Bangladesh Finance Minister AMA Muhith. BBN file photo

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.

Muhith defends bankers’ delay in lowering lending rate
Finance minister AMA Muhith on Wednesday defended tentative bankers unable to bring down the lending rate to single digit from this month despite such a commitment by owners of the banks. It would take more time to implement the decision, he said while responding to a question about most banks’ failure to comply with the government policy decision taken to foster private sector investment.

Form policy to let local firms invest abroad
The government needs to formulate a specific policy to allow local companies to invest abroad as many domestic industrial conglomerates are now capable of doing so, a top official of a leading trade body said yesterday. Some local companies have started making overseas investments but those got permission as the central bank has been looking into each of those case by case, not broadly under any policy framework, he said.

Bangladesh signs $7.4bn deals to produce 6,000MW
Bangladesh has signed two separate agreements involving US$7.4 billion to generate 6,000 megawatts of electricity largely from liquefied natural gas. The deals signing ceremonies were held at Sonargaon Hotel and Bidyut Bhaban in the capital respectively on Wednesday. The projects include 6,000-megawatt (MW) liquefied natural gas (LNG) fired power plant at Moheshkhali in the country’s southeastern Cox’s Bazar district.

BPC seeks govt nod for oil sale at int’l rate
State-run Bangladesh Petroleum Corporation (BPC) has sought government approval for selling imported oil for power plants at the international rate to slash losses. The soaring prices of petroleum products in the international market over the past several months have pushed the BPC back into the red zone.

Bangladesh’s stocks end higher for second day
Bangladesh’s stocks ended higher for the two straight sessions on Wednesday with turnover crossing BDT 11 billion-mark after eight months on the major bourse. Following the previous session’s upbeat movement, the market opened on upward trend and the key index of the major bourse crossing the 5,450-mark, gaining over 100 points within first hour of trading.

ICB’s investment capacity raised
The central bank will not consider the Investment Corporation of Bangladesh (ICB) as a single party borrower of banks in a bid to increase the financial institution’s capacity to invest in the capital market. The move comes in line with the six-point recommendation made by Finance Minister AMA Muhith on June 18 to give a boost to the capital market.

Minister: Singapore to invest in IT, power, housing sector
Commerce Minister Tofail Ahmed on Wednesday said Singapore businessmen have decided to make big investments in Bangladesh’s special economic zone (SEZ). “They (Singaporean businessmen) prefer the IT, power, and housing sectors for investment in Bangladesh,” he told reporters at a hotel in Dhaka, after a meeting exchanging views with a visiting Singapore business delegation.

BSTI standard mark mandatory for 28 more products
The government has made mandatory using standard mark of the Bangladesh Standards and Testing Institution on the level of 28 more products. It has also prohibited sale, distribution and commercial advertisement of products which do not meet the BSTI standard called Bangladesh Standard (BDS).