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.
Higher NPLs widen interest spread
Non-performing loans (NPLs) net of provisions to capital in Bangladesh’s banking sector is higher than in India and Sri Lanka, which is also responsible for higher interest rate spread, experts and academics said. Among the three countries, the banking sector of Bangladesh scored higher NPL net of provisions to capital during the last five years, according to a Bangladesh Bank (BB) study, prepared by Ala Uddin and Shamima Sharmin.
Bangladesh issues guidelines on CP for banks
The central bank of Bangladesh has issued guidelines on commercial paper (CP) with imposing bar on banks from giving guarantee for the money market instruments to avert possible risks. The banks should not issue the CP in any form or provide any guarantee for the short-term securities, according to the guidelines, issued by the Bangladesh Bank (BB), the country’s central bank, on Sunday.
China likely to pledge big
China may commit to a five-year comprehensive cooperation plan, including assistance in several billion-dollar projects, during the Chinese president’s Bangladesh visit in the middle of next month. Already, the Chinese government has expressed initial interest in giving around $23 billion in soft loan for 20 projects to be implemented between 2016 and 2020. A Memorandum of Understanding (MoU) is likely to be signed in this regard when Xi Jinping comes to Dhaka on October 13 or 14, finance ministry officials said.
Three more land ports in the offing under BBIN initiative
The government plans to set up three more land ports in boarder area under the Bangladesh-Bhutan-India-Nepal (BBIN) Initiative to bring dynamism in regional trade. BBIN is an initiative taken to promote safe, economical efficient and environmentally sound road transport in the sub-region and to further help each country create an institutional mechanism for regional integration. The proposed land ports are to be established in Sheola at Bianibazar in Sylhet, Thegamukh at Barkal in Rangamati, and Bhomra in Satkhira.
Bangladesh’s stocks slip into red after 13-session
Bangladesh’s stocks finished slightly lower on Sunday, snapping a 13-session long winning streak as some investors opted for quick-profit on sector specific stocks. The market started with a positive in the morning and the key index of the premier bourse advanced 10 points within first 25 minutes of trading, but rest of the session went down amid sale pressure, ultimately ended 6.87 points lower.
Robi-Airtel merger will complete in a month
Robi and Airtel will wrap up their entire merger process by October 23, said a senior official of Robi yesterday. The development comes after Robi, the main player of the merged entity, on September 21 collected the Supreme Court’s certified order that gave the go-ahead to the much-awaited merger between the two operators. Robi has to complete the merger within one month of receiving the Supreme Court order, the official said.
Rawhide merchants face tough time
Wholesale merchants of rawhide have alleged that they are facing tough time following tanners’ reluctance to buy skins of sacrificial animals at a higher price even in the peak season this year. Although some traders managed to bag nearly 20 per cent higher price compared to the rates set by the merchants and tanners ahead of Eid-ul Azha, the increased rate was deemed too little in the current market when compared to the rising preservation and other costs, according to the merchants.
Bangladesh issues warning over Samsung Galaxy Note 7 in aircrafts
The leading smartphone company earlier this month recalled 2.5m units of smartphone from 10 markets. Civil Aviation Authority, Bangladesh (CAAB) has cautioned 29 airlines operating in Bangladesh over travellers carrying Samsung Galaxy Note 7 smartphones, which were recalled by the company over complaints of catching fire. The recent CAAB warning says: “In light of recent incidents and concerns raised by Samsung about its Galaxy Note 7 devices, CABB strongly advises passengers not to turn on or charge these devices on board aircraft and not to stow them in any checked baggage.”