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.
Telcos can’t hold shares in mobile banking cos
Bangladesh Bank will not allow mobile network operators to hold any shares in the companies which run mobile financial service, according to the BB’s latest draft guidelines on the MFS. The draft guidelines said that the MNOs would just provide networking services to settle clients’ transaction through the MFS.
Business-friendly VAT rate finalized
The government is set to implement the new VAT law from July this year but with some modifications to give some comfort to businesses and consumers. The development comes after Prime Minister Sheikh Hasina at a meeting on proposed budgetary measures for fiscal 2017-18 on Sunday night gave the nod to the adjustments in the VAT law.
Weak regulatory framework a major obstacle to FDI
European Union Delegation head Pierrie Mayaudon termed Bangladesh’s legal move allowing four members of a single family to be directors of a commercial bank a “troubling signal” to global investors. “The cabinet has recently approved a draft amendment bill that would allow local banks to have four members from the same family as directors against the two earlier.
Petrobangla plans to buy out Chevron operations
The government may not approve Chevron Bangladesh selling its operations here to a Chinese consortium. The company, which plans to pull out of the country, has signed a preliminary deal with Zhenhua Oil, a subsidiary of China’s defence industry conglomerate Norinco, to sell its shares in the three gas fields in Bangladesh reportedly valued around $2 billion.
Bangladesh’s stocks end lower for 7th day
Bangladesh’s stocks closed lower for the seven consecutive sessions on Monday as worried investors continued their selling binge to avoid further loss ahead of budget announcement. Finance Minister AMA Muhith is scheduled to place the national budget for the upcoming FY 2017-18 on June 1.
Bangladesh signs two OBOR deals with China
Bangladesh signed two agreements with China under the OBOR initiative in the global forum that concluded Monday in Beijing with a massage of not pushing any political agenda among the participating countries. Chinese President Xi Jinping made the announcement at a jam-packed press briefing over outcomes of the two-day meet on his flagship ‘One Belt, One Road (OBOR)’ vision on international cooperation at Yanqi Lake International Convention Center in the Chinese capital.
Four state banks’ Tk 27,700cr loans caught in legal tussle
The credit amounts of the four state banks that are stuck in lawsuits pending with the money loan court rose Tk 5,600 crore in 2016. Sonali, Janata, Agrani and Rupali had a combined Tk 27,700 crore caught in unresolved cases with the money loan court as of December 2016, up 2.54 percent on 2015 when it was Tk 22,000 crore, according to Bangladesh Bank data.
Exporters can repay foreign loans using ERQ fund
Bangladesh Bank on Monday said that the exporters would be allowed to pay instalments of foreign loans from their respective export retention quota accounts. The BB issued a circular to authorised dealer branches of all banks saying that from now on an exporter would be allowed to pay his or her company or subsidiary companies’ foreign loan from the ERQ fund.