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.
WB lowers BD growth projection to 6.8pc
The World Bank (WB) has cut down Bangladesh’s projected economic growth to 6.8 per cent in the current fiscal, citing two cardinal causes. Internal security challenges and sluggish external demand are the factors the multilateral development financier assigned to the projected deceleration of the growth. The Washington-based global lender cautioned that slippages in addressing fiscal imbalances and further deterioration in financial and corporate-sector stability could slow growth in Bangladesh.
Bangladesh tightens mobile banking to check illegal transactions
The central bank of Bangladesh has slashed transaction ceiling on mobile banking to check illegal financial operations through misusing the mobile financial services (MFS). Under the restricted provisions, daily maximum transaction limit on cash-in came down to BDT 15,000 from BDT 25,000 while maximum cash-out limit to BDT 10,000 from BDT 25,000. Besides, monthly maximum cash-in limit has been slashed to BDT 100,000 from BDT 150,000 while maximum monthly limit on cash-out came down to BDT 50,000 from BDT 150,000.
Dhaka to engage with Delhi to lift jute duty
With a fifth of the country’s yearly jute exports at stake following India’s imposition of anti-dumping duty on import of jute products from Bangladesh and Nepal, a national jute advisory committee meeting yesterday decided to engage immediately with India for lifting the duty. The meeting, held at the textiles and jute ministry, also decided that the duty issuance would be discussed during prime minister’s upcoming visit to India.
Govt decides action against utilities for power supply beyond jurisdiction
The government has decided to take actions against officials of power distribution companies involved in providing power connections beyond their respective jurisdiction area. At a meeting held on Sunday, the power, energy and mineral resources ministry also gave one month time for removing the installations of the utilities from areas out of their respective jurisdiction and hand over customers to the utility concerned, power division secretary Ahmad Kaikaus told New Age on Monday. Otherwise, the officials concerned would be punished for the anomalies, he said.
DSEX crosses 5,300-mark amid high turnover
Bangladesh stocks extended their bullish spell for the third straight session Wednesday with key index of the premier bourse crossing the 5,300-mark amid strong buying pressure. Turnover, the most important indicator of the market, also crossed BDT 17 billion and the total turnover stood at BDT17.04 billion on the Dhaka Stock Exchange (DSE) for the first time after five and a half years, powered by investors’ buying spree on large-cap stocks. Wednesday’s turnover was the biggest single-day transaction since July 28, 2011, when the turnover total was recorded BDT 18.05 billion.
NBR’s income tax, VAT wings launch joint survey of businesses
Value-added tax and income tax offices of the National Board of Revenue are set to start a joint survey on businesses, mainly at shops, to trace eligible traders who still remained out of tax and VAT net, officials said. Field level VAT and tax offices are now preparing a work plan that includes the name of business entities, their locations and date of starting the business, they said. The National Board of revenue has recently instructed the field offices for preparing the work plan for the joint survey and intensifying efforts to widen tax and VAT base in the country through the progrmme.
BSEC to go tough against any kind of ‘unlawful’ activities
The securities’ regulator would go tough against any kind of ‘unlawful’ activities in an effort to facilitate the ‘normal’ movement of the country’s capital market. Bangladesh Securities and Exchange Commission (BSEC) Wednesday took the stand in an urgent meeting attended by top officials including the chairman and all commissioners. The executive officers also attended the meeting held at the BSEC office.
Teletalk signs $33m deals to upgrade network
State-owned mobile operator Teletalk yesterday signed two separate deals worth $33.1 million with equipment vendors Nokia and Alcatel-Lucent Shanghai Bell (ASB) to expand its network for both 2G and 3G services. Under the agreements, Teletalk will set up 942 new 3G sites and 1,240 2G sites in Dhaka, Rajshahi, Khulna, Barisal and Sylhet divisions. Gias Uddin Ahmed, managing director of Teletalk, Nicolas Bouverot, market unit head of Nokia for South Asia, and Roland Reynier, Bangladesh country head of Nokia, signed the deals at a ceremony at the secretariat.