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.
Bangladesh’s flow of inward remittances fall by 15.43%
The flow of inward remittances dropped by 15.43 per cent in the first four months of the current fiscal year (FY) 2016-17 against the same period of the last fiscal year, officials said. The inflow of remittance came down to US$4.25 billion during the July-October period of the FY 17 from $5.03 billion in the same period of the previous fiscal, according to the central bank latest statistics, released on Wednesday.
Stockmarket to be vibrant in two years: Muhith
Finance Minister AMA Muhith is expecting a ‘vibrant’ capital market in the next two years, which is good news for stock investors who have passed tough days since the price debacle almost six years ago. “Massive reforms in the last 3-4 years have brought in stability in the market and in the regulatory arena. The foundation has been built and we can move forward based on this development.”
ADB to invest $8b in infra, corridor dev in next 5yrs
The Asian Development Bank on Wednesday said it would invest its pledged US$ 8 billion loans in five priority areas including easing infrastructure constraints, improving human capital and supporting economic corridor development over the next five years. The Manila-based multilateral lending agency said this while launching its Bangladesh Country Partnership Strategy for 2016-2020 at the National Economic Council auditorium of the Planning Commission in Dhaka.
Businesses give ultimatum to restore package VAT system
Traders have warned government of “tougher movement” if the demand of reinstating package value-added tax system is not met by November 20. A platform under the name of “Bebosayi Oikkya Forum” held a rally in Dhaka’s Chawk Bazar area yesterday, protesting the new VAT law which has introduced a uniform 15% VAT on all types of products and services. The protesters made the ultimatum from the rally. The package VAT is a square foot-based rate which the small stores enjoy by paying VAT annually based on their shops’ locations and sizes, fixed by the National Board of Revenue.
Bangladesh’s stocks extend gaining spell
Bangladesh’s stocks finished higher for the second day in a row on Wednesday as optimistic investors took position on sector specific stocks. Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) finished higher for the two consecutive sessions. The market opened higher and the upbeat notes persistent till the end of the session amidst improved participation from the investors.
Strong overseas investment data support stocks recovery
Dhaka stocks recovered significantly on Wednesday mainly due to investors’ improved confidence over the market following media reports on growing foreign participation in the country’s capital market. The key index of Dhaka Stock Exchange, DSEX, finished at 4,633.18 points, adding 0.79 per cent or 36.32 points after inching up by 4 points in last trading session. The market during a five-day bearish-run had lost 101 points.
Coastal shipping line facilitates Indo-Bangla trade
The coastal shipping line between India and Bangladesh has facilitated trade between the two countries, Harsh Vardhan Shringla, Indian high commissioner to Bangladesh, said in Dhaka on Wednesday. An agreement on coastal shipping line was signed between Bangladesh and India during Indian Prime Minister Narendra Modi’s visit to Bangladesh in June last year. The first cargo ship under this agreement sailed from Chittagong to Vishakhapatnam in March this year.
Brac Bank’s net profit surges 72pc
Brac Bank’s profit after tax rose 72 percent year-on-year in the third quarter of 2016. The bank reported a consolidated net profit of Tk 90.8 crore during the July-September period, which was Tk 54.5 crore in the same period a year earlier, the bank said in a statement yesterday. The figure was Tk 265.6 crore during January-September of 2016, up from Tk 154.5 crore in the same period of the previous year, according to the statement.