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.
Improve labour rights to retain GSP benefit
The European Union has called on Bangladesh to show tangible progress on labour rights to avoid temporarily losing the generalised system of preferences (GSP) benefit that allows the country duty-free export to the 28-nation economic bloc. “This will be essential for Bangladesh to remain eligible for the Everything But Arms regime,” said the EU in a letter to the government on May 31.
Tk 14,655cr spent to bail out SoBs
The government has given Tk 14,655 crore to bail out state-owned banks including scam-hit BASIC Bank and Sonali Bank in eight years. A total of Tk 11,487 crore or 78 per cent of the subsidy, which the government calls recapitalisation fund, was given in the past four financial years between 2013-14 and 2016-17. Major portion of the allocation in the past four fiscals went to largest state-owned Sonali Bank and once profit-making BASIC Bank as bailout fund after both the banks were hit hard by loan scams.
Bangladesh’s export earnings grow 3.67% in July-May
Bangladesh’s overall export earnings grew by 3.67 per cent in the first 11 months of the current fiscal year (FY) compared to the same period of the previous fiscal. The export earnings rose to US$31.79 billion during the July-May period of the FY 2016-17 from $30.66 billion in the same period of the FY 16, according to statistics from the state-run Export Promotion Bureau (EPB).
Muhith: Bank excise duty long existed, we just increased it
Finance Minister AMA Muhith said the excise duty on bank deposit had been there since long and the government had just increased it a little in the FY2017-18 budget. “Excise duty on bank deposit has long existed in our country. We have increased it a bit only,” he told parliament on Tuesday during a discussion on supplementary budget of the FY2016-17.
Bangladesh govt. securities’ yield rises ahead of Eid
The interest rates on the Bangladesh government securities marked a significant rise this week as commercial banks were not interested to buy the instruments ahead of the Eid. The yield, generally known as interest rate, of both Bangladesh Government Treasury Bonds (BGTB) and treasury bills (T-bills) showing the upward trend following resumption of auctions after a month suspension, according to officials.
BB raises loan disbursement ceiling
Bangladesh Bank has increased the credit ceiling for four scam-hit state-owned commercial banks for 2017 in accordance with the banks’ requirement as they claimed that a lower limit impeded them to enjoy expected profit. The BB issued separate letters to managing directors and chief executive officers of the four banks in May in this regard asking them to disburse loans in line with the central bank’s directives.
Govt spends 65pc of ADP outlay in 11 months
The ministries and divisions managed to spend 65 percent of their development budget in the first 11 months of fiscal 2016-17, which — although higher than last year — is in keeping with the past trend of comfortably missing the target. At this point last fiscal year, 61.85 percent of the allocation for annual development programme (ADP) was utilised by the ministries and divisions, according to the Implementation Monitoring and Evaluation Division.
Bangladesh’s stocks end higher for 6th day
Bangladesh’s stocks witnessed yet another positive session on Tuesday, extending the winning spell for the sixth straight session as optimistic investors continued their buying binge on lucrative stocks. Brokers said the market maintained the gaining streak as investors reacted positively to the proposed budget while news like surging flow of inward remittance in May encouraged the investors to take fresh position anticipating short-term rally.