A apparel factor in Bangladesh

An apparel factory in 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.

NBR to kick off drive Monday against tax-dodging expatriate workers in Bangladesh
The National Board of Revenue (NBR) is set to start drive in different business enterprises to locate foreign workers engaged in jobs in the country but not paying taxes. “A taskforce will inspect some selected business entities in search of foreign nationals who are working in Bangladesh but don’t bother to pay income tax,” a senior official at the NBR said.

IBBL to prop up investment portfolios
The reconstituted board of directors of Islami Bank Bangladesh Limited (IBBL) has taken a strategy to achieve higher profit by the end of the ongoing calendar year, the bank chairman has said. Under the new strategy, the IBBL wants to ramp up its earnings through diversified investment portfolios from Islami bonds to general banking along with slashing operational costs.

Now IMF ready to provide funding for Rohingyas
The International Monetary Fund is eager to provide financial assistance to Bangladesh, along the lines of the World Bank, to deal with the Rohingya crisis that has been putting a huge pressure on the economy. “We are in close consultations with the authorities and we stand ready to provide assistance when and if needed,” said Kenneth Kang, deputy director of the IMF’s Asia and Pacific department.

1,000 recruiting agencies remain inactive
Out of 1,400 recruiting agencies having valid licences, only 400 are active, Bureau of Manpower, Employment and Training officials told New Age. As most of the workers secure foreign jobs and visas with help from relatives, active recruiting agencies have to do nothing other than helping them in getting clearance of BMET, they said.

Bangladesh Bank to meet with three FCBs Monday
The central bank of Bangladesh is going to meet with senior officials of three foreign commercial banks (FCBs) today (Monday). The three FCBs are Standard Chartered Bank (SCB), HSBC and Citi N.A.

Small fish farmers pay high interest for loans: study
Small fish farmers have to pay a higher interest rate on credit than their larger peers as they have to borrow from NGOs and microfinance institutions (MFIs) owing to bankers’ reluctance to provide finance without collateral, according to a study on aquaculture unveiled yesterday. Carried out by the Bangladesh Shrimp and Fish Foundation (BSFF), the study finds that more than 70 percent of small farmers borrow from relatives, NGOs and MFIs.

RMG sector to get 500-acre block in Mirsarai SEZ
The government has taken an initiative to allocate 500 acres of land to the country’s readymade garment exporters for setting up an ‘RMG Block’ in the Mirsarai Special Economic Zone of Chittagong. The Bangladesh Garment Manufacturers and Exporters Association on Saturday asked its members to inform the trade body within seven days about their interest in buying industrial plots in the SEZ.

UNCDF making ‘muni bond’ to hit bourses
A new securities instrument styled ‘muni bond’ may hit the country’s capital market with a twin objective: fundraising for urban local-government bodies and stimulating economic activity. Sources said a UN agency concerned is assisting in devising the long-term bond meant for strengthening financial bases of the local government for spending the funds on rural-development projects.

BBN/SSR/AD