Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Subsidy to be trimmed in next budget
The government is set to cut subsidy by 5.5 percent in fiscal 2015-16 from the current year, as it looks to reduce fuel subsidy amid depressed global oil prices. Some Tk 24,609 crore has been earmarked for subsidy in the draft in contrast to Tk 26,053 crore in the current fiscal year’s original budget, which was later revised up to Tk 27,400 crore. But the share of power subsidy looks set to rise, as more electricity has to be purchased from quick rental plants.
DSE trading resumes after nearly 4hrs
Trading at the Dhaka Stock Exchange (DSE) resumed after three hours and 50 minutes of suspension due to technical glitches on Sunday. The DSE authorities decided to continue the trading till 4:00pm Sunday due to the disruption, Shafiqur Rahman, DSE general manager (DGM) of PR Department, told the BBN.
The trading at the prime bourse of Bangladesh usually begins at 10:30am and continues till 2:30 in every working day. However, instruments on SPOT trading cycle will be tradable till 2:30pm to facilitate financial settlement within banking hour, the DSE official added.
No visible impact of untaxed money legalisation
The scope for legalising undisclosed money through investments in income-generating sectors and flat purchase has hardly impacted the sectors and overall economy in the current 2014-2015 financial year, National Board Revenue officials and industry insiders said.
The people concerned invested very little amount of the untaxed money spoiling the purposes of the provision, they said. The revenue board offered the scope, in various forms, for legalising untaxed money in expecting that the provision could draw untaxed money into the mainstream economy and boost revenue collection, but no such thing happened, board officials said.
Demand for greenback up significantly
The exchange rate of US dollar against the local currency in the open market, known as kerb market, increased recently ahead of the holy Ramadan, traders said. The US currency reached its maximum rate at Tk 80.00 Sunday as the demand for the greenback increased significantly to meet higher requirement of a section of traders, who normally bring different luxurious items from different countries, they added. They also said the rate of US dollar normally increases in the kerb markets when substantial illegal transactions like smuggling and under- and over-invoicing take place.
Businesses seek cash incentives on export earnings
Finance Minister AMA Muhith said Sunday his government was willing to consider various demands placed by different trade bodies in the next budget. The minister met several groups of businessmen at his secretariat office as part of regular pre-budget discussions where they requested the government to take steps to help flourish their sectors. Responding to their requests for providing cash incentives to help promote the sectors, Mr Muhith said the issue was under the review of the government. “Businessmen will come to know about it after the budget is announced.”
Matlub set to become FBCCI president
Chairman Abdul Matlub Ahmad looks all set to become the next president of the Federation of Bangladesh Chambers of Commerce and Industry. Unnayan Parishad, led by Matlub, bagged the majority of the directorial posts in the biennial election to the apex trade body held at its office in Dhaka on Saturday. Matlub’s panel won 12 out of 16 director posts from the chamber group, and 13 out of 16 from the association group.
TCB starts Ramadan OMS tomorrow
The Trading Corporation of Bangladesh starts on June 2 sales of five essential commodities on the open market across the country in a bid to ensure smooth supply and keep the prices of the items stable during Ramadan, the fasting month for Muslims, which will fall in mid-June. As many as 174 trucks, including 25 in Dhaka, 10 in Chittagong, five in each divisional city and two in each district town, will be engaged in selling lentils, edible oil, sugar, dates and gram, TCB officials said. At the same time the TCB commodities will be sold through a total of 3,054 dealers across the country, they said.