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.

Businesses, rights groups demand power tariff cuts
Business bodies, rights groups and left political parties Monday demanded cuts, not any hike, in electricity tariff by increasing the efficiency level and decreasing generation from cost-intensive plants. At a public hearing Monday on the proposed hike they argued that had the government followed the least-cost-power generation policy as advised by the energy regulator, the electricity generation costs would have been lower.

Cox’s Bazar hotels, airlines get a boost
Domestic airlines and hotels in Cox’s Bazar are seeing a spike in occupancy as government officials, human rights activists and development workers travel to the beach town in the wake of influx of Rohingya refugees. “We are witnessing a higher number of foreign guests nowadays because of the Rohingya crisis,” said Aminul Haque Shamim, managing director of Royal Tulip Sea Pearl Beach Resort.

Reforms take toll on Islami bank’s performance
The country’s once-leading Islami Bank Bangladesh Limited (IBBL) has witnessed a significant drop in its half-yearly profits, following two major shake-downs in the IBBL management board. Since the shakedown in 2016, most of the bank’s key financial indicators have dropped.

Bangladesh Govt. securities’ yield falls as banks prefer to buy
Yield on Bangladesh government securities witnessed a downward trend in the recent weeks as banks prefer to invest their excess funds in the risk-free instruments. Most of the banks are now interested to invest their excess money in the risk-free government securities also to minimise their cost of funds, according to officials and market operators.

NBR seeks Tk 110cr in unpaid VAT from 9 insurance cos
The National Board of Revenue has demanded Tk 110 crore in unpaid value-added tax on agent commission and reinsurance commission from nine insurance companies. The companies have not deposited the amount in last four years to the government exchequer despite ‘legal obligation’, officials of the Large Taxpayers Unit (VAT) of the revenue board said.

NBR to freeze luxury hotel bank accounts for tax evasion
The National Board of Revenue (NBR) will freeze the bank accounts of four luxury hotels if they fail to pay a total of around Tk54 crore in taxes. The hotels – Pan Pacific Sonargaon, Sheraton (currently InterContinental), The Westin and Radisson Blu Water Garden – did not pay taxes from January 2005 to February 2009, thus evading Tk54 crore in total.

LNG import deal signed with Qatar
Bangladesh’s maiden liquefied natural gas import was tied up yesterday after Petrobangla and Qatar’s RasGas signed a 15-year agreement. RasGas will supply 2.5 million tonnes of LNG every year. The LNG would be supplied at: 12.65 percent of the three-month average price of Brent oil plus $0.50 constant per MMBTU (1 million British thermal units).

MoC sits tomorrow to review prices
The Ministry of Commerce (MoC) officials are going to sit tomorrow (Wednesday) to review the prices and supply situation of the essential items in the kitchen markets. “The ministry sits regularly to review the prices of essential items in the country. The meeting on Wednesday is the monthly meeting of MoC’s commodity price review and forecast cell,” a high official told the FE on Monday.

BBN/SSR/AD