Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
ADB to double lending to Bangladesh
The Asian Development Bank will more than double its lending to Bangladesh over the next three years, attaching priority to connectivity projects linking the country to India, Nepal and Bhutan. Bangladesh is likely to receive $5.9 billion between 2016 and 2018, in contrast to $2.68 billion between 2013 and 2015. The decision comes after a month-long discussion, led by ADB Country Director Kazuhiko Higuchi, with senior officials from the Economic Relations Division and a number of ministries and divisions. The discussions concluded yesterday.
Govt wont open onshore gas blocks to IOCs
The government has retreated from its decision taken earlier to open again the country's onshore blocks for oil-and-gas exploration to international oil companies (IOCs) as protests from local experts held sway. "We have decided not to open the onshore blocks to the IOCs as we think it would be wise to keep it for exploration by the state-run exploration company, Bapex," Energy and Mineral Resources Division (EMRD) secretary Md Abubakar Siddique told the FE Monday.
Bangladesh Bank issues show-cause notice against 20 officials
The central bank of Bangladesh on Monday issued show-cause notice against 20 officials, involved in demonstration in front of its main building, before the board meeting on Sunday. “We’ve issued the show-cause notices against the officials involved in such unruly activities in line with our board of directors meeting decision,” a top central banker told BBN in Dhaka. Among the officials, 11 deputy general mangers (DGMs), six joint directors (JDs) and three deputy directors (DDs) of the central bank.
Beijing for FTA deal with Dhaka
China is keen to forge a bilateral free trade area agreement with Bangladesh to boost trade between the world’s second largest economy and a growing Bangladesh, a senior official of the commerce ministry said. Department of international cooperation, ministry of commerce, China has recently approached the commerce ministry of Bangladesh to start negotiations on forging the bilateral FTA agreement. The proposed trade deal, if signed, would expand the two-way commerce manifold and help spur economic growth of the two populous Asian nations, the trade official said, quoting a communication made from the Chinese commerce ministry.
New rules for private equity and venture capital firms
Bangladesh Securities and Exchange Commission yesterday approved new rules for private equity and venture capital firms so that they can pool funds and make equity investment in non-listed companies. The private equity and venture capital firms will have to follow the Alternative Investment Rules to create and manage the funds for equity financing. The rules will be posted on the commission's website and will also be published as a gazette notification soon, the BSEC said in a statement.
New DAP to protect illegal housing projects
Rajdhani Unnayan Kartripakkha is set to prepare another detailed area plan for Dhaka metropolitan region that will virtually legalise the housing projects built in violation of the existing DAP. The 20-year duration of the existing DAP expires this year and the new DAP for 2016-2035 is being prepared under the Asian Development Bank-funded ‘Regional Development Planning Project’. Officials said that under the project they had prepared a draft structure plan, after revising the existing one, to provide development direction and to prepare a new DAP for the next 20 years under its purview.
Bangladesh’s stocks edge down
Bangladesh’s stocks edged down for the third running sessions on Monday as investors remained followed cautious stance. The market opened with a positive note, but could not sustain. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down further by 7.48 points or 0.16 percent to finish at 4,504 points. The DSE Shariah Index (DSES), dropped 3.52 points or 0.32 percent to end at 1,099.57 points.
BASIC now banks on political influence
BASIC Bank is allegedly using political influence to get funds from the national exchequer by the outgoing fiscal year ending on June 30 to meet the capital shortfall of the scam-hit state-owned bank. The desperate bid is to get around Tk2,000 crore – the remaining part of a recapitalisation fund of around Tk5,000 crore for state banks kept in the budget for the outgoing 2014-15 fiscal. Officials said around Tk3,000 crore was released in the last 11 months of the current fiscal. The high-ups in the government have instructed the authorities to release the remaining fund, said a senior official of the Finance Division, requesting anonymity.
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