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.
4 banks move to form spl funds for stocks
Four banks have moved to form special funds for the capital market investment complying with a Bangladesh Bank directive. The four banks are Dhaka Bank, Sonali Bank, Rupali Bank and The City Bank, said sources in the BB and the Bangladesh Securities and Exchange Commission.
Stocks suffer losses for seven straight sessions
Bangladesh’s stocks extended the losing streak for the seven straight sessions on Sunday as worried investors continued to dump their holdings, fearing further fall of share price. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 70.31 points or 1.56 percent to settle at 4,409.
Rural areas power agent banking
The agent banking is booming, mostly in rural areas, supported by a large inflow of remittances, according to Bangladesh Bank officials. Agent banking is defined as financial services targeted to the underserved population through engaged agents under a valid agency agreement, rather than a cashier.
ACI swims against the tide, enters shrimp export market
ACI Agrolink, a subsidiary of Advanced Chemical Industries (ACI), has set foot in shrimp processing to make a breakthrough in the global seafood market and take the sector out of troubled waters. Bangladesh’s shrimp exports have been on the wane since fiscal 2013-14 in the face of increased competition from countries such as India, Vietnam and Thailand, where low-priced vannamei shrimp are grown
Remittances grow by 20.06% in July-Feb of FY 20
The inflow of remittances grew by 20.06 per cent in the first eight months of this fiscal year (FY), despite a significant fall in February, officials said. The flow of inward remittances rose to $12.50 billion during the July-February period of FY ’20 from $10.41 billion in the same period of the previous fiscal, according to the central bank latest statistics.
MNP business slumps amid lackluster response
The country’s lone mobile number portability (MNP) operator, Infozillion, keeps witnessing slump in business buffeted by low turnout of service seekers. Around 9 lakh mobile phone users out of a total 16.55 crore took the MNP services and Infozillion made around Tk12 crore in revenues in the last 16 months since its launch in October 2018.
Writ challenging BB order on maximum lending rate filed
A writ petition challenging the legality of the directive issued by the Bangladesh Bank (BB) about fixing the maximum lending rate at 9.0 per cent by banks barring the advances made against credit cards was filed with the High Court (HC) Sunday. The writ petitioner said the BB in its directive has given no rationale behind fixing the interest at a maximum rate of 9.0-per cent by banks.
Development community needs to support graduating LDCs
The international development community has to devise a set of support measures for the least developed countries in order to ensure their smooth and sustainable graduation, said Debapriya Bhattacharya, distinguished fellow of the Centre for Policy Dialogue (CPD). In the next decade, 12 countries, including Bangladesh, will walk out of the LDC group, he said.