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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.

NOAB demands bringing FB, Google under tax net
Newspaper Owners’ Association of Bangladesh has demanded of the government for brining the business of internet companies like Facebook and Google under tax net and the country’s legal framework. In a letter to finance minister Abul Maal Abdul Muhith, NOAB on November 25 said that the companies had been doing business in various manner in Bangladesh without complying with the country’s existing laws, regulations, trade policy and procedures.

Illegal banking continues in the name of cooperatives
Despite the initiation of multiple policies, Bangladesh Bank has failed tostopillegal banking carried out in the name of cooperatives. According to a report by the central bank, several organizations are running illegal banking operations under the guise of cooperatives. Among these organizations, Mercantile Cooperative Society has 113 branches and Aziz Cooperative Commerce and Finance Credit Society has 110 branches.

Islami Bank lends Tk 315cr bending rules
Islami Bank Bangladesh disbursed loans amounting to Tk 315 crore to Unilliance Textiles violating rules, jeopardising the interests of depositors and shareholders, said a central bank report. Both the present and past management of IBBL have been extending undue benefits to the home textile manufacturer for the past nine years through its Gulshan branch.

Bangladesh’s trade deficit widens by 109% in July-Oct
Bangladesh’s overall trade deficit widened by nearly 109 per cent or US$ 3.02 billion in the first four months of the current fiscal year (FY) because of higher import payments and comparatively lower export receipts, officials said. The gap rose to US$ 5.79 billion during the July-October period of FY 2017-18 from $2.77 billion in the same period of the previous fiscal, according to the latest central bank statistics.

A party taking loan heavily from market, says Muhith
Finance minister AMA Muhith on Tuesday said that a party was borrowing heavily from the market and buying banks. The party was doing so to get benefit from the buying spree, he said, while responding to a query about dramatic changes in the executive board of a private commercial bank recently at contracts signing ceremony at the Secretariat.

Power generation cost soaring on rise in int’l fuel prices
The country’s overall electricity generation cost started rising significantly from November 2017 amid escalating oil prices in the international market, as the power production is heavily dependent on ‘expensive’ oil-fired power plants. The cost might soar further, as the oil prices in the international market maintains an uptrend following the latest unrest in global politics over the ‘Jerusalem capital’ issue, market insiders have predicted.

Economic corridor in southwest will bump up growth: ADB
The implementation of the proposed Southwest Bangladesh Economic Corridor (SWBEC) will enable the region’s economic output to hit $148 billion by 2050, said the Asian Development Bank. The amount is 3.3 times higher than the ‘business as usual’ scenario, according to a study that was presented yesterday at an event at the capital’s Sonargaon Hotel.

Ex-BASIC Bank chairman used non-existent company to transact over Tk30cr
Former BASIC Bank chairman Sheikh Abdul Hye Bachchu, who was recently interrogated by Anti-Corruption Commission (ACC) over a loan scam, made huge amounts of cash transactions in the span of a few months through a bank account of a company that has never existed. These suspicious transactions by Bachchu were revealed in an investigative report of Jamuna TV on Tuesday.

BBN/SSR/AD