Dhaka, Bangladesh (BBN)– The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Cotton consumption to rise on higher demand
Cotton consumption in Bangladesh is set to increase 2.73 percent year-on-year to 5.65 million bales in fiscal 2015-16 on the back of higher demand from garment manufacturers, a US agency said in a report last week. Import of cotton will also increase to 5.55 million bales (480 pounds make a bale) in the current fiscal year from 5.40 million bales a year earlier, according to the United States Department of Agriculture.
Default margin loans weigh heavily on stock market
A good number of merchant banks and brokerage firms are yet to come out of the woods due to gross mismatch between the funds they had lent as margin loans and the value of the stocks they have under their possession as collateral. The volume of outstanding margin loans advanced by merchant banks and brokerage firms on the stock market has snowballed to Tk 225.29 billion, inclusive of interest.
Bangladesh’s stocks inch up for 2nd day
Bangladesh’s stocks inched up for the second running sessions on Wednesday amid volatile trading as investors remained active on lucrative stocks. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 7.70 points or 0.41 per cent to end at 4,816.35, after witnessing volatility almost throughout the trading session. The DS30 index, comprising blue chips, gained 7.49 points or 0.41 percent to settle at 1,849.35. The DSE Shariah Index (DSES) advanced 3.97 points or 0.33 per cent to close at 1,188.30.
BB finds City Bank role in foreign loan misuse
Bangladesh Bank has detected that The City Bank Ltd failed to check misuse of foreign loans taken by two of its clients — Messrs Blue Ocean Footwear Ltd, a concern of Apex Investment Ltd, and Israq Textile Mills Ltd — in violation of the loan conditions. A BB inspection team recently unearthed that the loans approved by the Board of Investment were misused by the entities, in some instances with the assistance of the bank, between 2013 and 2014. The central bank issued a show-cause notice to The City Bank on August 13 asking it to explain why it (BB) would not impose financial penalty on the bank.
Banks get access to national ID database
Commercial banks are now getting access to the national identity database, which bankers said would help them check authenticity of clients’ information and reduce forgeries. The Election Commission yesterday signed an agreement with Dutch-Bangla Bank and Brac Bank, allowing the two to enjoy national identity (NID) verification services.
Overall activities of EDF to be automated
The central bank is set to make the overall activities of its export development fund (EDF) online shortly to facilitate the country’s exporters for boosting their business activities, officials said. Forex Reserve and Treasury Management Department of the Bangladesh Bank (BB) has already installed software to provide services like receiving application and sending payment advice promptly to the exporters through their banks concerned.
Dhaka ranked 2nd worst city to live in the world
Dhaka, the capital of Bangladesh, has been ranked as the second least liveable city in the world. Damascus remains the least liveable city, with Syria embroiled in a bloody civil war, behind Dhaka, according to the Economist Intelligence Unit’s (EIU) Global Livability Index. Dhaka scored 38.7 out of 100 considering the challenges to living standards, enjoy a good infrastructure, healthcare system and a low murder rate.
Unlawful mobile banking gains popularity
Instead of opening own account, using of others’ mobile bank account that is strictly prohibited by Bangladesh Bank, gains popularity, reveals a recent analysis. Analysis of the data shows that around 8% households are using own account while 25.40% households are using others’ account to operate their financial transaction through mobile banking in the year 2014. In case of individual level, around 3% have their own mobile banking account while 12.6% using other’s account during the same year.