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.
RMG goods pile up at factories as buyers ask for shipment delay
Undelivered ready garments are piling up in the country’s readymade garment factories as a good number of buyers from European countries have asked their suppliers to delay the shipment of their products two to four weeks due to the global coronavirus outbreak. Bangladesh’s exporters said that they were facing troubles with the undelivered products as the number of requests from buyers to hold shipment was increasing.
Draft automobile policy finalized
Industries Minister Nurul Majid Mahmud Humayun on Sunday said the government has finalized the draft ‘Automobile Development Policy 2020’ for providing necessary supports to the local car producing industries. “The Industries Ministry is going to formulate the policy for ensuring gradual development of the country’s automobile industry. The draft policy will be finalized soon after consultation with different stakeholders,” he said.
Merchant bankers seek faster creation of capital market funds
Country’s top merchant bankers have urged the central bank to take effective measures to implement its policy regarding the creation of special funds for revival of the ailing capital market. At a meeting with the Bangladesh Bank (BB) on Sunday, they called for effective steps so that the scheduled banks create the special funds immediately to help bring stability to the volatile capital market.
ERD seeks project proposals to get fund from WB
The Economic Relations Division (ERD) has requested the health ministry to immediately send project proposals to get fund launched by the World Bank to prevent coronavirus (COVID-19). On March 03, the World Bank announced an immediate support of up to US$12 billion to help countries coping with the health and economic impacts of the coronavirus which was declared as a pandemic four days back.
BB to form €200m fund for green industrialization
The central bank is set to create a €200 million fund to provide low-cost loans to environment-friendly industrial plants. This is the first time the Bangladesh Bank has set up a euro fund. Previously, it formed three US dollar funds for the businesses. The BB board took the decision on March 12.
Coronavirus Fear: Bangladesh’s stocks tumble further
With fears of coronavirus dominating market sentiment, Bangladesh’s stocks tumbled further on Sunday amid incessant selling by investors to escape further losses. Within 15 minutes, DSEX slumped more than 200 points with dipping below 4,000-mark on the news of imposing travel bans on different countries and Bangladesh suspending on-arrival visas on European nations for two weeks.
NBR rejects internet infrastructure companies plea to cut VAT
The National Board of Revenue has rejected a request made by the posts and telecommunications ministry and the country’s internet infrastructure companies to cut the value-added tax on backward linkage facilities for internet services. The revenue board in a letter to posts and telecommunications minister Mustafa Jabbar on Tuesday expressed reservations about reducing the VAT on the services, saying that it would not yield any positive results for internet subscribers and might affect revenue mobilisation negatively.
Virus test reagent for only 2,000 in stock
The Institute of Epidemiology, Disease Control and Research (IEDCR) has a stock of reagent enough to test only 2,000 coronavirus suspects. The number of people, who have returned from various coronavirus-hit countries stood at 2,314 until Sunday morning. They are now in home quarantine in all eight divisions.