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.
Bad loans weigh down banks
A first generation private commercial bank has been fighting a loan default case worth about Tk 100 crore in court for the last 15 years, meaning it had to keep provisioning for the amount every year. But it came as a great relief to the bank a couple of months ago, when the court gave the verdict in its favour. In another case, a borrower of an Islamic bank defaulted on loans amounting to about Tk 600 crore.
Manila wants CID’s findings on BB reserve heist
Philippines authorities requested Bangladesh Bank to provide the Criminal Investigations Department’s findings about its reserve heist further complicating BB’s recovery bids. On Sunday, BB deputy governor deputy governor Abu Hena Mohd Razee Hassan informed a meeting of the government’s taskforce for the recovery of the reserve stolen from BB’s account with the New York Federal Reserve in February.
BD cannot access climate compensation for hurdles
Despite being an innocent victim and worst sufferer of climate-change adversities, Bangladesh receives little as compensation from countries responsible for greenhouse-gas emissions for strings binding the funds, said Finance Minister AMA Muhith. Muhith told his audience at a function in Dhaka Sunday that the conditions for obtaining money to mitigate the losses incurred owing to climate change are ‘ridiculously complex’ that stand as barriers to accessing the funds.
Bangladesh expects record tea output in 2016
Bangladesh’s tea output in 2016 is expected to hit a record 80 million kg from 66 million a year earlier, the commerce minister said on Sunday, a volume that may be big enough to make imports unnecessary. Bangladesh became a net importer of tea after ranking as the world’s fifth-largest exporter in 1990s, due to a big increase in domestic consumption. “Tea production this year is likely to hit all-time high of 80,000 tonnes,” Minister of Commerce Tofail Ahmed told reporters.
Bangladesh’s stocks extend gaining spell for fourth day
Bangladesh’s stocks extended their gaining spell for the fourth session in a row on Sunday, as enthusiastic investors continued on buying spree amid growing confidence. Brokers said the market maintained the upbeat momentum as favorable macro-economic indicators coupled with persistent positive market scenario lured the sideline investors to take position on sector specific stocks.
Govt offloading 10pc more shares of DESCO
Bangladesh Power Development Board, one of the corporate sponsors of Dhaka Electric Supply Company, on Sunday announced that it would offload another 10 per cent or 2.93 crore shares of DESCO out of its total holdings in the entity. The government’s fresh move to resume offloading of SoE shares on the country’s stock market came following the finance minister AMA Muhith’s recent announcement to restart stalled divestment process of the state-owned companies.
Cybersecurity addressed in new telecom policy
The government has included the issue of cyber security in the National Telecom Policy to counter digital crimes and also amended the policy’s chapter on social obligation fund, officials said. The development comes after the cabinet made the observations in the draft policy it had approved in June. “We have already addressed the issue of cybersecurity and usage of social obligation fund,” said Tarana Halim, state minister for post and telecom.
SAARCFINANCE summit to be held in Bangladesh Monday
A day-long SAARCFINANCE seminar will be held in Dhaka on Monday aiming to ensure sustainable economic growth through boosting the financial inclusion drives in the region. The SAARCFINANCE Cell of Research Department of Bangladesh Bank (BB) is organizing the daylong SAARCFINANCE seminar on ‘Impacts of Mobile Financial Services in the SAARC Region’.