Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Audit detects attempts to play with numbers
A leading audit firm has given adverse opinion on the BASIC Bank's financials for the year 2014 as it detected gross anomalies in those. The discrepancy came to the notice of the auditors from Acnabin while checking the financial accounts of the bank that has gone through a management change following lending scandals of serious nature. "….the financial statements of the bank do not give a true and fair view of the financial position of the Bank as of 31 December 2014," the firm said in its audit report and financial statements on the BASIC Bank Limited for 2014.
IMF extends ECF tenure by three months
The International Monetary Fund has extended the tenure of the Extended Credit Facility programme by three months to give the government sufficient time to meet the unfulfilled conditions for release of the last two instalments of the $1 billion-loan. The government now has until October 31 to fulfil the conditions for release of the remaining two instalments, amounting to $280 million. The multilateral lender deferred the sixth of the seven-part instalments for the $1 billion loan in November last year after the government failed to meet three of its pertinent conditions.
Country risks losing WB soft loan
Bangladesh is risking to lose the World Bank’s credit at low interest rate following the country’s elevation to lower-middle-income stage from the lower-income level. Officials of the Economic Relations Division told New Age that the country might lose eligibility quota of the International Development Association, the soft-loan window of the World Bank, because of rise in per capita gross national income. The country may have to look for loans from the WB’s commercial wing known as the International Bank for Reconstruction and Development in the coming years at a higher service charge, they said.
Bangladesh’s stocks fall for 4th day
Bangladesh’s stocks closed marginally lower on Tuesday, for the fourth day in row as investors went for late hour selling binge, fearing further fall. The market started with a mixed trend and gradually landed into the red as the session progressed. DSEX, the prime index of the Dhaka Stock Exchange (DSE), fell below the 4,800-mark and settled at 4,791.47, shedding 24.16 points or 0.50 per cent. The two other indices also closed lower. The DS30 index, comprising blue chips, dropped 9.83 points or 0.52 per cent to finish at 1,859.48.
Cabinet economic affairs committee considers new export policy today
The cabinet’s economic affairs committee is set to consider the proposed ‘Export Policy 2015-18’ in its meeting today. Official documents show that 11 sectors including ICT, pharmaceuticals, light engineering, agro products, herbal products, and ship-building are set to get priority as the most potent sectors in the proposed new export policy for a 3-year term. The commerce ministry has already moved a proposal in this regard to the Cabinet Division, to place the proposed final draft of the export policy 2015-18 for the cabinet body.
Exports fall 15% in July
Bangladesh earned $2.52bn from exports in July with a decline of over 15% from the same month in last fiscal year as the country’s largest RMG sector earnings suffered a sharp fall. The provisional data released by Export Promotion Bureau revealed the figures for the first month of the fiscal year. The total figure was $2.98bn in July 2014. The data showed the earning was $2.52bn in July 2015, which was 15.29% less than one year ago. The woven sector earnings dropped by nearly 10%, while the knitwear exports saw a fall of around 11% last month.
Political unrest slowed loan recovery
Four state-owned commercial banks recovered only 3 percent of their full-year target from top 20 defaulters in the first three months of 2015. The banks blamed the slow pace of the recovery drive on political unrest. Between January and March, Sonali, Janata, Agrani and Rupali banks retrieved from top 20 defaulters only Tk 30.38 crore against the whole year target of Tk 975 crore. Apart from the top 20, the banks realised Tk 322 crore or 11 percent of the whole year target of Tk 2,925 crore.
Govt moves to execute Modi visit's decisions
The government is gearing up all relevant segments of the administration for expediting execution of the decisions taken during Indian Prime Minister Narendra Modi's Dhaka visit in June. To this end, the Ministry of Foreign Affairs will hold an inter-ministerial meeting today (Wednesday) with representatives of all ministries and departments concerned, officials said.
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