Bangladesh budget

BBN file photo

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.

Budget implementation goes awry
The overall implementation of the Bangladesh national budget in the outgoing financial year became once again sluggish because of lingering discrepancy between projected indicators and their completion status. Experts said that poor revenue mobilisation against the unrealistic projection and slow progress of the development projects continued to hinder the implementation of the budgetary measures in 2017-18.

Govt body to frame policy guideline in six weeks
The government has formed a high-powered committee to formulate a policy guideline regarding venture capital and investment eco-system in the country. The 10-member body is asked to prepare the guideline on venture capital and investment within the next six weeks.

Three new banks on the horizon
Approval for three new commercial banks is in the works at a time when the country’s banking sector is handicapped by financial irregularities and bad loans. Bangladesh Bank has completed the primary process for issuing licences to two new private banks — Bengal Bank and People’s Bank.

Market follows Chinese influx with cautious optimism
Business insiders are cautiously enthusiastic about the sudden surge of Chinese investment in the stock market, mobile financial services as well as in e-commerce. While the moves had been incubating for some time, the three major events that took place since April made the market abuzz.

BTRC sets fresh MNP launch deadline on July 31
Bangladesh Telecommunication Regulatory Commission on Monday extended the deadline for the launch of much-awaited mobile number portability service by two months amid pressure from the mobile phone operators. The deadline extension decision was made at a commission meeting held on Monday, presided over by its acting chairman Md Jahurul Haque, a BTRC official told New Age after the meeting.

Banks often transact after getting bad credit reports
Many commercial banks of the country are making foreign transactions without obtaining proper credit reports, resulting in fraudulence, a BIBM study revealed. Banks often transact even after getting bad credit reports like poor rating, inconsistent line of business and absence of business houses’ locations.

Private pension shaping up
Finance Minister AMA Muhith will present a detailed outline of a private sector pension scheme in the upcoming budget with a plan to reach one lakh beneficiaries on a test case basis. A finance ministry official said the minister wants to come up with a framework about the scheme that the government has promised earlier. The ministry has started working in full swing on the issue, he said.

US urges quick resolution for Accord, Alliance extension
US Ambassador to Bangladesh Marcia Bernicat on Monday urged Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the government to come to a quick resolution on the Accord and Alliance’s extensions in Bangladesh. The ambassador was addressing a program by the US Department of State’s International Visitor Leadership Program called “Economic and Labor Reporting” for journalist on Monday.