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.
Govt okays terms, conditions on $11.38b Russian credit
The government has approved the terms and conditions of U$ 11.38 billion credit pledged by the Russian government for setting up the Rooppur Nuclear Power Plant (RNPP) in Pabna district, officials said. The standing committee on non-concessional loan gave approval to the terms and conditions on June 30 last that had been sent to the cabinet for vetting, they added.
Real estate shows signs of recovery
The housing market is witnessing a gradual rebound in sales, thanks to property price corrections, falling interest on home loans and return of political stability. “There has been a revival in sales since the interest rate on home loans began to fall,” said Alamgir Shamsul Alamin, president of Real Estate and Housing Association of Bangladesh (REHAB), the industry lobby group.
21 merchant banks asked to explain failure to manage any IPO in 2yrs
The Bangladesh Securities and Exchange Commission has issued show-cause notices to 21 merchant banks for their failure in managing any initial public offering in two calendar years, officials of the commission said. ‘A BSEC initiative is underway to bring merchant banks under book for non-management of any public issue in two years,’ BSEC executive director Saifur Rahman told New Age.
Govt warns MDs as default loan recovery targets missed
The government has warned managing directors of six state-owned banks and financial institutions as they have failed to meet default loan recovery targets during the last financial year which ended in June and said performance in default loan recovery will be a key factor in assessment of their competencies. “The fitness of the managing directors will be assessed on the basis of their performance in recovering loans and default loans,” said Yunusur Rahman, secretary of Bank Division, as quoted by a source present at the second monthly coordination meeting held recently.
Bangladesh’s stocks edge up for 2nd week
Bangladesh’s stocks edged higher for the two consecutive weeks that ended on Thursday as investors went on buying large-cap stocks ahead of corporate declarations, the first week of the new fiscal year. The week witnessed five trading sessions as usual. The week began on Sunday with downward, but showed recovery in the next two sessions before coming back to the negative territory again during the last two days of the week.
ACC opens probe against wasteful insurance firms
The national anti-graft body has opened investigations against 17 life-insurance firms for allegedly spending over Tk 17.81 billion beyond legal limit. Earlier, the Anti-Corruption Commission (ACC) took the allegations into cognizance after publication of audit reports on the 17 life firms. The state-owned Jiban Bima Corporation (JBC) is among them.
2010 Share market crash: Govt props up refinancing scheme
The government has lowered the interest rate by 1.5 per cent for stock investors who suffered heavy financial losses in the 2010 share market crash, and extended the refinancing scheme by one year to December, 2017. Merchant banks or brokerage houses can now charge as high as 7.5 per cent interest from retail investors on loan from the government’s refinancing scheme, while they will be eligible to get the low cost fund at six per cent rate from the Investment Corporation of Bangladesh, a circular of the finance ministry issued past week, said.
Govt’s net bank borrowing reaches Tk 48.07b in FY 16
The government’s borrowing from the country’s banking system jumped in the last week of June to partly finance its budget deficit in the just concluded fiscal year (FY), 2015-16, officials said on Thursday. The government’s net bank borrowing stood at Tk 48.07 billion as on June 30, according to the central bank’s confidential report. A year ago it was in the negative, amounting to Tk 68.70 billion.