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.
Government picks 17 ‘priority’ projects
The government has selected a total of 17 development projects worth US$11.5 billion as priority ones for Chinese investment.The list of priority projects has been prepared in line with the decision taken at the first meeting of the Bangladesh-China Investment Cooperation Working Group, held recently, a senior official of the finance ministry said. Recently, the list of these 17 projects was sent to the Chinese government. A copy of the list has been obtained by the FE.
Call money rate rises over 5pc on government bank borrowing
The inter-bank weighted average rate of call money bounced back to over 5 per cent after the nationwide lockdown was lifted as government borrowing from the banking sector surged amid revenue shortfall. The rate was within 5 per cent for around two months during the lockdown imposed by the government to contain the spread of the coronavirus pandemic.
Businesses should use funds from stimulus packages properly
Businesses should use the funds from the stimulus packages properly to make a turnaround from the ongoing economic fallout, or else they will collapse into a bad state of affairs, said a top banker. The Tk 100,000 crore stimulus packages, unveiled by the government in response to the coronavirus pandemic, are not adequate given the gravity of the recession.
Bourses to brace for full automation
With Covid-19 restricting physical movement, the stock market regulator and the management of the country’s two bourses are gearing up for automation of its trading platforms and settlement systems. Officials of the Bangladesh Securities and Exchanges Commission (BSEC) and the Dhaka Stock Exchange (DSE) confirmed this to Dhaka Tribune. Share trading at the Dhaka and Chittagong stock exchanges were closed for 66 days due to the Covid-19 pandemic.
Black money allowed in stocks, realties
The stock market and the real estate industry anticipate a major boost as the government plans on allowing unconditional investment of untaxed money in these sectors for one year beginning from July 1, 2020. People who will avail the facility to invest in securities such as stocks, mutual funds and bonds will have to pay only 10 percent tax within 30 days of their investments without any penalty.
Government may cut import Advance Tax for industrial goods makers
The government may introduce a new slab of advance tax at the import stage for industrial products in the upcoming national budget for the fiscal year 2020-2021 to provide some relief to manufacturers. The rate of advance tax (AT), previously known as advance trade VAT, may be cut to 3 or 4 per cent per cent for industrial products and other products associated with industrial production and investment from the current 5 per cent.
BPDB seeks Tk 58b from govt to meet expenses
The state-run Bangladesh Power Development Board (BPDB) has sought Tk 58 billion from the government to manage regular expenses, as a huge amount of its electricity bills remains due. “We sought the fiscal support from the government, and will pay the fund back once the due electricity bills are collected,” BPDB Chairman Md Belayet Hossain told the FE on Saturday.
Telecom sector can galvanise economic recovery
As connectivity through digitalisation has proven worthwhile in keeping socio-economic activities up and running even during the pandemic, entire Bangladesh is running after innovation in this area, said Yasir Azman, chief executive officer of Grameenphone. If the operators and the government work together, the telecom sector can contribute more towards faster economic growth and quick recovery from the knock-on effect of the pandemic, he said.