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.
Forex reserves may come under strain
Bangladesh's external sector is set to pass through turbulence in 2018 given the anticipated surge in food import, petroleum price in the international market and private sector foreign loans, and election-focused expansionary fiscal policy. Foreign reserves may deplete further and the taka may continue its slide against the US dollar.
Bangladesh’s private banks’ operating profits soar in 2017
The operating profits of the country’s private commercial banks (PCBs) witnessed a remarkable growth in the just-concluded calendar year –2017, mainly due to high credit growth to the private sector. Most of the PCBs saw the profit in 2017 riding on higher import payments, enhanced credit flow to the private sector, and significant return from their capital market investments, according to bankers.
DSE urges BSEC to amend rules to extend trading hours
The Dhaka Stock Exchange has requested the Bangladesh Securities and Exchange Commission to amend the trading-related regulations for extending the share trading hours at the bourse by 30 minutes. The country’s premier bourse made the request after its board at a recent meeting adopted a proposal in this regard.
37 listed cos fail to declare dividend
A total of 37 listed companies failed to declare any dividend for shareholders for the year that ended on June 30, 2017 and December 31, 2016 due to their low income, according to data from the Dhaka Stock Exchange (DSE). However, share prices of many of them soared more than double year-on-year in 2017 despite having no dividend declaration and no price sensitive information or expansion plans. Only 10 companies' share prices declined during the year.
Five giants account for 82% of unpaid VAT
Five of the biggest companies in Bangladesh, including three telecom giants, are allegedly responsible for 82% of VAT due to large taxpayer units (LTU) of the National Board of Revenue. The NBR identified Petrobangla (Bangladesh Oil, Gas & Mineral Corporation), Grameenphone, Robi, British American Tobacco Bangladesh (BATB) and Banglalink for an overdue payment of around Tk29,000 crore in VAT, as of December 24.
Farmers Bank: Muhith blames entrepreneurs for debacle
Finance Minister AMA Muhith has held the entrepreneurs responsible for the Farmers Bank debacle and advised Bangladesh Bank to merge the bank with other banks. “The entrepreneurs have destroyed the Farmers Bank. It is my impression,” Muhith said to a reporter at his secretariat office yesterday. He said, “I think, for the Farmers Bank, the best solution is a merger with another bank.
VAT evasion: 40 companies under LTU scanner
The large taxpayers unit for Value added Tax (LTU-VAT) under the National Board of Revenue (NBR) has started its audit on 40 companies, to track down firms that are involved in tax evasion. NBR officials confirmed the matter to the Dhaka Tribune Sources at the revenue board added that the 40 companies, which are being audited, are comprised of multinational companies, private banks, pharmaceutical companies, gas fields and several government organizations.
Maybe a bellwether of better day
People in Bangladesh hope the year 2018 appears today (Monday) as the bellwether of changes for the better despite risks ahead and uncertainties, especially in the banking sector, in the background. This happens to be the election year here as the polls have to take place sometime early January 2019 or before as per the current constitutional provision. Usually, an election year poses a number of threats and uncertainties in investment and day-to-day life.
BBN/SSR/AD