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.
Bangladesh again denied GSP
Bangladesh’s trade privilege in US markets has been again denied as President Donald Trump’s administration goes on to enforce the trade preference programme’s eligibility this week. The Generalised System of Preferences (GSP) facility for Bangladesh was suspended in June 2013 after the Rana Plaza building collapse in April, the reasons cited being poor labour rights and unsafe working conditions in factories.
Bangladesh economic growth may slow to 6.9pc this fiscal
Bangladesh economy may grow at a slower pace of 6.9 per cent this fiscal year after a record growth of 7.28 per cent in the last fiscal, a global financial giant forecasts. The latest reckoning on the state of economy of the country came from Standard Chartered — after prospective ratings by several foreign financiers to Bangladesh, who also a little lowered the growth below government projection.
Defaulted industrial loans rise by 30pc in Jul-Sept
The total defaulted industrial loans increased by 30 per cent to Tk 31,270 crore in the July-September period of this year from that of the same period of 2016, showed Bangladesh Bank data. Besides, total outstanding defaulted loan of bank and non-bank financial institutions increased to Tk 80,307 crore. The total defaulted loan, excluding the written-off loans, stood at Tk 74,148 crore at the end of June 30 this year.
BB issues show-cause notice to BRAC Bank
The central bank of Bangladesh has issued a show-cause notice to BRAC Bank Limited for allegedly providing misleading information on foreign exchange rate, particularly for exporters. “We’ve issued the show-cause notice on Wednesday to the bank on the basis of allegations, submitted by the two others private commercial bank (PCBs) to the central bank,” a senior official of the Bangladesh Bank (BB) told the BBN in Dhaka.
Bangladesh Bank sells $45m more to three banks
The central bank of Bangladesh has sold US$45 million more to three commercial banks to meet the growing demand for the greenback in the market. “We’ve sold the foreign currency to the banks on Wednesday at market rate to settle outstanding letters of credit (LCs) against imports particularly fuel oil, food grains and capital machinery,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
No cheer for cement industry in 2017
The price hike of raw materials, the depreciation of local currency and intense competition among too many makers have hit the cement industry hard in the outgoing year, market players said. Even the ongoing mega infrastructure projects are failing to bring the cement manufacturers much cheer these days.
Central bank issues notice banning Bitcoin in Bangladesh
Bangladesh Bank has banned the use of Bitcoin, a virtual cryptocurrency, in Bangladesh by issuing a circular on its website. The circular read that Bitcoin is not an authorised and legal currency in any other country in the world. “Transaction with this currency may cause a violation of the existing money laundering and terrorist financing regulations,” the circular further read.
BTRC to hold meeting with stakeholders on VAS guidelines
The posts and telecommunications ministry has sent back the draft telecommunication value-added service guidelines prepared by the Bangladesh Telecommunication Regulatory Commission for revision. In August this year, the telecom regulator drafted the guidelines titled ‘Regulatory Guidelines for Issuance of Registration Certificate for Providing Telecommunication Value Added Services in Bangladesh’ and published the guidelines on its web site seeking public opinion.