Dhaka, Bangladesh (BBN) - The Bangladesh Business News (BBN) prepares the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
BD again wants to join TAPI gas pipeline project: The government has shown renewed interest to join the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project to meet the country's mounting natural gas demand, a top official said Wednesday. "We visited Turkmenistan last week and talked with top officials of the Ministry of Oil and Gas Industry and Mineral Resources of Turkmenistan over taking part in the TAPI project," Petrobangla Chairman Hussain Monsur told the FE on his return from Turkmenistan. "We have conveyed our interest to join TAPI as we are struggling to meet mounting natural gas demand with local production," he said.
Tax rebate likely for factory relocation from Dhaka: The government plans to offer a tax rebate of nearly 20 percent for relocation of industrial units out of Dhaka and major cities to economically-lagging regions, in the next fiscal year. The move aims to reduce congestion in Dhaka in the face of growing migration of people from rural areas and towns to find income opportunities in the capital and its surroundings. The increased migration though brought about a massive rise in population and affected the city's livability. Dhaka has become the second least livable city in the world, according to the Global Liveability Survey of the Economist Intelligence Unit in 2013. “We may provide tax breaks to encourage factory relocation from Dhaka. We may consider giving more benefits to entrepreneurs who will set up plants outside Dhaka,” Md Ghulam Hussain, chairman of the National Board of Revenue, said earlier at a pre-budget meeting.
Bangladesh's students allowed to use travel quota: The central bank has relaxed regulations allowing students to use the annual travel quota in foreign exchange instead of transit expenses earlier, officials said on Wednesday. Under the relaxations, the authorised dealer banks, officially known as ADs, may release the entire unused annual travel quota in foreign exchange to Bangladeshi students proceeding abroad against one way ticket to study under admissible courses. “Other rules regarding release of foreign exchange for travel abroad will remain unchanged,” the Bangladesh Bank said in a circular Wednesday. The ADs earlier are allowed to release foreign exchange to students proceeding abroad for study on account of transit expenses upto US$500 or its equivalent.
Foreign loan release up by 17pc in 10 months: The disbursement of foreign loans and grants increased by 17.04 per cent in 10 months of the current fiscal year of 2013-14, showed the latest data of Economic Relations Division. The total disbursement in July-April period was $2,369.58 million against $2,024.44 million in the same period of the previous fiscal year. The commitments of foreign loans and grants, however, dropped by 38 per cent in July-April period of the current fiscal year. ERD officials said that the disbursement was slow in the previous months of the fiscal year as development work remained halted amid the political violence in the first six months of the fiscal year.
BASIC Bank asked to follow recruitment policy: The central bank of Bangladesh has warned the BASIC Bank Limited of taking appropriate measures if the state-owned bank does not follow recruitment policy properly. The Bangladesh Bank (BB), the country’s central bank, sent an instruction to this effect on Wednesday to the BASIC Bank, officials said. The BASIC Bank will have to follow both the BB’s policy and its own policy, approved by its board of directors for recruitment and promotion, according to the instruction. The BB’s latest instruction came two days after imposition of restrictions on both sanction and disbursement of fresh loans from three branches – Dilkusha, Shantinagar and Gulshan – of the specialised bank.
BB to look into recruitment, promotion at BASIC Bank: Bangladesh Bank has decided to look into recruitment and promotion at BASIC Bank to review alleged irregularities, a BB official said yesterday. “The central bank will investigate the issues following allegations that the bank's board of directors violated BB directives and appointed and promoted unqualified people in crucial positions,” said the official in the BB's off-site supervision department. The central bank yesterday sent a letter to BASIC Bank about the investigation. The state-run bank also violated its own recruitment rules to place chairman's own people in different positions, the official said, asking not to be named.
BD businessmen expect to double annual trade with Philippines: Country's businessmen are expecting to double the annual bilateral trade with the Philippines within the next few years considering the potential between the two countries, a joint chamber leader said. "There is potential to increase annual bilateral trade with the Philippines to US $ 200 million from $ 100 million within the next few years," Rashed Maksud Khan, president of Bangladesh- Philippines Chamber of Commerce and Industry (BDPCCI) told the FE Wednesday. With this end in view the Bangladeshi businessmen will fly to the Philippines at the end of the year. The businessmen of both the countries are maintaining correspondence in this regard.
BBN/SSR/AD-29May14-11:05 am (BST)