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.
Top clothing retailers to keep sourcing products despite attacks in Dhaka
The deadly terrorist attack in Dhaka would not deter global top clothing retailers giants including Target Corporation, JC Penney Company Inc, VF Corporation, Wal-Mart Stores and the Children’s Place from sourcing clothing products from Bangladesh. Alliance for Bangladesh Worker Safety – a platform for North American global retailer – working on safety improvement in Bangladesh in RMG industry came up with the remark at a media briefing yesterday.
Robi-Airtel merger fee set at Tk 100cr
The finance ministry yesterday finalised the fees for the much awaited Robi-Airtel merger at Tk 100 crore, while the charge for each megahertz of spectrum has been fixed at Tk 33.8 crore for the next four years. Airtel is currently using 15 MHz of 2G spectrum, and if Robi takes the entire spectrum, it will cost them Tk 507 crore in addition to the merger fee.
Corporate foreign borrowing falls
Foreign borrowing by private corporate bodies dropped drastically during the first half of this calendar year, as they turned back to cheaper domestic credits. The local firms obtained approval for taking US$396.95 million during January- June period of the current year. The endorsed debt amount was $1414.76 million (over 1.414 billion) during January-June 2015 period, according to Board of Investment (BoI) statistics.
Garment exports post over 10% growth in FY2016
Bangladesh garment industry has generated $28.09bn exports in the fiscal year 2015-16 with a 10.21% growth from the previous year, according to Export Promotion Bureau data. The growth has been attributed by exporters and analysts to political calmness during the year, increased productivity, entrepreneurs’ resilience and improvement of workers’ safety standards in factories.
Sonali hopes to bring PayPal service from August
Sonali Bank has signed a draft memorandum of understanding with US-based PayPal to receive inward remittance online. Sonali Bank acting managing director Dider Md Abdur Rob told New Age on Wednesday that his bank and PayPal would start transaction from the next month as the two organisations had already signed a draft MoU.
Bangladesh’s stocks down on profit booking
Bangladesh’s stocks slipped into the red on Wednesday, after remaining upbeat in the past two days, as risk averse investors booked quick profit ahead of corporate declaration. The market opened higher in the morning and the key index of the premier bourse advanced around 23 points within first hour of trading, but rest of the fell steadily as investors booked profits, eventually ended slightly lower.
Bank interest spread widens
Overall interest-rate spread in the country’s banking sector widened further in May as commercial banks cut interests on deposits deeper than that on lending. The weighted average spread between lending and deposit rates offered by the commercial banks rose to 4.90 per cent in May 2016 from 4.87 per cent in the previous month, according to the central bank’s latest statistics.
BASIC’s newly rescheduled loans already turning bad
As much as Tk 700 crore out of Tk 3,000 crore loans rescheduled by BASIC Bank between 2014 and May 2016 became bad loans again, according to the bank. Bad loans squeeze a bank’s investment capacity as the lender has to keep 100 percent provision against the loans as per the decision of the central bank.