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.
China-funded Projects: Joint body to probe slow pace
A joint working group has been formed to probe the slow progress of the 27 projects involving around $20 billion that China had agreed to provide during President Xi Jinping’s Dhaka visit in October 2016. China has so far disbursed only $981.36 million — less than 5 percent of the amount promised — since the preliminary agreements were signed between the two countries more than two and a half years ago.
Amazon wants to source products from Bangladesh under a new business model
Amazon, an American e-commerce giant, yesterday formally wanted to source goods from Bangladesh for its global buyers with flexible terms that will require amending a number of regulations on external trade including the foreign exchange regulations.
Dhaka eyes one-fourth of LNG imports from spot market
Bangladesh has moved to import one fourth of its total LNG (liquefied natural gas) requirement from spot market to reap the benefits of a downtrend in global LNG prices. “We’re working to ensure LNG imports from spot market within months,” a senior official of energy and mineral resources division told the FE on Wednesday.
PFC account holders allowed making import payment: BB
The central bank of Bangladesh has allowed Private Foreign Currency (PFC) account-holders to use their accounts’ balance for making import payment bills. “….funds from PFC accounts may be used for payment of admissible imports in terms of Import Policy Order in force,” the central bank said in a clarification on Wednesday.
Stocks inch up amid volatility
Stocks posted marginal gain on Wednesday amid cautious trading, as investor sentiment still remained subdued. Market analysts said most investors maintained cautious stance ahead of earnings and dividend declarations.
RMG exporters looking East
Three Asian nations — India, China and Japan — are fast emerging as major apparel export destinations for Bangladesh after a jump in orders in the immediate past fiscal year. For instance, Japan became the first country in Asia to receive more than $1 billion of apparel shipments from Bangladesh last fiscal year.
Many big businesses trying to get VAT benefits meant for small ones
Many big businesses are claiming that their annual turnover is less than Tk 3 crore, apparently to avail advantages offered to the small businesses under the new VAT law, said National Board of Revenue chairman Md Mosharraf Hossain Bhuiyan on Wednesday. Value-added tax officials should be aware about the phenomenon so that revenue collection was not affected, he said at a publication ceremony held at Hotel InterContinental in Dhaka.
Rising default loans affecting banks’ profits
The growing trend of default loans has put an adverse impact on banks’ profitability and their daily operations, said Bangladesh Bank Deputy Governor SM Moniruzzaman yesterday. “It is a harsh reality,” he said at a roundtable on “Corporate Guarantee: Does It Work in Recovery of Loan?”