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.
Large hike in import duty to reverse rice price trend
The government hiked Wednesday the regulatory duty (RD) to 25 per cent from the existing 3.0 per cent to discourage rice imports. Rice importers will now pay a total of 55 per cent duty and tax comprising 25 per cent customs duty, 25 per cent RD and 5.0 per cent advance income tax (AIT).
Bangladeshi apparel makers paid one of the lowest prices in the world
Bangladeshi garment makers received one of the lowest prices in the world last year due to a lack of value-added apparel items, lack of negotiation skills, and image crisis. Among the garment trading nations in the world, Bangladeshi garment items were paid $2.79 per unit or per square metre equivalent (SME) in the US market in 2018, according to data from the Office of the Textiles and Apparel (OTEXA) in the US.
Bangladesh doubles deferred payment period for power cos
The central bank of Bangladesh has doubled the deferred payment period for import of raw materials only for the power generating enterprises, officials said. Under the relaxation, importers are now allowed up to 360 days instead of 180 days to settle the deferred payment for import of raw materials for power generation.
Agent banking deposit grows by 20pc in Jan-Mar
Deposit in the agent banking accounts rose by 20 per cent or Tk 622 crore in January-March 2019 amid banks’ increased focus to the system. Customers can get services like cash deposits, withdrawals, remittance disbursement along with cash payments though agent banking window.
Bangladesh’s stocks edge up after two-day slump
Bangladesh’s stocks registered a marginal gain on Wednesday amid sluggish trading activities, as investors showed their buying appetite on sector-specific issues. The stocks rebounded after the news that the Investment Corporation of Bangladesh (ICB) received BDT 7.60 billion on the day from the central bank under the capital market refinancing scheme, according to market operators.
Govt’s bank borrowing hits six-year high
The government has all on a sudden stepped up its borrowing from the banking system from this month as its revenue collection fell short of expectations, sending the cash-strapped banks into a state of panic. Until the end of April, the government did not borrow from banks; rather, it paid back Tk 1,083 crore, according to data from the Bangladesh Bank.
5 Philippines’ RCBC executives charged in $81m Bangladesh Bank heist incident
Five executives of Rizal Commercial Banking Corporation (RCBC) in the Philippines have been charged with money laundering in connection with the $81 million cyber heist at Bangladesh Bank three years ago.
DSE to take action against co directors who sold shares secretly
Dhaka Stock Exchange leaders on Wednesday said that the bourse would take action against errant company directors who sold shares secretly and did not give government taxes levied on capital gains. DSE leaders disclosed the decision to reporters after the bourse leaders held a meeting with the stakeholders at DSE board room in Dhaka.