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.
MPS silent on NPL, capital flight
Country’s apex trade body, FBCCI, said the just-announced monetary policy statement (MPS) is devoid of direction over major financial flaws like non-performing loans (NPLs) and capital flight. Some other staggering issues like undisclosed money and cuts in the rates of interest for businesses, especially the SMEs (small and medium enterprises), also were not properly reflected in the policy, according to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
Bangladesh moves to improve ranking in ease of business
Bangladesh has set an ambitious task of climbing in to the World Bank’s top 100 ranking of economies in ease of doing business in the next five years. In the last Doing Business report released in October last year, Bangladesh ranked 176th out of 189 economies across the world. Only Afghanistan (ranking 183) among the eight South Asian countries came in lower than Bangladesh, while Bhutan topped the list with the 73rd position. So, Bangladesh has to jump at least 15 positions each year to reach its target.
MCCI wants clear, stable VAT policy
The Metropolitan Chamber of Commerce and Industry on Tuesday sought an assurance from the government about three things including a uniform application of the law during the new VAT law regime. The MCCI wants to see a clear, stable and predictable VAT policy for preparation of their business and financial planning for short, medium and long terms, said the chamber president, Nihad Kabir, at a workshop. A clear interpretation of the law is also needed during the implementation period to be started from July this year, she said.
RMG makers apprehensive of $50bn export target
RMG manufacturers are worried over the fall of product price and negative growth in major export destinations as it would hit the $50 billion export target by 2021. Bangladesh has set the target, the driving force of which is the apparel industry, when the country will celebrate the golden jubilee of independence. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Md Siddiqur Rahman vented his feelings at an emergency press conference at his office in the capital yesterday.
Bangladesh’s stocks rebound on buying spree
Bangladesh’s stocks rebounded on Tuesday, snapping a four-day losing streak, as optimistic investors went late hours buying spree on some large-cap stocks. Analysts said the market returned to higher after see-saw movement as some investors took position on sector specific stocks, especially last half of the trading session. After witnessing high volatility in the first half of the trading session, last half went up steadily, ultimately ended 47 points higher.
Agriculture vital to poverty reduction: study
Agriculture plays a three times more powerful role than non-agriculture when it comes to poverty reduction, according to a joint study of the Brac and the UK’s Department for International Development. The study, which was unveiled yesterday, found that a 1 percent increase in agricultural income would reduce poverty by 0.39 percent. In contrast, a 1 percent rise in non-agriculture income will alleviate poverty by 0.11 percent.
Lack of clarity in laws, disparity obstacle to ensuring ease of doing business: FICCI
Foreign Investors’ Chamber of Commerce and Industry on Tuesday said absence of level playing field for the foreign investors and lack of clarity in laws are major obstacles in Bangladesh for improving state of doing business. The chamber came with the observation at a luncheon meeting held in the Westin Hotel in the city. FICCI president Rupali Chowdhury presided over the meeting while Bangladesh Investment Development Authority executive chairman Kazi M Aminul Islam, FICCI executive director Jamil Osman, KrishEnergy general manger Edwin Bowles, among others, spoke on the occasion.
Dhaka to bid for Chevron gas fields after assessing reserves
Bangladesh is hiring an international firm to assess reserves at Chevron Corp’s natural gas fields in the country before placing a formal bid to buy the assets, its energy minister told Reuters on Monday. Energy-starved Dhaka meets half of its gas needs through the three Chevron-operated fields at Bibiyana, Jalalabad and Moulavi Bazar in the northeast of Bangladesh, highlighting their importance for the poor country.