Dhaka, Bangladesh (BBN)– The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Businesses want fuel price, bank rate cuts
Business leaders and trade experts on Sunday demanded that the government should reduce the cost of doing business through readjustment of fuel oil prices, reduction of interest rate on bank loans and other procedural costs such as trade license in a bid to make the businesses competitive in global market. At a seminar on increasing cost of doing business organized by the Dhaka Chamber of Commerce and Industry at its auditorium, they also urged the government for preventing illegal extortion on road and upgrading road and rail links between Dhaka and Chittagong, capacity building at Chittagong port and providing uninterrupted power supply to factor.
Muhith hints at cutting fuel prices
Finance Minister AMA Muhith yesterday hinted that fuel prices might be reduced within the next two weeks to take to consumers the benefits of falling oil prices on the global market. “We are reviewing it. I have not yet decided on the matter. I will do that within the next two weeks,” he told reporters at the Secretariat in the capital. The minister said he would sit with the energy ministry before taking any proposal for reduction of oil prices to the Cabinet Committee on Economic Affairs.
Core inflation keeps on rising in recent months
The central bank bolstered monitoring of the key economic indicator as core inflation kept rising in recent months, climbing to 7.37 per cent in July, officials said. A month before, in June, the rate of inflation was 6.74 per cent. And it was 6.37 per cent in May. The Bangladesh Bank’s latest statistics revealed the incremental rise in the core inflation that prompted the BB authorities to go on alert about the situation.
Bangladesh’s stocks turnover hits one month low
Bangladesh’s stocks returned to the red on Sunday with turnover hitting one month as investors reluctant to make fresh investments. The market opened higher in the morning but failed to sustain. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 8.44 points or 0.17 per cent to settle at 4,831.72. The DS30 index, comprising blue chips, lost 6.72 points or 0.36 per cent to end at 1,844.23.
India turns micro-lender into bank
India opened its first private bank in 11 years that will focus on micro loans to give financial inclusion a boost. Finance Minister Arun Jaitley inaugurated the bank — Bandhan Bank — in Kolkata yesterday. Bandhan, a microfinance company, was converted into a full-fledged scheduled bank as part of the government’s effort to better serve the country’s unbanked population, the minister said at the opening ceremony.
Tribunal on capital market takes deposition
A special tribunal on capital market took Sunday deposition in a case filed in connection with issuance of fake certificates against the shares of Paragon Leather and Footwear Industries, the lawyer said. The Bangladesh Securities and Exchange Commission (BSEC) in 2001 filed the case against 20 individuals who were allegedly involved with the issuance of fake share certificates.
Banks asked not to open industrial LCs for commercial importers
Bangladesh Bank on Sunday asked scheduled banks not to open letters of credit under the deferred payment system to import industrial raw materials, capital machinery and spare parts in favour of importers who hold commercial import registration certificates. The BB issued a letter to managing directors and chief executive officers of all banks saying that only the importers who have industrial IRCs are allowed to open LCs under the deferred payment system to import industrial raw materials, capital machinery and spare parts.
Textile mills’ machinery imports rise 54pc
Capital machinery imports by the primary textile sector increased about 54 percent year-on-year in fiscal 2014-15 on the back of higher demand for raw materials from garment exporters. Last fiscal year, $445.7 million worth of capital machinery was imported by the sector, according to data from Bangladesh Textile Mills Association. A BTMA certification is required for importing machinery for the textile sector.