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.
Bank accounts with over Tk 1cr triple in 10 years
The number of bank accounts having more than Tk 1 crore in deposit has increased almost three times along with a five times rise in the deposited money in those accounts over the last 10 years, thanks to rising income inequality. Economists said that such rise in high net-worth population indicated that the rich were becoming richer and the poor poorer, raising concern over possible social grievance and deterioration in the law and order situation.
Appoint ombudsman for banking sector
With defaulters securing important positions in the government and corporate governance remaining extremely weak, it is not possible for the banks to recover the huge volume of non-performing loans from defaulters, observed economists, bankers and civil society members at a function in Dhaka Saturday. Prof. Dr Mainul Islam, a noted economist while presenting the keynote paper at the function organised by Shujan (Citizens for Good Governance) at the Jatiya Press Club, mentioned the name of a particular individual and described him as the ‘country’s biggest loan defaulter’.
96pc Samsung sets assembled locally
No Samsung mobile handsets will be imported to Bangladesh after March next year as its local plant is capable of meeting the domestic demand entirely. The plant in Narsingdi is currently assembling products that account for 96 percent of Samsung’s smartphone sales in the country.
Bangladesh’s current account balance returns to surplus
Bangladesh’s current account balance returned to surplus during the first two months of the current fiscal year after three years of negative balance. Negative growth in both export and import during the period helped reduce the overall trade gap with the rest of the world and ease pressure on current account with additional support from higher inflow of remittances.
Weekly Review: Bangladesh’s stocks fall continuously
Bangladesh’s stocks maintained a declining trend continuously in the last week that ended on Thursday as investors’ panic-driven sales amid their lack of ‘confidence’. The week witnessed four trading sessions instead of five because of Durga Puja, a public holiday on Tuesday.
Business Innovation Summit calls for innovation, inclusive growth
Bangladesh Business Innovation Summit concluded with a call for focusing on innovation and business diversification to achieve inclusive growth and utilize the true potential of the country’s economy. To share local and global best practices and approaches to innovation, Bangladesh Innovation Conclave (BIC) hosted Bangladesh Business Innovation Summit-2019 powered by Mastercard and organized by Bangladesh Brand Forum in Dhaka yesterday.
Traders oppose double fumigation of US cotton
Control method on US cotton at its ports as the raw material is fumigated at warehouses prior to shipment, allowing the country to save on import costs and time, importers and suppliers said. Fumigation of US cotton is both time-consuming and expensive. Last year, more than $1 million was spent at the Chattogram port, according to A Matin Chowdhury, managing director of Malek Spinning Mills, one of the major local importers.
BSEC may create database of bond defaulters
The Bangladesh Securities and Exchange Commission may create a database of defaulters of bonds and debentures and would give banks and non-bank financial institutions access to the database so that they could bar the defaulters from receiving loans from them. BSEC officials said that Bangladesh Bank recently recommended that the BSEC create the database covering information about bonds and debentures.
IOCs stripped of waiver
The waiver of Value Added Tax (VAT) for international oil companies on local production and supply of gas no longer exists in the new law, although their contract has such a provision. Petrobangla will have to pay the VAT at 15 per cent from the current fiscal year. The state-run oil and gas corporation has been enjoying the exemption since 1993.