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.
Moody’s sounds alarm on Bangladeshi banks
Global credit ratings giant Moody’s put Bangladesh’s banking system on ‘negative watch’ despite the country’s robust economy, as pressure mounts on the Bangladesh Bank and the government to take drastic actions to fix the sector. The reason for the negative outlook is the worsening asset quality, said Tengfu Li, a Moody’s analyst.
NBR to review fiscal incentives offered to API industries
Six months after the publication of the ‘National Active Pharmaceutical Ingredients (API) and Laboratory Reagents Production and Export Policy by the Ministry of Commerce, the National Board of Revenue (NBR) has decided to review the tax benefits offered under it.
Forex reserve hits 29-month low
Foreign exchange reserve of the country hit nearly two-and-a-half-year low at $ 30.99 billion at the end of November due to rising import payments and sales of the US dollars by the central bank to keep the taka stable. Bangladesh Bank officials said that the country’s import payments which had been rising steadily for months, further jumped in October and November due mainly to payment for imported liquefied natural gas (LNG), fuel oil and fertiliser.
Govt sets to borrow BDT 22b from banks in December
Bangladesh government is set to fix the net bank borrowing target at BDT 22 billion for December to finance budget deficit partly ahead of the general election, officials said. It may take up to BDT 136 billion as gross borrowing from the banking system in December by issuing treasury bills (T-bills) and bonds, according to the auction calendar of the Bangladesh Bank (BB), released on Thursday.
Weekly review: Bangladesh’s stocks slip into the red
Bangladesh’s stocks returned to the red last week that ended on Thursday as cautious investors booked profit on sector-wise large-cap stocks. Analysts said the downward shift in the index was mainly driven by negative changes in large-cap sectors like power, food, banking and telecommunication.
July-September period: Pharma companies’ report higher EPS
Earnings Per Share (EPS) of pharmaceutical and chemical companies, listed on the Dhaka Stock Exchange (DSE) have posted robust growth in the first quarter of the current fiscal year, thanks to major market expansion both at home and abroad. According to unaudited financial reports July-September’18, disclosed on the DSE website, 27 out of 31 companies have published their reports on earnings.
Beximco gets another lifeline from Sonali
In August 2014, Salman F Rahman, vice-chairman of Beximco Group, informed the central bank governor in a letter that Beximco Ltd, the group’s largest company, was in a liquidity crisis — dire enough to cause it to collapse. He blamed the situation on two factors: politically motivated credit restrictions on the group between 2001 and 2008 and repayment of Tk 800 crore in bank loans in the last three years.
Govt changes conditions paving way for workers’ benefit cut
The government has brought changes to some conditions in new wages for readymade garment workers, creating scope for the owners to curtail extra benefits for the workers, labour leaders have said. The labour ministry on November 25 announced the new wages and conditions for the RMG sector workers through a gazette notification setting Tk 8,000 as the minimum wage.