RMG factory

Working in a RMG factory of Bangladesh BBN file photo

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.

Trade experts, exporters express cautious optimism
Trade experts and exporters hailed the duty-free access of 97 per cent Bangladeshi items to the Chinese market amid the COVID-19 pandemic with cautious optimism that the actual gain from this access could be known after the products list would be published. They made the comment while talking two New Age on Saturday, a day after the ministry of foreign affairs said that the Tariff Commission of the Chinese State Council had issued a notice recently on granting zero tariff treatment to 97 per cent of the products from Bangladesh.

Govt borrowed 94% of revised target from savings tools in 9 months

During the first nine months of FY2019-20, the government’s net borrowing from national savings schemes stood at Tk11,203 crore, which was 94 percent of the revised target for meeting the budget deficit from savings tools. According to the statement of the Department of National Savings, the gross sale of national savings certificates stood at Tk5,624 crore in March this year.

VAT intel seeks banks’ co-op

Banks may have to verify inconsistencies in the information businesses will provide in VAT returns and financial reports before approving a loan application. The lenders may also have to notify the VAT intelligence team immediately if they suspect tempering of turnover figure, tax officials said.

NPLs down by Tk1,821cr in 3 months

Banks’ non-performing loans (NPLs) declined by Tk1,821 crore in three months till March this year as the central bank asked banks not to classify loans for nine months till September to help business people to combat the economic fallout of Covid-19. At the end of March this year, the amount of NPLs in the banking sector stood at Tk92,510 crore, which was 9.03% of the total disbursed loans, according to the latest Bangladesh Bank (BB) data.

Frozen food exporters demand cut in corporate tax

Exporters of frozen food products, especially shrimp, have demanded that the government reduce corporate tax from 32.5 per cent to 15 per cent in the proposed national budget to help the sector recover from a significant fall in international sales. The demand for frozen shrimp and similar luxury food items has fallen drastically in western countries, Bangladesh’s main export market, due to the ongoing novel coronavirus pandemic.

Stocks remain flat amid budget disappointment

Dhaka stocks remained flat throughout the past week as the proposed budget failed to boost investors’ confidence during the COVID-19 pandemic. DSEX, the key index of the Dhaka Stock Exchange, shed 0.17 per cent, or 6.73 points, to close at 3,960.58 points on the last trading session on Thursday, after losing 54.9 points in the previous week.
BSEC to appoint international consultant for IT transformation

The Bangladesh Securities and Exchange Commission (BSEC) is determined for a significant transformation of the capital market’s information technology ecosystem to modernise activities such as market trading, regulatory filing, meetings and interactions. As the existing preparation, which includes the infrastructure and legal system, is not enough, the securities regulator will appoint a consultant with international experience in information technology.

CPD urges government to revisit budget priorities after two months

The Centre for Policy Dialogue (CPD) on Saturday in a budget dialogue urged the government to revisit budget priorities after two months to take corrective action, as the Covid-19 pandemic does not appear to be leaving anytime soon. Since the contagion of coronavirus is on the rise, the crisis is growing. The government should take the budget as a dynamic document and they should revise their priorities after two months instead of waiting for 6-7 months.