Tuesday’s morning business round up of Bangladesh

Last updated: October 2, 2018

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.

IMF worried about bad loans, governance in SCBs
The visiting International Monetary Fund officials on Monday expressed concern over the growing non-performing loans in the state-owned commercial banks in absence of good governance, at a meeting with officials of Financial Institution Division. Officials attending the meeting said that the IMF officials asked them why there was no improvement in checking the high growth in bad loans.

EBL, Summit strike interest rate swap deal
Eastern Bank has struck an interest rate swap deal with Summit Group, a first-of-its-kind agreement for a local bank. An interest rate swap is a contract between two parties to exchange interest payments with the view to reducing or increasing exposure to fluctuations in interest rates or obtaining a marginally lower interest rate.

NBR may slap 15pc VAT, 2.0pc AIT on import of LNG
The country's energy regulator is waiting for issuance of a Statutory regulatory order (SRO) by the National Board of Revenue (NBR), waiving supplementary duty (SD) and customs duty (CD) on import of LNG, before announcing a fresh hike in gas tariff, said officials. The state-run Petrobangla might have to pay 15 per cent VAT (value added tax) and 2.0 per cent AIT (advance income tax) to public exchequer, as the government high-ups have decided to keep the domestic natural gas prices at 'rational' level to provide respite to the consumers.

Toru launches Impactor program for early-stage entrepreneurs
The Toru Institute of Inclusive Innovation has launched the ‘Impactor’ program for entrepreneurs in the early stages of projects. The Impactor program is an eight-month business incubation program for entrepreneurs who want to transform the early stages of their idea, product or business into a successful enterprise with a social impact.

BB resumes selling of US$ to banks after a month
The central bank has resumed its foreign exchange support through selling the US dollar to the commercial banks after nearly a month interval aiming to keep the market stable, officials said. As part of the move, the Bangladesh Bank (BB) sold US$ 15 million at market rate to two state-owned commercial banks directly on Monday to meet the growing demand for the greenback.

Foreign funds rise in stocks
Net foreign investment in the premier bourse returned to the positive territory after five months as foreign investors' purchase soared slightly in September as they bought good stocks at lucrative rates. Dhaka Stock Exchange data showed the net foreign investment was Tk 35.16 crore last month when foreign investors purchased stocks worth Tk. 247.51 crore and sold off shares worth Tk 212.34 crore.

Separate unit to manage MNC tax
The national revenue authorities have decided to open a dedicated unit to handle tax files of the multinational companies (MNCs) operating in Bangladesh.The International Tax Unit (ITU) at the National Board of Revenue (NBR) has been proposed to administer hassle-free services to the multinationals.

Accord submits 6-phase exit plan without timeframe
Accord on Fire and Building Safety in Bangladesh, a platform of European brands and buyers engaged in readymade garment sector in Bangladesh, has submitted to the government a plan involving six phases without setting any timeframe to wind up its operations from the country. In the plan, the retailers’ platform proposed establishing an Accord liaison cell within the Remediation Coordination Cell to provide support for building capacity of the cell to take over the operations of the buyers’ platform, said people involved with the transition monitoring committee.

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