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.
Money recovery process almost stalled
Finance minister AMA Muhith on Sunday expressed dismay over the recovery efforts of the stolen reserve fund from the Bangladesh Bank’s accounts in the US Federal Reserve. ‘It has been so long’ since the BB suffered the unprecedented reserve heist, he told reporters at his secretariat office. The fund recovery process is almost stalled after Philippines returned only $15 million. Muhith said he did not think about any new step for recovering rest of the fund from Philippines. He, however, said they sought opinions from BB for possible new steps in this connection.
A fourth of Sonali's loans soured
Sonali Bank's woes are showing no signs of respite, with the latest data showing that more than one-fourth of its total loans have become default -- a development that is causing anxiety to both the finance minister and the central bank governor. At the close of 2016, the country's second largest bank's default loans stood at Tk 10,247 crore against the total loans of Tk 38,431 crore. In other words, 26.66 percent of Sonali's loans have defaulted, up from 25 percent a year earlier. The average amount of default loans in the banking sector is 10.34 percent, whereas it is 27 percent in Sonali, said Bangladesh Bank Governor Fazle Kabir.
Productive job creation remains daunting task
The Asian Development Bank, in setting financing priorities, listed challenges facing Bangladesh in creating enough productive jobs for eradicating poverty and unlocking its development potential. Enhancing the quality of the workforce, improving the business climate, reducing the cost of doing business, and easing infrastructure constraints are among the challenges it mentioned.
Palak: ICT infrastructure unable to protect NBR from looming cyber threats
Existing ICT infrastructure is unable to protect the National Board of Revenue (NBR) from the looming threat of cyber attack, said state minister for Information and Communication Technology (ICT) Zunaid Ahmed Palak. “We need to be aware of the threats as nowadays, cyber attacks are coming up beyond the existing notion of maintaining security,” said Palak while addressing a seminar titled ‘Cyber Security of Digital NBR’ organised by NBR at its headquarters in the city on Sunday.
Bangladesh’s stocks extend losing spell
Bangladesh’s stocks extended their losing streak for the two consecutive sessions on Sunday with turnover hitting two months low as cautious investors continued their selling spree. Analysts said the weakness on the market came as most of the investors were cashing in on stocks to safeguard their position while some took position on sector specific stocks, making the market volatile. Although the market opened with a positive note and the key of the premier bourse rose 12 points within first 5 minutes, next 10 minutes, it fell sharply by 46 points at 10:45am.
Bankers seek commission waiver for small remitters
Top 20 remittance-recipient banks proposed to meet their commission on maximum US$200 inward remittance from their own CSR funds instead of deducting it from the remitter's money. Such waiver of commission on small amounts of remittance, they think, will encourage remitters to send their money home through proper channel and thus boost the slow inflow of remittances.
BGMEA asks for a single inspection agency
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) wants a single agency rather than the three at present to inspect and monitor progress in remediation of garment factories. The BGMEA has prepared a new guideline for the next phase of inspection of the apparel production units in a bid to reduce hassles and set a unified code of inspection.
Mohiuddin, Jashim in early race to become FBCCI president
Federation of Bangladesh Chambers of Commerce and Industries first vice-president Md Shafiul Islam Mohiuddin and former first vice-president Md Jashim Uddin have decided to run for the post of president of the apex trade body. Members of FBCCI have become active in recent days ahead of the elections to the trade body expected to be held in April this year. Two aspirants for the post of president have started to seek the blessings of the government to get the nomination for the top post of FBCCI, said business leaders.
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