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.
A wrong swap raises power prices
Government's overall electricity-supply cost rises for relying heavily on expensive oil-fired power plants by keeping the cheaper base-load units 'idle', said sources. Currently almost all the oil-fuelled power plants, including the expensive rental and quick-rental ones, are operational while over a dozen low-cost gas-fired ones remained shut, they said. A less-expensive lone coal-fired power plant at Barapukuria and hydropower plant at Kaptai are also running far below the capacity.
No sincere efforts to deepen financial inclusion: analysts
Banks are in a race to hook big business clients, ignoring any efforts to deepen financial inclusion, experts said. “Financial inclusion is designed mainly for the unbanked population, but here, all are working for those who are already privileged and covered by the banking channel,” said Toufic A Choudhury, director general of the Bangladesh Institute of Bank Management. Choudhury's comments came at a session during the second annual economists' conference of the South Asian Network on Economic Modelling (Sanem) held at the Brac Centre Inn in the city.
Biman VVIP fiasco brings more red tape
In the aftermath of the debacle at Biman Bangladesh Airlines involving the emergency landing of Prime Minister Sheikh Hasina’s flight, the Civil Aviation Ministry has put forth a solution that is likely to mire the flag carrier in more inefficiency. Civil Aviation and Tourism ministry recently formed a task force led by an additional secretary and Civil Aviation Minister Rashed Khan Menon as the advisor, to monitor all of Biman’s activities.
56 get CIP status
Fifty-six businesspersons were on Sunday awarded as commercial important persons for their contribution to the country’s overall economy through setting up industries, creating employment and increasing national income in 2015. Industries minister Amir Hossain Amu handed over the CIP cards to the awardees at an event held at Hotel Purbani in the capital Dhaka. Among the recipients, 25 got the CIP status from large industries category, 15 from medium industries category, five from small industries category, two each from micro and cottage industries categories and seven got the cards as ex-officio category.
BANGLADESH’S IMPORTS FALL 5.70% IN JANUARY
Bangladesh’s overall imports decreased by 5.70 per cent in January over the previous month mainly due to lower import of consumer goods and capital machinery. Actual import in terms of settlement of letters of credit (LCs) came down to $ 3.89 billion in January 2017 from $ 4.12 billion in December 2016. It was $ 2.89 billion in January 2016, according to the central bank’s latest statistics. On the other hand, opening of LCs, known as import orders, fell by 7.85 per cent to $ 4.34 billion last month from $ 4.70 billion in December. It was $ 2.92 billion in January 2016.
FBCCI warns NBR about VAT law execution
The Federation of Bangladesh Chambers of Commerce and Industry has warned the National Board of Revenue that implementation of the new value-added tax act would be hampered if the unsettled disputes related to VAT measures are not immediately solved. Discussion between the NBR and the FBCCI for preparing national budget for the upcoming fiscal year 2017-18 will also be hampered over the issue, the federation cautioned. The new VAT and Supplementary Duty Act-2012 is scheduled to be implemented from July 1 this year.
BANGLADESH’S STOCKS SLIP INTO RED
Bangladesh’s stocks finished slightly lower on Sunday amid high turnover as investors were active both sides of the trading fence. Brokers said the market slipped into the red after volatile trading as some investors remained active on sector specific stocks while some booked profit on quick gaining stocks, taking the market turnover over three weeks high. The market started with a positive note and the prime index of the Dhaka Stock Exchange (DSE) crossed the 5,600-mark in early trading, but could not sustained that level as the session progressed amid profit booking sale pressure, ultimately ended 7.65 points lower.
More border haats on way
India and Bangladesh are set to sign a revised agreement to establish more border haats for the frontier people of the two countries, said Indian High Commissioner Harsh Vardhan Shringla. “We want to have as many border haats as possible,” Shringla said, adding that the makeshift markets are turning out to be great successes in Meghalaya and Tripura. Presently, four border haats are operational along the India-Bangladesh border in Meghalaya and Tripura. Cash trade of about Rs 16.87 crore was carried out at the four border haats in the five years to March 31, 2015, according to data from the Indian government.
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