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.
Banking Division keen on limiting time frame for pvt bank directors
Bank and Financial Institutions Division is going to amend three provisions of Bank Company Act for limiting time and space for the private bank’s board of directors, official sources said. A source in the Banking Division said the amendment to the Bank Company Act will be finalised at an inter-ministerial meeting at the division. The meeting will focus on a major change to provisions that will allow for four directors instead of existing two from a family. The division will not amend 15(2) provision, according to the demand of the Bangladesh Association of Banks (BAB) under the Act as the shareholders of banks hold their posts for a lifetime as directors of bank, an official has said.
Gas price hike to raise cost of doing business
Different trade bodies expressed worry over the gas-price hike which they think will increase the cost of doing business and undercut the country's competitive edge in foreign trade. They said the decision will emerge as a challenge to the manufacturing industries as they will face stiff competition on the global market. The business bodies called upon the government to reconsider the decision in view of the current cost of doing business, inflation and "greater interest of the mass people".
PM urges brands to help overhaul garment units
Putting emphasis on adopting short, medium and long-term plans to boost the demand for Bangladeshi garments in the world market, Prime Minister Sheikh Hasina yesterday called upon brands and buyers to help the apparel industry owners overhaul their factories. "Huge funds are required to overhaul the factories. So, various brands and buyers can come forward to assist the Bangladeshi factory owners. The government would continue to provide its support in this regard," she said, while inaugurating Dhaka Apparel Summit 2017 at Hotel Sonargaon.
BANGLADESH’S CLASSIFIED LOANS JUMP 21 % IN 2016
The amount of classified loans in Bangladesh’s banking sector jumped by 21.02 per cent or BDT 108.01 billion in 2016 despite close monitoring by the central bank. The volume of non-performing loans (NPLs) rose to BDT 621.72 billion as on December 31 from BDT 513.71 billion on the same day of 2016, according to the latest statistics of Bangladesh Bank (BB), the country’s central bank. However, stronger recovery drives by the commercial banks and the rescheduling of loans pushed down the volume of NPLs in the final quarter of the last calendar year, according to officials.
BANGLADESH’S STOCKS STAY UPBEAT FOR THIRD WEEK
Bangladesh’s stocks ended higher for the three consecutive weeks that ended on Thursday, as investors were active on sector specific stocks amid optimism. Analysts said a section of investors bagged some quick-profit during the week while the bargain hunters were busy with rebalancing portfolio amid ongoing year-end dividend declaration of the banks and financial institutions. The week witnessed four trading sessions instead of five as the market was closed on Tuesday due to International Mother Language. Of them, two sessions closed higher while two mild corrections.
Farm loan release rises by 20.62pc in Jul-Jan
Farm loan disbursement posted a 20.62-per cent growth in the July-January period of this fiscal year compared with that in the same period of last financial year. Banks disbursed Tk 12,158.71 crore in agriculture loans in the seven months of FY 2016-17 against Tk 10,079.45 crore distributed in the same period of FY16, according to the latest Bangladesh Bank data. BB officials said banks grappling with surplus liquidity amid dull business situation in the country showed an increased interest in disbursing agriculture credit in recent months.
Remediation costs a factory Tk 4.9cr: Survey
Remediation cost a garment factory $614,000 or Tk 4.9 crore on an average, according to a new survey. Bangladesh University in collaboration with the State University of San Francisco carried out the survey and prepared a report titled “Pains and gains of the readymade garments sector: Post 2013”. The report is due to be published today. The findings were based on the learning and remediation measures adopted since the Rana Plaza tragedy of 2013. After the industrial disaster, western buyers began inspection of local factories through two platforms – the Alliance and the Accord. They have together inspected 2,500 out of 3,660 factories in the country.
Dhaka hails TPP demise, seeks free US market
Dhaka made a strong plea that the United States should consider providing duty-and quota-free market access to Bangladesh's key export items, including readymade garments, now that the Trans-Pacific Partnership (TPP) deal is ditched. "We congratulate the US government on its withdrawing from Transpacific Partnership Deal," Commerce Minister Tofail Ahmed told the Dhaka Apparel Summit in the capital Saturday.
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