Dhaka, Bangladesh (BBN) - The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Govt's cost of debt to double
Government borrowing through savings instruments in fiscal 2015-16 is most likely to be nearly double the budgetary target, an exercise that will push up debt servicing cost or interest payment. Net borrowing from savings instruments stood at Tk 30,093 crore during the July-May period of last fiscal year, whereas the initial budgetary target was Tk 15,000 crore, according to central bank statistics.
Dhaka weighs joining OECD mechanism against tax dodging
Dhaka is considering joining BEPS framework of the OECD to check alleged tax evasion committed by the multinational companies through siphoning their profits surreptitiously, officials said. Getting associated with the Organisation for Economic Cooperation and Development (OECD) oversight mechanism would enable Bangladesh to effectively check the tax evasion by way of interlinking and sharing information with its 35 member-countries, they said.
SCBs bring only 61 accounts out of 3.69cr under internet banking
The six state-owned commercial banks could bring only 61 out of their 3.69 crore client accounts under internet banking as of March 31, 2016 and the banks also lagged far behind the private and foreign commercial banks in giving online banking facility to their clients. The SCBs are Sonali, Janata, Agrani, Rupali, BASIC and Bangladesh Development banks. The two state-owned specialised development banks — Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank — are yet to introduce internet banking for their account holders, Bangladesh Bank data showed.
Buying houses worried over losing RMG work orders
Bangladesh Garment Buying House Association (BGBA) yesterday expressed concern over losing export orders for the next season as buyers are unwilling to visit the country on security grounds. The leaders of BGBA said this at a press conference held yesterday in the capital. In their addresses, the leaders focused on the present status of RMG sector following the terror attack in Gulshan that killed 20 people including 17 foreigners.
Bangladesh’s stocks edge higher
Bangladesh’s Stocks ended higher on Saturday, after remaining flat in the previous session, as investors took position on some large-cap stocks ahead of corporate declaration. Both bourses – the premier bourse Dhaka Stock Exchange (DSE) and the port city bourse Chittagong Stock Exchange (CSE) opened with a positive note and the upward trend sustained till end of the session, eventually ended marginally higher.
Extension of 250MW power import deal with India likely
Bangladesh wants to extend duration of the 250MW power import from India by another six months as the three-year contract expires at the end of this month. Bangladesh Power Development Board is likely to place a proposal on the matter at the next meeting of the cabinet committee on public purchase, official sources said. The proposal will also include reducing the price to Tk6.21 per unit.
Regulator asks ISPs to cut internet prices
The telecom regulator recently directed internet service providers, including mobile phone and WiMax operators, to reduce the cost of internet for end-users. Bangladesh Telecommunication Regulatory Commission, in a letter to all operators, said the government has reduced the cost of raw materials of different internet products and the end-users should be benefitted by it.
Central warehouse for farm produce likely by 2017
The government will build a central warehouse with cool-chain system at a cost of US$ 250 million for preserving agricultural produce, officials said. The ministry of agriculture (MoA) with support from the Asian Development Bank (ADB) will establish the central warehouse and packing centre with cool-chain facilities.
BBN/SSR/AD