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.
Defaulted loans grow 191pc in 8yrs
Defaulted loans in the country’s banking sector recorded 191 per cent growth in the past eight years demonstrating that the culture of bad loan gained a foothold further during the back-to-back tenure of the Awami League-led government. Experts, however, linked the massive growth of defaulted loans with illegal capital flight which marked substantial rise during the same period.
Inflation creeps up to 5.72pc in Apr-Jun quarter
For the first time in the country’s history inflation data was released in a quarterly format, doing away with the global standard practice of releasing monthly data — much to the criticism of economists. In the last quarter of fiscal 2016-17, inflation edged up about 44 basis points from the previous quarter to 5.72 percent, according to the data unveiled by Planning Minister AHM Mustafa Kamal yesterday.
IFC signs deal to finance Maheshkhali LNG terminal
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed an agreement with Excelerate Energy Bangladesh Ltd to fund the set up of Bangladesh’s first liquefied natural gas (LNG) regasification terminal in Maheshkhali upazila, Cox’s Bazar.
ACU to include JYP as third currency
The Asian Clearing Union (ACU) is going to include the Japanese yen (JPY) in the basket for boosting business activities among its member countries. The nine-nation union will take the final decision in this connection at the 46th board of directors meeting, scheduled to be held in Colombo of Sri Lanka on July 12-13, according to officials.
Bangladesh’s stock turnover surpasses BDT 13b-mark
Bangladesh’s stocks extended the winning spell for the third straight session on Tuesday with turnover crossing BDT 13 billion-mark amid a gradual revival of investor confidence and an increased supply of fresh funds. The turnover on the Dhaka Stock Exchange (DSE) crossed BDT 13 billion-mark, for the first time in the last four-and-a-half months.
10 firms provide 40pc of all VAT and SD
Some 40 percent of the total value-added tax and supplementary duty collected in a year by the National Board of Revenue comes from only 10 firms — a startling detail for a $220 billion economy that is growing fast. The companies are from cigarette, gas, mobile operator and power sectors, according to data from the Large Taxpayers’ Unit, VAT.
Global buyers cut business ties with 12 more RMG factories
Western retailers’ and buyers’ groups cut business relations with 12 more Bangladeshi readymade garment factories in June on charge of failure in implementing workplace safety measures in their manufacturing units. The Accord on Fire and Building Safety in Bangladesh, the platform of EU brands and retailers, terminated business relations with 10 factories of four companies as the suppliers repeatedly failed to implement the corrective action plans provided by the retailers’ group.
Tk100cr Gas Development Fund to be used in renewal energy projects
The Ministry of Finance has approved the plan to use Tk100 crore from the Gas Development Fund for renewable energy projects, said officials. To ensure transparency and accountability in the use of the fund, the ministry has asked the Energy Division to prepare legislation related to gas, petroleum and minerals development funds.