Finance Minister AMA Muhith BBN 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.

Govt mulls not to fix land price
The government is mulling to stop fixing the price of land to put an end to creation of black money and evasion of tax, said Finance Minister AMA Muhith yesterday. “Fixing the land price is one of the major causes of money laundering. We are thinking about not to keep any fixed land price,” he said after a pre-budget meeting with the Economic Reporters’ Forum at the secretariat. He said a meeting on land price also took place earlier on the day.

Govt suspends auction for T-bills, bonds for May
The government has been forced to suspend all auctions for T-bills and bonds again for banks this month (May) as it is now inundated with the sales of huge amount of national savings certificates and bonds, said officials of Bangladesh Bank. The finance ministry suspended all auctions for Treasury bills and bonds in March for the first time in the recent history as the government decided not to borrow any fund from the banking sector.

ADB, IDB to provide $800m for first LNG-based power plant
Multilateral donor agencies have committed to providing financial assistance worth US$800 million loan to set up a single power plant based on imported LNG. This will be the country’s first power plant which will run on re-gasified imported LNG, said officials.

Realtors for 10-year indemnity to invest black money
Realtors have urged the government to allow investors to commit their undisclosed money to the housing sector for next 10 years without raising any question over their source of income. “If undeclared money is allowed for investment without any question, the investors can be brought under the tax net in future,” said Liakat Ali Bhuiyan, acting President of Real Estate and Housing Association of Bangladesh (REHAB).

Bangladesh’s apex trade body election on Sunday
Elections to the board of directors of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the country’s apex trade body, will be held on Sunday for 2017-19 tenure. All preparations are complete for holding the polls at the Bangabandhu International Conference Centre (BICC) in the capital Dhaka, a FBCCI official told BBN in Dhaka.

IBBL board gives nod to share sales by IDB
The board of directors of Islami Bank Bangladesh on Saturday approved an Islamic Development Bank proposal to sell off majority of its stakes in IBBL. IDB, the Saudi Arabia-based sponsor of the IBBL, will sell around 5 per cent of total shares of IBBL out of 7.5 per cent it holds.

Bangladesh Bank issues guidelines on credit card operations
The central bank of Bangladesh has issued guidelines on credit card operations of banks aiming to ensure transparency along with mitigation of risks in the business. Under the new guidelines, the credit card issuer banks will have to develop comprehensive institutional policy on credit card operations and code of conduct duly approved by its board of directors.

Weekly Review: Bangladesh’s stocks slip into red
Bangladesh’s stocks closed lower last week that ended on Thursday as worried investors were selling of shares mostly from banks and non-bank financial institutions to avoid further loss.