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 bank borrowing to crowd out pvt investment
Higher bank borrowing target to meet the budget deficit will worsen the private investment drought as money market faces an acute shortage of funds spawned by rising troubled loans, speakers warned on Sunday. They said the recapitalisation of banks at the cost of public resources cannot be justified since this money in turn ends up in the pockets of top defaulters.
Only name disclosure won’t do, experts call for action against loan defaulters
A day after the names of the loan defaulters were revealed in parliament, experts have said that disclosing the top defaulters’ names would not do, rather strict measures have to be taken against the defaulters. Besides, the experts also emphasized on listing the other big loan defaulters, whose names, they suspect might have been dropped because of loan rescheduling, restructuring and write off.
Jute refinance fund hiked by Tk 100cr, to run till 2024
Bangladesh Bank on Sunday enhanced the size of the refinance scheme for the jute sector by Tk 100 crore and extended its tenure for another five years. The central bank issued a circular in this regard on the day which also reduced the applicable interest rate for the borrowers — jute millers and exporters.
Farm credit disbursement to cross target of FY’19
The farm credit disbursement is expected to cross the target by the end of this fiscal year (FY) as the central bank has beefed up efforts to make such credit available to the farmers, officials said. The expectation came after achieving 93.28 per cent of the annual agriculture loan disbursement target of BDT 218 billion by the all banks in 11 months to May of the outgoing FY 2018-19.
Bangladesh’s stocks see marginal fall on Sunday
Bangladesh’s stocks witnessed a marginal fall for the second straight session on Sunday as investors were waiting for listed companies’ tax measures review. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settle at 5,383, shedding 11.73 points or 0.21 per cent over the previous session.
Online entrepreneurs demand VAT exemption
The country’s top online shop entrepreneurs yesterday said the industry would turn into the largest contributor to the national exchequer if the government exempts value-added tax on their business for at least five to seven years. They said tax-related uncertainties not only create a huge burden for the digital commerce industry but also challenge its existence.
Gold exports to get bond facility: NBR chair
National Board of Revenue chairman Mosharraf Hossain Bhuiyan on Sunday said that like readymade garment and tannery exporters, gold exporters would get bond facility. Mosharraf gave the commitment to gold traders at the opening ceremony of a three-day gold fair for legalising undisclosed gold.
6 of 20 loan defaulters from Chittagong
Chittagong-based traders and industrialists are dominating the top bank loan defaulters’ list, with six loan defaulters out of top 20 coming from the port city. Top 20 defaulters took away Tk 13,465 crore from different banks. The amount is nearly 27% of the total defaulted loans of Tk 50,942 crore taken away by top 300 bank defaulters, as per the top defaulters’ report submitted in parliament on Saturday.