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.
Bapex confirms second biggest discovery
Bangladesh Petroleum Exploration and Production Company on Saturday confirmed its second biggest discovery of a gas field at Bheduria in Bhola with an estimated reserve of at least 600 billion cubic feet. Bapex managing director Nowshad Islam confirmed the company’s sixth and the country’s 27th gas field discovery as gas started flowing on Monday afternoon during the drill stem test or DST, a mandatory test before making a discovery announcement, of the exploration well.
Defaulted Loan: Grows in long legal process
Aziz Pipes, a leading PVC pipe manufacturer, owes Tk 28.71 crore to Uttara Bank. The company took the loan between 1997 and 2003 from the bank’s Motijheel corporate branch. On maturity, it failed to pay back, and the bank published an auction notice in August 2005 in a newspaper to sell the mortgaged properties of the borrower.
NBR eyes Tk 83.65b extra to cut govt revenue shortfall
The National Board of Revenue (NBR) expects to mobilise Tk 83.65 billion in additional revenue from large taxpayers in the second half of the current fiscal year by resolving legal disputes and 4G licensing. The Value Added Tax (VAT) wing of the National Board of Revenue eyes this amount, as its Large Taxpayers Unit (LTU) in its recent performance report placed the target of collecting the blocked revenue, in addition to taxes on the telecom-technology licensing.
Bangladesh’s imports rise by 11.99% in December
Bangladesh’s overall imports increased by 11.99 per cent or US$391.24 million in December following higher import of food grains and fuel oils, officials said. The settlement of letters of credit (LCs), generally known as actual import, in term of value, rose to $3.65 billion in December 2017 from $3.26 billion in the same period of the previous calendar year, according to the central bank’s latest statistics.
Bangladesh’s stocks back to higher after two-week
Bangladesh’s stocks returned to higher last week that ended on Thursday, after remaining down in the past two-week, as investors showed their buying appetite on large-cap stocks. Analysts said the market ended higher as investors are taking position in fundamentally strong large-cap stocks recently which has aided in such influx of indices.
NBR to tell Muhith businesses oppose container e-tracking
The National Board of Revenue has taken a move to apprise finance minister Abul Maal Abdul Muhith about the business community’s stance against introduction of electronic seal and lock, an e-tracking technology, on export-import containers in Chittagong as the authorised private company is pushing for an extension of the contract.
EU envoy laments difficulty of doing business in Bangladesh
The European Union (EU) has said Bangladesh must look at export diversification and attracting more foreign direct investment (FDI) seriously to make the country’s “very admirable and amazing” economic growth sustainable. It said Bangladesh has witnessed over 7% of GDP growth over the last couple of years.
Appetite for savings tools finally fading
Net sales of savings instruments crashed to a 23-month low in December last year as banks started to raise the interest rates on their deposit products on the back of a liquidity shortage. Last month, the net investment in savings tools stood at Tk 2,651 crore, down 15.94 percent year-on-year, according to data from the Department of National Savings.