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.
Court clears way for Robi-Airtel merger
The High Court yesterday gave the green light to the much-awaited merger between Robi and Airtel, paving the way for the formation of the country’s second largest mobile operator. The proposed merger is expected to be complete by the fourth quarter this year, Robi said in a statement. Bangladesh Telecommunication Regulatory Commission’s lawyer Khandaker Reza-E-Raquib said Robi will receive a certified copy of the order one week after the Eid holidays and it will have to apply to the Registrar of Joint Stock Companies and Firms within a month.
Citycell shutdown: Nine banks, three FIs in trouble
Nine banks and three financial institutions are in deep trouble as shutdown of financially strapped Citycell, the country’s oldest mobile phone operator, hangs in the balance, said sources in the central bank According to the Bangladesh Bank, Citycell has taken Tk1,500 crore loan from different commercial banks and financial institutions. Of the amount, some banks and financial institutions are the guarantors of Tk1,200 crore.
Bangladesh’s forex reserve crosses $31bn-mark
Bangladesh’s foreign exchange (forex) reserve crossed the US$31 billion-mark for the first time on Wednesday following higher export earnings and lower import payment pressures on the economy, officials said. The forex reserve reached at $31. 16 billion on the day, setting a new record, from $30.98 billion of the previous working day. It was $30.001 billion on June 27 last.
Ticfa meet in Dhaka in early November
Dhaka and Washington are set to hold a bilateral meeting in the capital in early November to boost bilateral trade and investment under the Trade and Investment Cooperation Framework Agreement the two countries inked nearly three years back. Duty-free and quota-free access of Bangladeshi products to the US market and restoration of generalised system of preferences, revoked in July 2013 on the grounds of poor labour rights and substandard factory conditions, will be the major priorities from Bangladesh side at the meeting.
Bangladesh’s stocks inch up after eight days
Bangladesh’s stocks witnessed a marginal gain on Wednesday, breaking eight days losing spell, as some investors went on late hour buying spree amid countrywide shutdown enforced by Jamaat-e-Islami. Market insiders said through the market managed to close in green zone, turnover fell drastically as most of the investors remained followed cautious stance ahead of Eid festival. Only six trading are left Eid-ul-Azha vacation.
Defaulted SME loans rise by Tk 3,437cr in H1
The amount of defaulted loans in the small and medium enterprise sector in the January-June period of this year increased by Tk 3,437.25 crore due to a dull business situation and a lack of effective loan recovery measures by scheduled banks and non-bank financial institutions. According to the latest Bangladesh Bank data, the defaulted SME loans stood at Tk 22,361.35 crore as of June 30, 2016 — 18.16-per cent higher from Tk 18,924.10 crore as of December 31, 2015.
11-digit BIN holders require new reg
All who hold the existing 11-digit business identification numbers (BIN) have to obtain new registration before next July to fit in the new VAT and Supplementary Duty Act 2012 provisions. The existing BIN will not work after introduction of the new law so businesses will have to obtain fresh BIN online by replacing the existing one.
Bangladesh Bank intensifies US$ purchase from banks
The central bank has intensified further the buying of US dollar from banks to keep the inter-bank foreign exchange market stable ahead of the Eid-ul-Azha, officials said. Under the latest move, the Bangladesh Bank (BB) bought US$145 million from three commercial banks on Wednesday directly to protect the interests of exporters and migrant workers by keeping the exchange rate of local currency against the greenback stable.