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.
Fresh gas tariff hike on cards
The Bangladesh Energy Regulatory Commission would hold an eight-day public hearing from August 7 on gas utilities’ demand for raising tariff for the consumers. On September 1, 2015, gas tariffs were raised by 26.29 per cent. BERC at a meeting Sunday took the decision to hold the public hearings following gas utilities proposal to raise the tariffs, commission’s director AKM Monowar Hossain Akhand told New Age.
Monetary policy to focus on growth momentum
The central bank is set to announce the new monetary policy next week that will aim to maintain the private sector credit growth momentum. The objective of the forthcoming monetary policy is to keep pace with the government’s budgetary target of higher growth and lower inflation, said an official of the Bangladesh Bank. Economists are on board with the central bank’s stance to maintain the credit growth momentum, adding that the next monetary policy is most likely to be on the expansionary side.
BB for risk management policy in MPS
Bangladesh Bank will take risk management policy to fight the negative impact of militant activities as the country has already started feeling the economic pinch due to a spate of terrorist attacks in recent times. The central bank is likely to announce its Monetary Policy Statement (MPS) for June-December period of FY’17 on July 21. This is the first policy statement after Fazle Kabir joined BB as the governor in March this year.
Govt finally offers 90pc depreciation facility
The government has finally offered 90 per cent depreciation facility to the reconditioned car importers to release hundreds of cars long stuck-up at the Mongla seaport. Officials said the customs wing of the National Board of Revenue (NBR) offered the facility with an order issued Sunday, instructing the car importers to take delivery of the cars from the port within next four months.
Bangladesh’s stocks edge higher for second day
Bangladesh’s stocks edged higher on Sunday, for the two consecutive sessions amid volatile trading, as the major sectors performed mixed ahead of corporate declarations. The market opened positive note and mid-session went into red, but last hour buying spree helped the market ended in green territory. At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), finished at 4,558.94, advancing 4.20 points or 0.09 percent.
BB general manager arrested
The Anti-Corruption Commission yesterday arrested a general manager of Bangladesh Bank in a case filed in connection with misappropriation of Tk 325 crore of AB Bank between 2011 and 2013 when he was a deputy managing director of the private bank. Though the Chittagong-based Rising Steel Mills (RSM) Ltd had failed to reimburse a large amount of debt, the then DMD of AB Bank Badrul Haque Khan and the then general manager of the bank’s principal branch M Fazlur Rahman continued to disburse loans to the company against insufficient security money.
NBR tightens customs agents’ licensing rules
The National Board of Revenue has formulated a new Customs Agents Licensing Rules-2016 tightening the provisions for awarding the licences in a bid to bring discipline in the sector to facilitate international trade. The rules also reduced the percentage of share of foreigners in a joint venture company to 40 per cent from the existing 49 per cent as criteria for getting the licence under joint venture initiative to promote the domestic companies.
Spl textile makers seek cheaper credit, VAT cut
Leaders of the country’s specialised textile mills and power-loom industries Sunday sought the policy support including setting up modern machinery, cheaper bank loan and reduction of 15 per cent VAT to help the smaller units survive. Other demands included encouraging garment exporters to use locally-produced fabrics, stopping import of unnecessary foreign fabrics and entry of fabrics imported under bonded-warehouse facility and setting up a textile park and other measures to revive the once-declared thrust sector.