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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.

IDB disposes of its 72.5pc stake in IBBL
Islamic Development Bank (IDB) disposed of 72.5 per cent of its stake in Islami Bank Bangladesh Limited (IBBL) on Tuesday. IDB sold 86.93 million out of its total holding of 120 million, according to price sensitive information (PSI) disclosed on the day, officials said.

Strong bond market needed to finance infrastructure: analysts
Bangladesh needs to develop a strong bond market to meet the financing demands of large infrastructure projects, speakers said at a seminar yesterday. “We need to work together to establish a financial system that will provide various avenues for financing the large infrastructure projects,” said MA Mannan, state minister for finance and planning, at the event held at the capital’s Radisson Blu Water Garden hotel.

One vice-chairman removed from IBBL board
The Islami Bank Bangladesh Limited (IBBL) board of directors has removed Syed Ahsanul Alam from his post of vice-chairman at the Shariah-based bank. The decision was taken at the board meeting held immediately after the IBBL’s 34th Annual General Meeting (AGM) held at Kurmitola Golf Club in the capital on Tuesday.

Tofail hints at 12pc new VAT rate
Commerce minister Tofail Ahmed on Tuesday hinted at reducing the rate of proposed 15 per cent Value Added Tax to 12 per cent with the introduction of new VAT law from July 1. Quoting a calculation, Tofail said that the proposed rate of 15 per cent would be reduced. He was talking to reporters after a meeting with High Commissioner of Brunei Darussalam to Bangladesh Hajah Masurai Binti Haji Masri at the secretariat.

Bangladesh’s stocks edge higher for second day
Bangladesh’s stocks edged higher for the second running session on Tuesday amid increased participation of investors as they continued to show buying appetite on large-cap issues. Analysts said the government decision to cut yield rates of savings instruments coupled with lucrative price level of many fundamental stocks, prompted investors to take fresh position anticipating short-term rally.

NBR DG, commissioner to be empowered to raid VAT dodgers
The National Board of Revenue (NBR) is likely to empower the director general and commissioner of its inspection wing to authorise the assistant commissioners or assistant directors to search and seize enterprises, premises, houses and vehicles owned by VAT dodgers. The revenue authorities, in the new Value Added Tax and Supplementary Duty Act 2012, is scheduled to empower such top rank officials of Central Intelligence Cell and VAT Audit, Intelligence and Investigation directorate to bring ease in the bureaucratic procedures.

Reliance to set up 750MW plant in N’ganj
Indian Reliance Group has drawn up a plan to set up a 750 megawatt power plant, to be run on imported liquefied natural gas (LNG), at Meghnaghat of Narayanganj. The Power Division has sent a proposal to the Cabinet Division in this regard for approval by the cabinet committee on purchase, said a Power Division official. According to the proposal, the government will purchase electricity from Reliance at 7.31 US cents (Tk 5.85) per KW/h.

Seven yrs after, seven projects under first Indian LoC limping
Seven of the projects under the first Indian Line of Credit (LoC) still limp along even after confirmation of the loan seven years ago, while two more LoCs lie in wait. Officials gave Tuesday such a situation with the execution of the seven projects, involving a sum of US$699.07 million. The projects are under the modified US$862 million worth of first LoC.

BBN/SSR/AD