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.
IMF warns govt not to delay VAT law
International Monetary Fund urged Bangladesh government to be careful so the implementation of new value-added tax law is delayed further, said Finance Minister AMA Muhith. The law was supposed to be effective from the fiscal year 2016-17, but it was later deferred to next fiscal year due to opposition from the business community. The business has taken stand against the 15% flat rate set in the new law. The law is now set to come into effect from July 1.
Private power plants seek exemption from pre-storage obligation
Entrepreneurs of oil-fired power plants now seek exemption from pre-storage of imported oils before consumption. Officials said the owners of these private-sector plants want facility for loading fuels to lighter vessels from mother vessels and carry those direct to power-plant sites instead of prior storage in tanks.
Slow exports, remittance new challenges for Bangladesh
Slowdown in exports and weak remittance growth are the new challenges for Bangladesh’s economy, said Mitsuhiro Furusawa, deputy managing director of International Monetary Fund. Furusawa, who came to Dhaka on Sunday on a two-day visit, talked to The Daily Star in an exclusive interview at the IMF office in the capital.
12 banks warned for higher credit growth than deposits
Bangladesh Bank has warned 12 commercial banks due to their higher credit growth than collected deposits. The BB issued a letter to managing directors and chief executive officers of 12 banks on February 2 asking them to decrease their credit growth considering the deposit growth within the shortest possible time as they are now involving in aggressive banking. The central bank in its letter said that an imbalance situation had been created between deposit growth and credit growth of 12 banks as they disbursed more loans than their deposit collection from the clients.
BANGLADESH’S STOCKS SLIP INTO RED
Bangladesh’s stocks slipped into the red on Monday amid low turnover as risk-averse investor booked quick profit on sector specific large-cap issues. Brokers said stocks posted meager correction as cautious investors sold shares to bag some profit on quick gaining stocks. The market started with a positive note, but could not maintain the upbeat trend as cautious investors booked quick profit on sector specific large-cap issues, ultimately ended 14.87 points lower.
Rail runs at loss by overruling reforms
Seven reform measures taken since the country’s independence for appropriate institutional changes in Bangladesh Railway (BR) failed to deliver, leaving it as a loss-incurring entity as 45 years ago. Sources said the relevant authorities overruled a recommended autonomous BR management meant for operating the popular transport system to its full potential.
Business leaders get CIP cards
The government yesterday awarded 164 commercially important persons (CIPs) for their contribution to the economy. The CIPs — under the export and trade categories for the year 2013 — have been selected on the basis of their performance assessed by the Export Promotion Bureau. The award is given every year but it gets delayed by the lengthy inspection and verification procedures. Commerce Minister Tofail Ahmed handed over the cards to the awardees at a programme at Radisson Hotel in Dhaka. Of the recipients, 125 businesspeople were given the cards in the export category and 39 in the trade category.
BANGLADESH: THE NEAR-BOYCOTT OF INTERNATIONAL BUYERS CAUSED A DRAWBACK
Until shortly before its start, the Dhaka Apparel Summit was on the brink: fashion companies like H&M, Inditex (Zara), C&A, Next and Tchibo, which account for billions of US dollars garment products purchases from Bangladeshi manufacturers annually, announced early the last week that they would not take part in the summit as a mark of protest against the arrest and harassment of workers. But in the end the companies changed their minds and took part. “The retailers have finally changed their decisions as the government assured them that steps have been taken for the release of the detained workers and worker leaders, who were arrested at Ashulia for their alleged involvement in labour unrest in December 2016,” Mostafiz Uddin, a organizer and Founder of the Bangladesh Denim Expo, told the SPORTSWEAR INTERNATIONAL on Sunday.