Chittagong port

Chittagong port of Bangladesh

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.

NBR asks banks to ensure full info in import docs
The National Board of Revenue has asked the country’s commercial banks to comply with the responsive declaration procedures in opening letter of credit and approving other import-related documents for preventing tax evasion and trade-based money laundering.Import consignments with incomplete information in the LC documents will face 100 per cent physical inspection and customs commissioners will have the authority to summon the LC issuing bank officials to be present during the inspection.

Three-fourth deals with China show no progress
The deal signed between Beijing and Dhaka for setting up a dedicated economic zone in Chittagong during Chinese President Xi Jinping’s visit to Bangladesh last year is yet to see any progress. Some 26 deals were signed during Xi’s visit to Dhaka in October last year with a view to boosting trade and investment between the two countries. Of the deals, there has been movement on only one-fourth of them.

BASIC to sue Bacchu, 10 directors
State-owned BASIC Bank is going to file criminal cases against the previous board of directors, led by controversial Sheikh Abdul Hye Bacchu, for misappropriating Tk 76 crore in the purchase of floor space of a building. BASIC managing director Khondoker Md Iqbal told New Age on Saturday that they had started the process to file criminal cases against the previous board of directors on recommendation from Financial Institution Division.

Grameen Bank seeks AG’s help regarding board meeting
Nobel Prize-winning microcredit lender Grameen Bank has written to Attorney General Mahbubey Alam to seek his opinion about holding board meetings with its three government-appointed directors. Speaking to the Dhaka Tribune yesterday, Mahbubey Alam confirmed that he had received a letter from the bank regarding the matter.

Bangladesh Bank sells $18m more to two banks
The central bank of Bangladesh has sold US$18 million more to two commercial banks directly to meet the growing demand for the greenback in the market, officials said. “The central bank has sold the US currency to the banks at market rate on Thursday to settle their import payment obligations particularly,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka.

Bangladesh’s stocks suffer major correction
Bangladesh’s stocks suffered a big jolt last week that ended on Thursday as investors sold bank shares in a reaction to the Bangladesh Bank’s latest punitive action against seven banks. Following the central bank’s punitive move, the banking sector fell sharply by 3.80 percent with 25 listed banks closed in the red. Of the banks, 13 lost more than 8.0 percent each.

BB rejects First Security’s fund transfer appeal
First Security Islami Bank’s plan to purchase floor space in Italy for its exchange house has collapsed after the central bank turned down its request to transfer funds. The bank applied to the Bangladesh Bank in May to purchase about 972 square feet floor space in Rome for €3.6 lakh (equivalent to Tk 3.20 crore).

Most companies look unaware of business continuity planning
Country’s companies, small or large alike, looked blissfully unaware of business-continuity planning to survive any calamity though recent trends leave them susceptible to a variety of existing and emerging risks. Latest studies and a spot survey drew such conclusion about state of disaster-preparedness of the businesses and business bodies.