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.
PM’s Upcoming Visit to Delhi: Deal likely on use of Ctg, Mongla ports by India
Dhaka and New Delhi are expected to sign 30 to 35 primary and final agreements, including that for the use of Chittagong and Mongla ports by India and its fresh commitment for project loans, during Prime Minister Sheikh Hasina’s four-day official visit to India later this month. Initially, 20 to 25 projects have been identified for which India may offer over $10 billion in credit, a finance ministry official said, asking not to be named citing diplomatic protocol.
Dhaka seeks time to settle issues on transit through Ctg, Mongla ports
Dhaka told New Delhi on Wednesday that it needed time to settle a number of issues before signing an agreement proposed by India to allow it to use Chittagong and Mongla seaports to transport Indian goods from its one part to another. Dhaka cleared its position at a shipping secretary-level meeting between Bangladesh and India at the secretariat while Delhi wanted to use the ports with the singing of the agreement, officials said. Delhi expected that the agreement might be signed during prime minister Sheikh Hasina’s visit to India scheduled for December 18-20.
Govt ill-prepared to exact revenue gains
The revenue department looks ill-prepared to exact due gains from the merger, acquisition (M&A) and sale of shares by foreign companies. Senior tax officials admitted such a shortcoming and the urgency of equipping the tax department with adequate skilled manpower and amending the tax law.
‘Environmental clearance not enough in implementation of big projects’
Environment ministry’s clearance to big infrastructure development projects is not enough to prevent environmental impacts in the surrounding areas, said economist Prof Wahiduddin Mahmud. He said if the environment is not protected, the projects cannot bring much economic benefits to the country. “It is not enough to get permission from the environment ministry for taking big infrastructure projects. Sometimes the projects might have negative impacts on the environment of the project areas despite having clearance certificate. This is not even good for economy.”
DSE key index hits fresh 16 months high
Bangladesh’s stocks ended higher for the third day in a row on Wednesday, with key index of the premier bourse hitting a fresh 16 months high, as enthusiastic investors continued on buying spree amid optimism. Market insiders said the most of the investors remained active on the sector specific stocks owing to positive economic cues, taking the prime index of Dhaka Stock Exchange (DSE) to a fresh 16 months high since August 2015.
Tax receipts from DSE down 11pc in Jul-Nov
The government revenue earnings from the premier bourse fell 11 per cent year-on-year in the first five months of the current fiscal year (FY) on the back of falling trade volumes. Market insiders said on the back of falling trade volumes, the government earnings from the Dhaka Stock Exchange (DSE) fell accordingly, as earnings is related to trading volume.
Trade deficit rises to $ 2.77b in Jul-Oct
The country’s trade deficit increased by 12.52 per cent to US$ 2.77 billion in the first four months of the current financial year of 2016-17 compared with that of US$ 2.46 billion in the corresponding period of FY16. The deficit increased during the period due to lower export earnings against higher import payments. According to the latest Bangladesh Bank data, the export earnings posted a 6.78-per cent growth in the July-October period of the FY17 compared with that of 3.85 per cent growth in the same period a fiscal year ago.
4m skilled workers needed by 2021: BIDS
Bangladesh’s major industrial sectors, including garment, suffer from a large shortage of skilled workers and the country will need to train more than 4 million by 2021 to meet the requirements of the growing economy. The garment industry itself needs 1.5 million trained workers, said a study presented at the BIDS Research Almanac 2016, held yesterday at the capital’s Lakeshore Hotel. The Research Almanac is an annual event organised by the Bangladesh Institute of Development Studies, where researchers present their recent studies in front of an audience.