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.
Govt to revive 13 textiles mills under PPP
The government has decided to restart 13 textiles mills that were shutdown 25 years ago due to huge losses and run them under a public-private partnership (PP) initiative, according to an official of the Ministry of Textiles and Jute. The official said this would be the textile sector’s largest project, with Tk15,200 crore set to be allocated to purchase new machineries, to replace the existing ones, to run these mills.
Make BEZA overall regulator for all economic zones
A clarion call came from experts Monday for empowering Bangladesh Economic Zones Authority (BEZA) as overall regulator for all types of economic zones to relieve investors of regulatory hassles over the SEZ issues. In future, BEZA should consider becoming arbiter of all zones, moving away from its zone-development role, they said at a roundtable held in the capital to show what is needed for transforming Bangladesh into a manufacturing hub for desired economic advances.
Another non-bank falls prey to graft, loan irregularities
Corruption and loan irregularities by board members are pushing yet another financial institution towards the brink of insolvency. This time, it is First Finance, a non-bank financial institution. Its financial health has deteriorated to the point that it is now unable to maintain the mandatory cash reserve with the central bank.
Govt set to create database of nat’l savings tools subscribers
The government is set to create a database of subscribers of national savings certificates to prevent misuse of the scope like investment beyond allowable limit and in fake names by investors. The automated database will be integrated with national identity cards of the investors and the process will be completed by next three to four months, officials of the finance ministry said.
WB approves $245m for safety net programmes in Bangladesh
The World Bank (WB) has approved an additional $245 million to improve the equity, efficiency and transparency of major safety net programmes in Bangladesh. To support the poor and vulnerable, the government implements a number of safety net programs, according to a WB statement.
Private-sector credit, import surge awakens regulators
A significant surge in private-sector credits, particularly in October, nudged the regulators into stocktaking and they spotlighted a splurge from nine banks. Among the nine generously-lending banks are seven fourth-generation private commercial banks (PCBs), a senior official of the Bangladesh Bank (BB) told the FE. The growth in credit flow to private sector rose to 18.63 per cent in October 2017, year on year, from 17.80 per cent a month before, according to the central bank's latest statistics.
Data usage shoots up
The use of international internet bandwidth by Bangladesh soared 73.38 percent year-on-year to 456 gigabits per second at the end of third quarter of 2017, in a development that suggests the country is marching fast towards digitisation. “People's lifestyle has evolved. Nowadays people are using the internet for entertainment, education and many other things,” said MA Hakim, president of the Internet Service Providers Association Bangladesh.
GP seeks more time for BSEC notice reply
Grameenphone Limited has requested Bangladesh Securities and Exchange Commission to extend time by around three weeks for submission of reply to a show-cause notice served by the regulator for not keeping provision against disputed outstanding VAT. BSEC on December 7 sent the show-cause notice to GP asking it to reply in seven working days.
BBN/SSR/AD