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.
'Deteriorating Health' of Banking Sector: It's a big worry for economy: WB
The deteriorating health of banking sector has become a major concern for the economy, the World Bank said yesterday. The multilateral lender came up with the observation at the launch of its April issue of the Bangladesh Development Update. The report, published twice a year, cited large nonperforming loans (NPL) in both state-owned and private banks, continued recapitalisation of state-owned banks, poor risk management practices, and corruption as some of the causes behind the ailing health of the sector.
DSE not required to pay for licensing
The technical offer of Chinese consortium includes 10-year licensing for use of SZSE (Shenzhen Stock Exchange) trading system application software by Dhaka Stock Exchange (DSE). The cost of such trading system improvement service will stand at $9.0 million, out of a total offer worth $37 million. But the DSE will not be required to pay for total offer of Chinese consortium, according to market insiders.
HC restrains Accord extension
The High Court has asked the government not to extend the fire and building safety programme of Accord, the platform of European Union buyers and retailers, in Bangladesh beyond May 31 until further order. The bench of Justice Syed Refaat Ahmed and Justice Md Salim passed the order on April 4 after hearing a writ petition filed by Smart Group in April 2017 after Accord had decided to terminate business relations with the group.
Muhith brings up VAT on private unis again
The finance minister has once again said that the government will continue the VAT for private universities. “We will take VAT from private university owners,” Finance Minister AMA Muhith told reporters yesterday after a pre-budget meeting with editors, managing directors and chief executive officers (CEO) of print and electronic media at state guest house, Padma, in the city.
Banks asked to submit plans to bring down ADR by April 30
The central bank of Bangladesh has instructed the banks to submit their specific action plans to its department concerned by April 30 for bringing down the advance-deposit ratio (ADR) limit at required level, officials said. The banks, having the ADR above re-fixed limit, will have to submit monthly progress reports to the Department of Off-site Supervision (DOS) of the central bank within 10 working days each month, according to a notification issued by the Bangladesh Bank (BB) on Monday.
WB doubts 7.65pc GDP growth estimate
The World Bank yesterday questioned the 7.65 percent economic growth estimate being peddled by the Bangladesh Bureau of Statistics for fiscal 2017-18, raising doubts over claims of robust expansion of the manufacturing sector and domestic demand. It is being said that the manufacturing sector is growing faster than last year. But the Washington-based multilateral lender said production capacity has not increased from last year as private investment has remained almost stagnant.
Impose additional taxes on cash dividends exceeding 200pc
The Institute of Cost and Management Accountants of Bangladesh on Monday proposed that the National Board of Revenue should impose additional taxes on cash dividends exceeding 200 per cent by the companies with a view to check capital flight in the form of dividends. At present, many of the multinational companies declare cash dividends ranging from 300-750 per cent, resulting in capital flight from the country, said ICMAB executive director Md Mahbub Ul Alam while speaking at a pre-budget discussion at NRB secretariat in Dhaka.
PKB manages Tk 4b paid-up capital to be scheduled bank
Probashi Kallyan Bank (PKB) has finally mobilised the entire amount of fund for meeting the paid-up capital requirement to convert it into a commercial bank, sources said. Wage Earners' Welfare Board (WEWB) handed over Tk 1.0 billion on Monday. The amount has helped PKB to manage a total amount of Tk 4.0 billion, which is the required paid-up capital for a scheduled bank, they also said.
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