Photo: Investing.com

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 initiates policy formulation on gold import
The government has initiated the process of formulating a policy on gold import to prevent smuggling of the precious metal and facilitate export of gold ornaments. The proposed policy would mainly simplify the process of import of the item as gold smuggling has become rampant over the years in absence of any policy on gold trade including import and export, officials said.

Insurance regulator to get Tk 632cr for upgrade
The government is set to take up a Tk 632 crore project for much-needed upgrade of the insurance regulator with the view to developing Bangladesh’s insurance sector. At present, there are 78 insurance companies and the project has been taken for better monitoring of the companies to ensure better service for clients, said Gokul Chand Das, a member of the Insurance Development and Regulatory Authority.

Nepal’s growing market for Bangladeshi goods
Nepal, an import dependent neighbour, has emerged as a potential export destination for Bangladeshi products especially pharmaceuticals, consumers goods and electronics items. Stakeholders and exporters think simplification of the export process and reducing tax burdens can boost trade with the Himalayan country.

Loan-recovery drive falters as defaulters bamboozle Sonali
Sonali Bank’s classified credits bloated to Tk 137.98 billion in 2017 with its recovery drive dropping to 8.0 per cent as the defaulters allegedly duped the bankers. Sources in the biggest bank of Bangladesh said its loan-recovery rate had been on a fast decline, year on year, at least over the last five years since 2013 as the bad borrowers took recourse to various ploys.

Weekly review: Bangladesh’s stocks slip into red
Bangladesh’s stocks ended lower last week that ended on Thursday, after single-week break, as investors on selling spree amid ongoing liquidity shortage. Analysts said the ongoing liquidity crisis in the banking sector pushed banks’ deposit interest rate high in recent weeks and lured many investors to put money in banks instead of investing capital market, brining average daily turnover record low.

Participatory polls must for country’s sustainable dev
Politicians, professionals and civil society members at a roundtable discussion on Saturday said an inclusive, credible and participatory election is a must for the sake of the country’s sustainable socioeconomic development. Expressing concern over the existing political and governance climate, they opined that lack of good democratic practices has led to such a situation that encourages flatterers and unethical practices by limiting the space of transparency and accountability.

Importers suffer for agents’ dispute
A dispute between two companies over who would act as the local agent for Far Shipping, a Singaporean shipping company, has left many importers in a state of suspense over the delivery of their goods at the Chittagong Port. Sea Marine Shipping Lines, a subsidiary of SHR Group, had been acting as the local agent of Far Shipping since 2014 but the contract expired on January 31. Far Shipping then appointed Marco Shipping, a concern of Karnaphuli Group, as its local agent.

Trade bodies want elimination of double taxation on dividend
The country’s leading trade bodies have requested the government to eliminate multiple layers of taxes or double taxation on dividend to facilitate capital flow for investment and encourage private investment. Dividend income should be taxed only once at a time when it is distributed to individual shareholders, they said in separate letters recently sent to finance minister Abul Maal Abdul Muhith.

BBN/SSR/AD