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.
Withdraw SoE deposits from banks unwilling to disburse stimulus
The Federation of Bangladesh Chambers of Commerce and Industry on Saturday urged the government to withdraw deposits of state-owned enterprises from banks which were not implementing the stimulus package announced to support businesses to fight the COVID-19 fallout. At a press conference on the proposed budget for the financial year 2020-21, FBCCI president Sheikh Fazle Fahim also demanded necessary actions against people who did not implement the VAT Online project of National Board of Revenue despite spending around Tk 600 crore on it.
PPE exports give lifeline to apparel manufacturers
The export of personal protective equipment (PPE) has opened a new avenue for apparel manufacturers of Bangladesh who are reeling from order cancellations and downswings of exports in the Covid-19 pandemic. According to figures by the Export Promotion Bureau (EPB), PPEs, including masks, gloves, and gowns, have fetched $11.58 million in earnings in the 11 months between July 2019 and May 2020. A good quantity has been shipped in June this year, but the latest official data is yet to be available.
Govt set to slash furnace oil price
The government is set to cut furnace oil price in the local market in a couple of days, a senior energy ministry official told the FE on Saturday. The decision on reducing the price came after the move by the private sector to purchase around 10 per cent of its total requirement from the Bangladesh Petroleum Corporation and around two weeks after imposition of import duties on the fuel.
Private sector credit growth picks up in May — on paper
Private sector credit data appears to have gone against the grain in May. For 24 months on the trot, private sector credit growth was lesser than in the previous month. And the trend was expected to continue given the overall doom and gloom on the economy. But in May, it edged up to 8.86 per cent from 8.83 per cent a month earlier, according to data from the central bank.
Govt may not hike SD on telecom services
Finance Minister AHM Mustafa Kamal may scrap his plans to raise the supplementary duty (SD) on telecom services and double the deposit in VAT-related disputes following criticism and pleas from various quarters. While unveiling the budget for fiscal year 2020-21 on June 11, the minister has proposed hiking the SD on all kinds of telecom services to 15 per cent from the previous 10 per cent.
Weekly Review: Stocks see modest gain amid virus scare
Bangladesh’s stocks posted a modest gain in the outgoing week although investors were mostly inactive throughout the week due to pandemic fears and floor price limitation. Week-on-week, DSEX, the key index of the Dhaka Stock Exchange, went up by 8.70 points or 0.22 per cent to settle the week at 3,969. The core index is hovering between 3,950 and 3,970 points in the past 17 sessions and daily turnover remained below BDT1.0 billion as most of the sellers did not get buyers.
Owners seek to keep super shops open till 8:00pm
Country’s retail super shop owners have requested the government to extend opening hours across their retail shops to 8:00 pm aiming to facilitate purchase of different goods by consumers comfortably, sources said. The government allowed to keep the super shops open from 8:00 am to 4:00 pm every day to ensure compliance with health safety guidelines.
‘Allocate up to 5% of GDP for health sector to salvage it from collapse’
The Covid-19 pandemic has shown the real picture of Bangladesh’s health sector, where people die without treatment. With the present strength of the sector, it is quite impossible to ensure healthcare for everyone.