Tuesday’s morning business round up of Bangladesh

Last updated: April 11, 2017
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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.

$10b business deals signed
With Prime Minister Sheikh Hasina wrapping up her India visit yesterday, government agencies and private companies of the two countries signed 13 more agreements and memoranda of understanding to further deepen bilateral economic partnership. The deals involving around $10 billion cover the power, energy, logistics, education and medical sectors. The documents of the deals were exchanged at a meeting of India-Bangladesh Business Forum at New Delhi's Taj Palace Hotel in presence of Hasina and Dharmendra Pradhan, Indian minister of state for petroleum and natural gas.

Govt may finalise Tk390,771cr as FY18 budget outlay
Finance Division is preparing next fiscal year’s budget outlay keeping the figure at Tk3,90,771 crore which is 14.73% higher than the current budget, official sources said. The size of the current fiscal year’s budget is Tk3,40,605 crore. “We are preparing the next budget. The figure will not cross Tk4,00,000 crore,” said a Finance Division official involved with the budget preparation. Development projects could be above Tk1,31,000 crore, he said.

Industrial NPLs swell further in H1 of FY'17
Banks' classified loans to the country's industrial sector swelled by over 24 per cent or Tk 48.17 billion to Tk 245.63 billion in the first half (H1) of the current fiscal, compared to that of the corresponding period of the previous fiscal. Officials said such climb in the amount of dud loans was taking place despite close monitoring by the central bank to stem the tide.

Govt may launch provident fund for informal sector workers in May
The government is likely to introduce provident fund for the informal sector labourers across the country, who have limited legal scope to organise to protect their rights, by May this year.The labour ministry has already finalised Informal Sector Workers’ Provident Fund Rules-2017 for the scheme aimed at ensuring economic and social security of the workers. The ministry is expected to launch the provident fund programme for the informal sector workers by the end of this month or early May in presence of prime minister Sheikh Hasina.

Bangladesh’s stocks down for 4th day
Bangladesh’s stocks extended the losing streak for the four consecutive sessions on Monday as risk-averse investors continued their selling binge on sector specific large-cap stocks. Following the previous week’s correction, the key index of the country’s prime bourse advanced 6.59 points while the Selective Category Index of port city bourse gained 2.93 points at 10:45am.

Rice prices rise on flash floods
Rice prices edged up as large millers are cashing in on crop losses, caused by the recent flash floods in the greater Sylhet region, amid depleting stocks from previous harvests and low imports, said traders. In Dhaka, retail prices of coarse rice such as the swarna variety rose to a new level of Tk 40-42 a kilogram now, up 6.49 percent from Tk 37-40 a week ago.

Tanners' 15-day ultimatum for all utilities at Savar Estate
Owners of tanneries Monday issued a 15-day ultimatum to the government to ensure all utility connections in Savar Tannery Estate or else restore the same to the old site at Hazaribagh. They also threatened to lay siege to the Bangladesh Small and Cottage Industries Corporation (BSCIC) if utility connections to Savar Tannery Industrial Estate are not provided within the next 15 days as per a High Court order.

Govt house loan ceiling Tk1cr
The government has doubled its house loan ceiling to Tk1 crore from Tk50 lakh now as construction costs surged in recent years. Finance minister AMA Muhith gave its consent to a proposal of Bangladesh House Building Finance Corporation about the doubling of the loan ceiling. The interest rates of the loan for Dhaka and Chittagong areas have also been reduced to 9.5%-8.5% from existing 10%-12%. The BHBFC proposed to lower the interest rates to make it competitive in the market. BHBFC will issue a circular in this regard.

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