Bangladesh PM Sheikh Hasina

Bangladesh Prime Minister Sheikh Hasina. File photo

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.

Challenges galore for new govt in new year
The repatriation of Rohingyas, improvement of chaotic banking sector, ease of doing business, are among the major challenges for the new government, to be formed following Sunday’s general election, in the new year. Regression of the banking sector continued although a scam-hit private bank was given bailout fund while there was no major improvement in easing of doing business against falling competiveness of Bangladesh products in the international market in 2018.

Better governance, prioritise battle against graft
Zero tolerance to corruption, quality implementation of the mega infrastructure projects and lower cost of business should be the priority of the new government in the New Year, top industry leaders said on Monday. After the “unprecedented” election victory in the Sunday’s polls, people’s expectations from the Awami League-led government has risen manifold, Shafiul Islam, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), told the FE.

World leaders congratulate Sheikh Hasina
Heads of state and government, including from India and China, have congratulated Prime Minister Sheikh Hasina on her party’s landslide victory in Sunday’s national polls. This is Awami League’s third straight victory. India welcomed the successful completion of the election in Bangladesh and warmly congratulated the people of Bangladesh for reaffirming their faith in democracy, development and the vision of Bangabandhu Sheikh Mujibur Rahman.

Bangladesh’s PCBs earn higher operating profits in 2018
The un-audited operating profits of the country’s private commercial banks (PCBs) witnessed a remarkable growth in 2018, even if classified loans are on the rise, bankers said. Most of the banks, expecting a few, maintained their operating profits growth despite declining trend of interest rate spread, according to the bankers.

NBR moves to check returns to prevent tax dodging using tax benefit facility
National Board of Revenue has taken a move to scrutinise income tax files of taxpayers having tax exempted income or enjoying reduced tax rates to prevent misuse of the benefits. Officials said that the move was taken to check the authenticity of income shown in the income tax returns by the taxpayers — individual and business entities.

Banking sector in 2018: Default loans reach Tk100, 000 crore for first time
Default loans was the most talked-about issue in the country’s banking sector in 2018. It is slated to reach new heights as default loans are nearly hitting Tk100,000crore for the first time in the country’s 48-year history.

RMG unlikely to meet $50b export target by 2021
Uncertainty looms large over the achievement of US$50-billion export earning target by the country’s readymade garment (RMG) sector by the year 2021, sources said. The recent export earning trend of the sector also indicates the same, they added.

DIFE files 1,500 cases for labour law violations in 2018
The Department of Inspection for Factories and Establishments filed more than 1,500 cases against industrial units, shops and business establishments in 2018 for violating labour laws while the department conducted inspections in more than 40,000 establishments in the period, the DIFE officials said. According to the statistics of DIFE, the highest number of violations in labour law recorded in shops across the country followed by economic units.