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.

Muhith: Probe finds ex-BASIC chair involved in loan scam
Finance Minister AMA Muhith said the investigation has found that former Chairman of BASIC Bank Sheikh Abdul Hye Bacchu was involved in a loan scam of Tk2,200 crore. He said the involvement of the ex-chairman was revealed in the finance ministry’s probe report. Muhith was speaking at the Media Award 2017 ceremony of the Anti-Corruption Commission at Shilpakala Academy in Dhaka on Wednesday. He said the ACC is also now investigating the loan scam.

Bangladesh’s SoCBs asked to reduce classified loans
The central bank of Bangladesh has asked the four state-owned commercial banks (SoCBs) for taking all out efforts immediately to reduce the volume of classified loans. The SoCBs have also been advised to use all type of options –recapitalise fund, issuing bonds and enhancement of own profits – to meet their capital shortfall. The instructions were given at a meeting held at the central bank headquarters in the capital Dhaka on Wednesday to review the memorandums of understanding (MoUs) of the four SoCBs — Sonali Bank, Janata Bank, Agrani Bank and Rupali Bank — with BB Governor Fazle Kabir in the chair.

HC orders status quo over BB show-cause notices on NRBC Bank
The High Court on Tuesday asked the Bangladesh Bank to maintain a status quo over two of its show-cause notices served on managing director and board of directors of the scam-hit NRB Commercial Bank asking them to explain why punitive measures would not be taken against them for their alleged involvements in a number of financial scams. The High Court bench of Justice Syed Muhammad Dastagir Husain and Justice Md Ataur Rahman Khan also asked the BB to explain why the show-cause notices of the central bank would not be declared illegal. The court passed the order following a writ petition filed by the NRBC Bank challenging the show-cause notices.

Operators lost 73.29 lakh SIMs in 2016
Mobile operators lost 73.29 lakh active connections last year mainly due to the biometric SIM re-registration. The number of active SIMs fell 5.8 percent year-on-year to 12.64 crore at the end of 2016, according to a report published by Bangladesh Telecommunication Regulatory Commission yesterday. The industry began 2016 with 13.37 crore active mobile connections.

Bangladesh’s stocks return to red
Bangladesh’s stocks returned to the red on Wednesday, after remaining positive in the past two sessions, as late hours sale pressure wiped out all the early gains. Following the previous day’s upturn, the market opened higher and the key index of the major bourse reached at 5,774 points, surging nearly 36 points within first hour of trading, but rest of the session fell steadily, ultimately ended 4.17 points lower. The key index of the Dhaka Stock Exchange (DSE) lost 4.17 points while the Selective Category Index of port city bourse shaded 13.21 points at closing.

China tightens credit system by taking punitive steps
China has tightened national credit system by incorporating strict disciplinary measures against the companies, which are found to be reporting false and fabricated trade data, customs authorities informed the media in Beijing on Tuesday. Regarding the latest development at a press conference at State Council Information Office, General Administration of Customs (GAC) officials said thirty-three state entities, like – National Development and Reform Commission (NDRC), People’s Bank of China and GAC, jointly signed a memorandum of cooperation to this affect.

Dhaka city corpns seek shares of NBR earnings
Both the Dhaka city corporations have demanded that they get a portion of revenue earnings of the National Board of Revenue in the upcoming national budget so that they can carry out development activities and provide better services to city dwellers. Dhaka South City Corporation and Dhaka North City Corporation in a recent letter to finance minister Abul Maal Abdul Muhith demanded the share from the revenue collection from goods exported from the city and imported for consumption, use and or sales in city in line with the city corporation act.

Jica joins IFC to help build 414MW power plant
International Finance Corporation has brought in Japan International Cooperation Agency to invest $30 million in Sembcorp North-West Power Company that is building a 414MW power plant in Sirajganj. Sembcorp North-West Power Company is a joint venture of Sembcorp Utilities and Bangladesh’s state-owned North-West Power Generation Company. Jica’s $30 million is part of the total financing package of $165 million that includes a loan from IFC’s own account as well as additional loans mobilised through partners, according to a statement.

BBN/SSR/AD