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.
Taka depreciates against dollar
The taka lost maximum seven poisha in single-day depreciation against the US dollar on Bangladesh's interbank foreign-exchange (forex) market Monday. Bankers said the local currency took such a tumble after more than nine months on the country's money market.
Market lost $27b to price debacle in 2010: ADB
Bangladesh's capital market had lost about $27.1 billion or 22 percent of the country's gross domestic product (GDP) to the price debacle in 2010-11, according to a report of the Asian Development Bank. “Banks and retail investors were significantly affected,” said the validation report -- Bangladesh: Second Capital Market Development Programme -- that was released last week. Regulatory oversight in the banking sector and fragmented supervision by the stockmarket regulators were the major reasons behind the crash.
B’desh yet to ensure worker rights in RMG sector: Bernicat
US ambassador Marcia Stephens Bloom Bernicat on Monday said that the government of Bangladesh was yet to ensure workers’ rights in the readymade garment sector including rights to organise, bargain collectively and raise safety concerns. If workers do not have the ability to speak out, fire and other safety concerns can again arise as workers’ rights and work place safety are fully integrated, the ambassador said while speaking at a discussion on ‘The State of Fire Safety in Bangladesh’ held at Hotel Sonargaon in the city.
Dollar steadies with bonds, oil anxious about OPEC
The US dollar took a breather on Tuesday as global bonds steadied from their recent rout, while equities flatlined as political risk resurfaced in Europe ahead of a referendum in Italy this weekend. Oil prices remained jittery in the countdown to Wednesday’s OPEC meeting but industrial commodities continued to benefit mightily from Chinese demand, both real and speculative. The action in Asian stocks was guarded with Australia up 0.1% and Japan’s Nikkei N225 off 0.2%.
Bangladesh’s stocks return to green with turnover high
Bangladesh’s stocks returned to the green on Monday with higher turnover value, after witnessing a mild correction in the previous day, as optimistic investors were active on large-cap stocks. The market started with a flying note and the key index of the premier bourse crossed the 4,800-mark within first 30 minutes of trading, but saw some sale pressure in the mid-session.
State banks still dogged by malpractices
State banks continue to be afflicted by large-scale financial felonies despite the government efforts in recent years to stop picking up board members on political consideration. “Not that we are always successful, as bad hats also make their way to the board,” Finance Minister AMA Muhith told reporters at the secretariat when he was asked about the loan scandal at state-owned Rupali Bank.
Uncertainty looms over MNP service auction
Doubts have surfaced whether the auction of mobile number portability service licence would be held as more than one out of the five short-listed firms failed to get security clearance, said officials. The MNP service would allow the mobile phone users to change operator without changing their existing number. The Bangladesh Telecommunication Regulatory Commission last week sought suggestion from the posts and telecommunications ministry about the matter as the short-listed firms have already deposited bid earnest money.
Muhith: Tax returns deadline not to be extended
Finance Minister AMA Muhith said the deadline to submit income tax returns will not be extended. Online submission of income tax returns will close at 8pm, Nov 30. “There is no possibility to extend the time for tax return submission,” Muhith told journalists at a tax return submission ceremony yesterday. National Board of Revenue Chairman Md Nojibur Rahman was also present. Finance minister said 2% fine would be imposed on late submission. Muhith said he had requested the ministers at cabinet meeting to submit tax returns in public, but they “didn’t respond.”
BBN/SSR/AD