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.
Loans historically cheap, but not many takers
Loans in many categories have now come down to a historical low of single digits, playing into businesses’ hands — and yet the demand for credit and investment is not picking up. Be it term loan, corporate loan, home loan or working capital, all can be availed by a good client within single digit interest rate.
Govt reaffirms GDP growth up at 7.2pc
The government reaffirms its projection of real gross domestic product (GDP) growth at 7.2 per cent in the current fiscal year. Earlier, the World Bank (WB) projected the growth to be 6.81 per cent in early October this year. Officials said the government side remained upbeat on the projected growth as it sees many growth-pulling sectors performing well in line with the annual economic growth target.
Taka weakening against dollar on import rise, poor remittance
The US dollar has appreciated against Bangladeshi currency taka over the last few weeks as the country’s import demand picked up remarkably in the first quarter of the current fiscal year 2016-17 and at the same time the inflow of inward remittances decreased. Bangladesh Bank data showed that the dollar had almost appreciated every day in the banking channel since the last week of October as it was quoted (buy-sales) at Tk 78.57–Tk 78.58 on November 16, up from Tk 78.40–Tk 78.42 on October 27 this year.
No response to loan rescheduling call
Bangladesh Bank has not responded to the demand of a special facility from 42 large companies in rescheduling loans as they claimed their business incurred losses due to political unrest in 2014, said officials concerned. In January 2015, a number of 15 big groups who have more than Tk500 crore loans in default enjoyed the facility getting their loans rescheduled. A total amount of Tk16,410 crore loans were rescheduled at that time.
Bangladesh’s stocks extend gaining spell for third week
Bangladesh’s stocks extended their gaining spell for the third straight weeks that ended on Thursday as several earnings disclosure attracted investors to take position. Market insiders said the investors’ sentiment regarding the market stayed positive amid earnings declaration resulted in an upbeat session for last three consecutive session of the week.
Research recommends regulatory bank, policy rates reduction
A research on finances suggests reducing the regulatory bank rate to around 4.0 per cent from 5.0 per cent to remove a market mismatch. Such disharmony, the central bank researchers say, casts cascading decelerating impacts on the national economy at large.
DSE Brokers Association polls today
The first elections of the Dhaka Stock Exchange Brokers Association of Bangladesh will be held today to elect 15 directors for the newly-formed organisation. All the 250 member-brokers of the DSE will be eligible for voting to fulfil the director posts out of 19 candidates.
World cotton stocks may fall by 7% in 2016/17
World cotton ending stocks are forecast to decrease further by 7.0 per cent to 17.8 million tons at the end of 2016/17 as China continues to reduce its stocks. Ending stocks in China, where much of the excess stocks are held, decreased by 13 per cent to 11.3 million tons as the Chinese government sold over two million tons from its official reserves from May through September 2016, according to the International Cotton Advisory Committee (ICAC)’s latest projection.