Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Modi wants 4 countries to go ahead
Indian prime minister, Narendra Modi, prioritised four-country cooperation over the role of the SAARC. ‘SAARC countries were keen to establish connectivity at the last SAARC summit – but then – not every country is Bangladesh. He said India, Bangladesh, Nepal and Bhutan had now decided to move ahead in this direction,’ Modi said at a speech in Dhaka before conclusion of his two-day state visit to Bangladesh. A satellite photo, Modi said, would show that the SAARC countries were still in the dark and had no access to electricity. If India, Nepal, Bhutan and Bangladesh worked together, this darkness will be lifted.
Garment makers seek to build warehouses in India
Bangladeshi garment makers yesterday demanded 50 acres of land in Gujarat to build warehouses to supply apparel items directly to retail shops across India. Warehousing is necessary as Bangladesh seeks to boost its annual garment exports to the Indian market to $1 billion in three years from about $100 million now, Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association or BGMEA. “So, we need direct marketing and warehousing will facilitate it,” Islam said after a meeting with Indian Prime Minister Narendra Modi at Sonargaon Hotel in Dhaka yesterday.
Government's pension payment allocation to increase 36pc
Pension payment from the public exchequer is set to increase by over 36 per cent with implementation of the new pay-scale for the government employees from next month. The existing pension allocation in the national budget is causing a fiscal burden to the government, according to many officials. They suggested formation of a contributory fund to derive its optimal output. The government has allocated Tk 115.84 billion in this regard in the outgoing fiscal year (FY), 2014-15, which is up by Tk 30.02 billion from the actual allocation.
Joint declaration between Bangladesh-India
At the invitation of the Prime Minister of the Government of the People’s Republic of Bangladesh, Sheikh Hasina, the Prime Minister of the Government of the Republic of India, Mr. Narendra Modi, paid a State visit to Bangladesh from 6-7June 2015
RMG exports to US market keep rebounding in April
Apparel exports to the United States continued to rebound in the January-April period of 2015—thanks to an increased volume of order as the outcome of safety inspection in the readymade garment factories made the buyers confident. Readymade garment exports to the US market in the first four months of 2015 grew by 7.03 per cent to US$ 1.82 billion from US$ 1.70 billion in the same period of last year, according to the data of the office of textiles and apparels under the US Commerce Department released on Friday. Exporters said that following the Rana Plaza building collapse, the US buyers were waiting to know the status of factories and now they have started to place increased volume of orders as factory inspection reports have been published.
DSE terms budget capital-market friendly
The Dhaka Stock Exchange (DSE) hailed the government for laying emphasis on capital market in the upcoming budget, saying the incentives proposed in the budget will help to expedite the capital market. “The budget proposals were capital-market friendly and showed the government’s willingness to stabilise as well as to improve the capital market,” said DSE chairman Justice Siddiqur Rahman Miah on Sunday at a post-budget press briefing held at the DSE premises.
$300m WB fund ready for lending to productive sectors
The central bank prepares to start disbursing loans from World Bank's US$300-million scheme approved to facilitate long-term financing, particularly in productive sectors. Bangladesh Bank's disclosure came Sunday following approval for the soft loan under Financial Sector Support Project (FSSP) by the WB board of directors. The approval was given on June 05. The Washington-based global development partner approved the loan aiming to improve financial market's infrastructure, regulatory and oversight capacity of the BB and the access of Bangladesh's private firms to long-term financing.
MNCs under NBR scanner
The National Board of Revenue (NBR) has geared up its activities to prevent money laundering and tax evasion by multinational companies (MNCs), with their associated companies abroad, through transfer mispricing. The NBR has taken up the move to curb tax evasion by MNCs through abusing transfer pricing as it found such practices across the world. MNCs evade taxes abusing transfer pricing in different ways including capital flight, transfer of dividend and profit to its permanent establishments or parent companies, over-invoicing and under-invoicing during transactions of goods and services within their associated enterprises, according to NBR officials.
Bangladesh’s stocks end marginally higher
Bangladesh’s stocks closed marginally higher Sunday, the first session after the announcement of budget. Finance Minister AMA Muhith Thursday proposed a set of fiscal measures for the upcoming budget for the capital market including corporate tax rate cut on listed companies. The prime index of the Dhaka Stock Exchange (DSE), rose around 75 points with the opening bell, but started to fall immediately.
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