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.
State banks still in capital deficit
The government provided Tk 1,578 crore to state banks last fiscal year to meet their capital deficit and yet it was not enough for the institutions. Scam-hit BASIC Bank was given Tk 1,200 crore, Sonali Tk 178.41 crore, Krishi Tk 140.08 crore and Rajshahi Krishi Unnayan Tk 55 crore. Initially, Tk 5,000 crore had been earmarked for the state banks, but a major portion of it was slashed later — the strongest indication yet of the government’s intent to crack down on the lenders’ errant ways.
Only 1.0pc RMG units allow trade unions
An official report on the country’s ready-made garment industry shows poor compliance with regard to issuance of appointment letters and identity cards to the workers, preserving their service records and granting maternity leave and other lawful benefits to them.
Govt move to upgrade labour directorate to dept in limbo
The government has made little headway in upgrading the labour directorate to a department since it has taken the move more than three years ago. After nearly three years of sending a proposal in this regard by the labour ministry, the public administration ministry in January this year approved it. Since then, the labour ministry has been waiting for a finance ministry’s consent to the proposal.
IPO subscription of Yeakin Polymer begins July 10
The initial public offering (IPO) subscription of Yeakin Polymer Limited (YPL) will begin from Sunday to raise a fund worth BDT 200 million from the public, officials said. The company’s IPO subscription will be continued till July 20 for resident and non-resident Bangladeshis. Stock market regulator Bangladesh Securities and Exchange Commission (BSEC) approved Yeakin Polymer’s IPO proposal to raise the said amount from the public on May 19 this year.
Operating profits of PCBs show upturn
Operating profit of the country’s private commercial banks (PCBs) showed an upturn in the first six months of the current calendar year. Of the 39 PCBs, 13 marked an upward trend in operating profits while only one witnessed a downturn, according to provisional data for the January-June 2016 period.
Garment buyers not giving up on Bangladesh after cafe attack
Global retailers will continue to source apparel from Bangladesh, as they have no plan to bring any major change to their business strategies following last week’s terrorist attack in Gulshan. On July 1, a band of militants stormed an upscale restaurant in the capital’s Gulshan area and killed 20 diners, including nine Italians, mostly tied to garment trade out of Bangladesh.
Youths straying from home under scanner
The government has asked law enforcement agencies to launch a thorough investigation into each individual case of runaway youths and find out their actual number, who have reportedly remained traceless and are suspected to have links with militant outfits. The move came in the wake of the latest militant attack near the country’s biggest Eid congregation on Thursday morning that killed four people including two policemen just in a week after a terror attack at a Gulshan restaurant killed 22 people including 17 foreigners and two police officers.
ICAC sees better yields to boost cotton production in 2016-17
World cotton production is expected to increase by 5.0 per cent to 23 million tonnes in 20116-17 while the average yield is projected to improve by 5.0 per cent to 735 kg/ha. However, the overall cotton production area is expected to contract by 1.0 per cent to 31 million hectares in 2016/17, according to the International Cotton Advisory Committee (ICAC) estimation.