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.
Asset management companies to join the effort
The government is reviewing proposals for establishing asset management companies to recover bad loans from the errant borrowers, officials said. The asset management companies, both private and public, are being proposed by enacting a new act with the securitisation of nonperforming loans in view, they said.
Long-term policy intervention key to boost investors’ confidence, say analysts
Dhaka Stock Exchange (DSE), the premier bourse of the country, registered an 85 points gain in Thursday’s trading pulling out the market from a thirteen-consecutive weeks’ negative trend. But the question remains whether it would sustain or not. The sudden rise in the price index is an effect of a recent move by the policymakers and stock market regulators.
Private sector credit growth falls further in March
The private-sector credit growth fell further in March as banks, particularly private ones, faced liquidity pressure due mainly to unavailability of deposits, bankers said. The growth in credit flow to private sector came down to 14. 42 per cent in March 2019 on a year-on-year basis from 14.54 per cent a month ago, showed the central bank’s data.
Bangladesh’s inward remittances rise 10% in 10 months
The flow of inward remittances grew by 10.01 per cent in the first 10 months of the current fiscal year (FY) as the exchange rate of local currency maintained a depreciating mode against the US dollar. The Bangladeshi nationals working abroad sent home US$ 13.30 billion during the July-April period of the FY 2018-19 from $12.09 billion in the same period of the previous fiscal, according to the central bank’s latest statistics.
Bangladesh’s stocks rebound after 13-week losing streak
Bangladesh’s stocks rebounded in the outgoing week, snapping a 13-week losing streak, as the securities regulator adopted a series of market-supportive measures. The prime index of the Dhaka Stock Exchange (DSE) wiped out 775 points during the past 13 weeks, prompting aggrieved investors to take to the streets. They also staged a token hunger strike.
Buyers more concerned about prices than factory conditions
Most of the western buyers are more concerned about the prices of garment items than the working conditions in the factories they source from, according to a new study by the Human Rights Watch. Per unit price was the main concern for 78 percent of the apparel buyers from Asia, found the study by the New York-based non-governmental organisation.
VAT collection comes under threat from fake e-BIN holders
The customs intelligence has recently identified a number of commercial entities that have procured electronic BINs (business identification numbers) posing as manufacturers to evade due duty and taxes. Investigation is now on against a number of suspected fake e-BIN holders which have imported a large volume of cigarette paper, customs officials said.
Pakistan appoints IMF economist Baqir as SBP governor
Pakistan government has appointed its central bank new governor to deal with the challenges of weakening economic growth rates and soaring inflation efficiently. Dr Reza Baqir, a long-time economist with the International Monetary Fund (IMF), has been appointed as Governor State Bank of Pakistan (SBP) for three years a day after the removal of his predecessor Tariq Bajwa.