Prime Minister of Bangladesh  Sheikh Hasina. BSS file photo

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.

PM gives the nod to three new banks
Prime Minister Sheikh Hasina has given the go-ahead to three new banks – Bangla Bank, People’s Bank, and Police Bank – to start their operations in Bangladesh. The prime minister stamped her approval on a summary letter from the Ministry of Finance, which was recently forwarded to the Bangladesh Bank for the final approval, sources said.

NRB Commercial Bank board sees major change
The NRB Commercial Bank Limited (NBRCBL) on Sunday saw a major management reshuffle with the election of its new chairman and vice-chairman aiming to ensure corporate governance in the fourth generation bank. Tamal SM Parvez and Mohammad Shahid Islam were elected chairman and vice-chairman of the private commercial bank (PCB) at an emergency board meeting held at its Gulshan office in the capital Dhaka.

Foreign funds in stocks double
Foreign investors’ participation in the stock market almost doubled in November from a month earlier as price indices rebounded following the central bank’s action in October against overexposed banks. The monthly turnover of foreign portfolio stood at Tk 1,253.43 crore last month in contrast to Tk 642 crore in October, according to data from the Dhaka Stock Exchange.

Amend new VAT law to salvage it
The revenue authority may consider amending the ditched new VAT law to resolve all controversies that forced its deferment, said a parliamentary body chief. Initiatives should be taken so that the apex chamber could not raise any question after implementation of the law, said Dr Md Abdur Razzaque, chairman of the parliamentary standing committee on finance ministry.

Govt bars office bearers from polls after 2 consecutive terms
The government has amended Trade Organisations Rules barring a person from contesting executive committee election of a trade body like Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Knitwear Manufacturers and Exporters Association after serving the office for two consecutive terms. It has also increased the number of directors of the board of the Federation of Bangladesh Chambers of Commerce and Industry, the apex trade body of the country, to 72 from 60.

Apparel export to US falls 4.22pc
Bangladesh’s garment export to the US fell in the 10 months into October this year with higher shipments from competing countries such as China, India and Vietnam. The country’s apparel shipment to its single largest export destination declined 4.22 percent year-on-year to $4.54 billion, according to data from the US Department of Commerce. Indonesia, South Korea and China also experienced a fall to the US market.

Customs to auction undelivered cargoes to clear port congestion
The Customs will auction out undelivered cargoes to clear port jams as part of package measures undertaken Sunday for augmenting activities of the country’s prime seaport. Chittagong Port Advisory Committee in a meeting, chaired by Shipping Minister Shajahan Khan, adopted the decisions in the wake of deepening shipping problems facing the port.

Rehman Sobhan: Bangladesh can make two or three bridges like Padma
Bangladesh has made extraordinary progress in the economic sector, so much so that it can easily undertake two or three big infrastructure projects like the Padma Bridge, economist Prof Rehman Sobhan has said. Rehman was speaking at the National Convention on ‘Our responsibility on ensuring basic human rights and poverty reduction’ on Sunday at the National Museum’s Shawkat Osman Memorial Auditorium.

BBN/SSR/AD