Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

IMF raises growth forecast
After the World Bank and the ADB, the IMF has now upgraded this fiscal year’s outlook for Bangladesh’s economic growth to 6.8 percent from 6.5 percent as forecasted in April. The International Monetary Fund’s latest forecast, which came in the World Economic Outlook publication released yesterday, is closer to the government target of 7 percent.

Coordinated efforts, legal framework reform must to curb illicit fund flows
Two official committees have suggested reforms of the legal framework and coordinated efforts on the part of all relevant agencies to help stop illicit fund flows. They, however, found the assigned job a challenging one. The observation was made at national money laundering (ML) and terrorist financing (TF) risk assessment, general known as NRA report for 2014-15, prepared jointly by a core committee and a working committee.

Ex-BASIC chair abused good relations with PMO
Former BASIC Bank Chairman Sheikh Abdul Hye Bacchu would claim that he had “a good relation” with the Prime Minister’s Office to establish his influence in the bank, said BASIC Bank officials. According to an intelligence report, he also had good relations with influential Jatiya Party leaders and now has “excellent relations” with the party chairman HM Ershad who is currently PM’s special envoy.

Bangladesh’s stocks end lower
Bangladesh’s stocks ended lower on Wednesday to continue last day’s flat movement as investors went on selling spree following weak export data. Bangladesh’s export earnings in the first quarter of the current fiscal year posted 0.83 per cent growth, the lowest in last five years, due to slow performance of the largest RMG sector.

Q1 export earnings from China plunge on yuan devaluation 

Export earnings from China suffered a drastic fall of 21.96 per cent in the first quarter of the current fiscal year after years of impressive growth due to devaluation of the yuan amid economic woes in the world second largest economy. According to the Export Promotion Bureau data released on Tuesday, Bangladesh’s export earnings dropped to $155.85 million in the July-September period of the FY 2015-2016 from that of $199.71 million in the same period of the last fiscal year.

World’s first ‘Golden Rice’ ready for trial
Bangladeshi rice scientists are all set to conduct field tests of the world’s first vitamin A-enriched rice, popularly known as Golden Rice, before taking the variety to production phase. The success in vitamin A-rich rice comes in quick succession of the world’s first three zinc-rich rice varieties that Bangladesh released over the last couple of years.

Govt, IFC to discuss terms soon
The government will sit with the International Finance Corporation (IFC) soon for finalising the terms and conditions relating to the ‘Taka Bond’ worth US$1.0 billion in the global market, officials said Wednesday. The Ministry of Finance (MoF) early this week approved the IFC’s proposal on issuance of the Bangladesh’s first bond in the international market aimed at mobilising money for helping the local investors.

Atiur chaired Commonwealth Central Bank Governors’ Meeting
Bangladesh Bank (BB) Governor Dr. Atiur Rahman chaired ‘Commonwealth Central Bank Governors’ Meeting’ on ‘Impact of de-risking/ de-banking on financial inclusion and remittances’ held in Lima on October 6. BB Governor Dr. Rahman thanked the Commonwealth Secretariat for offering him to chair the meeting on the adverse impacts of recent trends in some remittance source countries of de-banking many low cost Money Services Business (MSBs) channeling remittances of low wage foreign workers to their families in low income home countries, according to a massage, received from the capital of Peru on Wednesday morning.

Banking Fair to be held on November 24
A five-day Banking Fair will be held for the first time in the country on November 24. Bangladesh Bank made the announcement at a press conference held yesterday at its headquarters. The new concept – Banking Fair Bangladesh 2015 – is an initiative of Bangladesh Bank. The fair will provide a platform for participating banks to come closer to the customers with their products.

BBN/SSR/AD