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.
RADP likely to be cut by 6%
The revised annual development programme is likely to be slashed by 5.87% this fiscal year. Planning Ministry sources said as ministries and divisions failed to disburse Tk7,000 crore project aids under the ADP, the cut of the outlay is likely. Finance Division, however, is not interested to meet the deficit of project aid of Tk7,000 crore from the government exchequer. But the planning ministry asked for the money, Finance Division sources said. Finance ministry advised the ministries and divisions to increase the capacity of disbursement of foreign assistance funds from development partners.
Govt to cut foreign fund spend 17.5pc
The government plans to reduce foreign fund spending by 17.5 percent in the revised ADP for 2016-17 although the unused money in the pipeline has reached a new high of $35.44 billion. The planning ministry will place the revised annual development programme at a meeting of the National Economic Council tomorrow. A proposal to cut the revised ADP allocation by 5.87 percent to Tk 104,200 crore from the original outlay will also be placed at the meeting, according to a ministry official.
Next budget worth Tk 4.2 trillion
The government is set to place a hefty Tk 4.2-trillion budget for the next fiscal, up over 23 per cent from the current outlay. Finance Minister AMA Muhith disclosed the plan to reporters Sunday after the first pre-budget exchange of views with leading think-tanks. “This is the last chance of taking up mega-projects by this government, so the size of the budget is the biggest,” he said at the state guesthouse Padma.
BANGLADESH’S BANKS PROVISIONING SHORTFALL UP 27.70% IN 2016
Overall shortfall in provision against both classified and unclassified loans in Bangladesh’s system jumped by 27.70 per cent in 2016, officials said. The amount of provisioning shortfalls rose to BDT 54.70 billion as on December 31 from BDT 42.83 billion a year ago, according to latest statistics with Bangladesh Bank (BB). Only six banks out of 57 have failed to keep requisite provisions against loans, particularly classified ones, according to the officials. Of them, three are state-owned commercial banks and the rest private commercial banks, they added.
BANGLADESH’S STOCKS EDGE HIGHER AMID HIGH TURNOVER
Bangladesh’s stocks edged higher on Sunday with turnover hitting one month high on the major bourse as optimistic investors took position on sector specific stocks. Analysts said the optimistic investors remained active on some large-cap stocks amid optimism while some rebalanced their portfolio amid ongoing annual declaration of financial companies, taking the market turnover one month hike. The market started with a positive note and the key index of the country’s premier bourse rose around 30 points at 1:00pm, but profit booking sale pressure eroded most of the gains, ultimately ended 9.78 points higher.
Singer’s earnings increase 30pc
Singer Bangladesh’s earnings rose 30.3 percent year-on-year to Tk 900 crore in 2016 recording strong sales in all key product categories, the company said. Its gross profit increased 40.7 percent in the year with gross profit margins rising to 28.8 percent from 26.7 percent a year ago. Profit after tax went up 48.2 percent to Tk 54.63 crore. Its earnings per share rose to Tk 7.1, according to a statement of the company. In addition, there was a gain on revaluation of property, plant and equipment amounting to Tk 17.19 crore.
Formulation of four rules on the cards
The government is formulating four separate rules on ‘Overseas Employment and Migration Act-2013’ aiming to implement the law. Of them, formulation of the rule on ‘overseas employment and expatriates’ management’ is now at a final stage. After getting approval from the law ministry, the rule is now waiting for Statutory Regulatory Order (SRO) to be issued by the expatriates’ welfare ministry, said an official.
Compliance issue distances RMG retailers from govt
Commerce Ministry and foreign buyers run counter to issues relating to ready-made garment industry, speakers said at a function. They said while foreign buyers stressed that the apparel industries need to be more compliant, the ministry raises the issue of level playing field in terms of compliance for RMG factories across the world. A host of speakers from different backgrounds came up with the views at a session on “Bangladesh Apparel Industry: Transformation and Road Ahead” held on the sidelines of Dhaka Apparel Summit on Saturday.