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.
Export earnings dip in Aug on Eid holidays
Country’s export earnings in August this year fell 26.27 per cent short of government-set target of $3.85 billion due to the lower shipment of readymade garment products as production in the factories was suspended for 7-9 days for Eid-ul-Azha holidays. Export earnings in the second month of the current financial year 2019-20 fell by 11.49 per cent to $2.84 billion from $3.21 billion in the same month of the last fiscal, according to the provisional data of Export Promotion Bureau to be released today.
Non-bank entities can soon set up ATMs
The central bank will allow non-bank entities to set up automated teller machines (ATMs) and point of sale (POS) terminals as it ramps up efforts to promote card-based transactions across the country. The move will help people in distant parts of the country to settle their transactions without going to banks as some private companies already have plans to install a large number of ATMs, said a Bangladesh Bank official.
Taxmen, auditors cross swords over authority
The tax collector and the auditing watchdog are at loggerheads over the authority to audit taxpayers’ documents filed in revenue offices. Tax officials said the Office of the Comptroller and Auditor General (C&AG) of Bangladesh is empowered to audit government documents, not those of private organisations according to the law.
Banks deposit growth up, NSCs sales fall drastically
The overall deposit growth in Bangladesh’s banking sector increased further in July while the net sales of national savings certificates (NSCs) dropped drastically. All the scheduled banks’ deposit growth stood at 12.47 per cent year-on-year as of July 31, up from 11.48 per cent a month ago. It was 10.96 per cent as of March 28 this calendar year.
Bangladesh’s stocks keep losing streak for two weeks
Bangladesh’s stocks extended the losing streak for the two consecutive weeks that end on Thursday as worried investors continued to dump their holdings to prevent further losses. A lack of investor confidence, the telecom regulator’s wrangling with Grameenphone (GP), soaring non-performing loans and falling portfolio investment were among the factors behind the latest erosion in stock prices, according to market operators.
Economists wary of income inequality
Economists yesterday expressed concern over income inequality mounting side by side economic growth, saying this could emerge as a threat for the nation. As per the latest Household Income and Expenditure Survey (Hies), the country’s Gini coefficient in a worrying development stood at 0.482 in 2016, up from 0.458 in 2010.
Bangladesh to sew world’s largest T-shirt to break Guinness record
Bangladesh is set to sew the world’s largest T-Shirt to break the Guinness record, marking the centenary founding anniversary of the International Labour Organisation (ILO), reports BSS. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has been assigned to sew the T-Shirt using cotton fabric to be branding the country’s apparel industry, which is the world second largest exporter.
WB: Absence of well-functioning authority hampers access to basic needs
Absence of a well functioning local government institution in Bangladesh seriously constrained access to quality education, healthcare, safe drinking water and sanitation, particularly in rural areas, says the Word Bank. World Bank’s country director for Bangladesh, Nepal and Bhutan Mercy Miyang Tembon came up with the remarks while she was delivering a speech at South Asian Network for Economic Modelling (Sanem) conference in Dhaka on Saturday.