Bangladesh Bank Headquarters

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.

Unsettled Lcs, ghostly import
The Bangladesh Bank has detected some gross violations in foreign exchange transactions that have raised concerns about money laundering. The violations have taken place in the following way. First, letters of credit (LCs) were opened with loans from banks, and the money was transferred abroad to the designated importer’s accounts.

NBR nod must for banks to offer double taxation avoidance benefit
National Board of Revenue has asked all banks not to allow double taxation avoidance benefits to any non-resident taxpayers without NBR certificate. International taxation wing of the revenue board has also requested Bangladesh Bank for taking necessary measures so that banks follow the directives.

RMG owners, workers submit proposals on minimum wage
Owners and a worker representative have proposed Tk 6,360 and Tk 12,020 respectively as the minimum monthly wages for entry-level apparel workers. The proposals came at a meeting of the wage board for the readymade garment sector on Monday in Dhaka. Rights groups rejected both the proposals and stuck to their previous demand for Tk 16,000 as minimum wages.

Tony Roma’s now in Dhaka
World famous steak and ribs chain restaurant Tony Roma’s is now in Dhaka. The grand opening ceremony was held at US-based Tony Roma’s first Bangladesh branch at Gulshan 2 on Monday. US Ambassador to Bangladesh Marcia Bernicat attended the function as the chief guest.

Current account deficit set to cross record $10b
Bangladesh’s current account deficit is set to cross the $10 billion mark for the first time in history as the country’s capacity to export continues to lag behind its appetite for imports. Between the months of July and April of fiscal 2017-18, the current account deficit stood at $9.37 billion in contrast to $2.21 billion in the negative a year earlier, according to the central bank’s balance of payments data.

Muhith seeks info on state of banks
Finance Minister AMA Muhith has sought detailed and updated information about the country’s scheduled banks. Mr Muhith asked the senior secretary of the Financial Institutions Division (FID) to take necessary action to ensure availability of the information he has sought.

Cabinet approves e-commerce policy
The Cabinet on Monday approved the National Digital Commerce Policy 2018 with the aim of ensuring safe digital transactions removing mistrust of buyers and purchasers in digital commerce. The approval was given at the weekly meeting of the Cabinet held at the Bangladesh Secretariat with prime minister Sheikh Hasina in the chair.

Bangladesh’s stocks end flat with falling turnover
Bangladesh’s stocks finished almost flat on Monday as late hours selling pressure wiped most of the early gains. Analysts said the risk-averse investors sold shares in the later part of the session amid ongoing earnings declarations, taking the market in the flat zone.

BBN/SSR/AD