A project of Summit Power Limited. BBN file photo
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.
Govt approves tariffs of six fuel oils-based power plants
The government on Wednesday approved establishment of six furnace oil based power plants by the private companies with their offered rates ranging from Tk 7.92 to Tk 8.40 kilowatt per hour. The approval was given by the cabinet committee on national purchase at a meeting chaired by finance minister AMA Muhith at the secretariat. Confidence Cement and Confidence Steels were awarded two power plants – a 113-megawatt power plant in Rangpur and 113-MW plant in Bogra.
Trade deficit widens by 45pc
The country's overall trade deficit widened by more than 45 per cent or US$ 1.90 billion in the first eight months of this fiscal year (FY), 2016-17, following higher growth of import payments than export earnings, officials said. The trade gap rose to $ 6.09 billion in the July-February period of this FY from $ 4.19 billion in the same period of the previous fiscal, according to the central bank's latest statistics, released on Wednesday.
Set up a bank for easy inflow of remittance
The Global Human Development Report suggests Bangladesh set up a remittance bank for easy and transparent inflow of the foreign wage earnings into the country. “Remittance banks can be set up in countries where the remittance flows are large, such as Bangladesh, Jordan and the Philippines,” according to the report. The report was released in Dhaka yesterday to present the country's position in the Human Development Index.
Bangladesh’s export earnings grow by 4.0% in nine months
Bangladesh’s overall export earnings grew by nearly 4.0 per cent in the first nine months of the current fiscal year compared to the same period of the previous fiscal. The export earnings rose to US$25.95 billion during the July-March period of the fiscal year (FY) 2016-17 from $24.95 billion in the same period of the FY 16, according to statistics from the state-run Export Promotion Bureau (EPB), released on Wednesday.
Bangladesh’s stocks face mild correction
Bangladesh’s stocks faced mild correction on Wednesday after remaining upbeat in the past two straight sessions as cautious investors booked profit on quick gaining stocks. Brokers said the market faced natural correction as investor booked short-term profit on stocks that saw significant gains in the past two trading days.
Cash incentive plan to Dutch ship builder cancelled
Finance Ministry has cancelled a plan to give a 10% cash incentive to Vosta LMG-Karnaphuly Joint Venture Consortium Ltd as the firm does not use local raw materials to produce ships, dredgers and water machines. The joint venture has already taken bond facilities from Chittagong Bond Corporate for importing raw materials to manufacture ships, dredgers and vessels.
BB revises banks’ investment limit in bonds
Bangladesh Bank on Wednesday revised ceiling on banks’ investment in bonds and debentures in line with Bank Company Act (amended) 2013. The BB issued a circular to managing directors and chief executive officers of all banks saying that they (banks) would be allowed to invest maximum five per cent of the combined value of paid-up capital, statutory reserve, share premium and retained earnings in bonds and debentures.
Rod prices will go up for new VAT law
The prices of some items like rod may go up for application of a flat 15 percent VAT under the new law scheduled to come into effect from July, said the National Board of Revenue yesterday. “We have conducted an impact assessment where we have found that the prices of one or two items like MS product may go up when it will come under standard VAT,” said NBR Member VAT Policy Jahangir Hossain at a pre-budget meeting with the members of Economic Reporters' Forum. NBR Chairman Md Nojibur Rahman was also present at the event.
BBN/SSR/AD