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.
Bangladesh ready for massive foreign investment
The confidence of foreign investors in Bangladesh has increased, as the country has taken a series of measures to: build up investment-friendly infrastructure; develop the energy sector; provide necessary facilities and support to set up industries; and simplify rules and regulations. Under the leadership of Prime Minister Sheikh Hasina, the inflow of foreign direct investment (FDI) to the country has almost tripled during ruling Awami League’s nine years in office.
Private credit growth hits 18-month low
Private sector credit growth dropped to an 18-month low of 15.87 percent in July, as banks have adopted a “go slow” policy for loan disbursement to comply with the central bank’s newly set loan-deposit ratio. This growth was 1 percentage point less than the central bank’s target of 16.8 percent for the first half of the current fiscal year.
Govt. gross bank borrowing to hit BDT 130b in Sept
Bangladesh government is set to raise bank borrowing significantly in September as part of financing its budget deficit for this fiscal year (FY), officials said. According to the latest auction calendar, the government may borrow upto BDT 130 billion from the banking system by the end of this month by issuing treasury bills (T-bills) and bonds.
Govt telecom surveillance unit seeks NTTN licence
The National Telecommunication Monitoring Centre has requested the Bangladesh Telecommunication Regulatory Commission to award it nationwide telecommunication transmission network licence. The telecom surveillance unit of the government made the plea to the telecom regulator as it found that the number of NTTN operators working in the country was not sufficient to support its activities, sources said.
Nitol-Niloy to start assembling Tata pickups this month
A growing demand for commercial vehicles has encouraged Nitol-Niloy Group to start assembling Tata pickup trucks in Bangladesh from this month. “Now we will assemble the pickup, but we have a target to manufacture at least 25 percent of the components locally by 2020,” said Abdul Matlub Ahmad, chairman of Nitol-Niloy Group.
IDB to fund $1.0m cotton dev scheme
The Islamic Development Bank (IDB) is set to finance a $1.0 million project in Bangladesh under its newly innovated ‘reverse linkage’ modality. The Jeddah-based lender will sign a memorandum of understanding with the government during its president Bandar Al Hajjar’s upcoming Dhaka visit this weekend.
NBR’s tax receipt from DSE plunges in August
The government’s revenue collection from Dhaka Stock Exchange dropped sharply by 36.72 per cent or Tk 8.24 crore in August due to a decline in turnover on the bourse. The National Board of Revenue received just Tk 14.2 crore in taxes that included Tk 11.49 crore as tax on turnover and Tk 2.70 crore as tax on sponsor-directors’ capital gain from share sales.
12 new companies in revised CSE indices
The Chittagong Stock Exchange (CSE) CSE-50 index and CSE-30 index have been revised on the basis of performance of listed companies. In the CSE-50 index, four new companies were included and four excluded, while eight companies were included and eight removed from the CSE-30. The new index will be effective from September16, said a statement Wednesday. The indices are reviewed twice a year.