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.
Garment exports to India on the rise
Garment exports to India rose 30.86 percent year-on-year to $136.43 million in fiscal 2015-16 thanks to rising demand from Western brands operating in the neighbouring country. Of the total earnings, woven items brought in $102.18 million and knitwear $34.26 million, according to Export Promotion Bureau of Bangladesh. Although Bangladeshi goods enjoy duty-free benefit in the Indian market, garment exports to India did not rise much due to the imposition of 12.5 percent countervailing duty on apparel items from Bangladesh.
BB reserve theft: Govt still in dark about $65.8m
The government is still in the dark about US$ 65.8 million out of $81 million of the country’s reserve fund stolen from the Bangladesh Bank account with the New York Federal Reserve in February. Finance minister AMA Muhith on Tuesday said they had no clue whether the $65.8 million was in the banking channel in Philippines or had been recovered by the authorities there.
Agrani loses Tk 6.80b on fake LCs sans security money
The state-owned Agrani Bank suffered a loss of Tk 6.80 billion in two fiscal years due to its financial irregularities. The parliamentary standing committee on public accounts found this in 24 audit objections Tuesday, made in a special report of the Comptroller and Auditor General of Bangladesh (CAG) for the FYs 2009-10 and 2010-2011.
BMBA seeks Tk6,000cr soft loan from govt
Bangladesh Merchant Bankers Association (BMBA) has sought Tk6,000 crore loan at lower interest rate from the government to recover from the 2010 stock market crash. “The merchant banks are facing severe problem due to rising default loan since the market crash,” said Md Sayadur Rahman, president of BMBA, during a meeting with Finance Minister AMA Muhith at the ministry yesterday.
Bangladesh’s stocks end higher for 10 days
Bangladesh’s Stocks extended their gaining spell for the ten days in a row as optimistic investors remained active on sector specific stocks. The market started with a positive in the morning which sustained till closure of the, ultimately ended nearly 13 points higher. The benchmark index of the DSE finished at 4,639.13, advancing 12.95 points or 0.28 percent over the previous day, which is more than eight months high level of DSEX.
Few foreign liaisons in BD secretly doing business
Government's revenue authority has found out that some foreign liaison offices operating in Bangladesh to liaise with overseas companies themselves are allegedly doing business here underhandedly. Sources said tax officials have detected that a number of foreign liaison offices are involved in income-generating activities in Bangladesh without getting on board to evade tax payment.
SWIFT moves to rein in fraudulent bank transfers
The SWIFT inter-bank messaging network will launch a new tool in December to help clients identify more quickly any unauthorised payment instructions like those used by hackers to steal $81 million from Bangladesh's central bank in February. From December SWIFT will begin sending 'daily validation reports' to clients, it said in a statement yesterday.
Bangladesh provides export cash subsidy to 21 items in FY 17
Bangladesh government has announced a list of 20 exportable products, including three new ones, for getting cash subsidy in the current fiscal year (FY), 2016-17. The exporters will receive cash subsidy on the products against net repatriation of FOB (free-on-board) prices from July 1, 2016 to June 30, 2017, according to the announcement.
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