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.
Shoppers go digital to beat Eid traffic
The growing demand from rural parts of the country and unbearable traffic in the capital have turned out to be a boon for e-commerce sites ahead of Eid-ul-Fitr, with many recording 30 percent higher orders than last Eid. The improvements in the delivery system and accessibility of internet across the country have also worked in the e-tailers’ favour.
NBR detects evasion of Tk 13.5 billion
The income tax wing has detected through field visits the evasion of withholding tax viz. deduction of tax at source worth Tk 13.50 billion this fiscal by different public and private agencies. Of the agencies, five are state-owned while most others are private companies.
Govt fails to okay compliance protocol for RMG units in 9 months
The government has failed to approve a compliance protocol to bring the readymade garment factories, which are not positively responding to the remediation process, under regulation even in the last nine months. At a government-ILO workshop on the governance of the Remediation Coordination Cell and the future of the industrial safety unit, held in August last year, the International Labour Organisation placed the draft compliance protocol for the RMG factories, which the stakeholders agreed in to adopt.
Workers’ migration cost 450% higher than government rate
Migrant workers now have to count up to Tk7,50,000 to go to Saudi Arabia, almost 450% more than what the government has fixed, according to a recent report by the WARBE Development Foundation. The report titled “Bangladesh Annual Migration Report 2018,” was unveiled during a consultation meeting on the “National Budget for Fairer Labour Migration,” organized by the Parliamentary Caucus on Migration and Development at the Parliament Members Club on Saturday.
Bangladesh’s interest rate spread drops slightly in April
The overall interest rate spread in the country’s banking sector narrowed down slightly in April as commercial banks increased interest on deposits while lending rates fell. The weighted average spread between lending and deposit rates offered by the commercial banks came down to 4.04 per cent in April 2019 from 4.15 per cent of the previous month, according to the central bank’s latest statistics.
BEA for Tk 12.4 lakh crore budget
The Bangladesh Economic Association (BEA) yesterday placed an alternative budget of Tk 1,240,090 crore for 2019-20, more than twice the size of the outlay Finance Minister AHM Mustafa Kamal is expected to unveil. Kamal may propose a budget of Tk 525,000 crore for the upcoming fiscal year in parliament on June 13. “Our alternative budget proposal is implementable though some may call us mad,” said Prof Abul Barkat, president of the BEA, at a press conference at the CIRDAP conference hall in Dhaka.
‘Nightmare’ traffic cripples capital
The capital’s traffic almost collapsed Saturday as the ongoing metro rail work coupled with Eid shoppers’ movement worsened the situation, even on a weekend. It took hours for commuters to reach one part of the city from another as slow-moving vehicles created long tailback on key roads, especially on the Mirpur-Motijheel route, they said.
Bangladesh’s stocks rebound after two-week losing streak
Bangladesh’s stocks rebounded last week that ended on Thursday, snapping a two-week losing streak following supportive measures, taken by the authorities concerned. The central bank’s market supportive measures which widened the banks’ scope to invest in the stock market, created hype among investors, according to market operators.