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.

DSE turnover hits 6-year high on buying spree
Bangladesh’s stocks extended winning spell for the second day in a row on Tuesday with turnover on the premier bourse hitting six years due to strong buying pressure. Analysts said the market continued its upbeat momentum and gained strong ground as enthusiastic investors were on buying spree mostly on financial and manufacturing stocks. Turnover, the most important indicator of the market, stood at BDT 16.97 billion on the Dhaka Stock Exchange (DSE), soaring 36 per cent over the previous day’s BDT 12.47 billion.

Taka depreciates against US dollar again
The Bangladesh currency depreciated maximum six paisa against the US dollar in a single-day knock Tuesday, after nearly two weeks’ interval. According to treasury officials of commercial banks, the dollar was quoted at Tk 78.70-Tk 78.76 on the inter-bank foreign exchange market Tuesday against Tk 78.70 of the previous working day.

ACC asks for documents from Farmers Bank
The Anti-Corruption Commission has sent a letter to Farmers Bank Limited asking for documents in connection with its ongoing inquiry into alleged irregularities in lending Tk 171 crore by the bank’s managing director and other directors. Commission’s deputy director Jahangir Alam sent the letter to Farmers Bank managing director AKM Shameem on Sunday asking for the documents of approved loans worth Tk 135 crore given by its Gulshan branch and Tk 36 crore given by Motijheel branch.

Delay, cost rise still major concern
The Awami League government had taken up a good number of infrastructure development projects since assuming office eight years ago but only a handful of those could be implemented. In the first three years of its current tenure, the government inaugurated a few of these projects which improved road and rail communications to some extent. Dhaka-Mawa-Bhanga dual carriageway expressway, Dhaka-Sylhet, Joydevpur-Elenga, and Elenga-Rangpur dual carriageways are a few of the major road expansion projects the government took up since the AL returned to power in 2014.

BB rejects IFIC plea to buy loss-making US exchange house for $3m
Bangladesh Bank has rejected an application of IFIC Bank Ltd to purchase a loss making exchange house in United States for US$ 3 million. IFIC Bank Ltd submitted the application to the central bank on November 6, 2016 requesting to allow it to purchase a US-based exchange house namely Sunman Global Express Corporation. The bank in its application said that it wanted to purchase 100 per cent shares worth US$ 3 million of the exchange house to expand its business to United States. A BB official told New Age on Tuesday that it was not logical that any bank would purchase such type of a loss-making exchange house by spending US$ 3 million or Tk 24 crore.

Jute exports stall as India imposes antidumping duty
The number of trucks carrying jute and jute goods into India through the Benapole land port sharply declined after New Delhi imposed a high antidumping duty on the imports of the goods from Bangladesh. India on January 5 slapped the antidumping duty on imports of jute and jute goods from Bangladesh and Nepal to “protect the domestic industry”. For Bangladesh, the duty ranges between $19 and $352 per tonne.

NBR task force to carry out drive at 15 cos in city
A task force constituted by the National Board of Revenue (NBR) has decided to visit some 15 organisations in the capital aiming to detect tax evasion by their foreign workers through concealment of their actual incomes. Employers of the companies would be held responsible in case of detection of tax-related irregularities, tax officials said.

IBBL: Four EVPs promoted to DMDs
Four executive vice presidents (EVPs) of the Islami Bank Bangladesh Limited (IBBL) were promoted to deputy managing directors (DMDs) of the Shariah-based bank on Tuesday. They are Mohammed Monirul Moula, Mohammad Mohon Miah, Mohammad Ali and Abu Reza Md. Yeahia, according to an IBBL announcement. The change to the bank’s executive level happened five days after the reconstitution of the board of directors and appointed a new managing director of the IBBL.

BBN/SSR/AD