Bangladesh budget

BBN file photo

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.

New budget to cross Tk 5 lakh crore
Fiscal 2019-20’s budget is set to cross the landmark of Tk 5 lakh crore as the Awami League-led government, fresh from being elected to a third term, looks to scale up implementation of the mega projects announced in previous terms. The upcoming national budget, due to be placed in the parliament on June 13, will likely be about Tk 5.23 lakh crore, up 12.50 percent year-on-year, according to the finance ministry’s preliminary projections, which were made in December last year.

Bangladesh’s regulators pledge to revamp bond market
Bangladesh’s regulatory bodies have decided to make coordinated efforts for revamping the country’s bond market aiming to meet the long-term financing need of the economy. The decision was taken at a coordination meeting of some major watchdog bodies, held at the central bank headquarters in Dhaka on Thursday with Bangladesh Bank (BB) Governor Fazle Kabir in the chair.

LNG boosts daily gas supply to 3.200 mmcf
The country’s overall natural gas supply crossed the 3,200 million cubic feet mark a day (mmcf), boosted by the imports of liquefied natural gas (LNG). The lone operational floating, storage, re-gasification unit (FSRU) is currently re-gasifying around 511 mmcfd equivalent of LNG, which is the highest quantity of LNG re-gasification from Excelerate Energy’s vessel at Matarbari in the Bay of Bengal.

Banks hit SMEs with double digit lending rates
In an effort to let large businesses off the hook, banks are now increasing their grip on small businesses, decreasing lending rates for the former and increasing it for the latter. While 21 banks in the country have managed to bring their interest rates down to single digits on long term loans, most of the banks’ small and medium enterprise (SME) loan interest rates have spiked by 1-2%.

Turkish Arcelik group buys Singer Bangladesh’s controlling stake for $75m
Turkey based home appliance manufacturing group Arcelik to acquire controlling stake of 57 per cent of Singer Bangladesh from Netherlands based Retail Holdings group for $75 million or around Tk 144 a share. Arcelik and Retail Holdings NV on Friday announced that they had signed an agreement under which Ardutch BV, a wholly owned subsidiary of Arcelik, would acquire Retail Holdings BV, which controlled 57 per cent of Singer Bangladesh shares, in a deal worth of $75 million, said a press release issued from Istanbul.

Bangladesh’s stocks keep losing for eight weeks
Bangladesh’s stocks faced loss for the eight straight weeks that ended on Thursday with lower participation, market operators said. Investors’ low confidence to the market amid ongoing pessimism, liquidity shortage coupled with lack of market triggers kept them mostly inactive, they added.

Jute millers call for lifting source tax
Jute millers have urged the government to withdraw the source tax on export proceeds next fiscal year, according to a budget proposal of the Bangladesh Jute Mills Association (BJMA). The trade body, representing private millers, said an anti-dumping duty slapped by India in 2017 and falling demand in other markets has caused a slump in export receipts, putting the jute industry in trouble.

BB Governor urges banks to support rural meritorious students
Bangladesh Bank governor Fazle kabir on Saturday urged the banks and financial institutions to stand beside the meritorious students of rural areas. He said this while addressing a function organized by Shahjalal Islami Bank at the Officers Club.