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.
Banks’ written-off loans soar further to Tk 423 billion
Written-off loans bloated by nearly 3.0 per cent or Tk 11.20 billion in the first six months of the current calendar year as banks tried to clean their balance sheets by reducing loads of default loans. The cumulative amount of loans written off by the banks rose to Tk 423.22 billion as on June 30, 2016 from Tk 412.01 billion on December 2015. The volume was Tk 376.45 billion a year before, according to the central bank’s latest statistics.
Taxpayers cross 25 lakh
The total number of registered taxpayers crossed the 25 lakh-mark, exceeding the National Board of Revenue’s fiscal 2016-17 target six months ahead of time. The number, which accounts for just 1.5 percent of the total population of 16 crore, was reached last week and was disclosed at a seminar yesterday on the importance of value-added tax to attain the targets for 2021 and 2041.
Half of branches of 9 new banks loss-making
Almost half of the 294 branches of nine newly-established scheduled banks are loss-making as the defaulted loans at the banks continue rising. According to the latest Bangladesh Bank data, 141 branches of the nine banks plunged into the loss-making situation as of June 30, 2016. Officials of the BB and a new bank said the branches of the banks became loss-making due to rising defaulted loans at the fourth generation banks.
BSRM, KISC plan $1bn investment in Mirsarai Economic Zone
Bangladesh Steel Re-Rolling Mills (BSRM) and Chinese company Kunming Iron and Steel Holding Company Limited (KISC) plan to jointly invest $1 billion to Mirsarai Economic Zone (MEZ) in Chittagong in next five years. The companies made the disclosure during a meeting with Bangladesh Export Zones Authority (BEZA) officials yesterday, said a BEZA press release. The meeting was held at the BEZA office.
Bangladesh’s stocks slip into red after four days
Bangladesh’s stocks ended lower on Sunday, snapping a four-day winning spell, as risk-averse investors’ bagged profit on sector specific stocks. After hitting a fresh 23 months high in the previous session, the market started with an optimistic note, gaining 20 points in the first hour of trading, but rest of the session fell steadily amid profit booking sale pressure, ultimately ended 31 points lower.
RMG sector workplace safety improves: ILO DG
International Labour Organisation director general Guy Ryder on Sunday said that the workplace safety in Bangladesh garment industry had improved in last three years. He made the comment while speaking at a luncheon meeting organised by Bangladesh Employers’ Federation in Dhaka. International Organisation of Employers secretary general Linda Kromjong, BEF president Salahuddin Kasem Khan and secretary general Farooq Ahmed were present on the occasion.
Japan to cancel travel alert soon: Muhith
Finance Minister AMA Muhith said Sunday Japan will soon withdraw the travel advisory the country had issued alerting its nationals wishing to visit Bangladesh. “They have already announced it. Everybody knows it. Some more time will be needed to complete the process,” he said, briefing newsmen on the outcome of his last week’s Japan visit at his secretariat office.
Aman Cotton to go for IPO to fund expansion
Aman Cotton Fibrous, a unit of Aman Group, plans to go public by using the book building method to raise Tk 80 crore to double its production capacity and repay bank loans. Of the IPO proceeds, Tk 49.38 crore will be used to procure machinery, Tk 17.12 crore for bank loan repayment, Tk 10 crore for working capital and the rest Tk 3.50 crore for IPO expenses.