Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Money invested in Malaysia
Two sacked top officials of scam-hit BASIC Bank allegedly invested their ill-gotten money in properties in Malaysia under Malaysia My Second Home programme, said Anti-Corruption Commission sources. The corruption watchdog received a complaint that the two had bought apartments there.A four-member ACC team, led by its Deputy Director Syed Iqbal Hossain, launched recently a probe into the Tk 4,500-crore loan scam in the state-run bank. The probe is being carried out on the basis of Bangladesh Bank reports sent to the commission last year.
Chinese, US firms submit bids to tie up with Bapex
Four international companies coming from the world's two economic powerhouses are trying for a tie-up with state-run Bapex to explore hydrocarbons in four onshore gas fields in Bangladesh's southeastern hills, said officials. Three of the oil-and-gas-exploration firms vying for establishing joint venture (JV) with Bapex are from China and one is from the United States. China's China National Petroleum Corporation (CNPC), Citic Ltd and Jeo-Jade and Improved Petroleum Recovery (IPR) Corporation of the US have submitted bids showing interest for the JV.
REPORT ON BASIC BANK: Bank sunk from shady loans, unnecessary appointments under Hye
Loan scams, appointment of manpower in excess of need, and uncontrolled expenditure are among half a dozen irregularities which have been identified as the cause behind the abysmal state of the state-owned BASIC Bank. Besides, corruption in attracting savings accounts, purchase of space for office at a higher than market price, also took place frequently during the tenure of the previous board of directors, led by former chairman Sheikh Abdul Hye. The Awami League government extended the tenure of Hye twice since September 2009, before asking the controversial chairman to step down in June 2014.
Biman seeks $109m loan to buy two Boeing 737
Biman Bangladesh Airlines Ltd has sought a total of $109m as loans from financial institution to get delivery financing for the two Boeing 737-800 aircraft. The state-owned Airlines has invited two requests for proposal (RFP) from financial institutions for a syndicated loan (senior loan). One RFP is for $89m and another for $20m. In 2008, Biman signed an agreement with US-based aircraft manufacturer company Boeing to purchase 10 aircraft worth $2.5bn to strengthen its fleet.
Daily transaction in forex market falls ahead of Eid
The average daily transaction in the inter-bank foreign exchange market fell in last week mainly due to lower demand for the US dollar in the market, treasury officials said. The transaction volume of USD/BDT came down to US$ 51.62 million in last week, ended on Thursday, from $62.50 million in the previous week, according to market operators.
No bank borrowing by govt last fiscal year
The government did not borrow from the banking system last fiscal year; rather it repaid a big portion of debts. This was due to a rise in sales of savings instruments and slow implementation of development projects. The government paid back Tk 6,869 crore to banks in fiscal 2014-15, according to provisional data from the central bank, in contrast to Tk 6,428 crore it borrowed in the previous year.
BB boosts dollar buy to check pre-Eid forex volatility
The central bank has boosted purchase of the US dollar from banks before the Eid-ul-Fitr festival in an attempt to keep the inter-bank foreign exchange market stable, officials said. The Bangladesh Bank (BB) bought US$315 million directly from the commercial banks in the first nine days of July, the first month of the current fiscal year (FY) 2015-16, as it seeks to rein in the potential volatility in the forex market.
BGMEA to quit Alliance
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has decided in principle to quit the board of the Alliance for Bangladesh Workers Safety. The decision was taken at a board meeting of the BGMEA held yesterday at its headquarters in the city yesterday. “The BGMEA will not stay in the steering committee of the Alliance. If the BGMEA stays at the committee, it cannot talk against the Alliance as per the agreement,” a BGMEA director told the Dhaka Tribune asking not be named.
Use of plastic money on rise in Bangladesh
The use of both credit and debit cards, also referred as plastic money, are increasing gradually in Bangladesh as convenient and safe for various types of transactions, officials said. The credit card transactions increased 3.23 per cent to BDT 14.32 billion during the first quarter (Q1) of this calendar year compared to the final quarter of last year, according to the central bank latest statistics. People used their credit cards mostly for purchasing at shops and online, which drove up credit amount payment through POS (point of sale) by 3.09 per cent over the payment of the last quarter of 2014.
BBN/SSR/AD