Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Move to freeze bank A/Cs of 123 factories, 385 directors
Government’s revenue authority has sent a request for freezing the bank accounts of some 123 factories and their 385 directors on charge of abusing duty-free facility on import of raw materials. Officials said the factories facing action from the customs under the National Board of Revenue (NBR) are mostly from the apparel sector. They found 82 of the factories at fault from the sector in question.
Defaults creep up at NBFIs
Non-bank financial institutions saw their default loans rise 11.71 percent year-on-year in 2014, which observers say is a by-product of the sector’s expansion. On December 31 last year, 31 NBFIs’ default loans amounted to Tk 1,975 crore, according to central bank statistics. And some 15 firms account for 80 percent of the amount. “As the amount of investment increases, so does the classified loans,” Asad Khan, chairman of Bangladesh Leasing and Finance Companies Association, said. The NBFIs’ total outstanding loans at the end of last year stood at Tk 37,276 crore in contrast to Tk 31,675 crore at the close of 2013.
Governor sees Bangladesh is now at a crossroads of development
Bangladesh is now at a crossroads of development, Bangladesh Bank (BB) Dr. Atiur Rahman said on Saturday. “The growth momentum that the country has achieved over the last decade must be continued and should be further energized to help the economy graduate to the middle income bracket by 2021,” the central bank chief said while addressing at a seminar in the capital Dhaka. The Business Studies Faculty of the Dhaka University organised the seminar on “State of economy and the monetary policy statement of Bangladesh” at its campus. In compliance with the government’s target, the BB designs its demand side strategies in support of that goal, according to the BB governor.
BGMEA polls likely to be deferred again
The biennial elections of Bangladesh Garment Manufacturers and Exporters Association for 2015-16 is likely to be delayed by three more months as the association has failed to update its voters’ list in time as per the directive of the commerce ministry. According to the BGMEA sources, the trade body, which is suppose to declare elections schedule by March for holding the polls in June, could not collect necessary information of 52 per cent of its members till Saturday.
The association recently sought further time extension from the ministry to complete the information collections and update the voters’ list.
Bangladesh, KSA to ink deal for workers recruitment
Bangladeshi Consul General Shahid Al-Karim said a large number of Bangladeshi workers are eager to begin employment in the Kingdom soon, but are waiting for the Kingdom to set an official date to start the recruitment process. Al-Karim said his country has the capability of providing large numbers of domestic workers to the Kingdom. “The Saudi market will determine the required number,” he said, reports the Arab News. He said Bangladeshi workers access job opportunities outside the country by registering with employment service offices or internationally accredited private recruiting agencies.
Reform of tax policies, admn seen vital to maximise revenue
Economists and businesses underscored Saturday the need for reforming both tax policies and tax administration to help boost mobilisation of internal resources. Taking part in a pre-budget dialogue, held at a city hotel, they were unanimous that the government instead of hiking the tax rates should broaden the tax net since there was enormous potential to do that. The participants also said the tax policies should be business friendly and, to this end, the tax authorities should consult with its main stakeholders.
Cotton consumption to soar on rising garment exports
The country’s cotton consumption will continue to rise given the optimistic forecast for apparel exports, Tapan Chowdhury, president of Bangladesh Textile Mills Association, said. The garment exporters are looking to hit the $50 billion-mark by the end of 2021, meaning more raw materials will be needed, Chowdhury told The Daily Star yesterday on the sidelines of the Global Cotton Summit. At present, Bangladesh is the second largest cotton importer after China, sourcing in the vital raw material from the US, India, Uzbekistan and a host of African countries.
Highway traffic grows as blockade loses steam
Transport services were getting back to normal as the prolonged blockade called by the Bangladesh Nationalist Party-led alliance seemed to be fizzling out.
Most of the trains were, however, running behind schedules for security precautions while ferry services remained unaffected by the blockade-hartal.
There has been little or no impact of the blockade-hartal on transport services in Dhaka city but fear of firebomb attacks is still causing disruption to inter-district bus services. Delayed train schedules are also causing suffering to passengers.
BBN/SSR/AD-22Mar15-10:08 am (BST)