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.
Farmlands near Payra in peril
If one goes deep inland in Kalapara of Patuakhali near the Payra Port, hundreds of signboards could be seen on pieces of land covered by Aman seedlings. After the government moved to establish the port there, the quiet farming neighbourhood has changed. There is rush for buying land by public and private firms and local wealthy people to set up various establishments close to the port that is on 6,000 acres of land.
Govt plans buyback of its securities
The government plans to buy back its securities for a better cash management, limiting interest payments from annual budget, officials said. As part of the move on prudent financial management, a tripartite meeting among senior officials of both the ministry of finance and the Bangladesh Bank (BB) and treasury heads of all the primary dealer (PD) banks was held at the central bank headquarters in Dhaka on Sunday afternoon.
Investment in savings tools hits record Tk 4,297cr in Aug
The monthly net investment in the national savings certificates and bonds hit its all-time high at Tk 4,297.20 crore in August thanks to low bank rates for deposit products. The net investment increased by 62.10 per cent in August compared with that of Tk 2,650.91 crore in the same month a year ago, according to the latest data of Directorate of National Savings. The previous highest was at Tk 3,605.06 crore in May this year.
Lending rates move closer to single-digit
Banking lending rates have come down closer to single-digit rate following declining deposit rates in August, according to Bangladesh Bank. Average lending rates of all banks stood at 10.24% in August 2016 against 11.51% one year ago while weighted average deposit rates of all banks came down to 5.44% in August 2016 from 6.74% a year ago. The central bank posted the figures on its website yesterday.
Bangladesh’s stocks slip into red on profit taking
Bangladesh’s stocks finished slightly lower on Sunday as risk-averse investors opted for quick-profit on sector specific stocks in later part of the trading session. Brokers said the investors sold shares and mutual fund units to pocket some profits on stocks that saw significant rise in the past few sessions, closing the market slightly lower.
LankaBangla to raise Tk 150cr through commercial paper
LankaBangla Finance is set to raise Tk 150 crore through commercial papers to cut its high financing costs. A commercial paper is a short-term unsecured debt instrument issued by a company to meet interim financing needs. Usually, the debt is issued at a discount from the prevailing market interest rates. The amount will be raised in one or several tranches with validity of nine months. Eastern Bank will act as the lead arranger of the issue.
Many corporate taxpayers submit doctored financials
Only 31 per cent of companies submit authentic audited financials with their annual tax returns while a remaining large majority allegedly treads byways. Submitting financials duly audited by chartered accountants (CAs) is mandatory for all corporate taxpayers under the income-tax law.
Foreign investors inject BDT 5.87b into Bangladesh’s stocks
Foreign investors have pumped BDT 5.87 billion into Bangladesh’s stocks in the first nine months of the current calendar year as they took advantage of falling share prices to increase their holdings in local firms. The overseas investors bought shares worth BDT 34.92 billion, while they sold stocks of BDT 29.05 billion in nine months for January-September period of 2016, taking their net position at BDT 5.87 billion, according to statistics available with the Dhaka Stock Exchange (DSE).