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.
State sugar mills get Tk 809cr lifeline
The government is set to spend Tk 809 crore to establish distilleries, cogeneration and biogas plants in two sugar mills with the view to turning the loss-making entities into profitable ones, said officials of state-run Bangladesh Sugar and Food Industries Corporation. The plants are: Thakurgaon Sugar Mills and North Bengal Sugar Mills in Natore.
Govt borrows less from banks as people rush for savings tools
Government borrowings from internal and external sources increased by nearly 26 per cent to Tk 205.26 billion, as on November 22, for financing overall budget deficit, officials said. Net borrowing from the domestic sources like banking system and national savings schemes increased to Tk 174.80 billion until November 22 of the ongoing financial year (FY) from Tk 143.57 billion in the corresponding period of last fiscal.
Bangladesh’s closed apparel factories reopen Monday
The apparel factories which were closed down due to labour unrest at Ashulia on the outskirts of the capital Dhaka will reopen on Monday, garment factory owners said. “We’ve urged the owners of the closed factories to withdraw the action taken under 13 (1) provision of the labour law and reopen their factories on Monday following the Prime Minister’s instruction and request from 30 labour-right groups,” Md Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said at a press conference at its headquarters in Dhaka Sunday evening.
Mercantile Bank chairman, NRBC collude in huge loan, share scams
Mercantile Bank chairman Shahidul Ahsan and NRB Commercial Bank colluded in huge irregularities like loan scam and illegal shareholding in ‘fake names’, according to a Bangladesh Bank investigation. NRB Commercial Bank sanctioned Tk 301 crore to Ahsan violating the rules and regulations. NRBC Bank violated the single borrower exposure limit to sanction the loans in favour of Ahsan’s business organisations as it approved 56 per cent credit limit amounting to Tk 301 crore against its capital of Tk 540 crore.
Bangladesh’s stocks stay upbeat for eighth straight week
Bangladesh’s stocks extended their winning spell for the eighth week in a row that ended on Thursday as optimistic investors remained active in the market amid growing confidence. The week witnessed five trading sessions as usual against previous week’s four. Of them, three sessions closed higher, while two saw mild correction. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 31.01 points or 0.63 percent to finish at nearly two years’ high at 4,956.73 points, which was the highest level of DSEX since January 13, 2015, when DSEX was 4,969.73.
BIDA takes up 5-year plan to improve doing business climate
The Bangladesh Investment Development Authority has set a five-year plan to improve the environment of doing business and make it easier for investors, officials have said. They have told New Age recently that the BIDA, the country’s sole investment promotion authorities, has set a target of uplifting the global ranking in the ‘Ease of Doing Business Index’ within 99th position or below by 2021 from the current 176th position through improvement of regulatory environment and solving other complexities in doing business.
Japan to continue aid to metro rail project
Breaking the stalemate after the Holey Artisan incident, Japan has come forward to support the government in implementing another metro rail project. Officials said a fact-finding mission of Japan International Cooperation Agency (JICA), during its visit to Dhaka last month, gave Bangladesh hints of giving loan for implementing the mass rapid transit line-1 (MRT-1) project.
Bangladesh’s banks CRAR fall further
The capital base of Bangladesh’s banks weakened further in the third quarter (Q3) of this calendar year following rising trend of non-performing loans (NPLs) continues, officials said. The overall capital-to-risk weighted assets ratio (CRAR) of all the banks operating in Bangladesh came down to 10.31 per cent in Q3 from 10.34 per cent in Q2, according to the central bank latest statistics. The CRAR was 10.62 per cent in Q1 of 2016.