Dhaka, Bangladesh (MLB)- The Bangladesh Business News (BBN) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
ADB further cuts BD GDP growth projection to 5.6pc: The Asian Development Bank (ADB) has further cut Bangladesh's economic growth projection to 5.6 per cent taking the declining remittance inflow and the possible downtrend in export earnings in the months to come into consideration. Earlier in October last year, the Manila-based lender in its Asian Development Outlook (ADO) 2013 Update said that Bangladesh's gross domestic product (GDP) would expand at the rate of 5.8 per cent in the current financial year 2013-14 to July next. "Domestic demand was depressed in the first half of the year, because the prolonged political unrest ahead of parliamentary elections in January 2014 dented consumer and investor confidence," said the ADB's ADO 2014, released Tuesday across the globe.
WB commits a record 2.7b: The World Bank has made commitments of funds of around $2.7 billion, a record amount in a fiscal year, to Bangladesh for its success in reducing poverty and improvements in education and health sectors. The previous highest commitment was $2.1 billion, made for fiscal year 2010-2011, but the $1.2 billion WB fund for Padma bridge was later cancelled over graft allegations. “I am proud to say for the first time in 20 years we have been able to commit all of IDA [International Development Assistance] allocations this fiscal year,” WB Vice-president Philippe Le Houérou told reporters yesterday after a meeting with Finance Minister AMA Muhith.
Bank interest rate spread crosses 5.0% again in Bangladesh: The interest rate spread in the banking sector crossed 5.0 percent further in February last as the interest rate on deposit cut while the same on advances increased slightly, bankers said on Tuesday.The weighted average spread between lending and deposit rates offered by the commercial banks rose to 5.06 percent in February from 4.99 per cent in the previous month. It was 5.06 percent in December last year.The weighted average rate on lending stood at 13.40 per cent in February, while the average interest rate on deposits in the same month was at 8.34 per cent, according to the central bank statistics. In January last, the average lending rate was on 13.39 per cent and average deposit rate 8.40 per cent.
BB blocks Rupali's Tk 284cr: The central bank finally blocked Tk 284 crore from Rupali Bank's account as penalty, as the latter failed to arrest its high loan growth last year. Bangladesh Bank yesterday in a letter informed Rupali's managing director that the amount will remain blocked until further notice. Rupali's year-on-year loan growth stood at 13.98 percent on December 31, 2013, way above the 10 percent ceiling set by Bangladesh Bank in an agreement with the bank in September last year. On March 10, the banking regulator directed Rupali to deposit the amount it lent crossing the ceiling—to a blocked account as penalty.
Malaysia to recruit 1.5 lakh farm labourers from Bangladesh: Malaysia has expressed its interest to recruit 1.5 lakh farm labourers from Bangladesh.Visiting Malaysian Home Minister Dr Ahmed Zahid Hamidi said this when he called on Prime Minister Sheikh Hasina at her office in the capital Dhaka on Tuesday morning. After the meeting, PM's Special Assistant Mahbubul Hoque Shakil briefed reporters.At the meeting, the Malaysian home minister informed Sheikh Hasina that his government has started the process for legalizing the Bangladesh workers staying in Malaysia. The prime minister urged the Malaysian government to recruit more Bangladeshi workers at government-to-government level.
Govt to form ADR council for RMG sector this month: The government has decided in principle to form an alternative dispute resolution (ADR) council to deal with various problems in the RMG sector. The council will be formed by this month, Commerce Minister Tofail Ahmed said Tuesday. He said this while talking to the media after holding a view-exchange meeting with US ambassador to Bangladesh Dan W Mozena at the ministry. Mahbub Ahmed, secretary of the ministry of commerce, attended the meeting.
Visa on arrival for Omanis now in Bangladesh: Bangladesh has started offering visas on arrival to Omanis in order to boost bilateral ties between the two countries, said a senior official of the Bangladesh Embassy in Muscat, reports Times of Oman. Speaking to the Times of Oman, Bangladesh Ambassador to Oman, Sheikh Sekander Ali, said the facility would benefit more than 1,100 Omanis who visit Bangladesh annually for tourism, business, recruitment of workers, and to attend a religious congregation. "Citizens will get one month visas at Bangladesh airports by paying the visa fee of OMR12 or equivalent (amount in) dollars," he said.
BBN/SSR/AD-02Apr14-8:43 am (BST)
