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.
Power sector slowest in project implementation
The power sector became the slowest in implementation of projects in the outgoing fiscal with five per cent or even lower rate of implementation of projects taken four to six years ago. The implementation, monitoring and evaluation division officials said that at least 11 projects seeking to improve power generation and reduce system loss were among 36 other projects identified for their slowest implementation records in the outgoing fiscal.
Economists recommend privatising state banks
Two economists have called for the government to immediately privatise state banks except Sonali and take drastic measures against public enterprises to stop them from bleeding the economy. “I think enough is enough. We no longer need state banks,” said Mohammed Farashuddin, a former central bank governor, at a pre-budget discussion jointly organised by the Metropolitan Chamber of Commerce and Industry and Maasranga TV on Friday.
Uncertainty grips new VAT law launch
Field officials are in doubt about the enforcement of the new VAT law from July 01, despite the finance minister’s vow to push it through, as the groundwork is seen inadequate. Moreover, trade chambers have sought modifications of its provisions, particularly the 15 per cent uniform VAT rate for all sizes of businesses.
Weekly Review: Bangladesh stocks edge down amid cautious trading
Bangladesh’s stocks returned to the red last week that ended on Thursday, after remaining upbeat in the previous week, as risk-averse investors booked quick profits. The week witnessed five trading sessions as usual. Among them, market edged lower for three sessions, while two sessions managed to close positive territory.
Gas crisis hits garment industry
Nearly 200 readymade garment manufacturers in Bangladesh are facing severe shortage of gas and power supplies, leading to massive disruptions in production, the owners’ association claimed. “As it has become difficult to get new gas and power connections, many RMG manufacturers in the country have resorted to diesel-run power generators, while power cuts have just added to our woes,” said Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association.
Another Bangladesh Bank-style cyber attack targets: SWIFT
Another bank has been targeted by cyber criminals in a similar way that led to the theft of $81 million from the Bangladesh Bank’s account at the Federal Reserve Bank of New York in February 2016. The SWIFT (Society for Worldwide Interbank Financial Telecommunication) said the target of the latest attack was a commercial bank, but did not name it or give any other details.
Envoy confident entire BB fund will be retrieved
The Bangladesh embassy in the Philippines is confident that the entire amount of the stolen money from the central bank’s reserve will be recovered. But it expressed concern that inauthentic media reports may hamper the efforts of retrieving the funds. “We are confident that the entire amount that has been laundered from Bangladesh Bank will be returned to Bangladesh after a due legal procedure,” Bangladesh ambassador to the Philippines John Gomes said in a letter to the foreign ministry early this month.
BO accounts on stock trade cross 3.2m
The number of active BO (beneficiary owner) accounts has crossed 3.2-million mark in an apparent resurgence with many accounts opened over the last few months, despite a downturn in securities trade. According to information gleaned from Central Depository Bangladesh Limited (CDBL) on the stock market, the number of active BO accounts stood at 3,222,089 as of May 12 last.