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.
Global apparel retailers keen to see security steps in Bangladesh
The recent Gulshan attack has concerned global retailers and brands of the apparel products who are now keen to see what measures have been taken to ensure security during their visit to Bangladesh, sector insiders say. Instead, some buyers have asked the manufacturers to meet them in the third country in the wake of security concern for negotiating business deals and placing orders.
Bangladesh once again left out of GSP
Bangladesh has once again been left out of the American list of beneficiary countries for trade privileges from the US on grounds of poor labour rights. The list of beneficiaries for the Generalised System of Preferences scheme was updated last month by the United States Trade Representative, the chief trade negotiation body for the US government.
MNCs’ transaction scrutiny soon to plug revenue leaks
Government’s tax authority starts scrutiny of the statements of international transactions (SITs) of the multinational companies (MNCs) this month as a step to plug revenue leaks, officials said. The cross-check of the multinationals’ international transactions will be done to formally enforce the transfer-pricing law meant for preventing deliberate mispricing done by MNCs to enjoy lower tax incidence.
Credit ceiling increased for problematic Janata, Rupali banks
Bangladesh Bank has increased the credit ceiling for two state-owned commercial banks — Janata and Rupali — for 2016 keeping unchanged the ceiling for other two SCBs – Sonali and Agrani. The BB increased the credit ceiling as the two banks claimed that their advance-deposit ratio decreased significantly last year and operating cost would fuel up due to the 8th national pay scale, a central bank official told New Age on Sunday.
Govt bank borrowing set to rise in July
The government is set to borrow significantly high amounts from banks in July for adjusting higher expenditure in June and part financing of its budget deficit for the current fiscal. Officials said the borrowings from the banking system could run up to Tk 123.50 billion, according to the auction calendar released by Bangladesh Bank (BB) Sunday for the current month.
Remittances hurt by falling oil prices
Remittances fell 4.78 percent year-on-year to $14.59 billion in the just concluded fiscal year as weak oil prices continue to bleed countries hosting the majority of Bangladeshi migrant workers. This was the sixth time remittances, Bangladesh’s most reliable source of foreign funding, went negative since 1975-76, according to Bangladesh Economic Review.
Bangladesh’s stocks fall slightly after Eid vacation
Bangladesh’s stocks ended marginally lower on Sunday with turnover dipping below the 3.0 billion mark, the first trading session after nine-day Eid vacation. The market opened with a steep decline and key index of the premier bourse plunged 65 points within first 30 minutes of trading as investors reacted to the recent terror attracts in Gulshan and Sholakia. However, it recovered most of the early losses as the session progressed, eventually ended marginally lower.
50 cargo ships stuck at Ctg port
About 50 cargo ships got stuck at Chittagong port as hangover from Eid holiday crippled the operation at the port. Of them, 20 container ships and 8 general cargo loaded vessels were floating at the outer anchorage in a long queue for the past one week to enter the port jetties, port and shipping officials said.