File photo: Moneycontrol
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.
PDB to get new law incorporating controversial speedy supply act
A move to frame a fresh law for Power Development Board is underway incorporating the controversial Speedy Supply of Power and Energy (Special Provisions) Act 2010 that indemnifies officials concerned against prosecution for awarding contracts without tender. Generation of electricity by the power board with a ‘no profit no loss’ policy has been kept outside its purview in a draft that the power board has prepared and is now under examination of the power division, said officials.
Akij Group looks to invest $20m in Malaysia
While three leading Bangladeshi companies applied to make equity investments overseas, only Akij Jute Mills Ltd was recommended by a committee formed by Bangladesh Bank. The Financial Institutions Division under the Ministry of Finance had proposed the Cabinet Division about permitting three local firms to invest abroad. Nitol-Niloy Group, Ha-Meem Group, and Akij Group were the three contenders. The Cabinet Committee on Economic Affairs tasked Bangladesh Bank to form the committee to evaluate the companies.
BB decides to keep watchful eye on exposure of banks
The central bank has decided to strengthen monitoring of commercial banks' exposure to share market with a view to avoiding recurrence of an unwanted situation, officials said. Under the latest move, the banks will have to submit their reports on fresh investment in the capital market to the Bangladesh Bank (BB) on weekly basis, mentioning daily transactions separately.
Savings tools face reforms
The government plans to introduce two different interest rates on savings tools in order to rein in its growing reliance on the high-cost borrowings. The government is considering to lower the interest rate on savings certificates for institutional buyers and keep the rate for individual buyers unchanged, said an official in the finance ministry.
Bangladesh’s stocks face mild correction at closing
Bangladesh’s stocks witnessed a marginal correction on Monday, breaking the record rally, as late hours sale pressure wiped out all the early gains. Dealers said the market faced marginal correction as some investors opted for booking profit in the late hours, taking the market in the red zone.
EU buyers cut business ties with 8 more RMG factories
A consortium of European brands and buyers has recently terminated business relations with eight more readymade garment factories in Bangladesh as the companies failed to ensure workplace safety as per the standards of the group. With the eight, the Accord on Fire and Building Safety in Bangladesh has so far cut business relations with 97 RMG factories on ground of safety issues.
Govt shortlists two cos for LNG import terminals
Bangladesh has shortlisted global commodity traders -- Trafigura and Gunvor -- to arrange the installation of two floating liquefied natural gas (LNG) import terminals in 2018 as the country transforms into a major LNG consumer, reports Reuters. "Trafigura and Gunvor have been shortlisted out of 13 companies for two 200 million cubic feet/day LNG import terminals," a director at state-run energy firm Petrobangla's LNG division said.
Tanners offering low prices for rawhide, making excuses
Tanners are offering merchants low prices for rawhides under the excuse of having borne high investment for machinery at the newly constructed Savar leather estate, running operations there on a limited scale, of having unsold stocks and falling international prices of leather goods.
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