Cartoon: New Age

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.

Per capita income grows, inequality widening
Per capita income in the country grew rapidly in the past three decades with economic growth, but failed to prevent widening inequality. Economists blamed lack of good governance, widespread corruption and poor institutional capacity for the situation. Talking to New Age, they said that the per capita income in the county grew five folds to $1602 in 2016-17 fiscal from $330 in 1994-95, thanks to the inflow of remittance, growing exports at the cost of cheap labour and internal consumption.

Summit ties up with GE, Excelerate for $1b energy projects
Summit Power International Pte Ltd, a Singapore incorporated power producer, has announced collaborations valued at $1 billion for power generation and offshore liquefied natural gas import terminal projects. US firm GE and Summit entered into a memorandum of understanding for the former to potentially provide $50 million of equity to Summit, to be used for the development of power projects in Bangladesh. Summit LNG Terminal Company (SLTC) also signed a floating storage and regasification unit (FSRU) time charter agreement for 15 years with Excelerate Energy LP.

Baccarat, a card game that helped in the Bangladesh Bank cyberheist
A binge on the game baccarat, a card game played in casinos, played the critical role in the largest cyberheist in history when $81 million was stolen from the Bangladeshi central bank by hackers who issued bogus instructions through Swift, the global interbank payment system, in early February, 2016. According to reports by the Philippine Senate committee, the Federal Reserve Bank of New York, and the Bangladesh Ministry of Finance, the cyberthieves messaged the New York Federal Reserve Bank, in which Bangladesh Bank had deposited funds, directing it to send these funds to a handful of bank accounts, mostly in the Philippines, which they had set up using fake names.

Bangladesh starts FSC formation process
Bangladesh government has started formation process of Financial Stability Council (FSC) to deal with possible financial shocks properly. The inception meeting of the proposed FSC was held at the ministry of finance in the capital Dhaka on Thursday with Finance Minister AMA Muhith in the chair.

Bangladesh’s stocks stay upbeat for second week
Bangladesh’s stocks closed higher for the two consecutive weeks that ended on Thursday as investors continued their buying appetite on large-cap stocks, especially banks. Analysts said the market extended gaining momentum as investors’ enthusiasm sustained on bank issues following their healthy quarterly earnings declaration.

NBR widens scope to reopen previous income tax files
Field level income tax officials will chase tax-dodgers from now on as the National Board of Revenue widened the scope of reopening income tax files of previous years. The NBR in a board meeting last week approved the notice to be sent to the taxpayers for alleged dodging of payments through various ways in the income tax returns or non-filing income tax returns, officials said.

Report not being made public for case in Filipino court: Muhith
Finance Minister AMA Muhith yesterday said the probe report on Bangladesh Bank reserve heist is not being made public because a case is pending with a court in the Philippines. “The probe report will not be published any time soon as a case is ongoing in the Philippines,” he told reporters after attending a seminar on medical waste management organised by Sylhet City Corporation in Sylhet.

Half of Chittagong Customs House revenue income comes from top 100 firms
A total of 1,043,000 consignments, to the tune of Tk32,000.2 crore, were delivered through Chittagong port in the fiscal year 2016-17. As many as 100 enterprises paid around Tk17,000 crore from which the Chittagong Customs House (CCH) earned almost half of its total revenue income in the last fiscal year. The CCH authorities earned Tk16,848 crore from the largest 100 government and private firms, which constitutes 46% of its total revenue income.