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.

Government to find causes behind declining remittance
Bangladesh government has formed a two-member secretary committee to find the causes behind the fall of remittance inflow in the country last year, said official sources. The money remitted home by the Bangladeshi expatriates living abroad witnessed a decline of 11.13% in 2016 from the previous year’s figure. According to the Bangladesh Bank data, Bangladesh received $13.6bn remittance in 2016, which is far less than $15.3bn received in the year 2015.

Signs of improvement but mess yet to clear
Governance in the financial sector is showing signs of improvement as the government has taken a number of initiatives over the last three years to pull the sector out of a major crisis. However, big challenges still remain in ensuring discipline in the banking and non-banking sectors vital for the country’s development. The state-run commercial banks fell prey to political influence after the Awami League government assuming office in 2009 appointed its chosen people as directors of boards of the banks.

Bridges Div requests cut in allocation for current FY
The builders of high-priority Padma Multipurpose Bridge are unable to spend its budgetary allocations for this fiscal as it had a surfeit of funds against a slow execution performance, officials said. As such, the Bridges Division has requested the Planning Commission (PC) to trim down the funds by 21 per cent to Tk 47.74 billion from the allocated Tk 60.26 billion in the Annual Development Programme (ADP) for the fiscal year (FY) 2016-17.

20-year deal inked to buy power from proposed 200mw solar park
State-run Power Development Board on Monday signed a 20-year agreement with Southern Solar Power Limited to purchase electricity from a 200MW solar photovoltaic park to be set up at Teknaf in Cox’s Bazar. Sun Edison Energy Holding (Singapore) Pte Ltd, a subsidiary of the US-based SunEdison, owns 100 per cent shares of the Southern Solar Power Limited in Bangladesh. SunEdison, however, was declared bankrupt in the USA early 2016.

DSEX crosses 5,200-mark on buying spree
Bangladesh’s stocks came back strongly on Monday, with key index of the premier bourse broke the ‘psychological’ threshold of 5,200-mark, as investors were buying spree on large-cap stocks amid growing confidence. Market insiders said spontaneous participation backed by hopes and excitements lured the sideline investors to inject fresh fund on stocks, taking the prime index of the premier bourse to fresh 27 months high.

Abdul Hamid made MD of IBBL
Md. Abdul Hamid Miah took the charge of Managing Director and CEO of Islami Bank Bangladesh Limited (IBBL). Bangladesh Bank approved his appointment following his nomination by the Board of Directors of the Bank in a meeting held at a city hotel on January 5, 2017, said a press release of IBBL on Monday. Earlier, Md. Abdul Hamid Miah served Union Bank, Rupali Bank and Shilpa Bank (now Bangladesh Development Bank) as Managing Director.

Many IBBL staff in fear over job future after major shake-up
Many staff of Islami Bank Bangladesh Ltd are in fear of losing job following major changes in the bank’s board of directors and top management. A number of IBBL officials told New Age on Monday that panic spread among the staff of the bank that the new management would sack a number of employees to operate IBBL under its (management) new design.

Biman’s foreign loan swells to $ 592m
The liability to foreign loans of the national flag carrier, Biman Bangladesh Airlines (BBA), has swelled to about US$ 592 million (more or less Tk 46.77 billion) due to its poor operational performance, sources said. The state-owned airlines owe the debt to a total of nine international financial institutions. The credit has been used mainly to purchase aircraft for the BBA, they added.

BBN/SSR/AD