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.
Foreign partners compelled Islami Bank to usher in changes: Muhith
The sudden changes at Islami Bank Bangladesh were made due to mounting pressure from the lender’s foreign partners, Finance Minister AMA Muhith said yesterday. “Many changes came as a consequence of the pressures from the foreign partners,” he told reporters at his secretariat office.
New board liberalises recruitment policy
The newly reconstituted board of directors of the Islami Bank Bangladesh Limited (IBBL) has liberalised its recruitment policy, allowing people irrespective of their religious beliefs to seek jobs at the Shariah-based bank. “The bank is now open for anybody,” newly appointed chairman of the bank Arastoo Khan announced at his maiden press conference at the IBBL headquarters in Dhaka Sunday. He also assured job security of the existing employees while maintaining salaries and allowances, which will be competitive in the market.
Principles of Islami banking will be complied strictly: New IBBL chairman
The principles of Islami banking and regulations of Islami Shariah will be complied strictly in running the Islami Bank Bangladesh Limited (IBBL), said Arastoo Khan, the newly elected chairman of the bank on Sunday. The deposit, investment and all other activities of the bank will be conducted as per Shariah rules and interest-free and profit-loss-sharing principles, Khan said. The IBBL chairman made the comments while formally exchanged views with the media in a press briefing at Islami Bank Tower Sunday, said a press statement of the bank.
Finance Div vetoes proposal to issue bonds worth Tk 2,600cr
The finance division has vetoed a proposal for issuing bonds worth Tk 2,600 crore to recapitalize BASIC Bank facing liquidity crisis after extending shady loans. Finance division officials told New Age Saturday that they had already verbally conveyed their opinion to the Bank and Financial Institution Division. On December 22, BIFD requested the finance division to issue interest-free bonds in favour of BASIC Bank so that it could overcome its liquidity shortage. The finance division turned down the BFID proposal saying that there was no scope to issue interest free bonds in this country, said officials.
Jute exporters fret over Indian duty
Bangladesh jute goods manufacturers and exporters fear that they would lose market in India as the government has imposed anti-dumping duty on imports of jute and jute products from Bangladesh to protect local industry. Anti-dumping duty will be applicable to jute yarn, twine (multiple folded/cabled and single), hessian fabric, and jute sacking bags. Currently, Bangladesh exports 26.24% of its total jute and jute goods to Indian market. In the last fiscal year, Bangladesh earned $919.58 million, exporting jute and jute goods, of which $241.34 million came from India.
Bangladesh’s stocks slip into red after 10 days
Bangladesh’s stocks fell marginally on Sunday, after remaining upbeat in the past 10 consecutive sessions, as risk-averse investors booked quick-profit. Brokers said investors mostly preferred to short-term profit booking almost throughout the session on stocks that saw significant gain in the past few sessions while some were busy for rebalancing portfolio. The market opened with an optimistic note and the key index of the primer bourse crossed the 5,200-mark within first 7 minutes of trading, but could not sustain that level amid profit booking sale pressure, ultimately ended 23.55 points higher.
Economy to stay stable
Standard Chartered yesterday attached a relatively stable outlook to Bangladesh for 2017, saying the country is positioned to be one of the fastest growing Asian economies in the year amid a volatile global scenario. The Asia-focused British lender said it thinks the global economic landscape this year will be very different from that in the previous years. The US economy’s potential reflation — which is a fiscal or monetary policy designed to expand a country’s output and curb the effects of deflation — is fuelling optimism, but this is overdone as tightening financial conditions may stunt growth before fiscal stimulus takes root.
Businesses to get new VAT law provisos soon
Steps will be taken to distribute soon the rules of the new value-added tax (VAT) act to businesspeople to forearm them to comply with the law scheduled to come into force in July. The government will also reappraise the yields on savings tools through which it borrows from the public, as the rates reportedly create some imbalances.
Govt urged to start early negotiations with UK to fend off Brexit impact
The government should start early negotiation with the United Kingdom to retain the existing trade facilities, which Bangladesh enjoys now under the European Union arrangement, before UK’s leaving the EU, non-resident Bangladeshis and experts said in Dhaka on Sunday. At a seminar at a city hotel, they also urged the government to open a dedicated cell to deal with consequences before and after the UK’s withdrawal from the European Union, widely known as Brexit.