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.
Finance Division worried about budget deficit
Finance Division officials have expressed concerns over meeting the deficit in the current budget at the beginning of the fiscal year, citing the unimplemented VAT law. Even Finance Minister AMA Muhith is not immune from worry, as he has also expressed doubts about meeting the ambitious budget targets without the implementation of the 2012 VAT Act. The minister has sought a work plan from the National Board of Revenue (NBR) to find ways to meet the deficit.
Investigation goes slow as CID waits for replies from foreign countries
Investigations into the cyber-theft of $101 million from Bangladesh Bank Forex reserve in February 2016 is going slow as Criminal Investigation Department was waiting for the replies from foreign countries to the letters sent to them. ‘We are waiting for the replies to start the next course of action,’ said CID spokesperson and organised crimes special superintendent Mollah Nazrul Islam when asked about the updates over the investigation.
Changes in bank law on cards
The finance ministry has moved to make changes to the Banking Companies Act 1991 that would strengthen the grip of families on private banks. The amendment proposed to increase the tenure of the board of directors of a private bank from six years to nine years and accommodate four members of a family instead of two in the board. Finance Minister AMA Muhith, who signed off the proposal on Wednesday, believes the amendment would bring in dynamism to the sector and help new banks to operate properly.
Bankers facing corruption charges not to be selected for promotion
Finance minister AMA Muhith has directed the Financial Institutions Division not to select any bankers facing corruption cases for promotion. He gave the directive after the FID placed a list of 11 deputy managing directors, aspirant for the posts of managing director at three state-owned specialised banks.
DSEX crosses 5,900-mark on buying spree
Bangladesh’s stocks rebounded strongly on Sunday, after single-session break, with key index of the major bourse hitting record high as optimistic investors showed their buying appetite on sector-wise large-cap stocks. Following the previous week’s upward trend, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened positive in early trading amid rising trading activities.
Corruption key barrier to FDI in Bangladesh
The Office of the United States Trade Representative has said corruption, bureaucratic inefficiencies and lack of transparency are the major impediment to attracting foreign direct investment in Bangladesh. In a recent report titled ‘2017 National Trade Estimate Report on Foreign Trade Barriers’, the USTR identified extortion of money from businesses by individuals claiming political backing as another barrier to trade and investment in Bangladesh.
Apparel exports to US drop
Garment shipment to the US, the country’s single largest export destination, declined 7.47 percent year-on-year to $5.2 billion in 2016-17 largely because of higher duty, longer lead-time, and lower prices. Apparel exporters also blamed the appreciation of the local currency against the American greenback, less imports by US retailers and inefficient port operations in Bangladesh, for the fall in garment exports.
NBR finds it difficult to determine which dept to probe
The National Board of Revenue is facing legal complexity in determining the investigating authority for the money laundering cases after transferring the power to its Central Intelligence Cell. In June, the revenue board in an order instructed its field offices of customs, value-added tax and income tax to transfer the money laundering cases to the CIC saying that the cell would investigate the cases as the investigating authority.