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.
Govt to speed up ADP efforts
Both the finance and planning ministries will get down to monitoring the development budget from the first month of fiscal 2016-17 after disappointing implementation this year. In the first ten months of the fiscal year, the implementation of the annual development programme has been the lowest in five years.
Job creation hits over a decade low
Job creation in the private sector slumped to over a decade low due to steep fall in private sector projects registered with the Board of Investment (BoI), according to the latest data of Bangladesh Economic Survey (BES). The number of new employment generated from the projects registered with (BoI) dropped to 1,46,353 as of February of the current fiscal year (FY) 2015-16, a sharpest fall against 2,26,411 generated in FY2014-15 and lowest since FY2001-02, according to the available data.
NBR provides legal backing to transit fee
The government has proposed incorporation of a new provision into the customs act to give legal backing to the money to be realised as ‘cost’ for transiting goods and vehicles through Bangladesh. The National Board of Revenue (NBR) has included the provision titled ‘cost of transit’ in the Finance Bill 2016.
BB to set farm loan target at Tk 17,500cr for FY17
Bangladesh Bank is likely to set the farm loan disbursement target for banks at Tk 17,500 crore for the upcoming fiscal year 2016-17, said officials of the central bank. The probable loan disbursement target is 6.70 per cent higher than that of the current FY16. The BB had set annual farm loan disbursement target at Tk 16,400 crore for FY16, Tk 15,550 crore for FY15, Tk 14,595 crore for FY14, Tk 14,130 crore for FY13 and Tk 13,800 crore for FY12.
Bangladesh’s stocks end lower
Bangladesh’s stocks closed lower on Sunday, the first trading session after budget announcement for the fiscal year 2016-17, as investors reacted negatively on the proposed budget. Finance Minister AMA Muhith unveiled the national budget for the fiscal year (FY) 2016-17 at the Jatiya Sangsad (JS) on Thursday. The Finance Minister proposed to waive small investors from the income tax charged on margin loans and interest up to BDT 1.0 million for the FY 2016-17, keeping the existing provisions unchanged.
Loss Tk 1,800cr a year, at least
The first ever attack of wheat blast in Bangladesh cost the country a financial loss of at least Tk 1,800 crore in terms of lost yield this year. Caused by a fungus — Magnaporthe oryzae — wheat blast is one of the most fearsome and intractable wheat diseases in recent decades, according to the International Maize and Wheat Research Center (CIMMYT).
Dhaka to join IDB’s move to set up Islamic Infrastructure Bank
Bangladesh wants to join the initiative of the Islamic Development Bank (IDB) to set up an Islamic Infrastructure Bank. The new move is aiming to provide funds to Muslim countries for implementing their mega infrastructural projects.
DSE, CSE unhappy over proposed budget
The country’s two bourses—Dhaka Stock Exchange and Chittagong Stock Exchange—were unhappy with the proposed new budget that failed to meet their demands fully. “Our demand was not taken into account fully,” said DSE Director Shakil Rizvi while giving formal reaction to the budget on the DSE premises yesterday.