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.
Bridges Div seeks addl Tk 14b for acquiring private land
The Bridges Division has sought extra funds worth Tk 14 billion for acquisition of land for the Padma Multipurpose Bridge (PMB) project to dispose of dug-out spoils. The amount is in addition to current allocation of Tk 12.98 billion on this account, officials said Saturday. Officials said the Division recently sought the additional fund which is equivalent to 4.86 per cent of the total cost --- Tk 287.93 billion --- of the Padma Bridge project.
Controversial directors promoted
Most directors of controversial board of directors of BASIC Bank led by former chairman Sheikh Abdul Hye Bacchu were got promoted to higher government positions although they failed to prevent misappropriations of over Tk 6,000 crore from the state-owned bank. Finance ministry officials said that two of the six public servants serving as directors to the bank during the period of loan scams from 2009 to 2014 had been promoted to secretary while the Anti-Corruption Commission failed to file any case against Abdul Hye.
No impact on retail rice prices despite a fall in wholesale prices
Though prices of coarse and fine rice have fallen by up to Tk3 per kg in wholesale markets, retail markets have yet to see a decrease in the prices. The wholesale price of rice per kg is Tk60, while it is sold at Tk66-Tk67 in retail markets. Retailers say rice bought at higher prices cannot be sold at lower prices. They, however, added that seven more days would be needed for retail prices to come down.
Rangs opens automotive assembly plant
Rangs Group, one of the leading business conglomerates in Bangladesh, opened a vehicle assembly plant in Sonargaon on Friday to tap the fast-growing local market. The facility sprawling over 40 acres of land in Sonakhali under Sonargaon upazila of Narayanganj will initially assemble pick-ups and human haulers with completely knockdown (CKD) kits from Indian multinational car manufacturer Mahindra & Mahindra Ltd.
Bangladesh’s stocks break 4-week gaining streak
Bangladesh’s stocks witnessed moderate correction last week that ended on Thursday, snapping a four-week winning streak, as cautious investors opted for booking profits on quick-gaining stocks. Analysts said the investors sold shares to bag profits on stocks that saw substantial gains in the past few weeks, taking the market in the red zone.
Social Islami Bank buys into IDB's real estate fund
Social Islami Bank is set to invest $2 million in a real estate-focused private equity fund managed by the Islamic Development Bank. Called the Awqaf Properties Investment Fund (APIF), the fund's objective is to develop and invest in accordance with principles of Islamic shariah in Awqaf real estate property that is socially, economically and financially viable in member countries of IDB and Islamic communities in non-member countries.
Govt to assess economic impact of tax benefits
The government has taken an initiative to assess the economic impacts of tax benefits it extends to taxpayers, industries and businesses in the forms of tax holiday, exemption and concession to accelerate industrialisation, employment generation, attract foreign direct investment and promote export earnings as well as to boost overall economic growth in the country.
7 Bangladeshis among 16 sued for scam in Pakistani bank
Seven Bangladeshis among 16 officials of National Bank of Pakistan (NBP) have been sued for alleged embezzlement of $185 million at its Dhaka branch. The accused include- former NBP president Syed Ali Raza, General Manager Bangladesh Waseem Khan, Imran Butt, Zubair Ahmed, Tahir Yaqoob, Imran Butt, Ibrar Beg, Imran Ghani and Bangladeshis include- Saleemullah, Pradeep and Qazi Nizam.
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