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.
Grim year for economy
The economy has come under pressure due to the banking sector crisis, inflation and soaring imports amid inadequate export earnings and insufficient remittance inflows, the Centre for Policy Dialogue (CPD) said yesterday. The banking sector is suffering from cronyism, the think-tank said, adding that various irregularities and embezzlement of public funds are taking place with influential people involved in it.
Bangladesh’s trade deficit doubles in July-Nov
Bangladesh’s overall trade deficit nearly doubled in the first five months of the ongoing fiscal year (FY) due to higher import payments against lower export receipts, officials said. The deficit rose by 96.11 per cent to US$7.61 billion during the July-November period of FY 2017-18, from $3.88 billion in the same period of the previous fiscal, according to the latest central bank statistics.
BASIC Bank seeks govt directive to sue Bacchu
The management of state-owned BASIC Bank has informed Financial Institutions Division that they have no jurisdiction to take legal action against previous directors on its board, led by controversial Sheikh Abdul Hye Bacchu, for misappropriating Tk 76 crore in the purchase of floor space of a building, officials said. Led by chairman Alauddin A Majid, the current board of the scam-hit bank stated its position in a reply issued on January 4 about the legal actions recommended by the division, they said.
Rising cotton import likely conduit for money laundering
A policy think-tank sees surging cotton import into Bangladesh as “suspicious” as it may be a means of siphoning off money. The Centre for Policy Dialogue (CPD) came up Saturday with such scepticism and cited a mismatch between a 75 per cent surge in cotton imports in four months and an average 7.0 per cent growth in output of readymade garments.
Weekly review: Bangladesh’s stocks tumble amid low turnover
Bangladesh’s stocks witnessed a big fall last week that ended on Thursday with low trading activities as investors were on selling mood throughout the week. Analysts said the cautious investors went on selling spree, especially the heavyweight banking sector issues as the Bangladesh Bank plans to rein in liquidity flow by cutting advance-deposit- ratio (ADR) to avert inflationary risk amid high growth in the private sector credit.
‘Conservative economic management needed in 2018’
A leading economic think tank has called on the government to maintain conservative economic management in 2018, its last year in office before national polls, to maintain a minimum economic growth. Speakers at the release of a report – State of the Bangladesh Economy in FY2017-18 (First Reading) – organized by Centre for Policy Dialogue (CPD), warned that a traditional pre-election government spending spree would further endanger an already risky economic scenario.
Telcos’ investment shrinks but revenue rises
Investment by mobile operators hit a six-year low in fiscal 2016-17 after being on a descent for the past four years even though the sector’s revenue is growing every year. In fiscal 2016-17, the mobile operators’ investment declined 14.94 percent year-on-year to Tk 4,626 crore while their revenue grew 3.77 percent, according to a report of Bangladesh Telecommunication Regulatory Commission.
Bangladesh mulls retaining China DFQF access, not APTA scheme
Bangladesh might opt for duty-free and quota-free market access in China rather than trade preferences under the Asia Pacific Trade agreement as the DFQF scheme offers more benefits for export to the East Asian country. Officials of the commerce ministry said the government might continue to avail the DFQF scheme following recommendations that came from the stakeholders particularly exporters.