Dhaka, Bangladesh (BBN)– The BBN (Bangladesh Business News) has prepared the morning news highlights compiling reports, published by different newspapers and news portals in Bangladesh.
MAKE A SUBSIDY POLICY
The government needs to formulate a national policy to stop doling out unnecessary subsidies, prevent leakages and make state interventions more targeted and efficient, a number of economists said yesterday. “Time has come to devise a national subsidy policy to regulate the spending and give emphasis to subsidies management,” said Debapriya Bhattacharya, distinguished fellow of the Centre for Policy Dialogue (CPD). Had there been a national policy, the country would have been able to decide when the prices of rice or oil have to be subsidised, he said.
US DISAPPOINTED AT IRREGULARITIES, OPPOSITION BOYCOTT IN POLLS: SHERMAN
A top US official has said the United States is disappointed at both election irregularities and opposition boycott in the middle of city corporation elections and laid importance on investigation into those irregularities for a better election next time. US Undersecretary of State for Political Affairs Wendy Sherman who arrived in Dhaka on Thursday to lead US-Bangladesh Partnership Dialogue also laid importance on additional work to be carried by the country on the issue of retaining GSP facility.
RENTAL POWER PLANTS TO HOLD BACK SUBSIDY CUTS
Quick rental plants will not allow the government to shed the burden of subsidy by much in the upcoming national budget, despite plummeting fuel prices in the international market.Finance ministry officials said the provisional estimate for power subsidy might stay at around Tk 8,500 crore in the new budget, out of a total subsidy worth Tk 24,500 crore. They said they have to keep a hefty amount of subsidy for the power sector, despite the state-owned Bangladesh Petroleum Corporation projecting profits at Tk 5,000 crore through sale of petroleum products during the new fiscal.
BARVIDA WANTS CUTTING IMPORT DUTY ON HYBRID CARS
Bangladesh Reconditioned Vehicles Importers and Dealers Association (Barvida) demanded the government reduce duty on the import of hybrid cars as they are “more eco-friendy than the traditional cars.” “Hybrid cars are fuel-efficient and eco-friendly, but the problem is the high price, which keeps consumers from buying them. High import duty is the reason of higher prices,” said Barvida president MA Hamid Sharif. The association made the demand at a pre-budget meeting yesterday with National Board of Revenue chairman Md Nojibur Rahman in the chair.
LPG MARKET HEATS UP
Seeing the bright prospects of the liquefied petroleum gas (LPG) market, entrepreneurs are increasingly expanding their capacities in preparation. The latest to join the competition is Omera Petroleum, a subsidiary of MJL Bangladesh, with its countrywide distribution channel and different product sizes. The company launched its LPG cylinders, which come in three different sizes of 5.5kg, 12kg and 35kg, in the local market on April 22.
VAT withdrawal on internet use, e-commerce sought
Information and communication technology industry leaders on Saturday demanded withdrawal of value-added tax on internet use, e-commerce transactions and other information technology-enabled services to help the sector grow fast. At a pre-budget discussion with the National Board of Revenue, Bangladesh Association of Software and Information Services, Bangladesh Computer Samity and Internet Service Providers Association Bangladesh jointly placed their recommendations for consideration in the next budget.
POLITICAL STABILITY TO ENSURE HIGHER GROWTH
International Chamber of Commerce-Bangladesh (ICCB) said Saturday continued robust remittances and recovery in private consumption demand will help propel the economic growth of Bangladesh, but political stability would be vital to ensure the sustainability. The ICCB in its executive board report made this observation quoting a World Bank report.
MONOWARA HAKIM ANNOUNCES PANEL FOR FBCCI ELECTION
FBCCI first vice president Monowara Hakim Ali has announced her panel to contest biennial election of the apex trade body. The 32-member panel “Swadhinata Bebshayee Parishad” will face the race due on May 23 for the term 2015-17. The panel picks half of the members from chambers and half from associations. Monowara Hakim Ali, who will vie for presidency, made the announcement at a press conference yesterday.