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.
Eid economy heating up
From Friday, Md Yusuf has put up machetes and various knives on display in front of his tiny blacksmith store at Karwan Bazar. These are not the usual items that Yusuf sells. They have been added to tap into the surge in demand for meat-processing paraphernalia every year ahead of Eid-ul-Azha, one of the biggest religious festivals in Bangladesh. “All year round we wait for this occasion to come,” said the 40-year-old blacksmith, adding that he rakes up half of his annual sales during the time of this festivity.
Banks asked to ensure ADCs operations during Eid
The central bank of Bangladesh has asked all banks to ensure round-the-clock operation of alternative delivery channels (ADCs) during the Eid-ul-Azha holidays to facilitate smooth transactions. The ADCs include ATM (automated teller machine), POS (point of sale), e-payment gateway and mobile financial services (MFS) through which a customer can access financial services.
Most banks skip FTP policy
Most of the country’s banks are yet to have any Fund Transfer Pricing (FTP) policy despite growing importance of the same in reducing the risk of liquidity shortfall, a recent industry-wide survey reveals. Whereas almost all banks in the developed economies have a sound and effective FTP policy, only 42 per cent of banks in Bangladesh do possess an FTP policy, says the study conducted by the Bangladesh Institute of Bank Management (BIBM).
Dhaka urges Delhi to recognise BSTI certificate for 14 more items
Bangladesh has asked India for recognising standard certificates issued by Bangladesh Standards and Testing Institution for 14 more products for export to the country and withdrawal of countervailing duty and anti-dumping duty on readymade garments, jute and hydrogen peroxide. On the other hand, India has proposed to adopt off-border clearance of cargo for solving problems related to cargo congestion and infrastructure bottlenecks at land port and land customs stations at the border.
Bangladesh’s stocks finish higher for second day
Bangladesh’s stocks finished higher for the two consecutive sessions on Sunday, with key index of the premier bourse crossing the 5,900-mark, as investors took position on large-cap stocks amid post-Eid optimism. Brokers said the market closed higher as pre-Eid sale pressure somewhat down while some optimistic investors took position on sector-specific issues, especially banking issues, taking the prime index of the major bourse above 5,900-mark.
No profits from savings certificates for gratuity fundholders
People with savings certificates will most likely not profit from the Savings Certificate Policy 2017 if they are already benefiting from gratuity funds. The Ministry of Finance had directed the Internal Resources Division to form a committee to reduce the abnormality that has arisen over Sanchaypatra Rules 1977 and Income Tax Law 1994. The seven-member committee, headed by the director general of the Department of National Savings, recommended that those who have gratuity fund deposits should not receive profits from savings certificates.
Govt to bring all industries under central welfare fund: Hasina
Prime Minister Sheikh Hasina yesterday said all manufacturing and exporting industries would be brought under the central welfare fund of the labour and employment ministry. The fund has been created to provide financial support to the families of the workers who die or receive grave injuries in their workplaces.
Another deal inked to buy solar power at high price
The government continues signing power purchase agreement with private companies to buy expensive electricity from solar parks as it signed a contract on Sunday for a 30-megawatt plant to be commissioned by September 26, 2018. Under the contract, Intraco Solar Power Limited will supply electricity from the solar park to state-run Bangladesh Power Development Board at Tk 12.80 or 16 US cents per unit or kilowatt-hour for 20 years.