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.
Govt has no plans to cut fuel oil prices
The government has no immediate plan to reduce price of fuel oils in the local market although in April it said it would lower prices in phases, in three months’ time, if the global fuel prices remained low. After severe criticism, the government on April 25 reduced the price of kerosene and diesel by only Tk 3, to Tk 65 per litre, and that the price of petrol and octane by Tk 10 per litre, with no discernable impact on the market and cost of living.
Banks often troubled by influential defaulters
Influential defaulters took advantage of the loan rescheduling policy repeatedly, Bangladesh Institute of Bank Management or BIBM said in a study. “Many borrowers, especially the influential borrowers and wilful defaulters, place unethical requests and create pressure on banks to regularise their problem loans through rescheduling/restructuring without having proper justification to do so,” it said.
BD nets little for its bearish stock, bond mkts: Analysts
Bangladesh could net little from a surging international flow of equity funds. An international agency and economists found the country less integrated with the global equity market. International investors are now pouring money into many emerging and frontier markets at a record pace, they noted. Such equity fund inflows were a 58-week high at US$5.1 billion during the week ending August 17.
Eight banks fix Tk706cr rawhide loans target
Eight private and state-owned banks have decided to disburse a total of Tk706 crore loans among local rawhide traders on the occasion of the upcoming Eid-ul-Azha when a large number of animals are sacrificed by Muslims, said official sources. The rawhide collected during the Eid-ul-Azha cater to much of Bangladesh’s demand of leather. Bank and Financial Institutions Division officials said the rawhide loan target of the state-run banks were approved by the respective boards of directors.
Weekly review: Profit booking pulls Bangladesh’s stocks down
Bangladesh’s stocks posted marginal fall last week that ended on Wednesday as the risk-averse investors were on selling mood, especially on large-cap stocks. The week saw four trading sessions instead five as the market was closed on August 25 (Thursday) on the occasion of Janmashtami, one of the major religious festivals of the Hindu Community. All the four trading sessions closed in the red zone.
BSEC, both bourses skid into the soup
The securities’ regulator and both the bourses are now in the soup over some ‘irregularities’ in completing the amalgamation process of Summit Power and three other companies. Following an order of the High Court (HC), the listed company Summit Power recently started its amalgamation process with three other companies –Summit Purbanchol Power Company Ltd (SPPCL), Summit Uttaranchol Power Company Ltd (SUPCL) and Summit Narayanganj Power Ltd (SNPL).
Ex-directors of People’s Leasing move to repay loans amid pressure
Five directors of People’s Leasing and Financial Services, who were removed from the board last year for taking loans of about Tk 400 crore from the company breaching rules, have now moved to pay back the loans to avoid arrests. According to Bangladesh Bank rules, directors of banks and financial institutions or their family members cannot take loans from their own companies. Panic gripped the directors, especially after the Anti-Corruption Commission arrested Khabir Uddin Miah, one of the five directors, a few days ago.
Govt initiates coordination cell for RMG remediation works
The government has started work to establish a remediation coordination cell for the country’s readymade garment sector as several international forums raised questions over the capacity of the government authorities responsible for ensuring workplace safety in the sector.Diplomats from the United States, the United Kingdom, the European Union, Canada and the Netherlands at a recent meeting with senior Bangladeshi government officials expressed their dissatisfaction over the insignificant progress in remediation in the RMG factories which have been inspected under a government-ILO joint initiative.