Dhaka, Bangladesh (BBN) – The Bangladesh Business News (BBN) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Russia lifts ban on 2 more BD shrimp exporting cos: Russia has withdrawn temporary restriction on another two Bangladeshi shrimp exporting companies this month which will help to pave the way for resumption of frozen food export to the country. "Federal Service for Veterinary and Phytosanitary Surveillance of Russian Federation (Rosselkhoznadzor) lifted temporary ban on ARK Seafood Ltd from March 4 and ARK Sea Food Ltd from March 19," Nittya Ranjan Biswas, Principal Scientific Officer (PSO) of Fish Inspection and Quality Control (FIQC) under Department of Fisheries (DoF) told the FE.
Stimulus fails to prop up textile stocks: The textile sector yesterday slipped 0.27 percent despite news of the government's stimulus package for the sector to recoup the losses from political unrest of last year. The package, which has already been approved by Prime Minister Sheikh Hasina, consists of cash incentives and cutback in export tax to 0.3 percent from 0.8 percent. The sector will get cash incentive of 0.25 percent over the value of their exports, while the cash benefit for export to new destinations will be increased to 3 percent from 2 percent now. Investors see the stimulus package as “insignificant”, said a market analyst. “They have lost confidence in the sector in the face of downtrend,” he added.
FDI hits record $1.73b in FY13: Foreign direct investment (FDI) in Bangladesh increased by 44.83 per cent to $1.73 billion, the highest in recent years, in the financial year 2012-13, according to the latest Bangladesh Bank data. The BB data showed that the country had received $1.73 billion FDI in the FY13 against $1.19 billion in the FY12. Bangladesh received $779.04 million FDI in FY11, $913.02 million in the FY10 and $960.59 million in the FY09. The BB officials told New Age on Sunday that the entrepreneurs of the three NRB banks, which got licences in the FY13 for operating banks in Bangladesh, had brought equity capital amounting to $152.38 million from abroad in the form of paid-up capital that accounted for increasing the FDI inflow.
NBR to hold pre-budget meets from April 1: The National Board of Revenue (NBR) will hold pre-budget meetings with all business associations and trade bodies from April 1 to prepare the participatory budget proposals for the fiscal year 2014-15. A total of 18 meetings will be held until April 29 on the NBR premises. The month-long meetings will begin with the agriculture and poultry sectors, and come to a close with meetings involving major chambers.
NBR set to offer tax cut for RMG exports for 15 months: The National Board of Revenue is set to issue a statutory regulatory order reducing tax at source on export of apparel items to 0.30 per cent from the existing 0.80 per cent for 15 months, officials of the NBR said. They said that readymade garment exporters would get the benefit for maximum 15 months as the revenue board decided to offer the tax waiver up to June, 2015. ‘After getting approval from the prime minister, Sheikh Hasina, last week, the revenue board on Sunday sent a draft of the SRO to the law ministry for vetting,’ a senior official of the NBR told New Age. The SRO will be issued as soon as the law ministry sends back the draft, he said, adding that it might take a few days.
Biman boss Kevin resigns: Kevin John Steele has resigned as the chief executive officer (CEO) and managing director of the Biman Bangladesh Airlines showing health grounds. “I have resigned on medical grounds. I have got tuberculosis and a mild stroke and doctor advised me to cut down my hours…it is not possible for me to take so much pressure from the Board,” Mr. Kevin was quoted by New Age, a local newspaper, as saying.
Biman gets another new Boeing 777-300ER: Another brand new Boeing 777-300ER, which was christened Ranga Provat, arrived at Hazrat Shahjalal International Airport on Sunday afternoon from the Boeing factory in Seattle, United States. The Biman would officially announce the arrival of the aircraft later this week when the prime minister, Sheikh Hasina, would inaugurate the new Boeing.
DSE turnover hits five-month low: Turnover on Dhaka Stock Exchange fell to a five-month low yesterday as investors were reluctant to take fresh exposure in the market. Turnover fell 12.33 percent to Tk 243 crore, compared to the previous day. The most important indicator of the market hit Tk 230.31 crore on October 24 last year. DSEX, the benchmark general index of the premier bourse, closed the day at 4,519.54 points, after falling 39.38 points or 0.86 percent.
DSES, the shariah index of the DSE, slid 10.73 points or 1.08 percent to close at 978.74.
BBN/SSR/AD-24Mar14-8:17 am (BST)
