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 plans to bail out Farmers Bank
The government plans to inject capital into Farmers Bank through Investment Corporation of Bangladesh (ICB) and state-owned Sonali, Janata, Agrani and Rupali banks in order to save the private commercial lender from failing. The five lenders will buy shares worth Tk 1,100 crore of the fourth-generation bank, which had been given the licence on political consideration and is now struggling to survive amid a huge cash crunch caused by loan irregularities.
January foreign equity flows unusually high
Net foreign equity flows to and from Bangladesh’s capital market this past January were “abnormally high” at over US$ 61 million compared to corresponding 2017 period. The foreign investments, especially in the last two weeks of January, totalled $37.33 million although the first week of the month began with a modest investment of $3.3 million.
BB tells banks they can implement amended law
Bangladesh Bank on Wednesday informed scheduled banks that they could now implement the amended bank company act that allowed appointment of four members of a family to the board of directors of a bank and extension of the tenure of a director up to nine years. In a circular, the central bank’s Banking Regulation and Policy Department also advised the banks to place the Bank Company Act (Amendment) 2018 before the next board meeting to make its members informed.
Bangladesh Bank ready to sue Filipino bank for failing to return $66.46m of heist money
Bangladesh Bank has decided to lodge a case against Philippines’ Rizal Commercial Banking Corporation (RCBC) within three months if they do not return the remaining money that was stolen from the central bank’s foreign reserve account back in 2016. Abu Hena Mohammad Razi Hasan, deputy governor of Bangladesh Bank, said the above during a press briefing at the bank’s headquarters on Wednesday afternoon.
Janata management asked to recover AnonTex loans
Janata Bank’s board yesterday asked its management to recover loans from AnonTex Group as it has been given a large amount of credit from the bank in violation of rules. A board meeting of the state-owned lender was held at its head office in the capital where the management placed the latest credit situation of the group, a board member of Janata Bank told The Daily Star.
NBR asks Robi to pay Tk 924.5cr in VAT
National Board of Revenue has demanded Tk 924.50 crore in value-added taxes from mobile operator Robi asking it to pay the amount immediately. Large Taxpayers Unit (VAT) of the NBR on Tuesday issued five final demand notices to the operator saying that the company evaded the amount in various ways and avoided payment to the government exchequer from January 2013 to December 2016.
DMTCL submits Tk 7.09b project bid to start design
The government will start detailed design of a fresh metro-rail line between Airport and Kamalapur, as the agency concerned has sought approval of a project in this regard, officials said on Wednesday. Ministry of Road Transport and Bridges (MoRTB) officials said the state-run Dhaka Mass Transport Company Limited (DMTCL) has framed a Tk 7.09 billion-cost project for preparing detailed design and related engineering services of the MRT Line-1.
BD to see lower rice output this year
Rice production in Bangladesh in 2017-18 is forecast down slightly from a year ago, according to a Feb. 6 Global Agricultural Information Network (GAIN) report from the Foreign Agricultural Service of the US Department of Agriculture (USDA). This year’s output of 32.65 million tonnes is predicted lower than the 2016-17 total of 34.57 million tonnes due to heavy rains during a key grain maturing stage.