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.
Inflation hits two-year-high at 6.12pc
The point-to-point inflation rate hit the two-year-high of 6.12 per cent in last month (September), mainly due to rise in the prices of some food and non-food items, officials said. The Bangladesh Bureau of Statistics (BBS) data, released on Tuesday, showed that the highest inflation rate was recorded at 6.19 per cent two years ago in October 2015.The national statistical body said the rate of inflation started to pick up in July 2017, when it was 5.57 per cent. It rose to 5.89 per cent in the subsequent month (August).
Rich become richer, poor get poorer
The poor’s share in the national income eroded further in the past six years, with the richer segment of the population having bigger stakes. A government survey report, released yesterday, shows that the rich-poor inequality in terms of wealth accumulation has been widening in the country.
BB concerned about solvency of Sonali Bank UK Ltd
The business continuity of Sonali Bank UK Ltd (SBUK) has become a major concern since its reputation took a serious hit in both Bangladesh and United Kingdom, said a Bangladesh Bank report. The UK Financial Conduct Authority (FCA) fined the bank £3.25m in October, 2016 for failing to put anti-money laundering controls in place.
Banks advised to appoint overseas agents to boost remittance
The central bank of Bangladesh has asked the banks, which have exchange houses aboard, to appoint agents in the respective countries to help revamping the flow of inward remittance. The advice was made at a view-exchanging meeting with senior executives of top 20 remittance-recipient banks at the central bank headquarters in Dhaka on Tuesday with Bangladesh Bank (BB) Deputy Governor SK Sur Chowdhury in the chair.
Bangladesh’s capital market surges in Q1 of FY18
Bangladesh’s capital market passed an eventful quarter for the first three months of this fiscal year (FY) as all three indices and market cap of the Dhaka Stock Exchange (DSE) touched the record high. DSEX, the benchmark index of DSE, rose 437 points or 7.73 percent during the July-September period of the FY 2017-18.
UCB launches card-less digital payment platform
United Commercial Bank launched a state of the art digital banking platform, Upay, for both consumer and corporate customers of the bank on Tuesday, said a news release. Upay aims to promote cashless and universal anytime-anywhere payments using mobile phones in Bangladesh. UCB managing director and CEO AE Abdul Muhaimen announced the launch of Upay at Westin in Dhaka.
Bangladesh-Myanmar trade remains healthy amidst Rohingya crisis
Trade between Bangladesh and Myanmar is likely to remain stable despite the two countries being locked in dispute over the Rohingya crisis, stakeholders have said. Although trade across the shared land border has been suspended since military operations began in Rakhine state in August, Bangladeshi traders say the devaluation of the Myanmar currency as a result of the crisis may actually boost overall trade.
IDLC Finance posts 35pc growth in profits
IDLC Finance’s net profit rose 35 percent year-on-year to nearly Tk 181 crore in the first nine months of 2017. The company’s earnings per share also increased 18 percent to Tk 4.90 during the period, the largest non-banking financial institution said at a press conference yesterday. In the nine months, IDLC acquired 8,563 new customers and grew the customer assets portfolio by 13 percent or Tk 834.1 crore to end the quarter with a loan book of Tk 7,061 crore.