Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Tussle with KEPZ earns Bangladesh bad name
Bangladesh has earned a bad name among investors abroad due to the tussle between the government and the Korean Export Processing Zone over the allocation of nearly 2,500 acres of land, analysts said yesterday. The government plans to take back 2,000 acres of the 2,500 acres of land it allocated to the KEPZ in 1999 to establish factories. “This gives Bangladesh a very bad name,” Mohammed Farashuddin, former governor of Bangladesh Bank, said at a discussion, ‘A New Investment Regime for Bangladesh’.
IDRA suspects presence of large number of fake agents
Insurance regulator has strong suspicion that most field agencies of the country’s 31 life-insurance companies have been gobbling up a substantial amount in the name of payments of commission to their agents who actually do not exist. Officials at the Insurance Development and Regulatory Authority (IDRA) said around 80 per cent of the agents employed by the field-level agencies are fake, an allegation that has been termed as baseless by an insurance association leader.
Bangladesh awards 31 top remitters
The central bank of Bangladesh has awarded 31 non-resident Bangladeshis (NRBs) for sending home the highest amount of remittance and investing in US Dollar bonds in the just concluded fiscal year (FY) 2014-15. The Bangladesh Bank (BB), the country’s central bank, also awarded two exchange houses for the first time for their contributions to help increase remittance inflow to the country, with providing NRBs necessary services for sending their hard-earned money home.
NBR plans to launch joint audit for risky large cos
The National Board of Revenue is planning to introduce joint audit for the large and medium companies with risk of tax fraud and evasion, officials said. They said under the plan, income tax, value-added tax and customs wings of the revenue board would conduct the joint audit on large and medium companies to detect and prevent tax evasion under the revenue authority model being practiced in many countries around the world. At a meeting held on July 27, the NBR decided to seek opinions from its field offices on the issue.
Bangladesh’s trade deficit likely to cross $13bn in FY 16
Bangladesh’s overall trade deficit may cross US$13 billion by the end of the current fiscal year (FY) 2015-16, according to the central bank’s latest projection. The deficit is expected to rise from US$10.02 billion in the just-concluded FY ‘15 to $ 13.42 billion in the FY ‘16, the Bangladesh Bank (BB) said in its latest Monetary Policy Statement (MPS), unveiled on Thursday.
Khatunganj traders suffer Tk 1.0b loss
Traders at Khatunganj have suffered financial loss to the tune of Tk 1.0 billion (Tk 100 crore) due to damage of consumer goods at the country’s major wholesale market. Shops and godowns have gone under knee-deep water at Khatunganj and Chaktai in the city as rain water coupled with high tide water, influence of cyclone and full moon poured in afresh on Friday night.
Bank borrowing exceeds Tk28,000cr
Finance Division has expressed its worries over excessive government borrowing from banking sector, which has nearly crossed Tk28,000 crore as of July 22 this year. The ministries and divisions encashed cheques for development projects at the end of the last fiscal year without making substantial progress in implementation works, official sources said. Major part of the ADP funds was released in May-June period through cheques this year too in continuation of previous two fiscal years.
Weekly review: Bangladesh’s stocks break 4-week gaining spell
Bangladesh’s stocks edged slightly lower last week that ended on Thursday, breaking four-week gaining spell, as investors were cautious amid mixed corporate earnings news and concern over monetary policy statement. The week witnessed five trading sessions as usual. Of them, three sessions closed lower while two sessions ended marginally higher.