Chittagong port

Chittagong port of Bangladesh

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 eyes Russia, Myanmar in new plans to expand export
The government is mulling massive reform initiatives to revamp the export sector and gain the status of a developed nation, and get access to duty-free markets in Russia and Myanmar. In order to achieve the target, the Commerce Ministry has planned to take a total of 16 initiatives, and accordingly, the authorities concerned are working to further ease the country’s banking facilities for businessmen to export their products to the countries. Besides, a separate fund will be created for the sector’s growth

Bangladesh to announce ‘growth-supportive’ monetary policy
The central bank of Bangladesh is going to another monetary policy for the first-half (H1) of this fiscal with curbing inflationary pressures on the economy. The recommendations were made at an internal preparatory meeting on the monetary policy statement (MPS) at the central bank headquarters in the capital Dhaka on Thursday with Bangladesh Bank (BB) Governor Fazle Kabir in the chair.

India calls for raising cross-border trade
The Indian envoy in Bangladesh yesterday urged the business community to increase the volume of cross-border commerce to minimise the trade gap between the two countries. Harsh Vardhan Shringla, the Indian high commissioner in Bangladesh, went on to cite the Lafarge-Surma cement factory as a successful example of cross-border trade between Bangladesh and India.

Govt to cut source tax on RMG exports
The government is set to reduce the tax at source on export of readymade garment following demands of apparel exporters, said finance ministry officials. They said that the government high-ups had already agreed to a proposal of RMG sector leaders to lower the rate to 0.70 per cent from the existing rate of 1 per cent.

Weekly review: Bangladesh’s stocks extend gaining streak
Bangladesh’s stocks ended higher for the three consecutive weeks that ended on Thursday, the first week of the new fiscal year, as investors continued to show their buying appetite on large-cap stocks. Brokers said the market maintained its bullish trend due to ending the deadline for investment tax benefit, positive impact of VAT policy reversal and other budgetary changes.

AB Bank in leadership vacuum
AB Bank has run into a leadership vacuum after its managing director and chief financial officer were among the 16 accused of embezzling Tk 383 crore from the bank by the Anti-Corruption Commission. Following the filing of the corruption case on June 28, Moshiur Rahman Chowdhury, managing director of AB Bank, and Mahadev Sarker Sumon, chief financial officer and company secretary, have stopped coming to office.

RMG export earnings growth lowest in 15 years
Bangladesh’s export earnings from the apparel industry, the lifeline of foreign currency earners, have seen only a 0.20% rise to $28.15 billion, which is the lowest on record in the last one and a half decades, in the just-concluded fiscal year. However, Bangladesh’s overall export earnings stood at $34.83 billion in FY’17, which is 1.68% higher than the $34.25 billion a year ago.

Import rises by 11.83pc in July-May
Country’s import payments increased by 11.83 per cent in the July-May period of the just concluded fiscal year (2016-17) against the 4.23-per cent rise registered in the corresponding period of the FY 2015-16. Bangladesh Bank officials said that the settlement of letters of credit, or actual import payments, soared in the period as the import of capital machinery increased significantly arousing suspicions of money laundering as the growth came against the backdrop of a dull investment situation in the country.

BBN/SSR/AD