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.
Economists express reservation
Economists have expressed reservations about the government decision to create a Sovereign Wealth Fund of $10 billion by purchasing foreign currencies from Bangladesh Bank. They told New Age on Tuesday that they found no ‘justification’ for using the country’s foreign currency reserve for implementing the development projects when aid worth about $25 billion from the development partners was frozen in the pipeline. Instead of bringing benefit the new move might create additional debt burden on the next generation, they said, adding that misuse of nearly $3.5 billion from a Malaysian sovereign wealth fund was detected in 2015.
Asia-Pacific needs to be more integrated
A high-level conference in Dhaka yesterday called for deepening of regional integration in Asia and the Pacific with the view to lifting millions out of poverty, driving economic growth and achieving sustainable development goals. “We have to harness the prosperity and probability of this region for the socio-economic development of the people,” said President Abdul Hamid as he inaugurated the Asia Pacific Business Forum 2017 at the capital's Sonargaon Hotel. The objective of the two-day conference is to discuss the role and needs of businesses in achieving inclusive, resilient and sustainable development.
Businesses exempt from advance VAT
Businesses will be exempt from depositing advance amounts of VAT for goods and services from July 01 next. The exemption will come into effect following enforcement of the new VAT law. Officials said the revenue board will abolish the provision of 'account current register' in the new VAT and Supplementary Duty Act 2012, up for taking effect on the first day of the next fiscal year.
Experts: PwC report affirms growth potential
Experts, economists and policymakers have said the PricewaterhouseCoopers (PwC) analysis depicts the potentiality of Bangladesh’s economic growth. They have also warned about corruption, calling for ensuring good governance to help Bangladesh rank 28th among the world’s most powerful economies by 2030 as mentioned in a PwC report. However, they have criticised the PwC study on total growth rate in Bangladesh comparing to the growth per capita since the report says the country is posting an average growth of 5% annually.
Bangladesh’s stocks extend wining spell for third day
Bangladesh’s stocks extended their gaining spell for the three consecutive sessions Wednesday, as enthusiastic investors remained on buying binge, especially on large-cap stocks. Market insiders said, the market maintained upward trend as buying interest spurred the sector specific issues, while non-bank financial institution, bank and engineering stocks were in investors’ most buy list.
Mobile money a monopolistic market: official
The country's mobile financial service market has run into a monopolistic situation, with Brac Bank's bKash capturing the lion's share in both transaction numbers and value, a Bangladesh Bank official said yesterday. “Competition is seriously missing in this market,” said Lila Rashid, general manager of the Payment Systems department of the Bangladesh Bank, at a roundtable styled 'Mobile Banking, Finance and Digital Security Issue'. The country's apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry, organised the discussion at BIISS Conference Hall in Dhaka.
Keep interest spread below 5.0pc sans deposit rate cut
The central bank has asked the commercial banks to maintain the interest rate spread below 5.0 per cent, without slashing the deposit rates, officials said. The banks have been advised to reduce the intermediation spread through improving management efficiencies, including recovery of classified loans that would help bring down the lending rates.
Rohingya crisis hits aviation business
Recent turmoil in Rakhine state of Myanmar has affected the aviation sector of Bangladesh with private Novoair suspending its flights to the neighboring country and national flag carrier Biman Bangladesh having fall in number of passengers. The aviation and tour operators said they were not getting response from travelers, especially in the peak time of tourism in Myanmar, while a number of private firms cancelled their group tours in Yangon because of the military crackdown by Myanmar authorities on Rohingyas, a Muslim minority in that country.
BBN/SSR/AD