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.
Trade deficit hits six-year high
Trade deficit hit $9.47 billion in fiscal 2016-17 -- the highest in six years -- with the central bank projecting it to cross the $11 billion mark this year. Since fiscal 2012-13, trade deficit has been hovering around $6 billion, but in fiscal 2016-17, it made a 47 percent year-on-year jump on the back of a wide mismatch between export and import growth.
Banks’ provisioning shortfall rises further in Bangladesh
Overall shortfall in provision against both classified and unclassified loans in the banking system increased by 13.19 per cent in the first-half (H1) of this calendar year. The amount of provisioning shortfalls rose to BDT 61.92 billion as on June 30 last from BDT 54.70 billion as on December 31, 2016. It was BDT 52.32 billion in the first quarter (Q1) of the ongoing calendar year. Such amount was BDT 44.46 billion a year before.
Govt sets rawhide prices of sacrificial animal up to Tk 55
The government has announced the prices of rawhides of sacrificial animals, fixing the highest price of Tk 55 a square feet for cowhides and Tk 22 a square feet for goat skin. Commerce minister Tofail Ahmed announced the prices after a meeting in the city on Sunday with Bangladesh Tanners’ Association, Bangladesh Finished Leather, Leathergoods and Footwear Exporters’ Association and Bangladesh Hide and Skin Merchants’ Association.
BB slashes credit card loan provisioning requirement
The central bank of Bangladesh has relaxed provisioning requirement against unclassified credit card loans under consumer financing to facilitate credit card business in Bangladesh. Under the revised provisions, the banks are allowed to maintain 2.0 per cent general provision instead of 5.0 per cent earlier against unclassified credit card loans under consumer financing, according to a notification, issued by the Bangladesh Bank (BB) on Sunday.
Bangladesh’s stocks extend losing spell for third session
Bangladesh’s stocks extended their losing spell for the third running sessions on Sunday, as cautious investors continued on profit booking mood on quick-gaining stocks. Analysts said investors continued preferred to pocket profit on stocks that saw substantial gains in the past few weeks.
Alliance not to extend tenure beyond 2018
The Alliance for Bangladesh Worker Safety, a consortium of North American brands and buyers, has assured the Bangladesh Garment Manufacturers and Exporters Association that the platform would not extend its tenure in Bangladesh beyond 2018. The Alliance’s assurance came after months of the Accord on Fire and Building Safety in Bangladesh’s declaration that it would extend its tenure in Bangladesh for three more years.
RMG owners asked to clear dues, bonus before Aug 28
The government on Sunday asked the export-oriented apparel factory owners to pay festival allowances and dues to their workers before August 28 to avoid any ‘untoward situations’ in the industrial belts mainly located in Dhaka and Chittagong during Eid-ul-Azha. The factory managements were also requested to declare staggered holiday for their workers and employees to check rush of passengers on highways, trains and waterways on the eve of the festival as the three-day public holiday for Eid is scheduled to begin on September 1.
More new notes to be available from Aug 27
The central bank will make more new notes available from August 27 to help meet the public demand ahead of Eid-ul-Azha. People will be able to exchange their old notes with new ones from the Bangladesh Bank counter until August 31, the last day for banking transaction before the three-day Eid vacation.
BBN/SSR/AD