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.

Current account balance turns negative after 4yrs
The country’s current account balance registered a deficit of $ 1.48 billion in the recently concluded fiscal year 2016-17 for the first time in last five years due to a negative growth of inward remittance, trade balance, services and primary income. The current account balance, the gap between export receipts and net earnings, including remittances, and import payments and profit repatriation by multinational companies and local people, earlier registered its all-time high surplus at $4.26 billion in the previous fiscal year of 2015-16.

Floods affect crops of 2 lakh hectares
Ongoing floods have inundated 2 lakh hectares of land containing transplanted aman in 23 districts, posing a threat to the livelihoods of hundreds of paddy farmers. The onrush of water from upstream has also inundated vegetables on 20,000 hectares of land, said a senior official of the Department of Agricultural Extension (DAE) yesterday.

CAB accuses Commerce Ministry of being silent spectator in curbing onion price
Consumers Association of Bangladesh (CAB) has accused the commerce ministry of playing the role of “a silent spectator in curbing the spiraling price of onion” which has left the consumers to bear the brunt. The country’s sole watchdog, that promotes and protects consumer rights, has blamed the ministry for its inaction in a press statement on Sunday. The statement was jointly signed by CAB central committee Vice President SM Nazer Hossain, Kazi Iqbal Bahar and Jesmin Sultana, among others.

Floods extend to central region, 39 dead
Flood situation in the northern districts have worsened amid suffering of millions of marooned people as the water level of Jamuna and Brahmanputra rivers have continued to rise, said Water Development Board officials. The death tolls due to flood related causes have also increased to 39 on Tuesday afternoon from 32 on Monday, according to control room of Department of Disaster Management.

Bangladesh’s stocks end higher for two sessions
Bangladesh’s stocks ended higher for the two consecutive sessions on Sunday with core index of the major bourse hitting record high as investors continued to take position on bank stocks. Analysts said the market sustained the gaining momentum as stocks from banks remained the driving force to push the index up to record high.

Graft brings People’s Leasing to its knees
People’s Leasing and Financial Services, an A-grade stock as recently as 2014, has been reduced to rubble by rampant corruption by its previous set of directors. “It will take a long time to recover the huge loss,” said a senior executive of People’s seeking to remain unnamed.

Buyers sever ties with 12 more RMG factories
The western fashion brands and retailers have announced to cut business relations with 12 more readymade garment factories in Bangladesh, taking the total number to 248 as the factories failed to implement workplace safety measures suggested by the two separate platform of buyers. Accord on Fire and Building Safety in Bangladesh, the platform of European brands and retailers, has terminated business relations with 10 more RMG factories of four business groups.

Dhaka to sign MoU on DFQF access to five EEU states
The government has expressed its readiness for signing a memorandum of understanding for exploring potentials of duty-free and quota-free access to five countries of Eurasian Economic Union and attracting investments from the EEU nations. Foreign minister AH Mahmood Ali sent a letter in this regard in July to Eurasian Economic Commission chairman Tigran Sargsyan, inviting him to visit Bangladesh.

BBN/SSR/AD