Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning news highlights compiling reports, published by different newspapers and news portals in Bangladesh.
No border for vehicles by end of 2015
In a major push towards sub-regional cooperation, four South Asian countries are set to sign an agreement on June 15, which would allow movement of vehicles through their borders just like in the 27 European Union countries. Bangladesh, Bhutan, India and Nepal (BBIN) have finalised the deal for a seamless transit of passenger, personal and cargo vehicles between their countries by end of 2015. The agreement will allow vehicles to ply designated routes in the four countries and reduce cost and time of unloading and loading of people and goods at the borders, making cross-border trade more efficient, officials said.
Bad loans surge to Tk 42,159cr in Q1
Bad loan, the worst category of defaulted loans in the banking sector, increased by 8.08 per cent to Tk 42,158.73 crore in the first three months of this year due to scheduled banks’ failure in recovering classified loans amid rising financial scams. According to the latest Bangladesh Bank data, the bad loans increased to Tk 42,158.73 crore as of March 31, 2015 from Tk 39,004.18 crore as of December 31, 2014. The total bad loans in banks were Tk 42,352.86 crore as of September 30, 2014.
Life insurers play with numbers to reap higher dividends
The insurance regulator finds life-insurance companies involved in jacking up their funds to get the shareholders higher dividends through such juggling with figures. Competent sources said such unlawful practices were found rampant in the country’s 17 life-insurance firms. They use two sure-fire instruments to raise the life funds: collection in hand which is related to first-year perineum income and outstanding- premium income related to renewal-premium income.
Bangladesh’s stocks spur on budgetary expectations
Bangladesh’s stocks witnessed yet another bullish week that ended on Thursday with significant improvement in turnover as investors remained on buying spree amid optimism. The government’s decision of interest rate cut on savings instruments, falling banks’ deposit interest rate coupled with budgetary expectations spurred stocks prices, analysts say. Bangladesh’s government is set to announce its national budget for the fiscal year 2015-2016 on June 4, 2015.
FBCCI biennial election today
The biennial election (2015-17) to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) executive body will be held today (Saturday). Voting will start at 9:00 am and will continue until 5:00 pm. The election for the posts of president and two vice-presidents will be held on May 25. Three panels – Shadhinata Baboshayee Parishad (SBP) led by incumbent first vice-president of FBCCI Monowara Hakim Ali, Baboshayee Oikya Parishad (BOP) led by Syed Moazzam Hossain and Unnayan Parishad (UP) led by Abdul Matlub Ahmed – are contesting the apex trade body’s election. Jakia Sultana Mithila, an independent candidate, is also in the race.
Pressure mounts on Myanmar to stop persecution, extend citizenship to Rohingya people
Myanmar’s navy has brought ashore 200 “Bengali boatpeople” found off its coast, after its military chief said some of the thousands of migrants that have landed in Malaysia and Indonesia this month are pretending to be Rohingya Muslims to get UN aid. In response, a senior US official said yesterday that the majority of the more than 3,000 migrants that have come ashore are Rohingya fleeing desperate conditions in Rakhine State in western Myanmar. The diplomat also urged Myanmar to extend “citizenship” to the oppressed Rohingya minority to address an ongoing migrant crisis that has hit Southeast Asia, leaving thousands stranded at sea.
KPCL dominates week’s top turnover chart on DSE
Khulna Power Company Ltd (KPCL) dominated the week’s top turnover chart on the Dhaka Stock Exchange (DSE) last week that ended on Thursday following its corporate declaration. A total of 30.54 million shares worth BDT 2.08 billion changed hands during the week. Daily average turnover for the company was BDT 417 million. The company’s share closed at 20.5 on Thursday, the last trading day of the week, registering an increase of 14.03 percent over the week. Last 52-week price movement of the company was Tk 13.1 to Tk 45. The power sector company listed on the Dhaka bourse in 2014.
Last 5 years see steady rise in murders
Over the last five years, the country has been experiencing a steady rise in the number of murders resulting out of all kinds of reasons including political and personal feuds. Being the most densely populated and important area in the country, Dhaka has registered the highest number of murders during this period. Statistics from the Police Headquarters show that in the first four months of 2015, a total of 1,302 people have been killed across the country – 327 in April, 337 in March, 309 in February and 329 in January.