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.
BPO Summit 2018: Outsourcing firms eye 1 lakh jobs in 3 yrs
Bangladeshi young executives sitting in their Dhaka office respond to customer-support calls made to Malaysia’s Digi, a sister concern of Telenor, and provide users of the foreign carrier solutions to problems. Genex Infosys is now running Digi Telecommunications Call Centre, which was previously managed by a Pakistani company. It also serves Grameenphone and Telenor’s concerns in different countries, including Telenor Myanmar, said Prince Mojumder, co-founder and chief executive officer of the company.
PM gives nod to $2.67b Chinese loan
All the formalities have been completed to get the highest amount of loan worth US$ 2.67 billion from China for Padma rail link project with the Prime Minister’s seal of approval on Sunday. Sources said Prime Minister Sheikh Hasina approved the summary of the Chinese loan before she left the country for Kingdom of Saudi Arabia (KSA) and United Kingdom (UK). She also directed the Economic Relations Division (ERD) to finalise the date for signing a deal in this regard.
BB eases use of ERQ for import payments
Bangladesh Bank on Sunday said the exporters would be allowed to pay the import payments of their subsidiaries or sister concerns from their export retention quota accounts. The BB issued a circular to authorised dealer branches of all banks saying that from now on an exporter would be allowed to retain export proceeds in foreign currency for a period of 30 days to settle import payments of exporters’ subsidiaries within this time subject to observance of the instructions contained in paragraph 28(A)(ii) chapter 13 of Guidelines for Foreign Exchange Transactions.
Higher imports widen Bangladesh’s trade deficit further
Bangladesh’s overall trade deficit widened further in the first eight months of the current fiscal year (FY) mainly due to higher import payments against lower export receipts, officials said. The deficit rose by 92.67 per cent or $ 5.64 billion to $ 11.73 billion in the July-February period of FY 2017-18 from $ 6.09 billion during the same period of the previous fiscal, according to the latest data, released by the Bangladesh Bank (BB), the country’s central bank, on Sunday.
Bangladesh’s stocks extend losses for fourth day
Bangladesh’s stocks witnessed yet another downbeat session on Sunday, extending the losing streak for the fourth sessions in a row, as risk-averse investors continued on selling spree on sector-wise stocks. Analysts said the market slipped into the red again as a section of investor continued on profit booking mood on stocks that saw significant rise in recent weeks.
Unchanged in FY ’17, but likely to worsen this fiscal
Bangladesh’s terms of trade (ToT) remained unchanged in the past financial year (2016-17) showing the economy avoided shock in prices in the year under review. The ToT, representing a ratio between export prices and import prices, remained the same means there was no price shock in both import and export prices.
Banks have no deposit crisis
There is no fund crisis in the banking sector, rather the problem lies with the distribution of the deposits, a top banker said yesterday. Anis A Khan, managing director of Mutual Trust Bank, said state-run banks are sitting on a pile of deposits whereas private commercial banks are running after funds that led to a severe liquidity shortage.
Saving private banks
The governmental policy support given to the private commercial banks facing a liquidity crunch was a mere temporary solution to the crisis, as those involved in the sector (owners and bankers) have to adopt a sustainable plan in order to avoid such problems in the future. Economists, bankers, experts, and policymakers say the government has given all-out support to save the sector, and that now those concerned with the sector need to work for its revival by making the best use of government policies.