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.
Most banks renege on promises despite availing benefits
The majority of the banks have not brought down the lending rate to single digits despite availing both policy and fiscal supports offered by the government. More than three dozen banks did not re-fix their rates on lending at 9.0 per cent. Four banks offered more than 6.0 per cent interest rate on three-month term deposits, according to the central bank’s monitoring reports on lending and deposits rates for July 2018.
13 banks face Tk 10,971cr provision deficit
Thirteen banks faced a combined provisioning shortfall of Tk 10,971 crore in the second quarter of 2018 which not only exposed their worsening financial health but also raised the possibility of lending rate hike. The banks are Sonali, Agrani, Rupali, BASIC, AB, Bangladesh Commerce, IFIC, Mutual Trust, First Security Islami, National, Premier, Social Islami and Standard, according to data from the Bangladesh Bank.
NBR makes mandatory use of customised software
National Board of Revenue has made use of customised VAT processing software mandatory for large businesses and service providing entities having annual turnover of Tk 5 crore and above. Value-added tax wing of NBR on Tuesday issued a general order making the use of the software mandatory from January 1, 2019.
Export earnings fall almost 12% in August
The Eid-ul-Azha vacation and a slowdown in the growth of the apparel business contributed to a fall in the country’s export earnings of almost 12% last month, Export Promotion Bureau (EPB) data has revealed. A contraction in demand for jute and jute goods, leather and leather goods, home textiles and fish are also being blamed for the 11.74% decline in total earnings in August to $3.21 billion.
Rich in Bangladesh rising faster than anywhere
Bangladesh has topped the list of countries that saw the quickest growth in the number of ultra-wealthy people between 2012 and 2017, according to a new report from New York-based research firm Wealth-X. The number of ultra-high net-worth (UHNW) individuals in Bangladesh rose by 17.3 percent during the period, the World Ultra Wealth Report 2018 shows.
Japan to assess funding scope for five large infrastructure projects
Japan is set to field a fact-finding mission to assess whether it will extend loans to five large infrastructure projects in Bangladesh, officials said. The objective of the mission is to verify and consolidate necessary data or information, review the current status of preparation, and discuss further details of the projects with authorities concerned.
Indo-Bangla Pharma holds lottery draw for IPO
A lottery draw on the Initial Public Offering (IPO)of Indo-Bangla Pharmaceuticals Limited was held in Dhaka yesterday, as the company’s IPO was more than 34 times oversubscribed.
Banking loopholes limit potential of stockmarket
Bangladesh’s stockmarket is being held back from reaching its potential because of the indiscipline in the banking sector, which has spoiled companies’ attitude, said M Khairul Hossain, chairman of the Bangladesh Securities and Exchange Commission (BSEC). To raise funds from the public, only submission of financial reports is required, he said.