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.
Call money rate falls to record low amid tepid demand
The call money rate has plummeted to a record low, indicating the market is flush with liquidity with hardly any demand for credit. Data shows the weighted average call money rate was 8.16 percent in 1997, which came down to 7.37 percent in 2007. The rate fell to 3.5 percent in July this year.
BB, NY Fed, SWIFT vow to recover $81m from Philippines
The Federal Reserve Bank of New York (NY Fed), Bangladesh Bank (BB) and SWIFT have recommitted to work together to recover the entire stolen $81 million from the Philippines. The three parties have also decided to continue discussions about the cyber fraud event that occurred in early February this year. These decisions were taken at a tripartite meeting, held in New York on Tuesday, according to the BB officials and a joint statement, issued by NY Fed. The meeting was scheduled to be concluded on Wednesday.
TERROR FINANCING: Country at risk of falling in gray list again
A multilateral agency has rated that Bangladesh’s efforts to check money laundering and terror financing were not up to the mark, which might put the country in the negative list once again, officials said.The Financial Action Taskforce in its draft report said Bangladesh scored poorly in four categories, moderately in six categories and substantially well only in one category of legal and institutional capacity.
APG meet to be updated about anti-terrorism measures
The government will inform the Asia Pacific Group on Money Laundering about anti-terrorism steps taken so far at the next meeting due on September 5-8 in Washington. A meeting of National Coordination Committee on Anti-Money Laundering yesterday decided to update the anti-terrorism steps to the APG, said Bank and Financial Institutions Division sources.
Bangladesh’s stocks inch higher with high turnover
Bangladesh’s stocks closed marginally higher on Wednesday for the three consecutive sessions with improving turnover as enthusiastic investors were active on sector specific stocks. The market started with an upward trend and the key index of the Dhaka Stock Exchange (DSE) crossed the 4,600-mark within first hour of trading, but could not sustain that level as some investors booked quick-profit, ultimately closed marginally higher.
Railway master plan up for fault repair
The 20-year railway master plan is up for fault repairs within three years of its adoption, sources said. They said the Ministry of Railway (MoR) moved for reviewing its master plan, taken up for implementation in 2013, as the Bangladesh Railway (BR) could not make noteworthy headway in implementing projects in the absence of proper guidelines particularly for selecting priority projects.
Creditors move to collect dues from Citycell
The first hearing of a winding up petition filed by China Development Bank to realise its dues of $36.63 million from Citycell was held yesterday, amid a government move to cancel the licence of the mobile operator. Winding up is the process of selling all the assets of a business, paying off creditors, distributing any remaining assets to the partners or shareholders and then dissolving the business.
Draft law looks to expand trans-border power trade
The proposed law for the country’s power sector enables the public sector, as well as private sector companies, to import and export electricity through trans-border gridlines. On authorisation from the government, any organisation in the power sector will be able to import or export electricity using the country’s transmission system, according to the draft of the Electricity Bill 2016. The draft bill is now set to be placed before the parliament to replace the current law, which was enacted by the then British colonial government in 1910.