The central bank of Bangladesh. Photo: BBN
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.
Family control over private banks to widen
The cabinet on Monday approved a draft bill seeking amendment to the Bank Companies Act 1991 to allow four from a family to be bank directors which, according to experts, would widen family control on private commercial banks. The draft bill, financial institutions division placed the draft bill before the weekly cabinet meeting at the Cabinet Division, would also extend the tenure of directors of private commercial banks to three consecutive terms from two.
Changes in new VAT law likely to pacify businesses
The government may finally revise upward the VAT-exemption ceiling for small businesses and widen scope of Supplementary Duty (SD) protection for local industry in the new law. According to sources, the move has been made in the face of concern being aired by cross-sections of people, including businesspeople, economists and consumers, about price effect and sustainability of small businesses after enforcement of the new VAT law.
China's One Belt, One Road initiative should be wider: analysts
China's Belt and Road Initiative should have a wider framework to provide more benefits to participating countries, said a noted economist yesterday. The narrow framework of the BRI, which is also known as the One Belt One Road initiative, will not bring better results for the participating countries, said Rehman Sobhan, chairman of the Centre for Policy Dialogue, a private think tank.
Govt mulls settling SIM replacement VAT issue before 4G auction
The government is considering that it would resolve the VAT related case in connection with SIM replacement ahead of 4G auction through External Resources Division. According to industry insiders, before 3G auction in 2013, the government took such move to resolve the case in the wake of threat that the operators would boycott 3G spectrum auction if the VAT issue was not settled. But later the subject didn’t proceed further.
Accord could seek 3 more years to finish remediation
The Accord, a platform of European retailers and brands empowered to monitor safety standard in Bangladesh's apparel industry, yesterday said it would not be able to complete the remediation work within the stipulated time. Rob Wayss, executive director and acting chief safety inspector of the Accord on Fire and Building Safety in Bangladesh, made the comment at a media briefing at a hotel in Dhaka.
Govt to set up two industrial corridors
The government has decided to develop two industrial corridors along the Dhaka-Benapole and Dhaka-Mongla highways to encourage planned industrialisation and save agricultural land in the country. The government has already instructed the deputy commissioners (DC) of the related districts to ensure the use of land stretching two kilometers on both sides of the Dhaka-Mongla highway for planned industrialisation and prevent the use of land for different purposes.
Chinese company starts surveying pipeline route
China Petroleum Pipeline Bureau (CPPB) has started surveying the pipeline route along with proposed location of single-point mooring (SPM) which it would build in the country to carry petroleum from vessels far offshore to an onshore terminal, officials said. CPPB in its survey will detect a final pipeline route and the SPM system, a senior BPC official said.
Bangladesh’s stocks edge lower for third day
Bangladesh’s stocks witnessed yet another flat session on Monday as most of the investors maintained their cautious stance ahead of national budget. Following the previous day’s marginal correction, the key index of the country’s prime bourse fell 5.0 points while the Selective Category Index of port city bourse lost 7.0 points within first 15 minutes of trading at 10:45am.
BBN/SSR/AD