Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

Fresh gas price hike can choke textile sector
The proposed 130 percent hike in gas price for captive power plants will badly hurt the country’s primary textile sector, which is already struggling for the deluge of cheap fabrics and yarns from China and India. The hike will take the price of gas to BDT 19.26 per cubic metre from BDT 8.36 now.

Import payments of ACU member-states drop
Import payments of the Asian Clearing Union (ACU) member-countries dropped significantly in recent months following declining trend of commodity prices in the global market, officials said. The import payments fell by more than 12 per cent to US$879 million during March-April period of this calendar year from $1.0 billion in the same period of 2015, according to the central bank officials.

Fin Min teams up with WB to streamline SOBs
The finance ministry in a frantic move to rescue the scandal-hit public sector banks has tilted to the World Bank for developing charters for bank boards, criteria of eligibility for becoming board members, and appointment regulations for potential bank directors.

Taka’s real exchange rate gap widens to BDT 32.06
In March, the gap between the real and the market exchange rates for US dollar in Bangladesh became BDT 32.06 – meaning taka is now vastly overvalued to dollar, according to a report prepared by the monitoring policy department at Bangladesh Bank.

Bangladesh’s stocks return to green after three weeks
Bangladesh’s stocks return to green last week that ended on Thursday, breaking a three-week losing spell, as optimistic investors took position on lucrative stocks. The week witnessed four trading sessions instead of usual five as Sunday was public holiday due to May Day. Among them, market closed higher two sessions, while two saw mild correction.

IMED turns ineffective onlooker
Government’s lone project-monitoring body, IMED, virtually lies as a lame duck failing to play its due role for lack of expertise, legal and logistical authority, experts said. The Implementation Monitoring and Evaluation Division (IMED) of course prepare reports on findings through project-site visits. But government ministries and divisions usually ignore its monitoring and evaluation reports as the IMED lacks legal authority to command compliance, they explained.

Bangladesh to open another trade consulate in India
India has approved the setting up of another trade consulate of Bangladesh in Guwahati, the capital of northeastern state of Assam. Dhaka also proposed to strengthen its existing trade consulate in Agartala, the capital of Tripura state, as the two countries agreed to expedite visa clearance.

Four independent directors to join in IBBL board
Four independent directors are set to join in the Islami Bank Bangladesh Limited (IBBL) board for the next meeting, officials and bankers said. The independent directors are founder executive president of the IBBL M Azizul Hqu, chairman of the marketing department of Chittagong University Professor Syed Ahsanul Alam, former managing director and chief executive officer of the Pubali Bank Limited Helal Ahmed Chowdhury and director general of the Islamic Foundation Shamim Mohammad Afzal.

BBN/SSR/AD