Bangladesh Bank Headquarters

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.

BB turns down Janata Bank’s plea for fund
The Bangladesh Bank (BB) has turned down a plea of Janata Bank, seeking Tk 110.49 million for its Janata Exchange Company (JEC), Italy to recoup the loss incurred in last three years, officials said. The central bank wrote that ‘there was no scope to consider the request’ made to Financial Institutions Division (FID) by Janata Bank.

Global buyers sever ties with 28 more RMG units
Two global buyers’ platforms cut business relations with 28 more readymade garment factories in Bangladesh in last two months (July-August) due to the units’ failure in implementing workplace safety measures. With the 28, the total number of RMG factories with which global buyers cut business relations reached 344. Of them, European buyers’ platform Accord on Fire and Building safety in Bangladesh terminated business ties with 171 factories, while North American buyers’ platform Alliance for Bangladesh Worker Safety cut relations with 173 factories.

NBR to narrow scope of tax evasion
Tax authorities plan to audit foreign companies’ transactions with their associated entities abroad from next year in order to reduce the scope for illicit fund transfer and tax evasion, said an official yesterday.

Global cotton stocks project to fall 10% in 2018/19
The International Cotton Advisory Committee (ICAC) sees global cotton stocks fall by 10 per cent in the 2018-19. Such projection would bring the world’s cotton reserves down to a level not seen since the 2011/12 season, the ICAC noted.

Govt endorses Delta Plan
The government on Tuesday endorsed the ‘Delta Plan 2100’, identifying six key areas of intervention for achieving Bangladesh’s upper middle-income country status. Presided over by the Prime Minister, Sheikh Hasina, the National Economic Council (NEC) approved the plan at its meeting at the Planning Commission in Dhaka.

Telcos start e-registration of SIM
Mobile operators have started electronic registration of SIM, without requiring any paper works for subscribers for purchasing their mobile connections. Banglalink and Grameenphone introduced the e-registration of SIM in last two days aiming to simplify the registration process.

AIIB to bring $270m for water supply project
The Asian Infrastructure Investment Bank (AIIB) plans to bring $270 million to Bangladesh for a municipal water supply and sanitation project. The project is expected to be approved at a board meeting in December this year, said Laurel Ostfield, head of communications and development of the Beijing-based lender, on Monday.

DSE’s journey with the Chinese consortium kicks off
The Dhaka Stock Exchange (DSE) has held its first board meeting with the Chinese consortium of the Shenzhen Stock Exchange (SZSE) and the Shanghai Stock Exchange (SSE) as strategic partner. The meeting took place at the DSE head office in Dhaka yesterday, after the transfer of 25% shares of DSE to the consortium’s Beneficiary Owners (BO) Account. As per the Share Purchase Agreement (SPA), the consortium transferred Tk962 crore for the shares to the DSE on Monday.

BBN/SSR/AD