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.
BDT-US$ rate crosses Tk 79 after four years
The exchange rate of local currency crossed Tk 79.00 against the US dollar on Thursday in the inter-bank foreign exchange (forex) market after nearly four years, bankers said. The dollar was quoted at Tk 79.03-79.05 in the inter-bank forex market on the day against Tk 78.99-79.00 of the previous working day, according to treasury officials of commercial banks.
Bangladesh unveils growth-supportive monetary policy for H2 Sunday
The central bank of Bangladeshis set to unveil its second-half (H2) yearly monetary policy on Sunday aiming to achieve maximum economic growth through boosting investment particularly in productive sectors. Bangladesh Bank (BB) Governor Fazle Kabir will announce the monetary policy statement (MPS) at 11 am on the day for the January-June period of the current fiscal year (FY) 2016-17 to help real sectors for achieving sustainable economic growth with curbing inflation. Talking to BBN in Dhaka, a senior official of the BB said the central bank is expected to announce a ‘growth-supportive’ MPS giving top priority to facilitate investment through increasing credit flow particularly in the real economic sectors.
Life insurers’ management cost declines in 2016
Lavish management spending by country’s 32 life-insurance firms, far beyond limits, dropped significantly in 2016 for a new lease of their own life, following a few measures taken by the regulator concerned. Management expense is the cost which is borne from the premium income for different heads, and crossing the limits here would make the companies insolvent at policy maturity.
Ad market on the cusp of flight
The country’s advertisement market will expand quite rapidly in the next decade given the fast growing economy and consumer market, said an expert. “Bangladesh is one of the fastest growing economies in the world, and when an economy grows advertising grows at a faster rate,” Sam Balsara, chairman and managing director of Mumbai-based Madison World.
Bangladesh’s stocks extend winnings spell for 13 weeks
Bangladesh’s stocks ended finished higher for the 13 straight weeks that ended on Thursday, riding on banks, telecom and non-bank financial institutions stocks. Market insiders said the recent growth of turnover and index is reflected that the investors’ confidence in the market is coming back, however, they should carefully invest in a rising market. The market witnessed substantial gain in first three sessions of the week riding on financial stocks, but last two sessions faced some correction on profit booking sale pressure.
IFC to invest up to $55m to Dhaka Bank
International Finance Corporation, the private investment arm of World Bank, has agreed to invest up to $55 million to support Dhaka Bank‘s working capital solution, and help the bank aid foreign currency needs of SMEs in Bangladesh. Under the agreement, IFC will provide Dhaka Bank a short-term loan for of up to $20 million for working capital solutions and a $35 million guarantee under Global Trade Finance Program, IFC said in a disclosure, reports Deal Street Asia.
NBR issues notice to remove misgivings about ‘package VAT’
The National Board of Revenue (NBR) has clarified its position to remove confusions over package value added tax (VAT) and withdrawal of the same following the enforcement of the new VAT & SD law from July 1 next. The Board issued a public notice to this effect with a view to removing misgivings about the issue in the public mind.
Eight Bangladeshi companies receive SAFA award
A total of 46 organisations from SAARC countries, including eight from Bangladesh, received prestigious South Asian Federation of Accountants (SAFA) award for their best presented annual reports of 2015. In addition, 41 institutions and entities also received Certificates of Merit at a programme, organised by the Institute of Charted Accountants of Bangladesh (ICAB) at a city hotel in the capital on Friday.