IBBL Logo

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.

BB should look into Islami Bank issue: analysts
Bangladesh Bank should intervene to restore stability in the trouble-hit Islami Bank Bangladesh Ltd and avoid spillover impact on the entire banking industry, analysts said yesterday. IBBL has been going through massive changes – from the owners to the board, committees and top management – for the past one year. Two independent directors of the bank—vice chairman Syed Ahsanul Alam and chairman of the risk management committee Abdul Mabud—resigned from the board on Thursday, two days after their removal from their executive posts.

Economic growth sans jobs, public welfare useless
The Centre for Policy Dialogue (CPD) said economic growth sans employment and people’s benefit is “irrelevant” as it focused on downside of the economic situation. In modern development analysis such excessive growth-based analysis is partial and incomplete, it remarked in its latest review of the country’s economy.

Investment in NSCs surpass Tk 42,000cr in 10 months
The net investment in the national savings certificates and bonds surpassed Tk 42,000 crore in the first 10 months of this fiscal year as a section of people continued to invest heavily in the NSCs to enjoy high returns from the tools. Net investment in the savings tools in July-April period of FY 2016-17 increased by 58.93 per cent to Tk 42,098.20 crore compared with that of Tk 26,487.72 crore posted in the same period a fiscal year ago, according to the latest data of the Directorate of National Savings.

VAT rate to remain unchanged at 15% for FY 18
The uniform Value Added Tax (VAT) will remain unchanged at 15 per cent on goods and services in line with the new VAT and Supplementary Duty Act-2012 to be effective from July 1, Finance Minister AMA Muhith said on Saturday. “The VAT exempted annual turnover limit will be increased, but we will keep VAT rate at 15 percent,” the finance minister told reporters at his secretariat office in the capital Dhaka.

Weekly review: Bangladesh’s stocks snap two-week losing spell
Bangladesh’s stocks ended marginally higher last week that ended on Thursday, snapping a two weeks losing streak, as investors showed their buying appetite on some large-cap issues amid optimism. Market insiders said the investors took position on sector specific large-cap issues anticipating short-term rally as the government decided to cut yield rates of savings instruments from next month.

OBU’s classified loans rise sharply in Bangladesh
The classified loans of the offshore banking units (OBUs) of different banks swelled more than four times in the first quarter (Q1) of the current calendar year. The non-performing loans (NPLs) that were offered in terms of foreign currency rose to BDT 4.10 billion during the January-March period from BDT 1.01 billion in the preceding quarter, according to the central bank’s latest statistics.

Grocery prices triple as month of fasting begins
Prices of various essential commodities, especially vegetables, have risen precipitously in the capital’s markets ahead of Ramadan despite government efforts to regulate prices. Visiting the different kitchen markets of the capital including Kawranbazar, Mohammadpur, Sukrabad, Kolabagan and Hatirpul on Saturday, this reporter saw that prices of essentials had almost doubled or even tripled in some cases.

BGMEA seeks source tax exemption, addl cash incentive
Readymade garment exporters on Saturday sought five per cent of freight on board price as cash incentive in addition to the incentives they are now enjoying and exemption from paying tax at source for the next two years. ‘Considering the present situation of the country’s RMG sector, we urge the government to announce 5 per cent of FoB price as cash incentive in addition to the existing facilities for BGMEA and BKMEA member factories in the upcoming budget for the financial year 2017-18,’ Bangladesh Garment Manufacturers and Exporters Association president Md Siddiqur Rahman said at a press conference at the association’s office in the capital Dhaka.

BBN/SSR/AD