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.
Govt has a new headache. It’s the high interest rates on T-bills and bonds
The interest rate on government Treasury bills and bonds, the main instruments for bank borrowing, doubled in the last one year — a development that will fuel budgetary expenditure and may discourage private sector credit, both of which are already sources of concern. Yields on Treasury bills and bonds have increased by 3 to 5 percentage points in the last year and a half. They now range between 7 to 9 per cent depending on the tenor of the instrument, according to central bank statistics.
Govt. moves to divest three SoCBs shares
The government has taken a move to offload shares of three state-owned commercial banks (SoCBs) to facilitate revamping the country’s ailing capital market. Finance Minister AHM Mustafa Kamal has convened a meeting today (Sunday) at his secretariat office in Dhaka to discuss the issue and review the financial health of the SoCBs — Sonali, Janata and Agrani – according to officials.
API makers to get AIT waiver for 400 chemical compounds
The National Board of Revenue is set to exempt the local producers of active pharmaceutical ingredients (API) from payment of advance income tax on import of more than 400 chemical compounds to facilitate production of basic raw materials of pharmaceuticals industry. The revenue board has already completed the procedure for issuing a statutory regulatory order, exempting 5 per cent AIT on import of the items.
Coronavirus fallout: Businesspeople worried over worsening situation
The overall export-import activities of the country may take a hit if the coronavirus situation keeps deteriorating in China. Entrepreneurs in the export-oriented apparel sector are concerned about the timely arrival of raw materials from China.
Weekly review: Bangladesh’s stocks see marginal loss
Bangladesh’s stocks witnessed a marginal loss for the two straight weeks as risk-averse investors continued their sell-offs on selective large-cap issues. Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 16.70 points or 0.37 percent to settle at 4,452.
ICB’s baffling investment decision
Some 8 per cent of state-owned ICB Asset Management Company’s funds are tied in stocks that have shuttered production or have not been providing dividend for many years now, in what can be viewed as an emblem of the slapdash nature of the country’s bourse. ICB manages nine closed-end mutual funds.
WB could pull out funds, partially
The World Bank is unlikely to release the remaining 40 per cent of the NBR’s struggling online VAT project. Of the $60 million pledged fund, the multilateral lending agency has so far provided $36 million for the project.
Fruit prices on rise as imports from coronavirus-hit China halt
Prices of some of fruits increased in the city markets over the past week due to a supply shortage of the items resulting from a suspension of shipment of the products from China, one of the major import sources for Bangladesh.