Bangladesh Bank Headquarters

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.

Farmers Bank Debacle: BB measures not enough
Bangladesh Bank responded very late in dealing with the ailing Farmers Bank, former central bank governors and senior economists said. Some of them went on to raise questions about the Bangladesh Bank move and said removal of the chairman and a director from the board is not enough to save the bank and regain depositors’ confidence. “The central bank should take over the bank immediately by appointing an administrator,” said Ahsan H Mansur, executive director of Policy Research Institute.

Govt tightening EEF terms to ensure fund recovery
The government is set to toughen agreed commitments from borrowers of the Equity and Entrepreneurship Fund (EEF) to help recovery of funds in case of project failure. The government move came in the backdrop of poor recovery of equity funds from a section of errant borrowers. “Since the fund is not considered loan, we can’t go to the Artha Rin Adalat to file case against defaulters. So, we are trying to strengthen the commitments of borrowers to have scope of making them accountable in case of default,” general manager of the EEF unit of the Bangladesh Bank (BB) Bazlar Rahman Molla told the FE.

Budget deficit likely to go up by 14%
The projected deficit in the national budget for the 2018-19 fiscal year is likely to widen by 14% but is expected to remain within 5% of the country’s GDP in line with the recommendation of the country’s development partners. The budget outline for 2018-19 fiscal year was approved in the fiscal coordination council meeting on Sunday presided over by Finance Minister AMA Muhith.

Farmers Bank not to remove CEO Shamim
The reshuffled-board of Farmers Bank has decided not to remove managing director and chief executive officer AKM Shamim and give reply to a notice of Bangladesh Bank that asked the bank to take steps for his removal. A director of the bank told New Age on Tuesday that the bank would give explanation to the central bank about Shamim following the BB’s show-cause notice issued on Sunday night asking the private bank why he would not be removed in seven days over the disbursement of loans despite liquidity shortage.

Nine United Airways directors fined for insider trading
Nine directors of beleaguered United Airways BD, including its founder chairman, were slapped with fines of Tk 10 lakh to Tk 20 lakh for insider trading. Insider trading is the buying or selling of a security by someone who has access to non-public information about the stock.

Middle class feels the squeeze at rising cost of living
Shahed Mehbub, 35, currently employed as a mid-ranking executive in a private IT firm, is looking to rent a small 800 square feet apartment. He plans to move from his existing 1,100 sq ft two-bed apartment in Mohammadpur before January next year, as the landlord is getting ready to increase the rent yet again. Mehbub, who has been living in that apartment for the last eight years, initially paid a rent of Tk8,000 per month. However, the rent has nearly doubled since then, currently standing at Tk15,000.

PM approves 4G mobile service guidelines
Prime minister Sheikh Hasina, also in charge of telecom ministry, has approved the revised guidelines for the fourth generation (4G) mobile phone service, addressing all the concerns raised by the mobile phone operators. Senior officials of the telecom division confirmed New Age the approval stating that all 23 concerns of the mobile phone operators were addressed in the newly approved guidelines.

Ctg port facing ‘unprecedented’ crisis of lightering vessels
CHITTAGONG, Nov 28: Unloading of cargoes is facing serious disruptions in the seaport here due to ‘unprecedented’ crisis of lightering vessels, resulting in congestion of containers and vessels in the port that reached its peak, port sources said. They said the situation also created immense trouble for the businesses, mainly importers of industrial and infrastructure raw materials and consumer items.