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.
Inter-ministerial meeting on off-loading shares today
Bank and Financial Institutions Division has called an inter-ministerial meeting today to discuss bureaucratic hurdles towards off-loading shares of 26 state-owned companies in the stock market. The government has failed to off-load shares of these enterprises in the stock market during the past seven years allegedly due to non-cooperation of the relevant ministries and bureaucratic tangles.
Bangladesh to unveil ‘growth-supportive’ MPS today
The central bank of Bangladeshis set to unveil its first-half (H1) yearly monetary policy on Wednesday to achieve maximum economic growth through boosting investment particularly in productive sectors. Bangladesh Bank (BB) Governor Fazle Kabir will announce the monetary policy statement (MPS) at 11:30 am on the day for the July-December period of the ongoing fiscal year (FY) 2017-18 to help real sectors for achieving sustainable economic growth with curbing inflation.
Regulator to probe abnormal price hike of five firms’ shares
The Bangladesh Securities and Exchange Commission has decided to investigate the abnormal rise in share prices of five companies listed on the Dhaka Stock Exchange. The decision of the BSEC, which has formed a probe committee to look into the matter, was posted on the DSE website yesterday. The five companies are: Khulna Printing and Packaging (KPPL), Fu Wang Foods, Beach Hatchery, Bangladesh Welding Electrodes (BD Welding) and Aziz Pipes.
Bangladesh Bank sells US$19m to Sonali Bank
The central bank of Bangladesh has sold US$19 million to Sonali Bank Limited directly to meet the growing demand for the greenback in the market, officials said. “We’ve sold the US dollars to the state-owned commercial bank at market rate on Tuesday to settle their food grains import payment obligations,” a senior official of the Bangladesh Bank (BB) told the BBN in Dhaka.
Bangladesh’s stocks end flat amid mixed trading
Bangladesh’s stocks finished almost in flat zone on Tuesday amid volatile trading as investors were active on both sides of trading fence. Dealers said the market closed almost flat as optimistic investors showed their buying appetite on sector-wise stocks in the early trading while cautious investors opted for booking profit in the late hours, taking the market in the flat territory.
Suspicious bank transactions up 54pc in FY16
Suspicious transaction reports submitted by reporting agencies including banks and non-bank financial institutions increased by 54.20 per cent to 1,687 in the fiscal year 2015-16 from 1,094 in the FY 2014-15, according to a Bangladesh Bank report to be released soon. The STRs submitted by the reporting agencies in FY16 contained a total of 31,785 suspicious transactions worth Tk 3,035.93 crore. The reporting agencies submitted 416 STRs in FY13 and 621 STRs in FY14.
Rising apparel exports to China a sign of new opportunities
Riding on a duty-free trade privilege, Bangladesh’s garment export to China increased 14.77 percent year-on-year to $391.59 million in fiscal 2016-17, something exporters are seeing as a sign that new opportunities are awaiting. China, the global leader in apparel business, has turned into a major export destination for Bangladesh because of its huge population with a growing section of middle-income households.
Contracts for 2,000MW power soon
The Power Development Board is likely to award contracts to 8-10 private companies soon for supplying electricity from fuel oil-fired power plants with 2,000MW combined generation capacity. The board would float tenders in August for buying electricity from similar power plants with 1,000MW combined generation capacity to fulfill government’s desire to increase the power generation capacity by 3,000MW by March 2018, board officials said.