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.
Pharma sector can earn $1b in exports within five years
Pharmaceutical companies have the potential to earn $1 billion a year through exports in the next five years, but the sector needs fiscal benefits and policy support to do so, analysts said at a seminar. Export earnings from the sector still remain below $100 million a year, but drug makers are optimistic about reaching the $1-billion mark as the industry is growing at 16 percent a year. A couple of local companies have also gained access to the highly regulated markets of the US and the UK.
Bangladesh gets $60 million from China-led AIIB to finance gas project
According to the official website of the Beijing-based Asian Infrastructure Investment Bank (AIIB) on Tuesday, Bangladesh is getting loans worth $60 million to address the country’s gas supply deficit. The fund will be used to help Bangladesh’s Natural Gas Infrastructure and Efficiency Improvement Project, as the lack of gas supply would “eventually impact Bangladesh’s energy security and constrain the nation’s economic growth”, the AIIB said in a press release. The project is co-financed by the Asian Development Bank (ADB), which approved a $167 million loan in November to boost Bangladesh’s natural gas production and expand transmission infrastructure.
Muhith firm on heist money recovery, sees BB fire trivial
Finance Minister AMA Muhith expressed the hope Tuesday that the stolen money would be retrieved from the Philippines, without specifying any timeframe, as a high-level meeting reviewed the latest developments with the central bank. “Of course, the money will return. No one can hold the stolen money,” he told newsmen after the meeting, held at Bangladesh secretariat.
Govt to adjust workers welfare association with ILO standard
Commerce Minister Tofail Ahmed on Tuesday said the government will adjust Workers Welfare Association (WWA) with the ILO convention to ensure equal rights for workers employed in the country’s Export Processing Zones and beyond. The minister came up with the comment while addressing journalists after a meeting with the European Union (EU) parliamentary delegation lead by Arne Lietz, a member of the European Parliament at his office on Tuesday. “There is a question about trade union at EPZ, but Bangladesh has WWA, which is almost similar to trade unions in terms of enjoying workers rights,” the minister said.
Bangladesh’s stocks rebound amid increase turnover
Bangladesh’s stocks returned to higher on Tuesday, after previous day’s mild correction, as optimistic investors took position on large-cap stocks. Analysts said the market rebounded as investors showed their buying appetite on heavyweight bank shares amid optimism. “The banking sector kept the market afloat amid dividend expectation as many banks are yet to declare dividend,” said an analyst at a leading brokerage firm.
‘No major damage’ in BB fire
An inquiry team formed after the recent fire in the Bangladesh Bank headquarters submitted its report to Governor Fazle Kabir yesterday, saying there was no major damage in the incident. The central bank formed the three-member committee led by Executive Director Ahmed Jamal to assess the damage caused by the fire, said Subhankar Saha, spokesperson for the bank. The report said only some chairs and tables, three computers, a scanner, two printers and a photocopy machine were damaged, said BB sources.
5.0pc tax on yield, if balance crosses Tk 0.5 million mark
Investors of Pensioners Savings Certificate (PSC) have to pay 5.0 per cent tax at source on their yield, if their accumulated balance exceeds Tk 5,00,000, said a clarification of the National Board of Revenue (NBR). Commercial banks, post offices and savings offices will have to deduct the tax at source at the time of payment of profit/interest of PSC investors as per Section 52D of the Income Tax Ordinance.
Ecnec approves 12 projects involving over Tk10cr
The Executive Committee of the National Economic Council (Ecnec) on Tuesday approved 12 projects, including one for urban governance and infrastructure development, involving a total of Tk10,147.57 crore. The approval was given in the Ecnec meeting held at the NEC conference room at Sher-e-Bangla Nagar with ECNEC chairperson and Prime Minister Sheikh Hasina in the chair, reports BSS. Of the total project cost, Tk6,280.64 crore will come from the National exchequer, Tk235.59 crore from the funds of the implementing agencies and the remaining Tk3,631.34 crore as project assistance, Planning Minister AHM Mustafa Kamal told journalists at a post-meeting briefing.