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.
PMO finds barriers to MPS implementation
Prime Minister’s Office has identified structural barriers in implementation of the monetary policy statement. Those structural barriers includes the government’s limitation of capacity to spend and slow investment in the private sector. Moshiur Rahman, Economic Affairs Adviser to Prime Minister, made an analysis of the January-July monetary policy statement finding the barriers. The analysis recommended the government agencies look into the structural barriers. The analysis also alleged US dollars were being smuggled out of the country.
Inflation likely to go up in coming months
A premier chamber forecasts a further spike in inflation spurred by the global market upturn while the official statistical agency already showed higher January rates. The Metropolitan Chamber of Commerce and Industry (MCCI) made the prediction in view of rises in both food-and non-food commodity prices on the international market, in a turnaround from a prolonged slump. However, the trade body didn't mention how long the upturn could last.
China defence industry firm buying Chevron B’desh assets
China’s state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the US oil major’s natural gas fields in Bangladesh that are worth about $2 billion, two Beijing-based Chinese oil executives said. Zhenhua is a subsidiary of China’s defence industry conglomerate NORINCO. A completed deal would mark China’s first major energy investment in the South Asian country, where Beijing is competing with New Delhi and Tokyo for influence. Bangladesh, though, holds the right of first refusal on the assets and could block the transaction. The country, via its national oil company Petrobangla, is keen to buy the gas fields and is talking to international banks to raise financing, according to a banking source familiar with the process.
IDLC's net profits soar 22pc in 2016
IDLC Finance's net profits soared 22 percent year-on-year to Tk 178 crore in 2016 on the back of its strong business from small and medium enterprises and corporate division. “All our business divisions -- SME to consumer, corporate, deposits and capital market subsidiaries -- delivered a very strong performance throughout the year,” said Arif Khan, chief executive officer and managing director of IDLC Finance, yesterday.
Co-ops willing to disburse farm, SME loans
Cooperative societies opt for disabusing farm and SME loans by partnering banks in a latest development in lending to these thrust sectors. Officials said the Department of Cooperatives (DoC) placed a proposal in this regard for approval at a coordination meeting of major watchdog bodies Wednesday.
Bangladesh’s stocks end higher for 2nd day
Bangladesh’s stocks extended their gaining streak for the second day in a row on Wednesday as optimistic investors continued their buying spree on large-cap stocks. Analysts said the market kept the upward trend amid increased participation from investors as enthusiastic remained active in the market. The market started with a positive note and the upbeat trend sustained till end of the session with no sign of reversal, ultimately ended nearly 21 points higher.
ACC sues four bankers for swindling
The Anti Corruption Commission on Wednesday filed a case against five people, including four bank officials, for allegedly swindling out about Tk 126 crore from Sonali Bank. The commission deputy assistant director Md Mosharraf Hossain filed the case against them with Khan Jahan Ali police station in Khulna, the commission spokesman Pranab Kumar Bhattachariya said. The case was filed against chairman of Sonali Jute Mills Limited SM Emdadul Hossain, general manager of Sonali Bank (head office) Nepal Chandra Saha, senior principal officer of Sonali Bank’s Khulna Corporate branch Sheikh Taiubur Rahman, assistant officer of the branch Kazi Habibur Rahman and former deputy general manager Samir Kumar Debnath.
Robi yet to comply with all merger conditions
The Bangladesh Telecommunication Regulatory Commission is in the dark about the status of Robi's merger, as the operator has not fulfilled all the conditions placed by the regulatory body for the union. Robi and Airtel had announced the completion of their merger on September 16 last year after the Office of the Registrar of Joint Stock Companies and Firms gave it the go-ahead. Accordingly, Robi started merging its networks with Airtel, and in a few regions, such as Chittagong and Sylhet, the process has already been completed.
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