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.
BB RESERVE HEIST: Govt backtracks on making probe report public
The government has backtracked on its decision to make the probe report on reserve heist public facing oppositions from the Bangladesh Bank, officials said. They said that recently central bank officials persuaded finance minister AMA Muhith not to make the report public on the plea that it could make the recovery efforts difficult. BB officials, now in Manila, are make desperate efforts to recover $81 million from suspected Filipino hackers.
Bangladesh for resumption of Senate hearing to focus probe on RCBC
Bangladesh is expecting the resumption of the hearing of the Senate Blue Ribbon Committee to focus on the involvement of Rizal Commercial Banking Corporation (RCBC) in the $81 million heist. The Government of Bangladesh will like to know more about the involvement of the Pilipino bank –RCBC –in the money laundering scandal, according to the Bangladesh Ambassador to the Philippines John Gomes.
Grant element for non-concessional loans increased
The government has increased grant element for non-concessional loans to ease the risk of debt burden of Bangladesh. A meeting of the Cabinet Committee on Economic Affairs on Wednesday approved a proposal on the matter. Economic Relations Division (ERD) placed the proposal redefining non-concessional loans of Bangladesh for increasing grant elements.
Cotton prices rise on supply dearth
Cotton prices rose 24.19 percent to 77 cents per pound in the international markets due to a fall in supplies by China and India, two major cotton producers and consumers, according to industry insiders. Cotton was traded at 77 cents yesterday in the international markets, up from 62 cents three months ago. Six months ago the price was below 60 cents.
Imported generators get more tax protection than local ones
Electric generator assembling in the country is facing a severe blow due to mismatch of the government tax policy as the imported product is getting more tax protection than the locally assembled one, manufacturers said Saturday. The sudden imposition of Value Added Tax (VAT) on the locally assembled generators has put its growth in jeopardy because of massive competition with the imported ones, they said.
Bangladesh’s stocks return to green with high turnover
Bangladesh’s stocks closed marginally higher last week that ended on Thursday, after previous week’s mild correction, as bargain hunters were active on large-cap stocks. The week witnessed five trading sessions as usual. Of them, first session saw mild correction, while last four closed higher. The benchmark index of the Dhaka Stock Exchange (DSE) went up by 39.31 points or 0.87 percent to finish the week at 4,577.57 points last week, over the week before.
BSEC yet to publish MF rules’ draft amendments in 8 months
Even after eight months of the finalisation of amendments to the mutual fund rules, the Bangladesh Securities and Exchange Commission has yet to publish the draft of the changes which were intended for barring MF trustees from issuing re-investment units or stock dividend. Publishing draft rules in newspapers seeking opinions from stakeholders is mandatory before issuing those as gazette notification.
BIFFL investing in risky tools like CP
Bangladesh Infrastructure Finance Fund Ltd (BIFFL), meant for funding big ventures, got sidetracked into investing in unsecured short-term debt instrument like commercial paper (CP). The state-owned non-bank financial institution (NBFI), formed by the finance ministry, has already invested Tk 700 million in CPs issued by two companies namely Max Infrastructure (Tk 400 million) and Bangla Track Ltd (Tk 300 million) while it is planning to make another investment worth Tk 750 million in CPs to be issued by the Energypac Engineering (Tk 500 million) and Computer Source (Tk 250 million).