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.
Bangladesh overtakes China as top denim supplier to EU
Bangladesh has overtaken China to become the largest denim supplier to the European Union — a development that would give confidence to the country’s garment sector as it looks to hit $50 billion in exports by 2021. In the January-June period of 2016, Bangladesh exported €567.97 million worth of denim products to the 28-nation bloc — enough to secure a 21.18 percent market share, the highest. The country has also become the third largest denim supplier — after China and Mexico — to the US.
Volume of outstanding buyers’ credit keeps bulging
The volume of buyers’ credit in the country’s banking sector increased 14.05 per cent in January last as importers got higher amount of the same taking the advantage of lower interest rates. The size of the credit, channelised through Usance Payable At Sight, generally known as ‘UPAS’, was US$1.06 billion in January. It was $934.37 million in the previous month, according to latest statistics of Bangladesh’s central bank. The amount was US$ 970.45 million in November last.
NBR to see 11% cut in revenue collection target
The government can slash the NBR revenue collection target by Tk23,000 crore or 11% this fiscal year, said official sources. The revenue collection target by the National Board of Revenue for the fiscal year 2016-17 is Tk2,03,152 crore. The new target is likely to be Tk1,83,152 crore, said a Finance Division official. The slashing of target is likely due to shortage in value-added tax and income tax collections. The amount was approved at the National Economic Council meeting recently. The meeting was held on the revised Annual Development Programme (ADP) with Prime Minister Sheikh Hasina in the chair.
B’desh notches 13 steps down
Bangladesh has notched 13 steps down in the internet affordability drivers index among 58 developing and least developed countries due to the country’s slow progress in the area compared with that of other countries, according to the 2017 report of Alliance for Affordable Internet (A4AI). The A4AI is a broad global coalition working to enable everyone and everywhere to access internet. According to the A4AI’s 2015 report, Bangladesh ranked 33 with a score of 39.13 among 53 countries. In the latest report, the ranking fell down to 46. Bangladesh scored 39.41 out of 100 in the latest ADI.
Weekly Review: Bangladesh’s stocks keep positive driven by banks
Bangladesh’s stocks stayed upbeat for the three consecutive weeks that ended on Thursday as investors continued their buying binge on banks amid dividend expectation. The week featured five trading sessions as usual. Of them, four sessions closed positive while one saw mild correction. The benchmark index of the Dhaka Stock Exchange (DSE) went up by 29.65 points or 0.52 per cent to finish the week at 5,701.27 points. The DS30 index, comprising blue chips, advanced 10 points or 0.49 per cent to settle at 2,059.63 points.
BD needs to welcome FDI from tax havens
Bangladesh should not discourage foreign direct investment (FDI) that would come from the world’s major tax havens, speakers at a seminar recommended Saturday. It would help increase the FDI inflow into the country, they said, taking part in the discussion. Leading think tank Policy Research Institute (PRI) organised the seminar titled ‘Improving Investment Climate: Key Policy Reforms and Institutional Priorities’ at a hotel in the capital.
No response from 30 major defaulters
Loan recovery efforts by scam-hit BASIC Bank could made no significant progress as 30 loan defaulters owing Tk 1402.17 crore were yet to make any response to the bank’s call to regularise their loans. Bank and financial institutions division officials said that those clients were given the loan by former board of the bank during 2010-14. Appointed in June 2014 the present board of the bank identified 77 borrowers who were given Tk 3020.45 crore as loan in violation of the Bank Company Act reportedly by the previous board chairman Sheikh Abdul Hye Bacchu. Only seven borrowers who owed Tk 208.16 crore to the bank responded to the call to regularise the loan till date, officials said.
India proposes petrochem product export
India has expressed its willingness to export petrochemical products to Bangladesh. A proposal in this connection was floated at the second energy dialogue between the two countries held in Dhaka Saturday, said officials. Secretary of the Energy and Mineral Resources Division (EMRD) Nazim Uddin Chowdhury led the Bangladesh side while, India’s Secretary of the Ministry of Petroleum and Natural Gas K D Tripathi led the neighbouring country’s delegation during the meeting.