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.

Rice prices go up after govt hikes import duty
The prices of rice went up in the city’s wholesale markets following the announcement of budget for the financial year of 2018-19 as the government reinstated 28 per cent import duty on the staple in the budget. Following the announcement of the budget on June 7, importers and millers increased the wholesale prices of rice by Tk 1-2 a kilogram and the wholesale price increase started affecting the retail markets in the city, traders said.

Draft guidelines for overseas equity investment ready
The proposed ‘Overseas Equity Investment Guidelines 2018’ are set to be ready for receiving approval from the government shortly, officials said. When contacted, senior secretary of Financial Institutions Division Md Eunusur Rahman said recently, “The draft ‘Capital Account Transactions (Overseas Equity Investment) Guidelines 2018″ may be placed before the cabinet committee on economic affairs (CCEA) in the last week of this month or the first week of next month.”

Bangladesh receives higher remittance ahead of Eid
Bangladesh received nearly US$900 million in remittances in the first two weeks of June as overseas Bangladeshis sent higher amount of money back home ahead of the Eid-ul-Fitr festival, officials said. The inflow of remittances amounted to $ 886.92 million from June 01 to June 15, according to the central bank’s latest statistics released on Monday. It was $ 902.02 million from May 01 to May 18.

Policy for import and refinement of condensate underway
The government has moved to regulate the import, refinement and fractionation of condensate with immediate effect in order to bring transparency and accountability to the process. Condensate is a by-product of gas and is already being refined in Bangladesh. However, fuel oil made with these by-products is usually low in quality compared to the petroleum products imported by the Bangladesh Petroleum Corporation (BPC).

Bangladesh’s stocks end lower after Eid vacation
Bangladesh’s stocks finished on Monday, the first session after Eid holidays, as investors sold shares on sector-wise stocks. Trading and official activities on the bourses remained closed from June 13 to June 17 on the occasion of the Eid-ul-Fitr, the biggest religious festival of the Muslims.

Customs to track all travelers
The customs authority is set to introduce a rule to maintain the record of the inbound and outbound overseas passengers. With the new rules, the government will be able to keep a data base of the passengers, before arrival and after departure.

Single licence for telcos’ 2G, 3G and 4G services likely
The Bangladesh Telecommunication Regulatory Commission has initiated a move to introduce a single-licence system for the mobile operators to offer 2G, 3G and 4G services with a view to reducing filing hassles. Currently, the mobile phone operators have to take separate licences for offering the services.

China’s tariffs on US oil would disrupt $1 billion monthly business
China’s threat to impose duties on US oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month. In an escalating spat over the United States’ trade deficit with most of its major trading partners, including China, US President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.

BBN/SSR/AD