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.
Xi’s trips to Bangladesh, Cambodia to push Belt and Road Initiative
Chinese President Xi Jinping will pay state visits to Bangladesh and Cambodia on Thursday-Saturday in a bid to push forward cooperation within the framework of China’s Belt and Road Initiative.His trips represent China’s latest effort to seek common development and growth under the initiative. They also reaffirm China’s commitment to its neighborhood diplomacy featuring amity, sincerity, mutual benefit and inclusiveness, reports Xinhua. Xi’s state visits to Cambodia and Bangladesh will serve to deepen strategic cooperation and step up regional connectivity under the initiative.
Dhaka likely to join Silk Road initiative
Bangladesh could join the Silk Road initiative of China as both the countries are likely to sign a deal in this regard during the upcoming visit of Chinese President Xi Jinping to Dhaka, officials said Tuesday. Officials said Dhaka and Beijing are likely to sign 10 deals including the Silk Road initiative during the two-day visit of Mr Xi from October 14 to October 15.
Apparel factories grind to a halt for gas crisis
Production at hundreds of textile and garment factories in Konabari and Gazipur industrial areas has been hampered for the last one week due to the suspension of gas transmission for a leak in the pipeline at Elenga in Tangail district. Exporters said they will face difficulties to ship their products in time and might have to resort to expensive air shipments to meet the deadline.
FCA fines Bangladesh’s Sonali Bank
The UK operations of Bangladesh’s biggest bank, Sonali Bank, have been banned from accepting deposits from any new customers for 24 weeks. The Financial Conduct Authority (FCA) said the bank had failed to put anti-money laundering controls in place, reports BBC. The state-owned commercial bank has been fined £3.3 million and its top anti-money laundering official, Steven Smith, has been banned from any similar job in banking. But its main business, remitting cash to people in Bangladesh, is unaffected.
BB to create data warehouse on mortgaged assets
Bangladesh Bank has taken an initiative to create a dedicated data warehouse to keep information of the mortgaged assets against the disbursed loans of the scheduled banks to stop fraudulent activities. A BB official told New Age on Monday that the central bank inspection teams unearthed that a large number of clients had taken loans from different scheduled banks by mortgaging the same assets violating the rules and regulations.
BIDA seeks govt help in equity fund for new entrepreneurs
Bangladesh Investment Development Authority (BIDA) has urged Finance Division to provide assistance in its initiative of forming an equity fund for the country’s new entrepreneurs. BIDA Chairman Md Aminul Islam recently sent a letter to Finance Minister AMA Muhith requesting for the help. In the letter, the chairman said: “This fiscal year BIDA has allocated Tk10 crore for the emerging entrepreneurs’ fund.”
Bangladesh’s stocks finish lower for second day
Bangladesh’s stocks finished modestly lower for the second consecutive days on Monday with falling turnover as risk-averse investors continued to book profit. After witnessing volatility in the opening hour, the market fell steadily rest of the session as investors booked some profit on stocks that saw significant gain in the earlier sessions, closing the market slightly lower.
No new gas connection to captive power plants
The government has decided afresh not to give new piped gas connections to captive power plants and suspended their load transfers for the fuel crunch, said officials. State-owned Petrobangla has already asked all of its subsidiary gas-marketing and-distribution companies to suspend new gas connections to these power plants.