deals for generators for its 660MW power plant: Orion Group has signed two separate agreements worth $191 million with GE of the USA and Doosan of South Korea for suplply of steam and boiler turbine generators for its 660 MW coal-based power plant in Munshiganj. GE will provide the steam turbine generator worth $66 million, while Doosan the boiler turbine generator worth $125 million for Orion Power Dhaka Ltd. The agreement with GE was signed in Mumbai, India on May 1. Orion Group Managing Director Salman Obaidul Karim and GE Vice President Vishal K Wanchoo signed the deal in presence of GE Chairman and CEO Jeffrey R Immelt.
PUF meet discusses measures to solve Ctg Port problems: Port Users Forum (PUF) held a view exchange meeting today to solve problems created due to extra charges imposed on the delivery of import containers in Chittagong Port. The meeting was held in the auditorium of the Chittagong Chamber of Commerce and Industry (CCCI) with CCCI president Mahbubul Alam in the chair. To reduce the cost of importers the meeting decided to take necessary measures for cargo delivery within common landing time and free time through concerted efforts of all quarters.
Pharma Aids trading resumes Sunday: The share trading of Pharma Aids will resume from Sunday (May 11, 2014) after a three-month of hiatus as the prime bourse withdrew its suspension bar on Friday, officials said. “The DSE has withdrawn the trading suspension bar on Pharma Aids and there is now no restriction for Pharma Aids to resume its trading from Sunday next,” said an official of Dhaka Stock Exchange. The DSE suspended the trading of Pharma Aids for an indefinite period on February 5, 2014, as the firm barred bourse officials from inspecting the factory premises.
BBN/SSR/AD-11May14-8:06 am (BST)