Bangladesh PM Hasina wins UN award for leadership on climate change

Bangladesh PM Sheikh Hasina

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.

9,000MW power to be imported by 2041
Prime Minister Sheikh Hasina yesterday said the government has planned to import 9000 MW electricity from neighbouring countries by 2041 to maintain the country’s high economic growth. She was addressing a ceremony marking the inauguration of 500 MW additional power supply from India to Bangladesh through Behrampore-Bheramara interconnection, reports UNB.

Bangladesh’s NPLs soar by 20.24% in H1
The amount of non-performing loans (NPLs) jumped by 20.24 per cent as on June 30 in Bangladesh’s banking sector from December last year despite close monitoring by the central bank. The volume of NPLs rose to BDT 893.40 billion as of June 30, 2018 from BDT 743.03 billion as of December 31 last. The amount of NPLs was BDT 741.48 billion a year ago.

Govt reduces tax at source on exports to 0.6%
In a bid to encourage exports, the Bangladesh government has reduced tax at source on the export of products, except jute goods, from 0.7% to 0.6% for the current fiscal year. In addition, the government has also reduced the corporate tax rate from 15% to 12% for apparel manufacturers in FY19.

Biman signs $106m order for three new Bombardier aircraft
Bombardier Commercial Aircraft announced that Biman Bangladesh Airlines has ordered three new Q400 turboprops by signing a purchase agreement with the Canadian Commercial Corporation, reports Based on the list price of the Q400 aircraft, the order is valued at $106 million.

Bangladesh’s forex reserve falls to $31.66b after ACU payment
Bangladesh’s foreign exchange reserve (forex) fell below US$32 billion again on Monday following a regular payment to the Asian Clearing Union (ACU). The forex reserve came down to $ 31.66 billion on the day from $ 32.82 billion of the previous working day, according to the central bank’s latest statistics.

ADB lending to cross $2b this year
Asian Development Bank’s lending to Bangladesh is likely to exceed $2 billion this year, said a top official yesterday. The ADB has already approved over $1.6 billion, of which $1,535 million is sovereign, $60 million non-sovereign and $8.7 million technical assistance.

Over 340 apparel units fail to fix safety flaws
A total of 344 garment factories have faced the music due to their failure to fix the safety flaws identified in their initial inspection, people familiar with the matter said. Some 2200 units were inspected by the western retailers’ platforms, including the Alliance.

Cash incentives for export of pharma, motorcycle, 33 other items announced
The government on Monday announced cash incentives in favour of exporters of 35 products for the current fiscal year of 2018-19, adding nine new items to the product list. In the FY 2017-18, exporters enjoyed the benefit for 26 products.