Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Govt report on economy: A 'not-so-satisfactory' scenario unfolds before the government with the economy in focus, specially its projected growth, and the shrinking inflow of remittances. The Finance Division drew the picture of the economy in its half-yearly report to be placed before the national parliament this month.
Remittance reeling as shrinking manpower export bites: The inflow of remittance decreased to $9.19 billion in eight months of the current financial year 2013-2014 against $9.89 billion in the same period of the FY 2012-13 due to a downward trend in manpower export. According to the Bangladesh Bank data released on Monday, remittance inflow dropped by 7.02 per cent in July-February of the FY14 compared with that of a rise of 17.44 per cent in the same period of the FY13. The expatriate Bangladeshis had sent $8.42 billion in remittance in the first eight months of the FY12.
Pressure on BB as it reins in banks' stock exposure: In an echo of 2009, the central bank is again facing hostility for stepping up its measures against banks' excessive exposure to the capital market. Bangladesh Bank on February 25 instructed banks to give a breakdown of daily investments in stocks in the monthly report submitted to the central bank on the 10th of every month. At present, the banks just give their total investment figure to BB, which the central bank believes does not reflect the true picture. BB found that many banks tend to invest heavily for the best part of the month and cut back toward the end to give BB the impression that their stockmarket exposure was not excessive.
Banks' investment in capital market: The Bangladesh Bank (BB) and the securities regulator have initiated negotiation to reach a consensus regarding providing of banks' investment in capital market to the central bank, officials said. The Bangladesh Securities and Exchange Commission (BSEC) is pursuing the central bank for making a provision so that banks are allowed to submit information on their investment made into capital market fortnightly.
RMG accessory makers, packagers aim to triple sales in four years: Apparel accessory makers and packagers aim to triple sales to $12 billion in the next four years, buoyed by robust growth in garment shipments globally. The sector with 1,200 companies now meets almost the entire accessory and packaging needs of the apparel sector, said Rafez Alam Chowdhury, president of Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association.
BB launches software to fight against money laundering: Bangladesh Bank on Monday launched a software to strengthen its fight against money laundering and terrorist financing. The BB governor Atiur Rahman inaugurated the software, goAML, at the central bank headquarters in the capital while senior officials of the central bank and the chief executive officers of the scheduled banks attended the programme.
Bangladesh’s stocks close lower for 4th day: Stocks extended losing streak for the fourth day on Monday amid volatile trading with turnover decline further as investors remained cautious. The market opened with a positive note, but could not sustain. The prime index of the Dhaka Stock Exchange (DSE) --- DSEX --- ended at 4,687.19 points, shedding 10.10 points or 0.21 percent from previous session.
BBN/SSR/AD-04Mar14-8:40 am (BST)