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.
NBR likely to slash tax exemptions in next budget
The authorities are planning to scale back tax exemptions for sectors like ICT, power, charity and fisheries in the upcoming budget after flagrant abuse. The National Board of Revenue, or NBR, has uncovered the evidence of abuse in the blanket tax waiver facility offered to a number of “priority” sectors.
Govt. set net bank borrowing BDT 25.50b in March
The government is set to make a net borrowing of BDT 25.50 billion from the country’s banking system in March to partly meet its budget deficit. The government may take up to BDT 142 billion as gross borrowing from the banking system this month by issuing treasury bills (T-bills) and bonds, according to the auction calendar, issued by the Bangladesh Bank (BB) on Thursday.
CAG audit finds former chairman involved in BASIC Bank loan scam
A government special audit report has identified dozens of anomalies in distributing loans by scam-hit BASIC Bank during the tenure of deposed chairman Abdul Hye Bachchu who is still going scot-free apparently because of the ruling party’s political backing.
Dismal foreign aid use against ambitious targets
The civil aviation and tourism ministry is one of the largest recipients of development budget this fiscal year. But, it managed to spend a paltry 5.7 per cent of the Tk 3,864 crore allocation in the first seven months. What is even worse, it couldn’t spend a penny from its foreign-aided portion, which stands at Tk 2,500 crore.
Weekly Review: Stocks tumble as panic grips investors
Bangladesh’s stocks tumbled in the outgoing week as worried investors’ dumped their holdings amid concern on the looming impact of the single-digit interest rate on the banking business. Due to coronavirus pandemic, stock markets around the world plummeted last week as it has become increasingly clear that the virus will take a huge toll on the global economy.
Investment outlook bleak as registration falls 10%
Investment outlook for the economy looks grim, as both local and foreign investment registrations fell nearly 10% last year. The country’s local and foreign investment (including joint venture) proposals have declined by 9.47% to $10 billion and 9.82% to $4.66 billion respectively in 2019, according to the latest data of BIDA.
Concerns grow over exports as coronavirus hits global economy
A possible global economic slowdown because of the spread of coronavirus to a large number of countries, including Japan, Italy and the United States, has become a new headache for Bangladeshi exporters, who have already been affected because of problems in importing raw materials and capital machinery from virus-hit China.
NBFIs allowed investing up to 20% of capital in CPs
The central bank of Bangladesh has slightly squeezed financing capacity of non-banking financial institutions (NBFIs) in commercial paper (CP) for avoiding concentration of investment in the short-term security. The NBFIs are now allowed to invest up to 20 per cent of their total capital in any CPs instead of 30 per cent earlier, according to revised guidelines on CP for the NBFIs issued by the Bangladesh Bank (BB) on Thursday.