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.
Budget deficit likely to go up by 20%
The projected national budget deficit in the 2017-18 fiscal year is likely to widen by Tk22,330 crore – around 20.93% of the deficit in the revised budget of 2016-17 fiscal year. The current budget deficit is Tk106,680 crore, and it is estimated to increase to Tk129,010 crore in the new budget, according to the budget outline of 2017-18 fiscal year, a copy of which has been obtained by the Dhaka Tribune.
Dhaka wants speedy BBIN process
Prime minister Sheikh Hasina on Tuesday urged the Bhutanese government to expedite the process for ratifying the Bangladesh-Bhutan-India-Nepal Motor Vehicle Agreement and said that this initiative could be adjusted with the environmental concern of Bhutan. The Bangladesh premier made the call during her bilateral meeting with Bhutanese prime minister Dasho Tshering Tobgay at royal banquet hall of Gyalyong Tshogkhang here in the afternoon.
Steelmakers bumping up billet production
Bangladesh is on course to become self-sufficient in billet manufacturing, thanks to huge investment by large steel mills to make the main raw material for rod amid the growing demand. The country’s billet production capacity more than doubled to nearly 35-40 lakh tonnes per year, accounting for more than two-thirds of the total yearly demand.
BD’s outlook stable: Moody’s
Projecting Bangladesh’s outlook as ‘stable’ again for the current calendar year, the global credit rating agency Moody’s has cautioned a negative credit impact if the ongoing falling trend in remittances continues. Bangladesh is rated Ba3 with a stable outlook, according to the Moody’s analysis released on Tuesday.
Bangladesh’s stocks slip into red again
Bangladesh’s stocks slipped into the red again on Tuesday, after one session-break, as risk-averse investors were on selling spree. Brokers said decline in turnover indicates that investors were staying on the sidelines and observing the market movement carefully. The market started with a positive note, crossing the 5,600-mark within first 40 minutes of trading, but risk-averse investors spurred the selling spree which continued till end of the session, ultimately ended 24.60 points lower.
FDI slightly up in 2016
The annual inflow of Foreign Direct Investment (FDI) increased by 4.40 per cent in the last calendar year, according to the latest data released by the central bank on Tuesday. The annual statistics on FDI showed that net inflow of FDI stood at US$ 2.33 billion in 2016 while the amount was $ 2.23 billion in 2015.
BSEC set to seek more easing of BB rules
The Bangladesh Securities and Exchange Commission is going to formally request the central bank to exclude banks’ and non-bank financial institutions’ investments in any open-end mutual fund from the entities’ capital market exposure. The BSEC has taken the initiative with a view to bringing more funds from banking and financial sectors to the capital market through the open-end mutual funds. The commission is in a process to finalise a proposal in this regard for submission to Bangladesh Bank soon, BSEC officials said.
Onion prices on the rise again
Onion prices are seeing a sprial as stockists have become active in buying the vegetable from growers to sell during the off season, said traders yesterday. The prices of the locally grown finest quality onion bulb have shot up to Tk 25 a kilogram from Tk 20 per kg two-three weeks ago in the growing districts.