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.
Skilled labour shortage risks $50bn RMG export
Shortage of skilled workforce poses a big challenge for Bangladesh RMG industry to achieve the $50 billion export target by 2021, manufacturers say. The sector lacks 25% skilled labour while currently, it employes about 4.4 million people, of which 80% are women mostly from rural areas. At present, about 20,000 expatriate workers from Sri Lanka, India, Pakistan and other countries are employed in the apparel sector.
Fortify digital financial flows
Leading bankers, economists and experts suggested a combined move for tightening any loopholes in anti-money laundering compliances and cyber-security mechanisms to fortify financial flows. They also called upon the mobile financial services (MFS) stakeholders to come forward with a synergy to face the challenges, as a Dhaka meet stressed building safe national and regional financial networks over digital platform.
Field offices asked to start scrutiny of income tax returns
The National Board of Revenue has asked its field offices to immediately start scrutiny of all income tax returns submitted under universal self assessment for the current fiscal year 2016-17. The revenue board took the move to detect tax evasion by individual and company taxpayers through arithmetic error in tax calculation and incorrect claim of refund, NBR officials said.
Machinery imports soar but investment declines
Capital machinery imports soared 83 percent year-on-year in the first four months of the fiscal year, but industrial term-loans dropped 22 percent during July-September period from a year earlier, showing a mismatch between the two indicators. Capital machinery imports rose to $2.1 billion during the July-October period from $1.15 billion a year earlier, according to letters of credit settlement data from the Bangladesh Bank.
Bangladesh’s stocks stay positive for fifth day
Bangladesh’s stocks ended higher for the five consecutive sessions in a row on Monday with high turnover as investors were active on both sides of trading fence. Market insiders said favorable macro-economic indicators coupled with persistent positive market scenario continued to lure the sideline investors, taking the market turnover to above BDT 11.20 billion again. The market opened with an optimistic note in the morning, gaining more than 32 points to reach at 4,970 points within first 30 minutes of trading.
UK willing to invest in BD’s mega infrastructure projects
The United Kingdom is eager to invest in Bangladesh’s mega infrastructure projects, as the island nation is looking to play a greater role in the country’s ongoing infrastructural expansion, the UK Prime Minister’s Trade Envoy Rushanara Ali has said. “One thing that is common for all the developing countries, including Bangladesh, is the need to have good infrastructure,” Rushanara Ali said during an interview on Sunday.
ADB praises efforts to build economic zones
A new report from the Asian Development Bank has given a thumbs-up to Bangladesh’s efforts in setting up 100 special economic zones as dedicated industrial districts help attract foreign investment and boost exports. SEZs are associated with more foreign affiliates in the economy that exports, said the Asian Economic Integration Report 2016, which was released earlier this month. The ADB report, which covers 48 countries in Asia and the Pacific, examines current trends in trade, finance, migration, remittance, and other regional cooperation and integration issues, with a special chapter on the factors behind the growth of FDI in the region.
PM for Biman overhaul
Prime minister Sheikh Hasina on Monday ordered the civil aviation ministry to form a high-level committee for ‘overhauling’ the state-owned Biman Bangladesh Airlines against the backdrop of a VVIP flight’s emergency landing due apparently to ‘human factor’ recently. She also asked for immediate legal actions against those found responsible for the November 27 emergency landing of her flight in Ashgabat of Turkmenistan on the way to Hungary.