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.

BB bent on 9-6pc interest rates
The central bank is adamant about having 9 percent and 6 percent interest rates respectively for lending and deposits in the banking sector, slapping the 46 errant banks with warning letters recently. The higher rates are not acceptable given the commitment made by the sponsors of private banks in August last year, the Bangladesh Bank said in the letter on July 8 to 46 banks whose interest rates are well above the specified rates.

Chinese Sinopec finds gas prospect in Shariatpur
Chinese energy exploration firm Sinopec has found onshore natural gas prospect at Shariatpur in central Bangladesh after a 2D seismic survey, a senior official said. The Sinopec has carried out the seismic survey in Shariatpur and 16 other districts in three onshore blocks – 3B, 6B and 7 – to delineate hydrocarbon prospects over the past one and a half years having been assigned by the state-run Bangladesh Petroleum Exploration and Production Company Ltd (Bapex).

Economists laud finance minister’s move for stakeholders’ dialogue
Prominent economists have lauded the willingness of Finance Minister AHM Mustafa Kamal to organize dialogue with different stakeholders throughout the fiscal year to get better results out of budget implementation. Talking to reporters at an informal briefing on Thursday, the finance minister said that dialogue with stakeholders would be organized from time to time this year and assured that such talks would continue from now on.

Eighteen steps to develop bond market recommended
A finance ministry committee has made 18-point recommendations to develop the country’s bond market, including rationalisaiton of taxation and process simplification. The interministerial committee, headed by finance ministry’s Financial Institutions Division senior secretary, has recently submitted its recommendations to the finance ministry on how to develop the country’s long-term financing and the capital market.

Liquidator to take PLFSL’s charge soon
The newly-appointed liquidator for the People’s Leasing and Financial Services Limited (PLFSL) is now working to take responsibility of the non-banking financial institution (NBFI) soon. Talking to the BBN, a senior official of the Bangladesh Bank (BB) said the central bank has already received the certified copy of the High Court (HC) order in this connection.

Govt to set up firm to fund startups
The government is set to form a specialised firm to fund and nurture startups and ICT entrepreneurs under the Innovation Design and Entrepreneur Academy of the ICT division with the view to encouraging innovative ventures in Bangladesh. All the preparatory work and formalities have been completed a few months back, Zunaid Ahmed Palak, state minister of the ICT division told The Daily Star on Thursday. The proposal will be placed in the next cabinet meeting.

Bangladesh scraps record 156 ships in 6 months despite concerns
Bangladesh has become the top dumping ground for discarded ships in the world with the country dismantling the highest number of vessels in the first half (January-June) of the current year, according to a report of the NGO Shipbreaking Platform, a leading NGO coalition campaigning for clean and safe ship recycling.

Bangladesh’s stocks keep losing for third straight weeks
Bangladesh’s stocks witnessed yet another bearish week that ended on Thursday, extending the losing streak for the third straight weeks, as worried investors continued their selling binge. The government’s move to liquidate People’s Leasing and Financial Services (PLFS) coupled with GP woes continued to hunt investors’ sentiment, market operators said.