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.
BJMC takes up Tk 568cr project to make denim
Bangladesh Jute Mills Corporation (BJMC) has designed a Tk 568 crore plan to establish a composite jute textile plant to make fabrics, particularly denim. The denim fabrics will be made by mixing jute and cotton to meet the rising demand, both at the domestic and global markets. The state-run corporation said it has already received the approval from the project evaluation committee of the planning ministry.
PayPal set to arrive in Bangladesh
PayPal’s arrival in Bangladesh will pave the way for hassle-free electronic transfers of money, increase access to foreign consumers and ease the influx of remittances and earnings from foreign companies. After much back and forth over the past two years, PayPal is finally gearing up to launch in Bangladesh by the end of April. “We just received the permission today [Monday]. Now we will go forward with the necessary procedures, including the signing of a formal agreement with PayPal, so that the service comes into operation soon,” a highly placed source at Foreign Remittance Management Division of Sonali Bank told the Dhaka Tribune.
SoEs defy government decision on offloading their shares
Most of the 26 selected state-owned enterprises (SoEs) expressed their unwillingness to offload shares, officials said, frustrating top-level government directives for feeding the securities-starved bourses on good chips. The minutes of a meeting held at the Ministry of Finance revealed that almost all the SoEs did not make any positive response towards floatation of their shares on the stock market.
NBR to reinforce post clearance audit to facilitate trade
The National Board of Revenue has decided to reinforce its post clearance audit system to facilitate trade by reducing time and cost of imports, officials said. They said that customs officials would also get a final chance to detect tax evasion even after release of imported goods from ports if the PCA system was made effective. The NBR has already instructed its field offices to strengthen the system which currently exists in the law with a little use in practice.
Bangladesh’s stocks finish flat amid low turnover
Bangladesh’s stocks finished almost flat on Monday, after facing mild correction in the previous session as investors were active on both sides of trading fence. Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) – closed flat amid choppy trading throughout the session. The market opened with positive note in the morning and the key index of the major bourse reached at 5,715 points within first hour of trading, gaining more than 20 points, but the upbeat trend could not sustained as the session progressed, ultimately closed almost flat amidst declined participation from the investors.
Banks can issue guarantee in both local, foreign currencies
The central bank has relaxed its regulations allowing the commercial banks to issue guarantee for foreign firms in both local and foreign currencies to facilitate their business in Bangladesh. “We’ve relaxed the guidelines for foreign-exchange transactions to facilitate foreign firms’ business activities in Bangladesh,” a senior official of the Bangladesh Bank (BB) told the FE.
Regional connectivity to be the highlight of PM’s India visit
Rail and road connectivity will get high priority in the agenda during Prime Minister Sheikh Hasina’s visit to India in April. Regional connectivity will be the most important topic of discussion during Prime Minister Sheikh Hasina’s visit to India, said Indian High Commissioner in Dhaka Harsh Vardhan Shringla. Speaking to reporters after a meeting with Foreign Secretary Md Shahidul Haque on Monday evening, he said New Delhi was getting prepared to receive the Bangladesh premier.
Good governance key to higher economic growth
Governance in the financial sector is crucial to steering the economy towards a higher growth trajectory in the long-term, said a top central banker. Shitangshu Kumar Sur Chowdhury, deputy governor of Bangladesh Bank, said a low level of development in a country is possible even if institutions are weak. “But for the long term, corporate governance of the financial sector becomes a key element for growth.”