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.
Development spending still in slow lane
Development spending increased 2 percentage points in the first five months of the fiscal year but it is still lagging behind the historical trend. Between the months of July and November, the ministries and divisions put to use 19.13 percent of their total outlay for fiscal 2016-17, up from 17 percent they managed a year earlier.
Ministries’ financial powers increased
The government has increased financial powers of the ministries and divisions for speedier implementation of development projects, officials said. Economists, however, expressed doubts that increased financial powers would make the ministries and divisions more efficient in implementing their annual development programmes. Increased powers would enable the ministries and divisions to approve civil works and purchase deals worth up to Tk 100 crore without going to cabinet committee on national purchases.
Owners close 55 apparel factories in Bangladesh
At least 55 apparel factories at Ashulia on the outskirts of the capital Dhaka have been declared shut for indefinite period amid demonstration of workers. “Managements of the factories where workers had observed work abstention for last nine days have been forced to declare their units shut from Tuesday according to provision of 13(1) of labour law,” Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said at a press conference held at the its headquarters in Dhaka on Tuesday.
Experts highlight role of CROs in bank management
Banking experts at a forum Tuesday recommended greater coordination between the risk-management unit and other core organs of a bank to ensure better working of its financial operations. Chief Risk Officers should be a core member of the executive team in a bank with a position on the board, executive committee and other key governance committees, they said.
Bangladesh’s stocks return to red after five days
Bangladesh’s stocks returned to the red on Tuesday, snapping a five-day winning streak, as risk-averse investors went on late hours profit booking. Brokers said the investors sold shares and mutual fund units to bag some profits on stocks that saw substantial gains in the past few sessions, sending the market in the red territory. The market started with an optimistic note in the morning and the key index of the major bourse gained 30 points within first two hours of trading, but rest two hours fell steadily amid profit booking sale pressure, ultimately ended 10.48 points lower.
Banks unwilling to reward good borrowers
Only one bank out of the 57 operating here has so far offered incentives to its good borrowers in compliance with a Bangladesh Bank order. The order issued in March last year asked all scheduled banks to give its good borrowers 10 percent rebate on their interest payment. To qualify for the facility, a borrower has to be regular with his/her loan repayment for three years in a row. The rebate will continue in the following years if the borrowers continue to be good clients.
Robi asked to submit merger completion report by Dec 26
The Bangladesh Telecommunication Regulatory Commission has asked mobile phone company Robi to submit a completion report of its merger with another operator Airtel by December 26. As per merger condition given by the BTRC, Robi is supposed to submit the report to the regulator, officials concerned said. They said that the commission had already sent a letter on December 15 asking Robi to submit the report within 10 days.
UK envoy Rushanara aims to boost Bangladesh trade ties
Rushanara Ali, the UK prime minister’s trade envoy to Bangladesh, says she wants to be a ‘strong voice’ for Bangladesh to further boost trade and investment ties between the two countries. “It’s a great place to start,” Rushanara told the UNB in an interview on her first visit to Dhaka in her new role. “Bangladesh is a very innovative, creative and dynamic nation (and) I’m very interested in learning about what’s happening here. We can learn many things.”