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.
Non-concessional loan, suppliers’ credit to mark sharp rise
Non-concessional loans and suppliers’ credit would get a high growth to take the overall foreign credit to $7.1 billion in the new fiscal, $3 billion higher than the amount the country received in the outgoing fiscal. Officials concerned said a significant amount of the overall credit would be non-concessional loan for the implementation of costly projects including Roopur Nuclear Power Plant, Padma Bridge Rail-link and the Karnaphuli River Tunnel in 2017-18.
Vegetable exports drop on cargo ban
Vegetable exports dropped 16.81 percent year-on-year to $76.90 million in the first 11 months of fiscal 2016-17 due to a ban on direct cargo flights from Dhaka to Europe. Besides, the partial ‘self-ban’ last month by the Plant Protection Wing of the Department of Agricultural Extension on export of vegetables to avoid return of consignments also had an impact on shipments.
India, Pakistan to share pension reform plans with BD
Bangladesh will be shared with experiences of India and Pakistan regarding modernisation of civil service pension payment system as the country is outlining a related World Bank project. The two South Asian neighbours will present their experiences tomorrow at the finance ministry office in Dhaka. World Bank and finance ministry officials will be present.
NBFIs asked to repay deceased depositors’ money to nominees
The central bank of Bangladesh has instructed non-banking financial institutions (NBFIs) to repay deposited money to the nominees after death of the depositors. The Bangladesh Bank (BB), the country’s central bank, issued a notification in this connection on Monday, asking the managing directors and chief executive officers of all NBFIs to follow the instructions for making payment to the nominee/nominees after the demise of depositor/depositors properly.
Bangladesh’s stocks extend losing streak for fourth day
Bangladesh’s stocks extended the losing streak for the fourth straight session on Monday as the major sectors showed mixed performance. A moderate loss was observed in turnover of the Dhaka Stock Exchange (DSE) which Monday featured a value BDT 4.0 billion after eight sessions due to investors’ less participation.
Capital machinery imports surge 48pc in 10 months despite sluggish business
The imports of capital machinery increased by 48.10 per cent in the first 10 months of the current fiscal year of 2016-17, as against 12.24 per cent growth during the same period a fiscal year ago, strengthening a suspicion of money laundering as the growth came amid dull investment situation in the country. According to Bangladesh Bank officials and an expert, the increased growth of capital machinery in the July-April period of FY17 have not matched up with the existing sluggish investment as the country’s businesspeople are still following a go-slow policy in the area of setting up new industrial units and expanding the existing ones.
Slow remittance to weigh on consumption
Weakening inflows of remittances from workers overseas could hurt consumption in Bangladesh, said Moody’s Investors Service in a report on Sunday. Remittances from workers overseas contribute to Bangladesh’s economic growth by supporting household income and consumption.
IPO quota for affected investors extended by 6 months
The finance ministry has extended by another six months the 20-per cent quota facility in the initial public offerings for the small-scale investors who were affected by the 2010 market crash. The time extension came following a BSEC’s letter that was issued in May this year seeking another one year for the quota faculty despite the fact that the ministry earlier had said that the quota facility would not be extended further after June 30, 2017.