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.
Graduation from LDC status to cut into exports
Bangladesh's exports will fall between 5.5 percent and 7 percent if the country loses duty-free market access upon its graduation from the grouping of the least-developed countries, the Centre for Policy Dialogue said yesterday. “Both product and market diversification will be critical to Bangladesh's smooth graduation,” said the think-tank in its analysis on the United Nations Conference on Trade and Development's Least Developed Countries Report 2016.
Many opting for early retirement for payout
Many of government officials are opting for early retirement to avail full gross pension payments in one go before the provision terminates next July, said officials. "We got information from different state-run entities that many government employees who have served more than 25 years in service are willing to leave office before reaching the last day of their retirement age to avail themselves of the opportunity," a senior official of the Ministry of Finance (MoF) told the FE.
Bourses seek 1 more year to sell shares to strategic investors
The Dhaka and Chittagong stock exchanges have sought another one year time to the Bangladesh Securities and Exchange Commission to get strategic investors for the demutualised-bourses as the entities failed to reach in any final agreements with the stipulated time. On December 9, 2015, the BSEC under the Demutualisation Act, 2013 directed the DSE and the CSE to get strategic investors within a year that ended last week.
‘Inclusive workforce key to sustainable economy’
Inaccessibility to workplace, lack of inclusive recruitment policy and a negative attitude towards individuals with physical impairments are key barriers to ensuring inclusive and decent work for sustainable economic growth, the discussants have said. They came up with the remarks at a workshop on “Making Workplace Disability Inclusive: Developing Employers’ Network” held in the capital yesterday.
Bangladesh’s stocks extend rally for 7-week
Bangladesh’s stocks witnessed yet another bullish week that ended on Thursday, with key index of the premier bourse hitting 23 months’ high amid growing confidence of investors. Analysts said the market rallied for the seventh week in a row as stockbrokers’ proposal to form a special fund worth BDT 60 billion to increase the supply of money to the capital market coupled with Lafarge’s acquisition news boosting the investors’ confidence further.
IT boosts banks' profitability: study
Investment in information technology not only raises the efficiency of banks but also improves their profitability, according to a study of the Bangladesh Institute of Bank Management. If a Bangladeshi bank invests Tk 1 in its IT systems, it yields more than Tk 136 in output. On the other hand, a single taka of investment for the non-IT segment brings Tk 58 in output.
Govt wants to use BPC profits in development
Finance Ministry wants the use of surplus fund of Bangladesh Petroleum Corporation in the corporation’s development projects. BPC’s profit has crossed Tk10,000 crore mark on the back of sliding international oil price. Finance Division sources said they had asked BPC to prepare development plans to be implemented with extra funds instead of repaying dues to the Division.
Bangladesh to form $5.0b SWF for mega projects
Bangladesh is set to form a sovereign wealth fund (SWF) with an authorised capital of $5.0 billion to finance mega projects particularly infrastructure ones. The initial paid-up capital for the proposed fund will be fixed at $1.0 billion as per recommendation of the high-powered committee.The government will have to provide $1.0 billion as equity of the proposed SWF from its budgetary allocation, a senior official familiar with the committee told BBN in Dhaka. He also said the government may raise money through issuing treasury bonds from the market in local currency. “The money will later be converted into foreign currency for the SWF.”
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