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.
Pre-poll tax exemptions to weigh on collection
Tax collection during the current fiscal year is set to face a big blow owing to what economists call “populist policy” of exemptions before the general elections. On the basis of official projection, the FE estimated around Tk 133 billion loss in tax collection this year as major revenue-generating sectors got the benefit after passing the Finance Bill-2018.
Benefits yet to reach investors
Frequent gambling, shaky confidence, lower turnover and lack of well-performing companies and new products continue to dog the stock exchanges five years past their demutualisation. On November 22, 2013, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) were demutualised, a process that transformed the bourses from non-profit cooperatives into for-profit companies owned by shareholders.
Currency outside banks pushes down excess liquidity ahead of polls
The excess liquidity in banks dropped by 14.89 per cent in September mainly due to higher growth of currency outside banking system before the national polls. The selling of the US dollar by the central bank has also helped dragging down the amount of surplus cash in the country’s banking system, senior officials of the Bangladesh Bank (BB) said.
No liquidity crisis in banking sector: governor
The banking sector has enough liquidity now, which is a matter of great comfort for the financial sector, Bangladesh Bank Governor Fazle Kabir said yesterday. Now the banks need to concentrate more on establishing a better corporate culture, which is a continuous process, he said.
Banks asked to share info on defaulters with returning officials
The central bank of Bangladesh has asked the banks to provide information on classified loans of the aspirants of the upcoming national election to the returning officials. The Bangladesh Bank (BB), the country’s central bank, issued a directive on Thursday, asking the managing directors and chief executives of all the scheduled banks for complying with the instructions properly.
Power Div warns of scrapping S Alam Gr’s coal power plant
The Power Division under the ministry of power, energy and mineral resources (MPEMR) has warned S Alam Group of annulling contracts over the delay in financial closing of 1,224 megawatts (MW) coal-fired power plant project. “We gave a December 31 deadline for the group to complete financial closing of its thermal power plant project. A letter has already been issued to the group in this connection,” a senior power division official told the FE.
Businesses seek viable LNG pricing
Gas-dependent heavy industry owners said on Saturday that economically viable energy pricing was a must to sustain in the globally competitive market as imported costly liquefied natural gas was going to grab the place of other energy sources. Addressing a roundtable hosted by Dhaka Chamber of Commerce and Industry at Motijheel in the capital, they raised concerns over the increasing trend of gas price hike over the years.
Forex reserves hit 450% growth in a decade
Bangladesh’s foreign currency reserve has registered more than 450% growth in the last ten years, thanks to steady economic growth and resilience of major external sectors, analysts said. According to Bangladesh Bank (BB) data, as of September, foreign exchange reserves stood at $31.95 billion, up by 450.86%, from $5.8 billion in December 2008.