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.
Final talks on $4.5b new Indian credit start today
Bangladesh and India are set to start the final round of negotiations for the neighbouring country’s latest commitment of $4.5 billion line of credit in Dhaka today. The negotiations will include representatives from the Indian side, officials of the Economic Relations Division and the concerned ministry, said a finance ministry official.
VAT rules now up for amendment
With a new law put on the backburner, government’s revenue authority decided to amend the existing value-added tax (VAT) rules to digitise the taxing. Sources said under the amended rules, the revenue board would carry out digitisation of the system and continue with the VAT Online Project (VoP).
Ilish production boom encourages export to India
The abundant catch of Ilish this season has pushed the Fishery Ministry to consider withdrawal of the ban and export on the item, especially neighbouring India. An official of the Department of Fisheries (DOF) said: “We have high hopes that the Ilish fish production is going to reach 5.5 lakh metric ton.”
LPG market booming without regulations
Consumption of liquefied petroleum gas in the country has been increasing at a faster pace since 2013 with growing allegations of charging higher prices and supplying the cooking gas without maintaining quality and quantity. Ban on providing new gas connections to households since 2013, price fall and rise of consciousness among eligible people about hazardous arrangements of daily cooking are the major reasons for the booming market, said officials.
Bangladesh’s stocks extend losing spell for third day
Bangladesh’s stocks extended the losing streak for the third running sessions on Sunday as cautious investors continued on a selling binge. Analysts said the market remained on losing streak as risk-averse investors sold shares to book profit on stocks that saw substantial gain in the past few weeks, taking the market in the red zone.
Jute millers fearful of plastic packaging of rice
Jute millers and traders are apprehensive that permitting use of plastic instead of the natural fibre in rice packaging would hurt farmers and affect the jute sector’s revival. The worries surfaced after the agriculture, commerce and food ministers at a meeting last week promised rice millers that the government would relax the provision of mandatory packaging of rice with pricey jute bags to curb the price spiral of the staple food.
DCCI opposes move to raise power tariff
The Dhaka Chamber of Commerce and Industry on Sunday opposed the latest move of the government to increase the tariff of electricity saying that the proposed hike would slowdown country’s economic growth. ‘Against the claim of tariff hike to offset the loss incurred by the Bangladesh Power Development Board, the [electricity] prices at industrial level and commercial consumers’ level is around 180 per cent higher than the generation cost, which does not justify proposed tariff hike at consumers’ level,’ the DCCI said in a release.
Export incentives beyond RMG for newer markets on the anvil
The government moves to offer cash subsidy on some more products in the new-market- expansion category to encourage businesses to expand country’s export trade. Presently, only apparel items enjoy the facility.