Bangladesh Bank Headquarters

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.

FID reminds BB, SoBs to recover bad loans
Financial Institutions Division has reminded the Bangladesh Bank and the state-owned banks of its 26 recommendations, including regular disclosure of identity of big loan defaulters for quickening recovery of bad loans. The division under the finance ministry issued the reminder on July 25 as neither the central bank nor the state-owned banks gave any feedbacks to the division about the actions they took to check widespread loan scams and growing bad loans.

Barapukuria Power Plant: Govt may go for coal import
The government is considering importing coal to run Barapukuria coal-based power plant in Dinajpur as supply from the country’s lone coal mine, Barapukuria Coal Mining Company Ltd (BCMCL), has stopped. “As an alternative, we have already considered coal import,” Power Division Secretary Ahmad Kaikaus told reporters at Bidyut Bhaban in the capital after introduction of a guideline for production of renewable energy.

NBR detects evasion of Tk 8.7b in tax
Income tax intelligence and investigation cells across the country have uncovered tax evasion worth Tk 8.71 billion. The two wings of the National Board of Revenue (NBR) have detected the evasion after scrutinising some 2,847 cases since their inception.

Bangladesh’s imports jump 17% in 11 months of FY 18
Bangladesh’s overall import jumped nearly 17 per cent in the first 11 months of the fiscal year (FY), 2017-18, mainly due to high import of food grains and fuel oils, officials said. The settlement of letters of credit (LCs), in terms of value, rose by 16.56 per cent to US$ 47.79 billion during the July-May period of FY 2017-18 from nearly $ 41 billion in the same period of FY 17, according to the central bank latest statistics.

Bangladesh’s stocks extend losses as major sector down
Bangladesh’s stocks ended marginally lower last week that ended on Thursday as investors continued their selling spree amid ongoing earnings and dividend declarations. Brokers said some investors preferred to take cautious approach while some other continued selling shares, especially telecommunication, ceramic, power, banks and financial institutions.

BTRC to ask telcos to furnish data on digital marketing expenditure
Bangladesh Telecommunication Regulatory Commission has initiated a move to collect data from mobile phone operators and other licensees on their advertising spending on online media that have no physical presence in the country. The online media for advertisement of goods and services include search engines Google and Yahoo, e-commerce site Amazon, social networking sites Facebook, WhatsApp and imo, video-sharing site YouTube and all other international platforms.

Farm mechanisation can eradicate poverty: Atiur
Low-cost loans should be available for farmers so that they can buy modern machinery to accelerate agriculture mechanisation, thus boosting output, said a former governor of the central bank. Atiur Rahman said agriculture mechanisation can eradicate poverty, ensure food sufficiency and help increase export income.

Survey: Businesses feel regulations in Bangladesh are inconsistent
According to a survey, businesses are highly concerned about inconsistencies in laws and regulations as well as undue use of discretion by officials, with 68% of business owners identifying these factors as problematic. The survey was jointly conducted by the International Finance Corporation (IFC) of the World Bank Group, and the Business Initiative Leading Development (BUILD) – a public private dialogue (PPD) platform and presented at a policy dialogue on July 12 at Amari Hotel.

BBN/SSR/AD