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.
Phase out savings certificates
The International Monetary Fund (IMF) has advised the government to reduce its borrowing costs by cutting reliance on national savings certificates. The IMF called for phasing out the savings instruments and increasing the issuance of treasury bonds and bills as an alternative to the tools. An IMF mission recently reviewed the country's latest economic situation and submitted a report to its executive board; the report was made public last week.
Customs not to release imported goods without e-BINs from Jul 1
No imported goods would be released from the customs houses unless the importers produce new VAT registration numbers from July 1 when the new VAT law will come into force, said the National Board of Revenue. The revenue board said that importers must have to obtain nine-digit online business identification number (e-BIN), known as VAT registration number, by this time as all existing 11-digit old BINs would automatically be invalid from July 1.
FDI inflows into Bangladesh up by 4.38% in 2016
Foreign Direct Investment (FDI) inflows into Bangladesh rose by 4.38 per cent to $2.33 billion in 2016 from $2.23 billion a year ago, according to a UN agency. The FDI inflows to Bangladesh rose by 4.38% to $2.33 billion in 2016, which was $2.23 billion in 2015, according to the World Investment Report 2016 of the United Nations Conference on Trade and Development (UNCTAD).
Why GDP growth does not translate to job creation
Though the Bangladesh economy is apparently moving on a path of rapid and sustained growth, job creation has been disappointingly slow in the last some years, particularly since 2010. Only 1.4m jobs were created in the country between 2013 and the FY2015-16, whereas the figure was 4m between 2010 and 2013, according to survey data recently released by the Bangladesh Bureau of Statistics (BBS), which also shows that the country registered its highest employment generation of 6.7m between the FY2005-2006 and 2010.
Bangladesh’s stocks keep rising for third straight week
Bangladesh’s stocks closed higher for the three consecutive weeks that ended on Thursday as some investors continued their buying binge on sector specific issues. Analysts said the market maintained the upward trend, the first week after budget declaration for the fiscal year (FY) 2017-18, amid optimism although the government did not propose any incentives for stock investors in the budget.
Govt to borrow Tk 17,000cr from banks for ‘last minute’ ADP spending
The government has intended to borrow a hefty amount of Tk 17,000 crore from the banking sector in June with a view to speeding up the implementation of its annual development programme in the final month of this fiscal year. A Bangladesh Bank official told New Age on Wednesday that the government borrowing from the banking sources had been negative almost every month of the FY 2016-17 as the government was inundated with the proceeds of sales of a huge amount of national savings certificates and bonds.
BD Welding halts production for cash crisis
Bangladesh Welding Electrodes, a private limited company listed with the stock market, has kept its business activities on a hiatus due to a severe cash crunch. For several months now, BD Welding's production has remained suspended after the company failed to open a letter of credit due to being a defaulter with Southeast Bank.
14 state-run institutions persistently in the red
Fourteen state-owned institutions are incurring losses and have been subsidised with Tk7,761.96cr till April 30, 2016, found an economic survey. Though the government has been trying to improve the state of the institutions, poor management, inefficient administration and political intervention are holding them back, said experts. Bangladesh Power Development Board (BPDB), on the top of the list, has lost Tk5,141.27cr in 2016.
Bangladesh’s stocks keep rising for third straight week
Bangladesh’s stocks closed higher for the three consecutive weeks that ended on Thursday as some investors continued their buying binge on sector specific issues. Analysts said the market maintained the upward trend, the first week after budget declaration for the fiscal year (FY) 2017-18, amid optimism although the government did not propose any incentives for stock investors in the budget.
Govt to borrow Tk 17,000cr from banks for ‘last minute’ ADP spending
The government has intended to borrow a hefty amount of Tk 17,000 crore from the banking sector in June with a view to speeding up the implementation of its annual development programme in the final month of this fiscal year. A Bangladesh Bank official told New Age on Wednesday that the government borrowing from the banking sources had been negative almost every month of the FY 2016-17 as the government was inundated with the proceeds of sales of a huge amount of national savings certificates and bonds.
BD Welding halts production for cash crisis
Bangladesh Welding Electrodes, a private limited company listed with the stock market, has kept its business activities on a hiatus due to a severe cash crunch. For several months now, BD Welding's production has remained suspended after the company failed to open a letter of credit due to being a defaulter with Southeast Bank.
BBN/SSR/AD