Monday’s morning business round up of Bangladesh

Last updated: October 23, 2017

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.

Islami Bank keeps investors on edge
Islami Bank's earnings per share (EPS) have been on the decline this year, making thousands of investors concerned about the goings-on of the country's largest private bank. The EPS is the portion of a company's profit allocated to each outstanding share of common stock and as a result is an indicator of the company's profitability. At the end of the third quarter of 2017, Islami Bank's EPS stood at Tk 0.31, down from Tk 1.18 in the second quarter and Tk 0.62 in the first quarter, according to a posting on the Dhaka Stock Exchange website.

All ships, boats on single platform to form a new economic sector
All oceangoing and inland ships and vessels will come on a single online platform through registration to emerge as a formal economic sector eligible for loans, insurance and other facilities. The government is going to develop a national online database of all such unregistered ships and boats under the scheme that is also expected to boost revenues, officials said.

Cotton waste smuggling to India causes raw materials crisis
Country’s specialised textile industries have been facing problem in meeting export orders due to an acute shortage of raw materials as cotton and garment wastes are being smuggled out and exported to India, industry people said. They said the specialised textile industries produce yarn from cotton waste of spinning mills and garment waste better known as jhut through recycling and the yarn is used to produce terry towel, home textile, denim fabric, and khadi fabrics.

Bangladesh Bank revises farm credit rules
The central bank of Bangladesh has revised its required provision on undisbursed farm loan for all private commercial banks (PCBs) and foreign commercial banks (FCBs) operating in Bangladesh. Under the latest revised provisions, the PCBs and FCBs are now allowed to deposit 3.0 per cent of their undisbursed farm credits with the central bank for lending within two years or forfeit the money.

India’s exports to Bangladesh grow 13% in FY17
India’s export to Bangladesh grew by 13 per cent in the fiscal year (FY) 2016-17 after a subdued show for two consecutive years. The growth is attributed to a significant rise in export of equipment and high-value machinery for project implementation in Bangladesh, the Business Line reported.

Govt's bank borrowing in the negative
The government's net borrowing from the banking sector was in the negative in the first quarter of the fiscal year thanks to a deluge of funds by way of savings instruments. Between July and September, the government borrowed Tk 2,132.30 crore from banks and repaid Tk 5,270.20 crore to take its net borrowing from the channel to Tk 3,137.90 crore in the negative, according to data from the Bangladesh Bank.

NBR to assess performances of all ports
The National Board of Revenue has decided to conduct time release study to measure the performance of customs houses and all active land customs stations (LCS) in releasing import-export cargos and facilitating border trade. The NBR will conduct the studies as performance measurement tool for each of six customs houses and 32 LCSs to identify bottlenecks in the international supply chain and constraints at customs point that affect speedy release of import-export goods.

BB heist: $14.54m retrieved so far
Bangladesh Bank has so far retrieved $14.54 million of the $81 million stolen from its account at the New York Federal Reserve on February 5 last year. The process of recovering the remaining $66.4 million is underway, according to a press statement of the central bank. The statement, issued on Sunday, reads a Philippines court froze $29 million that was transferred to Solaire Casino, and the issue is now subjudice at the country’s apex court.

BBN/SSR/AD

 

Bangladesh Business News
BBN is the country's oldest Business News and Analysis platform, run by veteran business journalist and analyst that you can rely upon.
© Copyright 2024 - BBN - All Rights Reserved
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram