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.
Banks’ interest spread drops below 3pts for 1st time
The overall weighted average interest rate spread in the country’s banking sector fell below 3 percentage points for the first time amid enforcement of the 9-per cent ceiling on the lending rate and credit demand fall during the coronavirus pandemic. According to the Bangladesh Bank data, the overall weighted average interest rate spread in banks dropped to 2.94 percentage points in May from 4.07 percentage points in March.
Banks denying loans to textile sector: Millers
Textile millers have come down heavily on banks for not lending to them at a time when they most need the money. Around 900 mills that do businesses on the local market are being denied bank loans under the stimulus packages.
S Alam Group pays Tk 2.0b as penalty for delay
The S. Alam Group, one of the country’s leading business conglomerates, has paid to the government a penalty of Tk. 2.0 billion to keep its deal on building a 1,224 megawatt (MW) coal-fired power plant alive. The plant comprising two 612 MW generation units at Banshkhali in Chattogram was scheduled to come online and start supplying electricity to the national grid from November 16 last year.
Remove all investment barriers for faster economic recovery: experts
Bangladesh needs to quickly remove any barriers preventing growth in both domestic and foreign direct investment (FDI) in order to ensure the country’s economic recovery from the ongoing coronavirus pandemic, speakers said at a virtual discussion held yesterday. Identifying new opportunities for business amid the Covid-19 situation, aligning critical reforms with formal development strategies and actively exploring fresh investment sources from places such as the EU and South Asia will be crucial in this regard.
Stocks stay afloat amid regulatory moves
Stocks surged on Sunday with key index of the prime bourse hitting four months high as the buoyant investors continued their buying binge amid growing investors’ confidence. DSEX, the key index of the Dhaka Stock Exchange, went up by 37.85 points or 0.93 per cent to settle at four months high at 4,099 during the four hours trading.
Pharma companies count their blessings as exports rise
Bangladesh’s pharmaceutical industry managed to grow its exports in the just-concluded fiscal year on the back of a steady demand for medicines during the coronavirus-induced economic and health crises, which have decimated other major export sectors. “Pharmaceutical products are essential for all countries. That is why the industry’s exports did not decline amid the Covid-19 outbreak. Rather, it rose,” said Ananta Saha, international business manager of Renata.
Job, salary cut create panic in banking sector
Masudur Rahman (not real name), a senior officer of a private commercial bank, is frustrated and worried over the ongoing salary cut moves by several commercial banks. Not only Masud, almost all bankers of private commercial banks are disappointed and in the states fear and anxiety over salary cut moves and possibility of losing jobs.
TCB starts OMS before Eid
State-owned Trading Corporation of Bangladesh on Sunday started selling essential commodities at subsidised rates in 62 districts across the country ahead of Eid-ul-Azha as the prices of many of the commodities increased on the market amid the coronavirus pandemic. The TCB would sell sugar, edible (soya bean) oil, and red lentil at 264 spots across the country and the open market sales would continue until July 28, spokesperson of the corporation Humayun Kabir told New Age.