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.
Record 17pc slide in FY ’20 exports
Country’s export earnings decreased by a record 17 per cent or $6.86 billion in the just-concluded fiscal since fiscal year (FY) 2001-02. The country fetched $33.67 billion in FY 2019-20 which was $40.53 billion in FY 2018-19, according to the provisional data of the Export Promotion Bureau (EPB).
Banks’ looming salary cuts: far-sighted or self-seeking?
Opportunism. That is what comes to mind when one hears of the move by the Bangladesh Association of Banks (BAB), an organisation of sponsors of private banks, to usher in salary cuts for their staffs. In an extraordinary letter to all banks last, BAB urged them to cut the salaries of staffs whose monthly wage is more than Tk 40,000 by 15 per cent for the period of July 1 this year through to December 31, 2021 as well as suspend promotion, increment and incentive bonus and put a freeze on all sorts of hiring including ongoing hiring.
Suspicious money transaction report drops 7.86pc in FY19
The number of reports on suspicious transaction and activities about money laundering and terror financing dropped by 7.86 per cent in the fiscal year 2018-2019 compared with that of such reports in the previous year. On Sunday, the Bangladesh Financial Intelligence Unit released its annual report of FY19, containing the suspicious transaction reports (STRs) and suspicious activity reports (SARs).
Defaulting tanners get a shot in the arm
Despite a rise in investments after the relocation of tanneries from Hazaribagh to Savar, earnings from leather and leather goods have been witnessing a slump for the last three years with non-compliance in environmental issues holding back buyers. Furthermore, exports to China and Europe, two main markets, have come to a standstill because of the coronavirus pandemic.
Stocks drift lower amid poor turnover
Stocks edged lower on Sunday as investors remained worried about the adverse impact of the worsening pandemic situation and floor price limitation DSEX, the key index of the Dhaka Stock Exchange, went down by 5.21 points or 0.13 per cent to settle at 3,981.
Sonali Bank seeks Tk 10,000cr to meet BASEL III requirements
State-run Sonali Bank has sought about Tk 10,000 crore as regulatory capital from the government in order to implement the BASEL III guidelines. The bank sent a letter to the finance ministry in the last week of June requesting it to provide the capital support. The fund will be used to manage its historical loss, an official of the bank said.
State-owned banks to acquire part of Navana Group’s loans
It is not the first time that state-owned Sonali Bank, Janata Bank, Agrani Bank, and Rupali Bank are financially aiding distressed organizations. The last time when these four banks took the initiative to provide such help, the-then Farmers Bank , later renamed as the Padma Bank, was able to turn its luck around.
BSEC asks 61 directors of 22 cos to ensure minimum shareholding in 45 days
The Bangladesh Securities and Exchange Commission has asked 61 directors of 22 listed companies to ensure holding of minimum 2 per cent shares in their respective firms in 45 days to continue their directorship in the entities. The BSEC sent a letter to all the companies on July 2, asking them to ensure compliance of mandatory 2 per cent shareholding by each director other than the independent one, BSEC officials said.