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 earnings from DSE soar 174 per cent in Q1
The government revenue earnings from the Dhaka bourse marked a 174 per cent rise in first quarter (Q1) for July-September period of the current fiscal year compared to the same quarter a year ago as trading volume was on the rise. Market insiders said the government earnings from the premier bourse jumped as trading volume increased substantially in the first three months of the FY 2017-18, which helped higher tax collection, as earnings is related to trading volume.
Seven banks fined for violating stock market rules
The central bank of Bangladesh has fined seven commercial banks for their recent share-market activities by violating the existing rules and regulations, officials said. “We’ve imposed the fines with substantial amount of money on the banks for violating the rules of the existing Banking Companies Act and the central bank’s instructions on share-market investment,” a senior official of the Bangladesh Bank (BB) told BBN while confirming the news.
Trade deficit soars by 245pc in July-Aug
The country’s trade deficit skyrocketed by 245 per cent to $1.8 billion in July-August of the current fiscal year 2017-2018 compared with that of $525 million in the same period of the last fiscal year due to mainly higher growth in import payments. Import payments grew by 34 per cent in the first two months of the current fiscal year while export earnings increased by only 14.57 per cent in the period, according to the Bangladesh Bank data released on Sunday.
Engage local firms to study impact of new VAT law
Businesses and economists yesterday suggested that the revenue authority engage local research firms to carry out an independent study on the new VAT law's impact on various trade and industrial sectors after it comes into effect. “We want an independent study to know the impact. It should not favour the business community. It should not favour non-compliant firms,” Md Shafiul Islam Mohiuddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, told a meeting at the Institution of Diploma Engineers, Bangladesh .
Bangladesh’s export earnings grow by 7.23% in Q1
Bangladesh’s export earnings grew by 7.23 per cent in the first quarter of the ongoing fiscal year (FY) 2017-18 compared to same period of the previous fiscal. The overall export earnings rose to US$8.66 billion in the July-September period of the FY 18 from $8.08 billion in the same period of the FY 17, the state-run Export Promotion Bureau (EPB)’s latest data showed.
29 more factories complete CAP of Alliance for Bangladesh Worker Safety
The Alliance for Bangladesh Worker Safety has announced that 29 alliance-affiliated factories completed all material components outlined in its Corrective Action Plans (CAPs) in September. The number of companies in the alliance, who completed all material components of CAPs, has been pushed up to 195 in the third quarter of the year, a press release read on Sunday.
Bureaucratic tangles, unpredictable tax policy constraints for attracting FDI
Business leaders and top executives of multinational companies on Sunday said that bureaucratic tangles, unpredictable tax policy, poor infrastructure and shortage of power and gas were the constraints for attracting foreign direct investment in Bangladesh. At the 3rd Joint Chamber Meet-Up organised by Canada-Bangladesh Chamber of Commerce and Industry and Bangladesh Investment Development Authority at the Four Points Hotel in capital Dhaka, businesses said that good governance and business-friendly public service were also crucial for trade and investment.
BDF meet set for January next
Bangladesh Development Forum (BDF), a common platform of the government and development partners, is set to meet in January next year after a gap of more than two years. Prime Minister Sheikh Hasina is expected to inaugurate the two-day event scheduled on January 17 and 18 at the Pan Pacific Sonargaon Hotel in the capital, top government officials said.
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