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.
Bangladesh in Doing Business Index: Two notches up but still behind neighbours
Bangladesh has gone up two places in the World Bank’s ranking of ease of doing business. However, the country still ranks 176 among 190 economies in the study owing largely to minute improvements in the parameters of resolving insolvency and registering property. In the eight countries of South Asia, Bangladesh is only ahead of Afghanistan that ranked 183 in the “Doing Business 2017: Equal Opportunity for All” report released on Tuesday. Bhutan was the best in the region at 73, followed by Nepal, 107, Sri Lanka, 110, India, 130, the Maldives, 135, and Pakistan, 144.
Central bank warns NBFIs against irregularities
The central bank warned the non-banking financial institutions (NBFIs) against irregularities over lending and concealing information in reporting their financial affairs. Officials said the fresh warning came at a meeting of the chief executive officers (CEOs) and managing directors (MDs) of NBFIs with Bangladesh Bank (BB) Governor Fazle Kabir in the central bank headquarters in Dhaka Wednesday.
World Bank sees oil prices to raise $55 per barrel in 2017
The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel as members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to limit production after a long period of unrestrained output. Energy prices, which include oil, natural gas and coal, are projected to jump almost 25 per cent overall next year, a larger increase than anticipated in July. The revised forecast appears in the World Bank’s latest Commodity Markets Outlook. Oil prices are expected to average $43 per barrel in 2016, unchanged from the July report.
Govt fixes purchase limit for state-run companies
The government on Wednesday fixed thresholds for purchasing of goods and services by the state-run companies in power and telecom sectors to ensure transparency in public procurements. Officials said a cabinet committee on economic affairs approved a proposal by Implementation Monitoring and Evaluation Division to fix the thresholds during a meeting chaired by finance minister AMA Mihuth at the secretariat.
Bangladesh’s stocks end lower
Bangladesh’s stocks ended lower on Wednesday, after remaining flat in the past three days, as risk-averse investors went on selling spree. Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) closed lower. The market started with steep fall and the key index of the major bourse plunged around 30 points within first hour of trading, but rest of the session recovered some points, ultimately ended 23.66 points.
Banks should focus on ethical behavior
Financial institutions should build a culture that insists on ethical behaviour and putting societal welfare ahead of short-term profits, said a former central banker from India. “If an institution targets societal welfare, profits automatically roll in,” said Duvvuri Subbarao, a former governor of the Reserve Bank of India.
Atiur sees huge financing opportunities for SDGs
There are huge opportunities of financing SDGs if the central banks could play innovative broader developmental role as has been possible in Bangladesh, Atiur Rahman, former Governor of Bangladesh Bank (BB), said in Dubai on Wednesday. Dr. Rahman was speaking at a Luncheon Meeting of the CEOs (chief executive officers) organized by UNEP Finance Initiative where UNEP Executive Director Erik Solheim was also present, according to a message received in the capital Dhaka from Dubai.
Bangladesh Bank gives in to influence
The central bank approves loan restructuring proposal from Virgo Pharmaceuticals. Backtracking on its earlier stance Bangladesh Bank has given consent to a loan-freezing proposal by Virgo Pharmaceuticals, an influential borrower of Rupali Bank. As per the proposal, Virgo Pharmaceuticals sought an eight-year suspension on the repayment of its loan of Tk300 crore.