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.
Banks invest paltry Tk 264cr in stocks in six months
Banks’ investments in the country’s capital market from the special funds have remained low after six months of the policy introduction by the Bangladesh Bank as they have invested around Tk 264 crore in the period in the market. Although the central bank initially expected that the banks would grab the facility and would give some momentum to the country’s capital market that suffered heavily for more than one year before the recent surge, the response of the banks was not that satisfactory, a BB official said.
Little progress in recovering the Tk 18,253cr lost in financial scams in recent years
The financial regulators and the government organisations are still struggling to resolve the much-talked five financial scams in the country as the embezzled fund worth Tk 18,253 crore are yet to be recovered. High officials of three banks and two multilevel marketing (MLM) companies — Sonali, BASIC, Farmers, Destiny and Jubok — were involved with the corruption.
NBR circular next month
People having undisclosed cash are expected to get the chance to legalise their money in three methods while filing return during the current fiscal year. The taxmen may allow the relevant taxpayers to show their undisclosed amount as ‘cash in hand,’ ‘cash at bank’ and ‘cash as working capital’ and legalise the same by paying tax at a flat rate of 10 per cent.
Govt. starts FY ’21 with higher bank borrowing
The Bangladesh government started the new fiscal year with higher bank borrowing as July loans figure almost doubled following lower revenue collection. The government’s such borrowing reached BDT 130.87 billion in the first month of FY 2020-21 through issuance of treasury bills (T-bills) and bonds against BDT 70.50 billion pre-auction target, set by the Ministry of Finance earlier to partly meet budget deficit.
Weekly review: Core index adds 742 points in eight weeks
Bangladesh’s stocks witnessed yet another strong bullish week that ended on Thursday, extending the winning streak for the eight consecutive weeks. The enthusiastic investors put fresh stakes on large-cap stocks throughout the week amid growing confidence in the market riding on regulatory moves to restore discipline in the country’s capital market.
ACI wants to vroom its Yamaha bikes with Tk126cr Dutch investment
ACI Motors thought its Yahama motorcycle plant capable of producing 60,000 bikes a year will be sufficient until four years from now. But an unprecedented sales growth opened up new opportunities as the company Thursday announced that the Dutch government’s private-sector investment institution, FMO, in partnership with Singapore-based SDI Pte Ltd, will invest Tk126 crore in ACI Motors Ltd.
Project underway to help employ urban youths, migrant returnees
The World Bank (WB) is set to provide $150-million to create employment opportunities for low-income urban youths and migrant returnees and raise their productivity level, officials at the Economic Relations Division (ERD) said on Saturday. Both the groups are hard-hit by the ongoing COVID-19 pandemic.
Global RMG buyers shift corona-induced financial burden onto suppliers: study
Global apparel buyers adopted a strategy of offloading their COVID-19-induced financial troubles onto suppliers by placing small volumes of orders and asking for lower prices from previous orders, according to a recent global report.