Dhaka, Bangladesh (BBN)- The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Businesses to seek incentives to recoup unrest losses
Struck by the debilitating political limbo, business-people will now seek deferred payment facility of up to five years from the government for their industrial term loans to tide them over. A deferred payment is a loan arrangement in which the borrower is allowed to make payments at a specified time in future. “We are going to demand deferred loan payment so that our CIB (Credit Information Bureau) record remains good,” said Abdus Salam Murshedy, head of the committee formed by the business community to assess the financial loss for the blockade and shutdowns.
BB sets 3-month deadline for FCBs to appoint local CEOs
The central bank has asked the foreign commercial banks (FCBs) not to keep vacant the posts of their local chief executive officers (CEOs) for more than consecutive three months, officials said. The Bangladesh Bank (BB) issued a circular in this connection Wednesday and asked the CEOs of all scheduled banks to comply with the relevant section of the Banking Companies Act, 1991 properly.
Bangladesh Bank purchases $47m more from four banks
The central bank of Bangladesh purchased US$47 million more from four commercial banks on Wednesday to help keep the inter-bank foreign exchange (forex) market stable, officials said. The banks are Ismali Bank Bangladesh Limited (IBBL), Janata Bank Limited, IFIC Bank Limited and Public Bank Limited.
Most banks earn robust net profits due to relaxed loan rescheduling
The majority of the scheduled banks earned robust net profits in last year due to low rate of interest on deposit against high rate on lending in most of the time of 2014 but BASIC Bank incurred huge loss due to financial corruptions in the state-owned bank. Senior officials of the banks said the banks last year rescheduled huge amount of defaulted loans that played a role in increasing their net profits. According to the latest Bangladesh Bank data, Islami Bank Bangladesh posted Tk 513 crore in net profit in 2014 while its profit was Tk 470 crore in 2013.
EU, BD to ink deal on large grant today
The European Union (EU) will make available Euro 690 million (US$783 million) in the form of grant to Bangladesh over a period of next seven years to help the latter improve its democratic governance, human rights and food security situations and create a large pool of skilled manpower, officials said Wednesday.
Oil price fall: a boon for economy
The country can save up to $2 billion a year, thanks to the sliding oil prices in the global market, LankaBangla said in a recent research. In 2014, the oil prices plunged 44 percent to $60.55 a barrel and the trend continued into 2015. Oil prices yesterday stood at $ 58.91 a barrel. Since oil accounts for the largest share in the import basket (11 percent), the savings will be quite significant, which will go on to improve the trade balance -- currently in the negative, the stockbroker said in the report titled Bangladesh Investment Guide 2015.
Bangladesh’s stocks see sharp decline
Bangladesh’s stocks saw sharp decline on Wednesday as investors went for panic sell-off amid no improvement in political turmoil. DSEX, the prime index of the Dhaka Stock Exchange (DSE), came down below the 4,800-mark once again and ended at 4,742.22 points, shedding 58.92 points or 1.22 percent.
The two other indices also saw steep decline.
NBR to ask secys to ensure income tax deduction at source
The National Board of Revenue has identified four major problems in collecting income tax deducted at source by the government and private organisations, officials said. They said that the government was not getting a huge amount of the tax also known as withholding tax due to the problems including non-deduction of tax at source and non deposition of the deducted taxes to the government exchequer. In this context, the revenue board took steps to intensify monitoring the tax collection process from the sector and to take legal action against the government and private offices breaching the provision of the Income Tax Ordinance-1984.
BBN/SSR/AD-26Feb15-9:55 am (BST)