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.
AB Bank laundered Tk 165cr to UAE
The AB Bank has allegedly laundered around Tk 165 crore to the United Arab Emirates through two shady organisations in the name of investment, according to a Bangladesh Bank probe report. The board of directors of the AB Bank in December 2013 approved investment of $20 million in Singapore-based fundraising and investment company Pinnacle Global Fund Pte Ltd (PGF) through the bank's Offshore Banking Unit (OBU).
Moody’s sees tighter liquidity condition of Bangladesh’s banks
Global credit-rating agency Moody’s sees declining asset quality of Bangladesh’s banks particularly public ones could weaken their lending capability as it already identifies tighter liquidity condition of them. The US-based agency, however, predicts that its outlook for banks in Bangladesh is stable over the next 12-18 months because of the healthy operating environment, and despite legacy asset quality issues and tighter liquidity conditions.
TIB concerned about unprecedented anarchy and risk in banking sector
Transparency International Bangladesh (TIB) has expressed concern that “unprecedented anarchy and risk” is prevailing in the banking and financial sectors. On the one hand, misuse of power, political influence and lobbying have led to unrestrained forgery, corruption and dominance of loan defaulters, while on the other hand, ineffective ad hoc measures by a section of the regulatory authorities leading to unprecedented anarchy and risk in the banking and financial sector, reads a press release from TIB on Sunday.
Cash-strapped Farmers Bank seeks BB nod to raise yields on its debt instrument
The Farmers Bank Limited (FBL) has appealed to the central bank for enhancing the yields on its subordinated bonds to 10 per cent from existing 9.0 per cent, officials said. "We're working on the issue," a senior official of Bangladesh Bank (BB) told the FE Sunday, replying to a query about re-fixing the interest rate on the bonds.
EZ firm must give $120-$1,500 a month to workers’ welfare fund
Enterprises located at economic zones will have to contribute up to $1,500 per month, based on the number of workers employed at their factories and commercial establishments, to the workers welfare fund. Bangladesh Economic Zone Authority will create the fund to be consisted with subscriptions contributed by the enterprises for ensuring welfare of economic zone workers.
Realtors call for cutting registration fees of flats
Realtors yesterday once again urged the government to reduce registration fee, taxes and other charges to help low and middle-income families buy homes at reduced cost. A cut in property transfer costs will give a boost to the sector that has seen a revival in the outgoing year, said the Real Estate & Housing Association of Bangladesh (REHAB).
Banks should court mergers and acquisitions for bailout
Banks in Bangladesh should go through mergers and acquisitions, which a leading banker believes will make the overall banking sector better and stronger through troubleshooting. "I think merger and acquisition should take place in our banking arena," Mr. Anis A Khan, Chairman of the Association of Bankers, Bangladesh, said in an exclusive interview with The Financial Express last week.
MRA scraps licences of 110 MFIs for breach of rules
A total of 112 microfinance institutions (MFIs) have faced action for breaching the existing rules and regulations, officials said. Of the total, operating licences of 110 MFIs have been cancelled while the activities of two others put on hold, according to the Microcredit Regulatory Authority (MRA) data.
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