Finance Minister AMA Muhith  File photo

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.

Muhith plans an ambitious budget
Budget deficit may exceed 5 percent of GDP in fiscal 2017-18, breaking out from years-long practice with the view to wooing the electorate ahead of the next national election. It will most definitely be about 6 percent of GDP, said a finance ministry official. The finance division is due to present the preliminary budget projection for the next year at a meeting today of the fiscal coordination council and resource committee.

Draft law for ensuring one-stop service ready
A maiden law on one-stop service to investors is ready for government approval with provisions for the state-owned entities to deliver investment-related support in a time-bound way. The draft law is expected to be placed before the cabinet tomorrow (Monday) for its seal of approval, officials said.

India anti-dumping duty to hurt B’desh efforts to trim trade gap
Economists and businesses have said the imposition of anti-dumping duty on Bangladeshi export products by India would jeopardise Bangladesh’s recent initiatives to increase trade and business with its next-door neighbour and to narrow the trade gap between the two countries. The trade gap, which is heavily in India’s favour, was $4.76 billion in the financial year 2015-16 while the deficit was $5.28 billion in FY15, according to the Bangladesh Bank data.

Tanners fear cancellation of huge export orders
Leather factory owners are fearing the loss of export orders following the shutdown of Hazaribagh tanneries over their failure to relocate to Savar Tannery Estate. The tanners who have already shifted their units to the Savar estate are also facing the same threat as they are yet to install their crust and finished leather sections as the gas connection is still not available there.

Bangladesh’s stocks slip into red with low turnover
Bangladesh’s stocks slipped in to the red last week that ended on Thursday, after remaining upbeat in the previous week, as cautious investors released their holdings throughout the week to avoid further loss. The week featured five trading sessions as usual and all five session closed lower amid thin participation from the investors.

HSBC: Powering Bangladesh
The government of Bangladesh has set a target to bring the whole country under electricity coverage by 2021. To achieve this target, the country requires multibillion dollar investments in the power sector. As a result, the government is increasingly diversifying the sources of investment. “We are attracting innovative funds. One of the big innovative ways is Export Credit Agency (ECA) financing,” Nasrul Hamid, state minister for power, energy and mineral resources, told reporters at the Dhaka Reporters Unity on January 21.

Pharma sector records phenomenal growth
Bangladesh’s pharmaceutical market marked a phenomenal growth with its annual turnover reaching US$ 2.25 billion at the end of December last. Some analysts attributed the advances partly to hike in prices of most medicines. Drug-manufacturers, however, equate the pharmaceutical sector’s growth with the country’s economic performance.

NRBs allowed depositing FX at airport banks
Non-Resident Bangladeshis (NRBs) are now allowed to deposit foreign currency in their accounts at bank booths in airports, officials said. “To bring ease in deposit process, it has been decided that bank booths operating in airports under license from Bangladesh Bank (BB) may take deposits from NRBs in foreign currency, brought in by them for crediting their foreign currency accounts or Non-resident Taka accounts (by converting foreign currency at prevailing exchange rate) maintained with AD bank branches concerned,” a notification, issued by the Bangladesh Bank (BB), the country’s central bank, has said.

BBN/SSR/AD