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.
‘SWIFT is responsible for Bangladesh Bank heist’
A government committee probing the Bangladesh Bank heist has held SWIFT responsible for weakening the payment system which allowed cyber thieves to steal $81 million from the central bank’s account with the New York Fed. “Primarily, SWIFT is responsible for the incident,” Mohammed Farashuddin, the head of the three-member panel, told reporters at the BB yesterday at his first media briefing on the heist.
Govt backtracks on floating euro-pound sterling bonds
The government is going to withhold a move to introduce premium and investment bonds in euro and pound sterling as it finds the new instruments unnecessary when adequate foreign currency is in hand, officials said. Four bonds were supposed to be launched by the National Savings Directorate. Of them two are euro premium bond and euro investment bond and the rest two are pound sterling premium bond and pound sterling investment bond.
FBCCI fears political instability if new VAT law implemented
The Federation of Bangladesh Chambers of Commerce and Industry has informed Prime Minister Sheikh Hasina that the business community is in fear that there could be attempts to create political instability in the country if the new VAT law is implemented. In a letter sent to the prime minister on Saturday, the FBCCI also expressed its apprehension about an unexpected rise in prices of products and an adverse impact on small and medium entrepreneurs and traders if the Value-Added Tax and Supplementary Duty Act-2012 is implemented without bringing amendments to the new law in line with the recommendations made by of an NBR-FBCCI joint committee.
Two teams off to Russia for negotiation
Two high-profile government delegations have separately left for Russia this morning to hold negotiations on state export credit deal for the construction of Rooppur nuclear power plant’s main phase. “We are flying to Moscow to finalise the signing of a state credit deal of $11.385 billion with Russia to implement the country’s first-ever nuclear power plant project,” Science and Technology Minister Yeafesh Osman told the Dhaka Tribune yesterday.
BAB for holding board meeting in Chittagong alongside Dhaka
Members of the Bangladesh Association of Banks (BAB) have urged the central bank to allow them to hold their board meeting in the port city Chittagong alongside the capital Dhaka. The appeal was made at a meeting with senior officials of the Bangladesh Bank (BB) at the central bank headquarters in Dhaka on Sunday with BB Governor Fazle Kabir in the chair.
Bangladesh’s DSE turnover hits 6-month low
Bangladesh’s stocks extended their losing spell for the three consecutive sessions on Sunday with turnover hitting six months low on the premier bourse, as ongoing pessimism kept investors mostly inactive. Both the Dhaka Stock Exchange (DSE), the prime bourse of Bangladesh, and Chittagong Stock Exchange (CSE), the port city bourse of the country, started with a negative note which sustained till end of the session amid choppy trading.
JS body asks BB to submit names of Bangladeshis in next meeting
The parliamentary standing committee on the finance ministry asked Sunday the Bangladesh Bank (BB) to submit the names of Bangladeshis found on the list of Panama Papers documents in its next meeting. The central bank, however, informed the JS body that it has been investigating the matter. Committee chairman Abdur Razzak, MP told the media after the 15th meeting held at the parliament building.
Garment factory reforms halfway through
About 56.6 percent of the recommended remediation works have been completed by the member garment factories of Accord, a platform of 210 mostly Europe-based retailers. The engineers and experts of the Accord found more than 84,000 electrical, fire and structural faults in the 1,550 garment factories during their preliminary inspection, which ended in September 2014. Fire and electrical faults were the most common.