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.
VAT law delay to impact economic growth: IMF
Bangladesh will face challenges in maintaining its current growth momentum in fiscal 2017-18 due to the deferment of the implementation of the new VAT law for two years, said the International Monetary Fund. “The authorities’ decision to delay the launch of the VAT that was supposed to improve the weak tax revenue collection will make achieving the growth more difficult,” said the Washington-based multilateral lender in its updated World Economic Outlook.
Potential of new markets untapped
The potential of export to non-traditional markets has remained untapped for lack of preparation on the part of the government and the exporters and diversification of products. Despite huge potential to gain more share in the markets, Bangladesh exports apparels to the destinations only 5 per cent of the demand.
China-Bangladesh Investment Forum to be held in August
Finance Minister AMA Muhith will lead a large business delegation to Beijing on August 21 for the latest China-Bangladesh Investment Forum. A total of 300 policymakers, business executives and investors are set to discuss opportunities between the two countries at the seventh such forum to be co-hosted by City Bank and Standard Chartered.
Bangladesh Taka remains unchanged from July 12
The exchange rate of Bangladesh Taka (BDT) remained unchanged against the US currency from July 12 in inter-bank foreign exchange (forex) market. Following the trend, the exchange rate of the local currency and the American currency remained the same that means BDT 80.64 in evening transactions on Monday.
Bangladesh’s stocks rebound amid high turnover
Bangladesh’s stocks rebounded on Monday, after a single-session break, as investors went on last hour’s buying binge on sector specific issues. Brokers said the market backed to green with rising turnover value as some optimistic investors showed their buying appetite on sector specific stocks in the last hour of trading.
CPA to buy equipment, introduce jetty soon
The Chittagong Port Authority (CPA) plans to purchase required equipment in the shortest possible time and introduce newly constructed 400-metre lighterage jetty by December to ease port congestion. It also plans to ensure release of dangerous cargoes by Bangladesh Navy during weekend, send more import goods to private off-docks for delivery and build new sheds to examine goods.
Citycell’s licence cancelled
The Bangladesh Telecommunication Regulatory Commission on Monday decided to cancel the licence of mobile phone company Pacific Bangladesh Telecom Limited under the brand name of Citycell for non-payment of fresh dues for the period from October, 2016 to March, 2017. The telecom regulator finalised the decision at a special commission meeting presided over by its chairman Shahjahan Mahmood.
Daily MFS transactions cross Tk1,000cr mark
Mobile banking use surged in the first half of 2017 despite Bangladesh Bank lowering the daily and monthly transaction limits to curb the illegal channelling of remittance. According to the latest data from the central bank, the average daily value of mobile financial services (MFS) transactions broke through the Tk1,000 crore barrier in June.