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.
Banks show reluctance to get refinance scheme fund
Disbursement of refinance to the banks from the Bangladesh Bank’s Tk 15,000 crore-scheme, designed to support the banks with liquidity for implementation of the Tk 30,000-crore stimulus package, has drawn little attention in around four months of its formation. BB officials and bankers said an increase in excess liquidity in the banking system in the first half of this year along with slow disbursement of stimulus loans are the reasons for the banks’ little interest to get refinance.
The storm over Bangladesh economy has blown over
Bangladesh might be one of only two ASEAN and South Asian economies to register positive growth in 2020 despite a global recession that is shaping up to be historic in scale, according to Standard Chartered Bank’s research team. “The worst has passed us,” said Saurav Anand, an economist of Standard Chartered for South Asia. The economy faced challenges between April and June. Now, there are early signs of recovery in some pockets after the economy started opening up from June, he said at a webinar styled ‘Standard Chartered Global Research Briefing Media Engagement Session’ yesterday. “Recent economic data have shown a good amount of improvement,” Anand added.
Half of goods clearing agents involved in duty dodging
A Dhaka-based importer, NBM Corporation, had declared in documents that it had imported machinery from China in July. However, when the customs officials opened the consignment, the “machinery” turned out to be cosmetics, a product with much higher customs duty.
Stimulus for CMSME: Slow progress in fund disbursement
Bangladesh’s scheduled banks and non-banking financial institutions (NBFIs) disbursed only BDT 15 billion of the stimulus package until July 30 for cottage, micro, small and medium enterprise (CMSME) sector. The disbursed amount is just 7.50 per cent of total BDT 200 billion financial support meant for the CMSME to help the sector weather the adverse impact of the Covid-19 pandemic.
Bangladesh’s stocks rebound on regulatory moves
Bangladesh’s stocks rebounded strongly on Wednesday, after a single-day break, amid growing investors’ confidence following the securities regulator’s hard stance on the mandatory shareholding issue. Following the previous session’s mild correction, the market the bourses opened on a positive note and the upward trend sustained until the end of the session.
BJMC invites pvt investors to visit closed state-owned jute mills
The Bangladesh Jute Mills Corporation (BJMC) has invited the country’s private sector entrepreneurs to visit the closed state-owned jute mills by August 20 to see the status of the units’ machinery, assets and establishments in a bid to reopen the mills under private initiatives.
Kamal for exploring multiple sources of COVID vaccine
Finance minister AHM Mustafa Kamal emphasised the need for taking quick steps to get access to coronavirus vaccine from any possible sources as the pandemic killed thousands and affected 0.266 million in the country. At a virtual meeting of the cabinet committee on economic affairs on Wednesday, Mr Kamal suggested health minister Zahed Maleque to explore the possibility of securing vaccine from more than one source.
Sunflower farming blooms amid rising popularity
Farming of sunflower, a crop mainly cultivated to produce edible oil, is gaining popularity across the country as farmers see higher yields and profits at affordable costs. The increased demand of sunflower oil due to its health benefits have also attracted the growers. Massive production boost of the vegetable oil may substitute the country’s edible oil imports and save public health as well, experts said.