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.

Fresh investment key to maintaining GDP growth
Attracting fresh investment from home and abroad is a priority for Bangladesh in order to create jobs and maintain the gross domestic product (GDP) growth, experts say. According to investors and trade analysts, private sector investment has gone through a dull and stagnant situation causing slower job growth in 2017.

Troubled banks worry Muhith
Some banks are in serious trouble. A number of sponsors are bankrupting banks, while another group is out to grab power of banks. Some directors, in collaboration with a few sponsors, are busy trying to change ownerships of banks. These were among the observations reportedly made by Finance Minister AMA Muhith in a recent letter to the Bangladesh Bank governor.

Taxpayers suffer as NBR can’t carefully verify return audit
Government revenue authority lacks scope to centrally verify accuracy of the selected tax-returns coming from outfield offices for audit, resulting in alleged harassment of the taxpayers. Sources said the audit, intelligence and investigation wing of the income-tax department of the National Board of Revenue (NBR) does not have the capacity to scrutinise all as hundreds of the returns are sent at a time from the tax-circle offices across the country.

Bangladesh’s export earnings grow by 7.15% in H1
Bangladesh’s export earnings grew by 7.15 per cent in the first half (H1) of the ongoing fiscal year (FY) 2017-18 mainly due to depreciation of the local against the US dollar. The overall export earnings rose to US$17.92 billion in the July-December period of the FY 18 from $16.72 billion in the same period of the FY 17, the state-run Export Promotion Bureau (EPB)’s latest data showed.

Bangladesh’s export earnings grow by 7.15% in H1
Bangladesh’s export earnings grew by 7.15 per cent in the first half (H1) of the ongoing fiscal year (FY) 2017-18 mainly due to depreciation of the local against the US dollar. The overall export earnings rose to US$17.92 billion in the July-December period of the FY 18 from $16.72 billion in the same period of the FY 17, the state-run Export Promotion Bureau (EPB)’s latest data showed.

Go for centralised banking to reduce risks, costs
Banks in Bangladesh should adopt a centralised banking system as it helps lenders reduce costs as well as credit and operational risks, a top banker said yesterday. Ahmed Kamal Khan Chowdhury, a former managing director of Prime Bank, said the system also improves efficiency and ensures responsibility and accountability of bankers. He said had Sonali Bank been a centralised bank, the Hall-Mark scam could have been averted.

Bangladesh’s stocks end higher opening week of New Year
The first week of the New Year ended higher that ended on Thursday as enthusiastic investors continued their buying appetite on large-cap stocks. Brokers said the market maintained the positive upturn largely supported by fuel & power sector stocks along with a few selective manufacturing stocks from textile and engineering sectors.

Consensus, efforts needed to alleviate inequality
Former World Trade Organisation director general Pascal Lamy on Saturday said the problem of rising inequality in countries across the globe could be resolved internally. Internal consensus and efforts are very much needed to alleviate wealth inequality, and in doing so many instruments including taxation and prevention of getting higher returns from wealth could be used, he said. Lamy was speaking at a public lecture on ‘knowledge to share, planet to care’ organised by the Centre for Policy Dialogue in Dhaka.

$245m more WB fund for safety net programmes
The World Bank will provide additional $245 million for the project to improve the equity, efficiency and transparency of major safety net programmes in Bangladesh, reports BSS. “To this end, an agreement between the government and the World Bank will be signed on Tuesday at the Economic Relations Division (ERD),” said an official at the World Bank’s local office in the city.

BBN/SSR/AD