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.
BD retrieves $15.25m more of stolen reserves
Bangladesh retrieved US$15.25 million more of its central bank’s stolen money, a top banker disclosed in Dhaka Saturday. Major-General (Retd) John Gomes, Ambassador of Bangladesh to the Philippines, received the funds in cash on behalf of the government from the Anti-Money Laundering Council (AMLC) of the Philippines on Friday, Abu Hena Mohammad Razee Hassan, Senior Deputy Governor of Bangladesh Bank (BB), told the FE.
GDP growth seen at 7.1pc this fiscal year
Bangladesh’s economic growth will remain strong at 7.1 percent in the ongoing fiscal year based on rising foreign direct investment in energy and transport infrastructure projects, the BMI Research said in a report. The forecast from the London-based firm is unchanged from the previous year. “We believe that the country will be able to sustain average growth above 7 percent in the coming years riding on competitive labour costs, large export-oriented garment sector, and improved access to energy supplies,” it said.
Banks write off Tk 921cr more in bad debts in April-June
The country’s banking sector wrote off another Tk 920.94 crore in bad debts in the April-June period of this year with The City Bank and Prime Bank leading the way. The amount of bad debts written off by banks increased by Tk 885.18 crore in the second quarter of this year as The City Bank and Prime Bank wrote off total Tk 563.34 crore to bring down their defaulted loans and clean up their balance sheets. The banking sector, however, in the period recovered Tk 168.13 crore from the bad loans they had earlier written off.
Call for smooth gas supply to meet $50bn export target
RMG manufacturers urged the government to ensure uninterrupted gas supply to their factories for smooth production to meet the $50 billion export target by 2021. However, they also called for steps to stop unnecessary harassment by several service providing government agencies as it would hinder investment.
Bangladesh’s stocks edge up for second week
Bangladesh’s stocks edged higher for the two consecutive weeks that ended on Thursday as optimistic investors were active on sector specific stocks. Analysts said the market posted slight gain as mixed sentiments prevailed throughout the week after the quarterly earnings disclosure and some positive news in economic frontier. The week witnessed five trading sessions as usual. Of them, three sessions closed marginally higher, while two sessions saw correction.
New joint venture to provide LPG solutions
A new joint venture started its journey to meet the growing demand for liquefied petroleum gas in households, industrial units and the automotive sector. Omera Gas One Ltd, the joint venture between Omera Petroleum of Bangladesh and Saisan Co of Japan, will provide large-scale LPG engineering solutions and supply bulk LPG.
Bangladesh, Myanmar agree to start negotiation on PTA
Bangladesh and Myanmar have agreed to start negotiation on signing a Preferential Trade Agreement (PTA) for promoting trade between the two countries. The decision was taken at the 8th meeting of Myanmar-Bangladesh Joint Trade Commission (JTC) held in the capital Dhaka on November 9-10. “For further promotion of trade, to be in line with WTO rules and regulation, Bangladesh proposed to have a PTA with Myanmar and Myanmar side agreed to engage in the negotiation,” Hedayedtullah Al Mamoon, Senior Secretary of Ministry of Commerce of Bangladesh, said while addressing at a joint press conference after the meeting.
Bernicat to discuss GSP issue with Donald Trump
United States ambassador to Dhaka Marcia Stephens Bloom Bernicat on Saturday said that she would discuss the GSP issue with the US president-elect Donald Trump to provide the facility for Bangladesh’s RMG sector. ‘Certainly, I will discuss the issue with President-elect Donald Trump so that Bangladesh could get the US Generalised System of Preferences facilities for its ready-made garment products to the US markets,’ Bernicat said.