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 spending soars on new pay scale
Total expenditure in the first quarter of fiscal 2016-17 was 15.5 percent higher than a year earlier thanks to full implementation of the pay scale for government staff and various non-government educational institutions. Between the months of July and September last year, total spending stood at Tk 42,894 crore, according to a report from the finance division. The report, which provided the up-to-date picture of budget implementation and the economy, was presented in parliament on Sunday by Finance Minister AMA Muhith.

Most tanners fail to relocate wet blue processing plants to Savar
Most of the tannery owners have failed to shift their wet blue processing plants to Savar Leather Industrial Park as deadline expires today. According to Bangladesh Small and Cottage Industry Corporation (BSCIC) officials, only 43 tanneries have so far relocated their wet blue processing plants to Savar and started production there as of yesterday. On the expiry of December 31 deadline, the government extended it until January 31 for relocation of plants to Savar from Hazaribagh area in Dhaka.

‘Fake’ directors, Tk 701cr shady loans: scams galore in NRBC
Bangladesh Bank has found that the board of directors of recently-established NRB Commercial Bank was engaged in massive irregularities — from forging signatures of directors to sanctioning Tk 701 crore in loans flouting rules and regulations. A number of BB inspections conducted between June, 2016 and December 2016 found that the private commercial bank showed in its documents presence of four directors, all non-resident Bangladeshis, in its board meetings held during 2013-2016 although they were actually not in the country during that period.

NRBs allowed to open NFCD accounts after retirement
Non-resident Bangladesh nationals (NRBs) are now allowed to open Non-Resident Foreign Currency Deposit (NFCD) accounts with local commercial banks after their retirement. The account-holders may remit legitimate payment abroad out of the fund held in the NFCD accounts, according to a clarification, issued by the Bangladesh Bank (BB), the country’s central bank, on Monday.

Bangladesh’s stocks suffer losses for 4th day
Bangladesh’s stocks extended their losing streak for the fourth day in a row on Monday as cautious investors continued their selling frenzy. Brokers said the market witnessed another setback as investors continued their selling binge, following the central bank’s concern over the recent bullish momentum in the capital market. Effective surveillance is necessary so that the process of recovery from the bearish trend since 2010 remains under the regulator’s control, the central bank said in its latest monetary policy statement.

Stockmarket poised for a stellar year
The capital market will remain moderately bullish this year thanks to the stable economic growth and low interest rates. The forecasts were made by the majority of the respondents in a recent survey on the Bangladesh capital market conducted by LankaBangla Securities. The findings of the survey were released yesterday.

Russia set to recruit manpower from BD
Bangladesh and Russia are set to sign a deal on manpower recruitment shortly, paving the way for sending workers there, sources said. To this effect, the Bangladesh embassy in Moscow has already sent a draft Memorandum of Understanding (MoU) to the expatriates’ welfare ministry.

BSEC to tighten monitoring of MFs’ investment in non-listed cos
The Bangladesh Securities and Exchange Commission has initiated a move to scrutinize all the mutual funds’ investments that they made in non-listed securities. As part of the move, the commission may seek detailed investments reports of mutual funds, BSEC officials told New Age on Monday. The BSEC took the initiative with a view to observe whether any mutual funds were investing in non-listed securities in the name of investments in pre-IPO placement shares violating securities rules, they said.
BBN/SSR/AD