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.
Defaulter textile millers to be blacklisted
The textile millers who took bank loans through illegal means and defaulted on repayment will be blacklisted, the trade body that represents the millers said yesterday. “We will discuss the names of the blacklisted members at the next board meeting and propose cancellation of their membership,” said Mohammad Ali Khokon, acting president of the Bangladesh Textile Mills Association (BTMA).
Foreign-aid budget to see cuts for slow project execution
The government cuts foreign-aid component of Bangladesh development budget by 9.0 per cent or Tk 49.50 billion for project-implementation backlog, officials said. They said Tuesday the upcoming revised development budget for the current fiscal would see such cut following bleak project-execution performance by some public agencies.
Draft policy proposes 20-year tenure
Energy division has finalised a draft policy for the Energy Security Fund limiting its to 20 years and empowering the government to decide its fate after the expiry of the tenure. Following a public hearing, the commission in September 2015 established the fund by increasing gas prices by Tk 1.01 per cubic metre to support the government programmes in securing supplies of natural gas and petroleum gas. The fund is now growing at the rate of more than 2,550 crore per year.
Bangladesh’s export earnings grow by 6.55% in 7 months
Bangladesh’s export earnings grew by 6.55 per cent in the first seven months of the ongoing fiscal year (FY) 2017-18 following higher shipment of apparel products. The overall export earnings rose to US$21.32 billion in the July-January period of the FY 18 from $20.01 billion in the same period of the FY 17, the state-run Export Promotion Bureau (EPB)’s latest data showed.
India-Bangladesh trade talks begin in Dhaka Wednesday
A Bangladesh-India commerce secretary- level meeting is set to begin on Wednesday in a city hotel to discuss ways of expediting bilateral trade between the two countries. “We’ll discuss trade potential and ways for removing bottlenecks at the meeting,” a senior member of Bangladesh team for the trade talks told the BBN in Dhaka.
Janata Bank Loan Scam: Whole bank was in it
When one applies for a loan at Janata Bank, the application goes through at least five layers of scrutiny. But in case of AnonTex Group, none of these processes seemed to have been followed. If they were, the apparel exporter should not have been able to take out loans amounting to Tk 5,504 crore — despite failing to pay back its previous loans.
Bangladesh among top five growth achiever LDCs
The United Nations Conference on Trade and Development has said only five countries, including Bangladesh of the 45 Least Developed Countries, achieved economic growth at 7 per cent or higher in 2017. The four other countries are Djibouti (+7pc), Ethiopia (+8.5pc), Myanmar (+7.2pc), and Nepal (+7.5pc) while Bangladesh achieved +7.1pc growth in 2017.
One-stop service still a faraway dream
Although the government has passed a new law to introduce one-stop services for business launching, the actual implementation still appears to be far off. Bangladesh Investment Development Authority (Bida) says it will be at least another six months till investors can enjoy all the benefits from the One-stop Service Act 2018.