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.
Stressed advances now 17pc of banks’ outstanding loans
As of 2016, the country’s banks’ stressed advances — the summation of non-performing, restructured and rescheduled loans — stood at 17 per cent of their total outstanding loans, according a research study conducted by LR Global Bangladesh, an affiliate of the New York-based LR Managers Investments. In absolute terms, the size of NPL stood at USD 7.8 billion and that of restructured and rescheduled loans at USD 6.7 billion. At the same time, provision coverage exhibited a declining trend, indicating enhanced vulnerability of the entire banking sector.
BASIC Bank Scam: ACC quizzes ex-chairman Bacchu
The Anti-Corruption Commission for the first time yesterday grilled former BASIC Bank chairman Sheikh Abdul Hye Bacchu over the loan scams involving about Tk 4,500 crore. Nine ACC officials, now probing 56 scam cases, interrogated him for about four hours from 10:45am at the commission’s Segunbagicha headquarters.
29 large development projects limp
Implementation progress of 29 development projects with allocation above Tk 350 crore remained slow in the first four months of the current fiscal year 2017-2018 than the average progress rate of all projects under the annual development programme. In July-October of the FY18, the government’s 54 ministries and divisions managed to spend only Tk 23,815 crore or 14.51 per cent of total allocation of Tk 1,64,085 crore of the ADP.
4G licences to be issued on February 14
Bangladesh Telecommunication Regulatory Commission (BTRC) will issue 4G license on February 14 next year following spectrum auction for three different bands on February 13. BTRC Secretary and Spokesperson Sarwar Alam on Monday said the commission at a special meeting approved the 4G/LTE Licensing Guidelines and auction roadmap for 2100 MHz, 1800 MHz and 900 MHz spectrum bands.
Bangladesh’s interest rate spread falls in October
Interest rate spread in the Bangladesh’ banking sector fell slightly in October as the banks slashed their interest rates more on lending than that of deposits, officials said. The weighted average spread between lending and deposit rates offered by the commercial banks came down to 4.50 per cent in October 2017 from 4.55 per cent in the previous month, according to the central bank’s latest statistics.
Now Sonali blames other banks, wants its money back
Sonali Bank yesterday pleaded with the Bangladesh Bank to help it recover Tk 895 crore that was debited from its account with the central bank to settle the acceptance bills relating to Hallmark Group loan scam. The board and the management of the state-owned bank claimed that the companies, which got the fund from its current account, were a part of the scam.
Petrobangla seeks Tk 26b to pay VAT, SD to NBR
The state-owned Petrobangla has sought over Tk 26 billion from the government for paying the outstanding value added tax (VAT) and supplementary duty (SD) to the National Board of Revenue (NBR). The company owed over Tk 40 billion to the revenue board in VAT and SD arrears during the period between November 2016 and June 2017, officials said.
Stock exchanges get 3 more months to find strategic partner
Bangladesh Securities and Exchange Commission has extended time for the two stock exchanges by another three months to find strategic investors as the bourses could not pick such investors within the given timeframe. The regulator on Thursday extended the deadline to March 08, 2018 as the bourses—Dhaka and Chittagong Stock Exchange—called for more time to make such an important decision connected with the development of the capital market in the country, said a DSE official.