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.
Govt probe hints at BB officials’ links
A government panel probing the $101 million Bangladesh Bank heist blamed the theft on SWIFT again and hinted for the first time at the involvement of central bank officials in its final report submitted yesterday. Former BB governor Mohammed Farashuddin, who led the panel, handed the report to Finance Minister AMA Muhith at the secretariat.
Tax collection to miss target for fourth year
The government is likely to miss its tax collection target for the fourth consecutive year, which analysts have already predicted amid slow economic activities and weaknesses in tax policy and administration. Yet, Finance Minister AMA Muhith is expected to set a revenue collection target of nearly Tk 203,150 crore for the next fiscal year, which is 15 percent higher than the actual target of the outgoing year and 35 percent higher than the revised target.
Mobilisation, proper use of resources are key challenges
Economists and experts find mobilisation of enough domestic resources and their proper utilisation as major challenges for the government in its task of implementing a ‘mega budget’ in the next financial year. They were, at the same time, very critical of the incompetence of the state-owned enterprises (SoEs) and public sector commercial banks (PCBs), saying that a significant volume of domestic resources is being drained out annually due to operational failures and irregularities in those entities.
Budget 2016-17: One-fourth of ADP fund to go to 10 mega projects
The government is set to reinvigorate mega infrastructure and power projects through the upcoming budget, as finance minister AMA Muhith in his budget speech is likely to propose above Tk 28,000 crore against fast track projects for 2016-17 financial year. The likely allocation is 22.70 per cent of the total annual development programme outlay of Tk 1,23,345 crore, a top finance ministry official said.
Bangladesh’s stocks down on profit booking
Bangladesh stocks slipped into the red on Monday with turnover improving further as late hour profit taking sale pressure wiped out early gains. Both the Dhaka Stock Exchange, the prime bourse of Bangladesh, and Chittagong Stock Exchange, the port city bourse of the country, opened higher and key index of the Dhaka Stock Exchange (DSE) gained nearly 25 points within first hour of trading, but rest of the session fell steadily, eventually ended slightly lower.
Muhith to cut handouts for state banks by half
The allocation for state banks’ recapitalisation is set to be slashed by more than half in the forthcoming budget — the strongest indication yet of the government’s intent to crack down on the lenders’ errant ways. Finance Minister AMA Muhith may keep aside about Tk 2,000 crore to meet the banks’ capital deficit in the budget for fiscal 2016-17.
DSE wants investment in non-listed cos excluded
The Dhaka Stock Exchange on Monday requested the Bangladesh Securities and Exchange Commission to pursue Bangladesh Bank to exclude banks’ investment in the non-listed securities in calculating their (banks) capital market exposure. The country’s premier bourse came up with the proposal at a meeting with the capital market regulator, BSEC and DSE sources said.
Individual tax-free income ceiling to remain unchanged
The government is likely to keep the tax-free ceiling for individual taxpayers unchanged in the upcoming fiscal year (FY). The threshold for tax-free income may remain unchanged at Tk 250,000 in the FY 2016-17.