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.
Remittance inflows hit record, but decline from top countries raises concern
While a sharp rise in inbound remittance is a relief for Bangladesh’s economy amid the Covid-19 pandemic, the decline in remittance inflow from some countries is also a big concern for the country. In the fiscal year 2019-20, the country’s remittance inflow hit a new record of $18.20 billion, up by 10.87% compared to FY 2018-19. On the other hand, in July, Bangladesh received $2.60 billion in remittance from expatriates, up by 62.74% compared to $1.59 billion in the same period last year.
ADP Implementation in 6 Yrs: Health ministry fares badly
Calls pour in to increase budget for the health sector but the health ministry, despite being a top recipient of the government’s development expenditure, could not even reach the national average of ADP implementation rate in the last six years. As a result, the allocation to the sector go down in the revised Annual Development Programme (ADP) every year. Still, the ministry fails to meet its expenditure target.
BSEC cracks down on faking financials
The securities regulator has stepped up its effort to combat the practice of submitting IPO (initial public offering) proposals with doctored financial statements. As part of the campaign, the Bangladesh Securities and Exchange Commission (BSEC) has rejected the IPOs of eight companies since June last. The rejection of IPOs came following the detection of inconsistencies in their financial results.
Firms show poor business confidence in July-Sept
Bangladeshi firms are perceived to have poor business confidence in the July-September 2020 period though the level of confidence is projected to have increased for the period compared with that in the initial months of the coronavirus outbreak in the country, according to a survey report released on Saturday.
Stocks extend rally to 7th week riding on insurance scrips
Dhaka stocks advanced in the past week, extending the gaining streak to the seventh consecutive week as investors continued buying shares, especially those of insurance companies amid their growing confidence in the market. DSEX, the key index of the Dhaka Stock Exchange, gained 3.57 per cent, or 150.4 points, to close at 4,364.83 points on August 6, the last trading session of the week.
Banks fully capable of executing stimulus packages
The banking sector is fully capable of implementing the government-declared financial stimulus packages despite its own pre-Covid-19 challenges, a top leader of the banking community has said. “Banking sector is aligned and involved from the beginning of the government’s effort to restart the economy from COVID-19 fallout,” Ali Reza Iftekhar, chairman of the Association of Bankers, Bangladesh (ABB), told the FE in an exclusive interview recently.
Govt taking Tk3,461cr from Chattogram port’s surplus fund
The government is taking Tk3,461 crore from the surplus fund of Chattogram port. Of this, the Chattogram Port Authority (CPA) will soon provide Tk3,000 crore to the finance ministry and the remaining Tk471 crore to the Payra Port.
Govt has come up with a solution to the hurdle to higher leather exports
The government will allow construction of effluent treatment plants (ETPs) by individual tanneries inside the Savar Tannery Industrial Estate (STIE) in a bid to expedite the process of obtaining much-needed certification from the Leather Working Group (LWG) to boost export of leather goods. Exporters now face delays in getting LWG certificates as Bangladesh Small and Cottage Industries Corporation (BSCIC), the authority of the estate, could not complete construction of a central ETP at the site despite taking a project in 2012.