File photo: debt.org
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.
Loan rescheduling hits new record
Banks rescheduled a record amount of defaulted loans in 2019 in their frantic efforts to minimize or, in other words, to make the ever growing non-performing loans (NPLs) look small. In the year, non-performing loans amounting to Tk50,434 crore were rescheduled, up 117.29% from a year earlier, according to the Bangladesh Bank (BB) data. Banks rescheduled Tk23,210 crore in 2018.
Receipts from top 20 items dip
Tax collection from top 20 imported items has plummeted by 39 per cent during the first half of the current fiscal year, in a major blow to the revenue target. The National Board of Revenue, or NBR, received Tk 34.11 billion in July-December from the key revenue-spinning imports, down by Tk 21.06 billion from the year-earlier period.
High interest rate pushes up prices: HC
The High Court Division in its full verdict about rescheduling defaulted loans released Thursday said that the consumers were paying higher prices of products because banks charge high interest on credit. Therefore, the commercial banks, both state owned and private, should reduce their interest rate from double digit to single digit, said the verdict.
HSBC toasts business trailblazers
Seven business groups and one leading non-governmental organisation were crowned at the inaugural HSBC Business Excellence Awards for their role in promoting the country and contributing to the sustainable growth of the economy. The Hong Kong and Shanghai Banking Corporation in Bangladesh, one of the world’s largest banking and financial service organisations, recognised the winners at a programme held at capital’s Radisson Blu Dhaka Water Garden Hotel.
Bangladesh’s stocks pass another dull week
Bangladesh’s stocks passed another dull week that ended on Thursday but it was gained in the last two sessions following different moves, taken by the government. DSEX, the key index of the Dhaka Stock Exchange, shed 47.56 points or 1.13 per cent, to close at 4,149 points on Thursday, the last trading session of the past week, after losing 261.9 points in the week before.
Bangladesh economy to grow 7.8pc in FY20: UN
The United Nations on Saturday projected that Bangladesh’s economy would grow by 7.8 per cent in the current fiscal year of 2019-2020, lower than the country’s GDP growth of 8.15 per cent in the previous FY 2018-2019. Earlier on January 9, the World Bank in its report titled ‘Global Economic Prospects, January 2020’ also projected a slower pace of gross domestic product (GDP) growth at 7.2 per cent for the FY2020.
Foreign brands want easy tariff rules to expand in Bangladesh
Many multinational clothing brands, which source billions of dollars of garment items from Bangladesh, have recently expressed their willingness to open their outlets in the country with a burgeoning economy. To this end, a good number of foreign companies have contacted Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said Rubana Huq, president of the trade body. “They view Bangladesh as a very promising country.”
FDI stuck in low gear
The declining trend in the net inflows of foreign direct investment, or FDI, in the country sustained until the third quarter of the immediate past calendar year, according to government data. The nation witnessed nearly 30 per cent drop in FDI during July-September period of 2019 compared with the previous quarter (April-June).
BBN/SSR/AD
