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.
Muhith: Cancel licences of inefficient container depots at Ctg port
Finance Minister AMA Muhith said the licence of the 18 private inland container depots of Chittagong seaport should be cancelled because of “their inefficiency.” The ICDs are not doing anything to ease container jam in the Chittagong port, he alleged, adding that they should be brought under monitoring and stripped of licence.
BB asks banks not to concentrate business on large industries
Bangladesh Bank on Monday asked the commercial banks not to concentrate their major banking exercise on large-scale industries owned by some corporate groups as such policy has already created a threat to the stability of the country’s financial sector. The banks should avoid disbursing large amount of loans to a few sectors so that the corporate default culture would not grab the financial sector, BB governor Fazle Kabir said while unveiling the financial stability report for 2016 at the central bank headquarters in the capital.
Tk 70,400cr loans rescheduled in last five years: BB
Banks have rescheduled loans amounting to about Tk 70,400 crore of troubled borrowers over the last five years, putting extra pressure on the sector. “The rescheduling of loans has created extra stress on the banking system in recent times as this constitutes a significant part of the banks’ total loan portfolio,” said the central bank’s Financial Stability Report 2016.
BB sees banks’ asset quality deteriorates slightly in 2016
The overall asset quality of the country’s banking sector deteriorated slightly in 2016 mainly due to higher classified loans particularly in the public banks. The gross non-performing loans (NPL) ratio of the banking sector rose to 9.2 per cent in 2016 from 8.8 per cent a year before due to higher NPL ratio of the sate-owned commercial banks (SoCBs), according to Financial Stability Report (FSR) 2016, published by the Bangladesh Bank (BB) on Monday.
Bangladesh’s stocks rebound strongly riding on banks
Bangladesh’s stocks rebounded strongly on Monday, after a two-session break, as investors showed their buying appetite on heavyweight bank issues following their healthy quarterly earnings declaration. Brokers said market closed higher as most of the listed banks showed impressive second quarter (Q2) earnings growth which prompted investors to grab banking shares. Out of 30 listed banks, 29 banks closed green.
BGMEA irked by poor state of Ctg port
Chittagong port has only four key gantry cranes, two of which are now out of order, whereas it needs 26. It requires 52 rubber tyred gantry cranes but has only 23 at the moment. Only 87 container loading and unloading equipment are in operation at the country’s largest port against the requirement of 299. The number of cargo handling equipment is 285 but should be 895.
BGMEA members say no to Accord extension after 2018
RMG manufacturers do not want that the tenure of Accord on Fire and Building Safety in Bangladesh be extended after its expiry on June 2018 to monitor safety standards in the sector. Demanding an alternative platform for such monitoring in the ready-made garment sector, they also sought Prime Minister Sheikh Hasina’s intervention in getting rid of Accord.
Bangladesh’s BBS Cables jumps 803% on trade debut
BBS Cables, a unit of Bangladesh Building Systems, on Monday made a flying debut on both bourses — Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The stock closed at BDT 90.30 each, registering an increase of 803 percent on its offer price of BDT 10 in the prime bourse.