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.
Islami Bank in dire straits
Islami Bank, the largest and most profitable bank in the country, has plunged into a bout of infighting within just five months of wholesale restructuring of the board of directors and top management. The conflict stems from loan irregularities, lower dividend declaration and interference of a Chittagong-based business group in the affairs of the bank’s board. On May 20, a group of seven directors threatened to step down if any of them has to resign under pressure.
Growth in industrial sector declines
The growth in the country’s industrial sector has declined in the current fiscal year after a two-year consecutive rise, officials said Monday. Bangladesh Bureau of Statistics (BBS) data showed that the industrial sector’s growth dropped to 10.50 per cent in the financial year (FY) 2016-17 after a notable surge to 11.09 per cent in the previous FY2016.
NBR to introduce automated BIN locking system
Automated locking system of business identification numbers will be introduced from next fiscal year to check delay in online submission of tax returns by businessmen, said official sources concerned. A proposal of the National Board of Revenue has been submitted to Prime Minister Sheikh Hasian and Finance Minister AMA Muhith for approval. It will then be sent to the Ministry of Law. According to the proposal, the taxmen will issue a notice if the possible tax payers fail to submit tax returns within 21 days as per the new VAT online system.
Bangladesh’s all bank branches to go e-payment by Dec
The central bank of Bangladesh has asked commercial banks to provide EFT (Electronic Funds Transfer) and Real Time Gross Settlement (RTGS) services from all branches by December 31. The Bangladesh Bank (BB), the country’s central bank, issued a notification in this connection on Monday and asked the managing directors and chief executive officers of all scheduled banks for taking effective measures to build up public awareness about electronic-payment (e-payment) systems.
Bangladesh’s stocks break losing spell
Bangladesh’s stocks broke losing spell and rebounded on Monday after a four-day hiatus as investors showed their buying appetite on some large-cap issues amid optimism. Brokers said as the finance minister hinted at lowering the interest rates on savings instruments, stock investors became optimistic about the market outlook.
ADP execution slows in Jul-Apr
Implementation of the annual development programme in the first 10 months of the current fiscal year was slightly more than half of the revised allocation, mainly due to low spending by the ministries that got large allocations. According to the Implementation Monitoring and Evaluation Division, Tk 65,083 crore was utilised in July-April, which is about 54 percent of the revised allocation of Tk 119,296 crore for the year.
Addl SD to be slapped on mobile services, tobacco after VAT rate cut
The government is set to impose additional supplementary duty (SD) on some sectors like tobacco and mobile services to compensate the revenue loss due to the proposed reduction of value-added tax in the new VAT law. Officials of the finance ministry said that the sectors which had been paying VAT at the rate of 15 per cent over the years, contributed more than 40 per cent of overall indirect tax revenue collected by the National Board of Revenue.
Overseas jobs surge by 47pc in Jan-Apr
The recruitment of Bangladeshi workers abroad has surged 47 per cent in the last four months to April after the Middle-eastern nations boosted hiring, officials said. A total of 368,411 Bangladeshis found overseas jobs in January-April, up from 249,861 in the same period last year, data with the state-run Bureau of Manpower Employment and Training (BMET) showed.