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.
LNG to come from Oman too
As part of its efforts to address gas crisis in the country, the government is going to import liquefied natural gas (LNG) from Oman. Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) will sign a 10-year contract with Oman Trading International (OTI) for bringing the gas under a government-to-government arrangement.
Cabinet body okays pricing formula
The cabinet committee on national purchases at a meeting on Wednesday approved the pricing formula paving the way for importing liquefied natural gas from Oman Trading International through the government to government purchase. According to Power Division officials, imports of 1,000 cubic feet LNG would be charged at the rate of 11.9 per cent of Brent crude oil price in addition to $0.40 by the exporter.
Acute liquidity crisis catalyzed shakeup at Islami Bank
The biggest private bank in the country, Islami Bank Bangladesh Limited (IBBL), which once had over Tk80,000 crore in deposits, is in the midst of a liquidity crisis and the sudden departure of its chairman Arastoo Khan has drawn further attention to the bank’s woes. According to sources at IBBL, the liquidity crisis was induced by a mix of aggressive lending and a decline in deposits last year.
BB asks BIAC, ABB to draft guideline on NPL recovery
Bangladesh Bank (BB) has recently moved to formulate a guideline for realisation of non-performing loans (NPLs) in the banking sector and make amendment to relevant laws. During a recent tripartite meeting held at its head-office, the central bank has asked Bangladesh International Arbitration Centre (BIAC) and Association of Bankers Bangladesh (ABB) to draft the guideline.
Reverse auction for buy-back starts in Bangladesh
Reverse auction for buy-back of the government securities started on Wednesday without accepting any bids, officials said. Only three primary dealer (PD) banks took part in the first reverse auction held at the central bank headquarters in Dhaka with submitting their bids worth around BDT 80 billion but no bids were accepted.
Wilmar-Adani to invest $350m in Mirsarai economic zone
Singapore-based Wilmar and India's Adani Group plan to invest $350 million in Bangladesh to establish an industrial park in the Mirsarai economic zone under a joint venture that will produce agro-based foods and allied products. Pua Seck Guan, chief operating officer of Wilmar International, a leading agribusiness group in Asia, sought a 50-acre land at Mirsarai in Chittagong so as to make the investment during Prime Minister Sheikh Hasina's visit to Singapore in March this year.
LTU fetches most taxes from PCBs
Private Commercial Banks (PCBs) together contributed the most part of the corporate tax, collected by Large Taxpayers Unit (LTU) until March of the current fiscal year (FY), 2017-18. Six PCBs were among the top-ten income taxpayers during the first three quarters of FY '18.
Bangladesh’s stocks return to higher at closing
Bangladesh’s stocks returned to higher on Wednesday, after a single-session break, as optimistic investors went on late hours buying spree on sector-wise large-cap stocks. Following the previous day’s mild correction, the Dhaka Stock Exchange (DSE) saw positive trend while the Chittagong Stock Exchange (CSE) saw negative trend in early trading sluggish trading activities.
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