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.
India to build cross-border oil pipeline at its own cost
India will build a 130-kilometre pipeline at its own cost to export around 1.0 million tonnes of diesel annually to Bangladesh, said officials. The state-run Bharat Petroleum Corporation Ltd (BPCL) agreed recently to build the cross-border pipeline if the state-run Bangladesh Petroleum Corporation (BPC) imports the 0.05 per cent-sulfur gasoil (diesel) for the aforesaid period, they said.
Net sales on savings instruments jump by 76.18% in Q1
Net sales of national savings certificates jumped by more than 76 per cent in the first quarter (Q1) of the ongoing fiscal year (FY)-2016-17 mainly due to higher interest on the savings tools than that of the banks’ deposit products. The net sales of the savings instruments rose to BDT 116.50 billion in the July-September period of FY 17 from BDT 66.12 billion in same period of the last fiscal, according to the official figures, released on Thursday.
Investing gratuity funds in NSCs on the cards
The government has initiated a move to update the relevant rules to allow investment of gratuity funds in national savings certificates (NSCs). Internal Resources Division (IRD) of the Ministry of Finance recently formed a body and asked it to submit a report in a month along with recommendations on how the savings instruments could be used in best possible ways as per the government’s policy.
Incentives to boost renewable energy on cards
The government plans to introduce feed-in-tariff shortly to boost production of electricity from renewable sources in a bid to ensure energy security and cut carbon emission. Feed-in-tariff is a policy designed to accelerate investment in renewable energy technologies such as solar, biomass, hydropower and wind by providing tariff above the retail rate of electricity to producers. Under FIT, the state offers long-term contracts to producers.
BB wants closure of Janata’s Italy arm due to anomalies, losses
Bangladesh Bank has recommended that the finance ministry close down Janata Bank’s exchange house in Italy because of irregularities and making huge losses. On September 1, the BB sent a letter to the Bank and Financial Institutions Division of the ministry saying that Janata Exchange Company (JEC), a subsidiary of the state-owned bank, located in Italy continued violating the foreign exchange regulation act and the central bank’s directives.
Bangladesh’s stocks extend losses for second week
Bangladesh’s stocks closed lower for the two consecutive weeks that ended on Thursday as investors continued on profit booking mood. Analysts said the market continued to fall for the two consecutive weeks as all the major sectors ended red as investors prompted to cash in on some sector specific stocks. “Dividend declaration and earnings update remained the major market trigger,” said LankaBangla Securities, a leading stockbroker, in its weekly analysis.
Muhith asks BB to insist NRB Bank on administrator
Finance Minister AMA Muhith has asked Bangladesh Bank to pressurise NRB Commercial Bank to appoint an administrator so the interest of the depositors is preserved, said official sources. Muhith directed Banking Division Secretary Md Eunusur Rahman to take necessary actions in this regard, said an official of Bank and Financial Institutions Division.
BGMEA to inform govt of Accord, Alliance activities ‘beyond laws’
The Bangladesh Garment Manufacturers and Exporters Association will draw the government’s attention to the activities inconsistent with the existing laws of the land, being carried out by two platforms of western buyers. The umbrella organisation for the country’s apparel exporters on Saturday took the decision at a board of directors meeting held at the BGMEA headquarters in the capital, Dhaka.