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.
NBFIs’ private sector credit growth hits all-time low in FY19
The private sector credit disbursement by non-bank financial institutions dropped to an all-time low in last fiscal year of 2018-2019 due to growing public distrust in the entities and falling credit demand from the sector. Growth in the private sector credit through the NBFIs dropped to 4.1 per cent in FY19, the lowest since FY02, according to the Bangladesh Bank data.
Administrators for GP, Robi soon
The government has started the process of appointing administrators for Grameenphone and Robi to run the businesses, an unprecedented move in Bangladesh. Multiple sources familiar with the development said the decision, which comes from the highest authorities of the government, was aimed at recovering Tk 13,447 crore the companies, according to the telecom regulator, owed the government.
Eight sectors to enjoy advance tax waiver
Some eight sectors, including solar panel manufacturers and animal feed manufacturers, will enjoy exemptions from the payment of advance tax at the import stage. The advance tax is payable at the import stage and the importers are allowed to adjust or get refund of the paid taxes from the relevant VAT zones.
Bangladesh Bank sells $5.0m to a SoCB
The central bank of Bangladesh has sold US$5.0 to a state-owned commercial bank to settle their import payment obligations, officials said. “We’ve provided the US currency to the public bank to settle their import payment obligations particularly for capital machinery for power plant and fertilizer,” a senior official of the Bangladesh Bank (BB) told the BBN in Dhaka.
Bangladesh’s stocks plunge after single-day break
Bangladesh’s stocks on Wednesday failed to maintain the momentum of the previous day that saw sharp rise that indicates retail investors remain unconvinced by the government moves to support the market. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 4781, losing 40.01 points or 0.82 per cent after gaining 110 points in the previous day.
5G internet by 2021: BTRC
The telecom regulator yesterday said it plans to roll out the fifth-generation cellular network technology (5G) in Bangladesh by 2021. Within the next two years, the latest and fastest wireless standard will be available in all district headquarters, said Bangladesh Telecommunication Regulatory Commission (BTRC).
EU team suggests Bangladesh govt allow trade union in EPZ factories
A European Union delegation on Wednesday recommended that the government allow trade union instead of workers’ welfare association in the factories located in export processing zones.
At a meeting with officials of commerce ministry and labour ministry, the visiting European Union EBA technical mission also pressed the government for a time-bound action plan to address their concerns over the labour right situation in Bangladesh to continue receiving trade benefits under Everything But Arms (EBA) regime in the EU, senior government officials said.
Graduation to developing country: ‘Bangladesh must go 101 notches up by 2024 on WB’s business index’
Bangladesh needs to improve in the World Bank’s ease of doing business index significantly, from the current ranking of 176th to 75th in the next five years, to graduate from least developed country (LDC) status to developing country, a top government official has said. “We have set criteria for improving our ranking in global index of ease of doing business from the current 176th to 150th by 2021, 100th by 2023 and 75th by 2024,” Dr Shamsul Alam, member, General Economics Division (GED), Planning Commission, said yesterday.