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.
Govt moves to cut ADP delays
The government is set to introduce a time-bound checklist for project preparation in a bid to cut habitual delays in the implementation. It takes more than one year to get the project moving after obtaining approval, and by the time 20 percent of a project’s fund is released, half of the project’s time elapses, according to the Asian Development Bank.
Imports rise in Dec
The country’s import payments registered a 9.27-per cent growth in December last year against the 17.84-per cent growth posted in the previous month. According to the latest Bangladesh Bank data, letters of credit involving $4.12 billion were settled in December against LCs worth $3.77 billion settled in November. The year-on-year import payments in December also increased by 25.68 per cent to $4.12 billion from $3.28 billion in the corresponding period a year ago.
Foreign aid hits record high in FY16
The foreign aid stood at $3449.97 million in FY’15-16, an increase of more than 13% a year earlier, according to the latest data of Economic Relations Division (ERD) released yesterday. The foreign aid received during the period surpassed the government’s target of $3415 million. Of the total aid disbursement, $2903.68 million came as credit and $546.29 million as grant while it was $2472.20 million as credit and $570 million as grant in the previous fiscal.
FDI curves down, substantially
Net inflow of Foreign Direct Investment (FDI) into Bangladesh appeared much smaller than what was estimated earlier as the central bank revised the data matching an updated matrix. The FDI netting in the last fiscal year, 2015-16 (FY16), was earlier estimated at US$2 billion, but the latest calculations put it at $1.29 billion.
Dubai cracks down on illegal money transfer to Bangladesh
A Dubai government body has fined 25 shops in the emirate on a single day for engaging in unauthorized activities and illegal money transactions. The shops were found to have enticed Bangladeshi expatriates with the offer of cheaper money transfers to their home country with the help of an app called ‘Bkash,” reports the Emirates news agency –WAM quoting an official of the Department of Economic Development (DED) in Dubai.
Banks face tighter stockmarket rules
The central bank has tightened its reporting requirements on capital market activities for banks and its subsidiaries to monitor the market closely. Under the revised provisions, the banks will have to submit their consolidated reports on capital market activities on a weekly basis instead of the existing fortnightly basis to the central bank. Bangladesh Bank announced the decision on Tuesday. With the latest decision, the central bank went back to November 2015 when it had relaxed the capital market exposure reporting rules for banks from weekly to two-week basis.
Bangladesh’s stocks extend rally for 12 weeks
Bangladesh’s stocks witnessed yet another bullish week, extending the winning spell for the 12 in a row that ended on Thursday, as investors continued their buying spree on large-cap stocks. Brokers said stocks posted sharp gain as the optimistic investors continued their buying spree amid growing confidence. The week witnessed five trading sessions as usual. Of them, first three sessions rose substantially, fourth session faced major correction while last one closed flat. DSEX, the prime index of the Dhaka Stock Exchange (DSE), jumped 191.19 points or 3.58 percent to settle at 5,342.88 points.
Traders raise soya bean oil prices without govt nod
The prices of soya bean oil increased by Tk 2-5 a litre on the retail markets in Dhaka on Saturday as traders raised the prices of edible oil although a mill owners’ plea for a hike in the prices of the daily essential is yet to get government’s nod. The price of bottled soya bean oil increased by Tk 2 a litre on Saturday while that of unpacked soya bean oil rose by Tk 4-5 a litre. A one-litre container of soya bean oil was selling at Tk 100-105 while a five-litre container at Tk 500-510 at the Karwan Bazar kitchen market in Dhaka on Saturday.