RMG factory

Working in a RMG factory of Bangladesh 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.

US-BD TICFA talks skip crucial GSP revival issue
The third round of TICFA talks ended in Dhaka Wednesday without discussing the crucial issue of restoration of the generalised system of preferences (GSP) facility for Bangladesh’s products on the US market. However, US Ambassador in Dhaka Marcia Stephens Bernicat told newsmen that extending duty-free and quota-free market access is within the purview of US Congress which decides trade benefits.

Govt to increase food subsidy
The government plans to increase the food subsidy by around 32 percent to Tk 3,721 crore in the revised budget for the outgoing fiscal year. It also wants to increase the food subsidy to Tk 4,000 in the new budget for the next fiscal year, according to the plan of the finance ministry.

VAT-free turnover limit to be Tk 36 lakh
The National Board of Revenue has finalised the VAT-free annual turnover limit for small-scale traders at Tk 36 lakh from next budget, amending the ceiling of Tk 30 lakh set in the new VAT Act, amid strong demand from businesses. For medium-scale traders, VAT at a rate of 3 per cent will be applicable for the turnover range of Tk 36 lakh and Tk 1.50 crore as the NBR decided to raise the turnover ceiling for them, said officials of the finance ministry.

Bangladesh Denim Expo begins to connect global buyers
The two-day ‘Sustainable Apparel Forum 2017’ and Denim Expo began in the capital Dhaka on Wednesday aiming to connect the global buyers with local supplies. Commerce Minister of Bangladesh Tofail Ahmed inaugurated the programmes, organised by Bangladesh Apparel Exchange (BAE) in the city’s International Convention City Bashundhara (ICCB).

Bangladesh’s stocks return to red again
Bangladesh’s stocks returned to the red on Wednesday, after a single-session break, as late hours’ sale pressure wiped out all of the early gains. Analysts said the market started the session with an optimistic mood, but failed to continue momentum as investors booked profit from sector specific stocks.

SoCBs’ provision shortfall widens on higher NPLs
Public banks are getting into some difficulty in lending as their overall shortfall in provision against both classified and unclassified loans increased over 6.0 per cent in the first quarter (Q1) of this year. According to the central bank’s latest statistics, the amount of provisioning shortfalls of three out of the six state-owned commercial banks (SoCBs) rose to Tk 64.73 billion during the January-March period of the current calendar year from Tk 60.81 billion in the preceding quarter.

Govt to build new airport on west bank of Padma River
Planning Minister AHM Mustafa Kamal has said the government will construct a new airport on the west bank of Padma River where wide-bodied aircraft equivalent to Airbus A380 could land and take off from the first day. “We have already taken up projects aiming to modernise the existing airports including Dhaka, Chittagong, Khulna and Cox’s Bazar. All these projects are going on, but not sufficient.”

EU brands cheerful about local denim
European retailers and brands are upbeat on Bangladeshi value added denim garments due to the high quality of the apparel at competitive prices. “I see a lot of potential of Bangladeshi denim in the European markets. Bangladesh needs marketing and communication with the European retailers and brands to grab this big denim market,” said Tilmann Wrobel, founder of Monsieur-1, a French design studio.

BBN/SSR/AD