Bangladesh PM Sheikh Hasina
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.
PM’s Bhutan visit: Dhaka to discuss $1bn investment in hydropower project
The Bangladesh government expects to discuss a potential investment of $1 billion in a hydropower project in Bhutan with the country’s government during Prime Minister Sheikh Hasina’s three-day visit to the country this week. Foreign Minister AH Mahmood Ali made the statement during a press briefing on the tour at the Ministry of Foreign Affairs on Monday. The prime minister is flying to Bhutan on Tuesday to attend the International Conference on Autism and Neurodevelopmental Disorders in the country’s capital city Thimpu.
Operators oppose proposal to hike spectrum prices
Mobile operators have opposed the telecom regulator's proposal to hike the spectrum prices and revenue sharing percentage for 4G services on grounds that the move would make the technology commercially unviable. In the proposed guideline for 4G services, the Bangladesh Telecommunication Regulatory Commission called for 15 percent revenue sharing with operators.
Poor recovery of classified loans irks central bank
The central bank has warned the commercial banks against poor recovery of classified and written-off loans and asked them to intensify the recovery drives if they like to avert stern actions. Bangladesh Bank (BB) issued the warning at a meeting with 20 banks on their loan recovery position at the central bank headquarters in the capital Monday, with deputy governor SK Sur Chowdhury in the chair.
Muhith again rejects businesses’ demand for VAT rate change
Finance minister AMA Muhith has once again turned down the plea for reducing the new Value Added Tax rate against business people’s claim that the proposed 15 per cent VAT would affect their business badly. Muhith rejected the demand from the businessmen to fix the rate at 10 per cent during a meeting with them at the secretariat on Monday. ‘Two things I have told them that the new VAT law is going to be effective from July 1,’ Muhith told reporters after the meeting.
Bangladesh’s stocks break 8-day losing streak
Bangladesh’s stocks close slightly higher on Monday, breaking an eight days downward trend as investors were active on the both sides of trading fence. Market insiders said although the market opened lower, rebalancing tendency of optimistic investors kept the market upbeat in the later part of the session, closing the market in green zone.
Growers now buyers
Queues get longer under the scorching sun at midday at the backswamp of Sunamganj for subsidised rice and wheat flour. People start lining up at 10:00am at points of open market sale (OMS) across the district to buy rice and flour at Tk 15 and 17 a kg, a lot cheaper than the market prices.
17 cos trading below offer prices
The shares of 17 companies, most of which came to the market during the 2010-15 period with premiums, are now trading below their respective offer prices. According to information of Dhaka Stock Exchange (DSE), the companies witnessed 2.07 per cent to 43.80 times over subscription compared to their volume of shares offered for public.
Foreign investors seek cut in corporate tax
Foreign investors have urged the government to reduce the corporate tax by 10 percentage points for all businesses. The current corporate taxes for different taxes range from 25% to 45%. The highest 45% rate is on mobile phone operators. They want it be slashed to 35% and that of publicly traded companies to 15% from the current 25%. Foreign Investors’ Chamber of Commerce and Industry (FICCI) made the call in its budgetary proposals for the fiscal year 2017-18 at a pre-budget meeting with the National Board of Revenue in Dhaka on Monday.
BBN/SSR/AD