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.
Power sector ‘distortions’ cost Bangladesh $11.2b a year: WB
Distortions in the power sector impose a total economic cost of roughly $11.2 billion (around Tk 93,000 crore) or 5 per cent of Bangladesh’s gross domestic product, on the country’s economy in a year, according to a World Bank publication. The greatest source of the fiscal cost occurs in the upstream gas sector as selling gas at artificially low prices costs Bangladesh an estimated $4.5 billion a year, said the publication released on December 12.
Power generation below half-mark of installed capacity
The state-run Bangladesh Power Development Board (BPDB) is keeping the country's overall electricity generation below the half mark of the installed capacity under a 'rationing' system in view of the sagging winter demand. In such a situation the people are not getting the maximum benefit of the significant increase in the country's overall electricity generation over the past one decade, insiders said.
Bangladesh’s banks asked to reduce NPLs immediately
The central bank of Bangladesh has asked all the scheduled banks for taking effective measures to reduce the volume of classified loans significantly by the end of 2018. The bankers, however, have sought judicial support to this end.
Assess impact of new VAT law first: FBCCI
The Federation of Bangladesh Chambers of Commerce and Industry has urged the revenue authority to conduct an impact assessment study before implementing the new VAT law. In a letter sent to the chairman of the National Board of Revenue, the apex trade body suggested that the changes between the VAT and Supplementary Duty Act 2012 and VAT Act 1991 should be identified as part of the study.
Bangladesh’s stocks edge up for second day
Bangladesh’s stocks edged up for the second day in a row on Wednesday as some investors brought in the undervalued stocks amid cautious trading. Analysts said although the market ended marginally higher for the second day in a row, most of the investors followed cautious stance amid growing political tension surrounding national elections.
Economy to accelerate
Bangladesh's strong economic growth will not just continue, but accelerate, said Prime Minister Sheikh Hasina. “In the next five years, we expect annual growth to exceed 9 percent and, we hope, get us to 10 percent by 2021," she told the Nikkei Asian Review in an exclusive interview in December.
Finance ministry to make review next week
In the wake of widespread criticism over mounting non-performing loans (NPL) in the banking system, the finance ministry is going to hold a meeting next week to review the situation, officials said. The meeting, to be chaired by financial institutions division (FID) secretary Ashadul Islam, will assess the situation in relation to volume of classified loans and provisioning in the state-owned commercial banks (SoCBs), they added.
Banks to remain closed for 4 days ahead of election
The Bangladesh Bank’s department of off-site supervision has issued a notification on Tuesday, instructing all banks to remain closed from December 28-31, ahead of the 11th general election. They will resume operations from January 1, 2019, the notification also stated.
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