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.
Banks demand slash in interest rates on savings certificates
In an effort to address a liquidity crisis, private banks demanded that the government lower interest rates on savings certificates. Bangladesh Association of Banks (BAB), an organization of private bank owners, thinks the move will ease the liquidity crisis and reduce the double-digit lending rate, reports Bangla Tribune. It has already sent a letter to Finance Minister AMA Muhith in this regard.
Padma Bridge Rail Link: Soaring land prices jacking up cost
The cost of the Padma Bridge rail link, the construction of which is yet to start in full swing, has gone up by Tk 4,269 crore due to escalating land acquisition expenditure and delay in project implementation. The original cost of the project was Tk 34,989 crore and now it stands at Tk 39,258 crore, a 12 percent hike.
Bangladesh government to issue floating rate bond for deficit financing
The government has decided to issue floating rate treasury bond to meet its own rising financial need and develop debt profile, said a Bangladesh Bank circular issued on Tuesday. Earlier, on May 10 this year, the finance ministry issued a notification in this regard in line with the rule-4 of the Public Debt (Central Government) Rules 1946.
Govt plans deals on supply of LNG from spot market
The government has prepared the draft of a general master sales agreement (MSA), covering a dozen of global companies, on the supply of liquefied natural gas (LNG) from the spot market. The state-run Rupantarita Prakritik Gas Company Ltd (RPGCL) has already sent copies of the MSA draft to the short-listed suppliers for inking deals, individually, said a senior RPGCL official.
NBR seeks govt help to realise VAT, SD arrears from Petrobangla
The revenue board has sought help from the government to realise Tk 212 billion in VAT and SD arrears from Petrobangla, officials said. "It is very urgent to pay outstanding dues for achieving the revenue target," Chairman of the National Board of Revenue (NBR) Md Mosharraf Hossain Bhuiyan said in a letter sent to the finance ministry last week.
President stresses private sector development
There is no alternative to developing the private sector to achieve the country's desired success in industrialisation, President Abdul Hamid said yesterday. Industrialisation will gain pace as much as the private sector gets stronger and faster, he said. Hamid spoke at a ceremony to hand over the “President's Award for Industrial Development 2016” at Osmani Memorial Auditorium in the capital.
Biman faces increasing financial risks
National flag carrier Biman Bangladesh Airlines is at risk of facing an abnormal level of financial crisis because of its increasing debt-to-equity ratio. According to sources from Biman Bangladesh, the airline’s debt-equity ratio has already increased to 4:1 from the average 1.5:1 ratio. There is speculation that the gap might increase further in the future.
Bangladesh's new customs act may not come into force in next FY
National Board of Revenue may not be able to put in force the new customs law from the next fiscal year 2018-2019 as per its plan for lack of preparation. Customs wing of the NBR may not able to place the law before the parliament for its approval as the draft of the Customs Act-2018 is still going under the vetting process in the law ministry.
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