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.
New cash incentives to woo new investments
New cash incentives offered to nine new potential export oriented products will encourage new investments in the sectors, and help generate employment opportunities in the economy, sector people and analysts said. However, the privilege will take time to bring the desired outcome in export earnings as their contribution to the total merchandise export is now very insignificant, they added.
State banks' bad loan recovery falters
Five state-run banks made half-hearted efforts in the first half of the year in recovering their non-performing loans, which account for 47 percent of the total default loans in the sector. Between the months of January and June, Sonali, Janata, Agrani, Rupali and BASIC managed to retrieve 8.74 percent of their bad loan recovery target of Tk 7,593 crore for the year.
No gas price hike for now: BERC
Bangladesh Energy Regulatory Commission (BERC) has kept the existing natural gas tariff unchanged, saying price hike is not necessary now, as the current volume of LNG import is lower than expected. "State-run Petrobangla and its subsidiary gas companies sought a hike in natural gas tariff, calculating import of LNG to the tune of 1,000 million cubic feet per day (mmcfd)," BERC Chairman Monowar Islam said at a press conference in the capital on Tuesday.
No survey by NBR’s tax survey arm in 16 years
Central Tax Survey Zone of the National Board of Revenue has remained inactive for the last 16 years due to its lack of authority in conducting survey and in issuing taxpayers’ identification numbers. Officials said NBR in 1992 established the zone for finding out the potential taxpayers through survey but since 2002 NBR kept the authority of the zone of conducting survey and of issuing TINs suspended.
Dhaka differs with Delhi over rules of origin
Bangladesh has largely differed with India's proposal for the value addition requirement for 22 more products under the proposed BIMSTEC free trade area (FTA) agreement, officials said. The disagreement came as Dhaka found that the proposed change in rules of origin (RoO) will cause lose of competitiveness by Bangladeshi exporters.
Stocks post marginal gain after plunge
Dhaka stocks on Tuesday gained marginally after a sharp fall in the previous session as a section of investors went for bargain hunting share buying from power sector. DSEX, the key index of Dhaka Stock Exchange, gained 0.28 per cent, or 15.47 points, to close at 5,399.88 points on Tuesday after losing 61.99 points in the previous session.
Furniture makers seek duty cut
Furniture makers have demanded a cut in the 55 percent import duty imposed on all raw materials except wood, to gain competitive advantage in the global market and increase exports. “If the government gives us licence for bonded warehouse, the export volume would increase rapidly as manufacturing cost would come down,” said KM Aktheruzzaman, president of Bangladesh Furniture Exporters' Association (BFEA).
Padma river erosion affected: BB asks banks to extend assistance
Bangladesh Bank (BB) on Tuesday asked all scheduled banks and non-banking financial institutions to provide financial assistance from their Corporate Social Responsibility (CSR) fund to the victims of Padma river erosion in the Naria upazila under the Shariatpur district. The financial institutions will extend the facility under their CSR schemes, the BB directive said.
Govt to provide BKB with Tk 2.3b interest subsidy
The government is set to provide Tk 2.3 billion as interest subsidy to Bangladesh Krishi Bank (BKB), finance ministry officials said. The Financial Institutions Division (FID) has asked the finance division to take necessary action for releasing the fund, they added.
BBN/SSR/AD