Investors in dejection as Bangladesh's stocks plunge. BBN file photo
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.
Stocks continue to bleed, Tk 23,142cr lost in 3 weeks
Stock investors lost Tk 23,142 crore in the last three weeks but the regulator is yet to take any action to stem the tide. Since June 27, the DSEX, the benchmark index of the Dhaka Stock Exchange, shed a staggering 397 points to close at 5,033 yesterday, which is the lowest in two-and-a-half years.
Bankers want further amendment of loan write-off policy
Bangladesh’s top bankers on Sunday proposed amending the existing loan write-off policy so that they could write-off bad loans that were not recoverable, officials said. The bankers will be empowered to write-off the bad loans overlooking the existing time bar for doing so, according to the proposal that make at a meeting held at the Bangladesh Bank (BB) headquarters in Dhaka with BB Governor Fazle Kabir in the chair.
Banks tell BB single-digit rates not possible now
Top executives of banks on Sunday informed Bangladesh Bank that bringing down the interest rates to single digit would not be possible now considering the liquidity situation in the country’s banking sector. Some of the banks were even paying 9.5 per cent interest against deposits of state-owned entities and more than 10.5 per cent interest against term deposits, the bankers informed the BB at a quarterly bankers meeting held at BB headquarter in Dhaka with BB governor Fazle Kabir in the chair.
Prime Bank, SIBL at loggerheads over FAS Finance FDR worth Tk30cr
Prime Bank Ltd (PBL) and Social Islami Bank Ltd (SIBL) are at loggerheads over encashment of a Tk30 crore FDR (Fixed Deposit Receipt) initiated by FAS Finance and Investment Limited (FFIL) as both the private banking companies have lent money to the leasing company against the same security instrument. The FFIL's FDR is now in the custody of SIBL while SIBL has confirmed lien to PBL over the FDR enabling FFIL to borrow Tk300 million from the latter bank.
VAT listing a must for 174 businesses
The National Board of Revenue (NBR) has made VAT registration mandatory for businesses of some 174 categories, irrespective of their annual business turnover as specified in the VAT and Supplementary Duty Act 2012. The VAT Policy Wing issued a guideline on Sunday, making VAT registration and payment mandatory for businesses of a number of products and services.
Kamal sits with state banks today
Finance Minister AHM Mustafa Kamal will sit with the chairmen and chief executive officers of the state-owned commercial and specialised banks today to take stock of the overall situation of the financial sector. The meeting is being convened as six of the eight state banks faced a capital shortfall in the first quarter of the year.
Automated certification system for EU GSP launched
Export Promotion Bureau on Sunday introduced Registered Exporter System for the country’s exporters who make their shipment to the European Union. The REX is an automated EU certification system under which Bangladeshi exporters would make self-decoration of the country of origin to avail the Generalised System of Preference in the market.
Brexit fear puts the brakes on exports to UK
Delay in Brexit deal execution and uncertainty over no-deal prospects have slowed down Bangladesh's export growth to the United Kingdom (UK), the third largest export destination for the country. In the fiscal year 2018-19, Bangladesh’s export earnings from the UK posted a 4.51% growth to $4.16 billion against an 11.76% growth to $3.99 billion in the fiscal year 2017-18, according to Export Promotion Bureau (EPB) data.
Chinese firm building single mooring at Bay
The newly-established China Petroleum Pipeline Engineering Co. Ltd (CPP) is currently building the country's lone SPM system instead of the China Petroleum Pipeline Bureau (CPPB). The CPP was established in 2017 following the restructuring of its predecessor, CPPB, said a senior official of state-run Bangladesh Petroleum Corporation (BPC).
BBN/SSR/AD