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.
High hope on Payra
Chittagong Port alone will not be able to handle the country’s shipping needs in the next 15 years as the projected GDP growth dictates that the nation’s container handling demand will triple by 2030. The port now handles two million TEUs (Twenty Foot Equivalent Units) a year due to its inability to handle ships with high draught. It can only handle vessels with up to 4,000 TEU capacity. The port can at best deal with around 3 million TEUs a year.
NBR sets lower corporate tax target as PCBs’ profits shrink
The tax authority has set a lower corporate tax collection target for the current fiscal year, compared to that of the last year, in view of the last year’s slim growth of operating profit of the private commercial banks (PCBs). The revenue board for the first time set a target, lower by Tk 19.85 billion over that of the previous fiscal, for the Large Taxpayers Unit (LTU) under the income tax wing.
Fin min sanctions Tk 260cr for jute purchase
The ministry of finance has sanctioned Tk 260 crore for Bangladesh Jute Mills Corporation for purchasing raw jute during the current harvesting season of the fiber. The fresh fund has to be refunded by BJMC to the finance ministry within next five years with a five per cent interest, an office order of the ministry issued last week said. The order said the fund cannot be spent on other purposes, but only for purchasing raw jute.
Bangladesh to bar banks from issuing guarantees for CPs
The central bank of Bangladesh is going to impose bar on banks from issuing or providing any guarantee for commercial papers (CPs) to avert to possible risks involving such money market instruments. “We’ve decided that the banks would not issue the CP in any form or provide any guarantee for the short-term securities,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka. He also said the banks will be allowed to invest in the CPs for enhancing credit to CP issuers with acting as an issuing and paying agent (IPA).
Weekly review: Bangladesh’s stocks fall on profit taking
Bangladesh’s stocks finished slightly lower last week that ended on Thursday as risk-averse investors opted for quick-profit on sector specific stocks. The week witnessed five trading sessions as usual. Of them, two sessions saw correction, while three posted marginal gain within a thin band. The prime index of the Dhaka Stock Exchange (DSE) went down by 3.21 points or 0.07 percent to close the week at 4,574.36 points, over the previous week.
Bangladesh’s five-year PPI investment stands at $2.7bn under IDA funds
Bangladesh had the third highest level of Private Participation in Infrastructure (PPI) investments at $2.7 billion from 2011 to 2015, says a new World Bank report. During the period, the number of PPI projects in Bangladesh was 24, accounting for 17% of total IDA projects, according to a report titled “PPI in IDA countries, 2011-2015” released by the World Bank recently.
Bangladesh Bank purchases $50m more from PCB
The central bank of Bangladesh purchased US$50 million more from a private commercial bank (PCB) on Thursday to keep the inter-bank foreign exchange (forex) market stable, officials said. “We’re buying the US currency continuously from the banks directly at market rate to protect the interests of exporters and migrant workers by keeping the exchange rate of the Bangladesh Taka (BDT) against the US dollar stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
Telcos’ parent firms unhappy over draft tower co guidelines
The parent companies of country’s three largest mobile phone operators have raised concern about the draft tower company guidelines saying that the clauses in the guidelines might affect the mobile operators.
Bangladesh, India’s export earnings fall in July
Bangladesh’s export earnings in July dropped because of lower shipments of apparel after registering a record high in the previous month. The country’s export earnings fell by 3.49 per cent to US$2.53 billion in July, the first month of the ongoing fiscal year (FY) 2016-17 from $2.62 billion in the same month of last year, according to the state-run Export Promotion Bureau (EPB) data.