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.

Three more banks coming up soon
Finance Minister AMA Muhith said Monday the government is going to give licence for establishing three more banks, ruling out any mess in the country’s banking sector. “Not two, we’re giving (permission for) three new banks,” he said while talking to reporters at Dhaka Club following a seminar on the Bangladesh’s insurance sector.

Seven persons face Tk 1,000cr money laundering case
The Customs Intelligence yesterday filed a case against 7 persons on charges of laundering about Tk 1,000 crore — the biggest amount yet from Bangladesh — through the import of alcohol, cigarettes and various consumer goods using fake documents and addresses. Customs detectives filed the case at the Paltan Police Station after it unearthed an elaborate scheme by a syndicate to import consumer goods in the name of capital machinery in an operation that cut through duty evasion, money laundering and fraud.

Farmers Bank board reconstituted
The board of directors of the Farmers Bank Limited (FBL) has been reconstituted with the election of the new chairman and vice-chairman of the trouble-hit fourth generation private commercial bank (PCB). Mohammad Masud and Maruf Alam have elected as new chairman and vice-chairman respectively of the PCB, officials of the central bank said Monday night. Dr. Muhiuddin Khan Alamgir and Mahabubul Haque Chisty (Babul Chisty) had already resigned from the post of directors of the bank, they added.

RMG factories turn to technology to maintain competitive advantage
Bangladeshi apparel makers are introducing cutting edge software technology in a bid to upgrade production processes and reduce fabric waste by raising measurement accuracy. According to industry insiders and technical experts, around 70% of the total manufacturing cost of an apparel product is fabric. This single cost can be reduced by around 10%, however, with the introduction of new cutting technology.

BTRC to allow a subscriber to own maximum 15 SIMs
Bangladesh Telecommunication Regulatory Commission is set to allow a mobile subscriber to own up to 15 SIMs. ‘Under the latest move, an individual would be allowed to keep ownership of highest 15 SIM or RIM cards instead of existing five SIM or RIM cards against a NID number,’ a BTRC official told New Age on Monday.

Bad loans are alarming for Bangladesh economy
Continuous increase in bad loans is very alarming not only for the banking sector but also for the entire economy, experts said. “We have observed that the government has been providing recapitalization funds to the nationalized banks to meet capital adequacy ratio set by the Bangladesh Bank,” said ICC Bangladesh President Mahbubur Rahman at the workshop on Capital and Credit Risk Distribution in the capital Dhaka on Monday.

Sophia to visit Dhaka
Sophia, a lifelike robot, which has generated quite a buzz among the youth and the artificial intelligence industry around the world, is coming to Bangladesh to make an appearance at the Digital World Exposition on December 6. The humanoid robot was created using state of the art innovations in artificial intelligence.It will attend two sessions of the biggest ICT event in South East Asia, includinga question and answer session.

Check digital money laundering, narrow rising income inequality
An eminent economist cautioned about rampant money laundering allegedly through mobile banking channels while another blamed rising income inequalities for “persistent” poverty in Bangladesh. “We have a word of caution. Some allegations are coming against mobile financial-service (MFS) providers in matters of money laundering and illegal financial transactions,” Khondkar Ibrahim Khaled told a session of the two-day Annual Banking Conference in Dhaka Monday.

Govt may cut renewal fees for insurers
Finance Minister AMA Muhith yesterday assured insurance companies of reducing their renewal fees in a bid to revitalise the sector. The assurance came at a seminar on “Protecting the Poor: Emerging Micro Insurance Market in Bangladesh and South Asia” organised by Bangladesh Insurance Association at Dhaka Club.