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.
Revenue, job creation dismal despite high GDP growth
Though the economy has been growing at a healthy pace in recent years, it has failed to raise revenue collection and private investment and create jobs as planned, according to a new government report. “Considerable success was achieved on structural transformation,” according to the implementation review of the Perspective Plan 2010-2021.
Kamal blames NBR for revenue shortfall
The government would miss the July-December revenue target as the revenue board failed to procure Electronic Fiscal Devices (EFDs) to facilitate enforcement of the VAT law, Finance Minister AHM Mustafa Kamal said on Wednesday. He said the shortfall would affect the economy.
Classified loans hit all-time high in Bangladesh
The volume of classified loans in the banking sector of Bangladesh increased further to hit an all-time high at BDT 1.16 trillion in September despite of taking different measures by the central bank.
The volume of non-performing loans (NPLs) jumped by nearly 24 per cent to BDT 1,162.88 billion as of September 30 from BDT 939.11 billion on December 2018, according to the latest statistics of the Bangladesh Bank (BB).
Finance minister rules out trade war fallout
Finance minister AHM Mustafa Kamal said on Wednesday Bangladesh’s economy would not face any shock from the ongoing global trade war due to its strong base. The minister said due to the ongoing trade war, one country is slapping extra tariff on other countries, with China, America, Europe and many other nations being engaged in it. “Normal trade is not taking place globally,” he added.
BDT deprecates 10 poisha more against US$
The exchange rate of local currency depreciated by 10 poisha in the inter-bank foreign exchange market on Wednesday mainly due to higher demand for the greenback. The demand for the dollar is gradually increasing, mostly driven by higher import payment, particularly for intermediate goods, oil and capital machinery for power plants.
Stocks keep gaining riding on GP
Stocks witnessed yet another positive session Wednesday, extending the gaining streak for the third straight day, as investors showed their appetite on selective large-cap issues. The market opened on upward note and the key index soared 42 points in the mid-session. But rest of the session eroded most of the early gains.
Unhealthy competition in loan takeover weakening banking sector: research
Unhealthy competition among banks on loan takeover has resulted in vulnerability in the banking sector as most of the transferred loans became defaulted, according to a new research. Under the loan transferring system, widely known as loan takeover, a loan is taken over by another lender by paying off the old lender in full, after which the borrower starts paying instalments to the new lender.
NBR making list of cos to bring under LTU
The National Board of Revenue is preparing a list of large companies to bring them under the jurisdiction of its Large Taxpayers Unit (LTU) of value-added tax for ensuring proper revenue collection from the entities and providing them better services. VAT wing of the revenue board on Tuesday asked its field-level offices across the country to send by next week the list of companies eligible to come under the LTU jurisdiction.