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.

Jobs scarce despite higher economic growth: CPD
Bangladesh has failed to create adequate jobs despite higher economic growth in recent years, the Centre for Policy Dialogue said yesterday. The independent think-tank said the economy is estimated to register 7 percent growth in the outgoing fiscal year, largely supported by the pay hike of public employees, after maintaining more than 6 percent growth in the past decade.

Corporate tax target at risk as banks’ profit declines
Lower growth in operating profit of major corporate taxpayers has put the revenue authorities in the soup as far as attaining its tax collection target for the current fiscal year (FY) is concerned. The Large Taxpayers Unit of the revenue board’s income tax wing has found that the operating profit of top tax-paying banks posted a slow growth in the calendar year 2015. It will leave an adverse impact on the corporate tax collection.

Bangladesh probes 2013 hack for links to central bank heist
Bangladesh police are reviewing a nearly forgotten 2013 cyber heist at the nation’s largest commercial bank for connections to February’s $81 million heist at the country’s central bank, a senior law enforcement official said on Wednesday. The unsolved theft of $250,000 at Sonali Bank involved fraudulent transfer requests
sent over the SWIFT international payments network.

Bapex, Santos to sign joint offshore drilling deal
Country’s lone state-run oil and gas exploration company Bapex is finally going to enter a joint venture agreement with Australian firm Santos to carry out offshore drilling in Magnama structure in the Bay of Bengal. After a series of negotiations, Bangladesh Petroleum Exploration and Production Company Ltd (Bapex) has agreed to sign a deal with Santos for drilling an exploration well at the cost of $28.85 million.

Bangladesh’s stocks end lower amid thin participation
Bangladesh’s stocks ended lower on Wednesday, after remaining flat in the past two consecutive sessions, as investors were mostly in selling mood ahead of national budget Bangladesh’s national budget for the fiscal year (FY) 2016-2017 is set to unveil June 2 next.

A holdup in new VAT law
The government may put the new VAT law on hold for another year in the face of opposition by business leaders. The new development runs counter to Finance Minister AMA Muhith’s commitment to the International Monetary Fund that the law would be enforced from July.

Govt repays Tk 9,350cr bank loans in 11 months
The government made a huge net repayment to the banking sources against loans in 10 months and 17 days of this financial year because of a surge in the net investment by clients in the national savings certificates and bonds. According to the Bangladesh Bank data released on Wednesday, the government made no net borrowing from the banking sources in the July 1-May 17 period of the FY 2015-16 but made a net repayment of Tk 9,349.87 crore in the period.

Hackers behind $81m cyber heist from Bangladesh bank will never be caught
Three months after an $81million (£55million) cyber heist much of the money has not been recovered and a source has told the Mail Online the ‘masterminds’ will never be found because they are ‘untraceable’. Between February 5 and 10 someone tried to pull off 35 bank transfers, totalling $951million (£651million) from the Bangladesh National Bank’s account at the US Federal Reserve, reports the Daily Mail.

BBN/SSR/AD