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.

Saudi to recruit 5 lakh more Bangladeshis
Saudi Arabia has expressed willingness to recruit some 5 lakh Bangladeshis to meet its demand for workers in various sectors. “We want to recruit 5 lakh more workforce from Bangladesh,” Saudi Minister for Labour Mofarrej Al-Haqbani said when he met Prime Minister Sheikh Hasina at Royal Conference Palace here on Sunday night.

Govt net bank borrowing in negative territory
Slower execution of development projects along with a surge in the sales of savings instruments has put the government’s bank borrowing at a negative territory until May last. A rising trend in government’s net bank borrowing target continues into the next fiscal year (FY) despite lower than projected borrowing made to finance the budget deficit. Until May 29, requisite repayment of the debt had outweighed fresh receipts.

BB money heist perpetrators may never be identified: ex-US official
A former top US intelligence official on cyber security has warned that government investigators may never be able to ascertain who carried out a cyber heist that led to the theft of $81 million from Bangladesh’s central bank in February. Sean Kanuck, who was the most senior official in charge of cyber security at the Office of the Director of National Intelligence for five years until mid-May, told Reuters that there had been no official determination on who committed the cyber heist, one of the biggest ever.

RMG export strides against all odds
Apparel export will predictably cross this fiscal year’s target as the earning is already more than $25bn with one month left before another year begins, according to latest official figures. The target was set at $27.37bn for the FY2015-16 after earning $25.49bn in last fiscal.

Bangladesh’s forex reserve crosses $29bn again
Bangladesh’s foreign exchange (forex) reserve crossed the US$29 billion-mark again on Monday following higher export growth and lower import payment pressures on the economy. The reserve rose to $29.004 billion on the day from $28.93 billion of the previous working day. It was $29.01 billion on April 25 last.

Bangladesh’s stocks extend losses for second day
Bangladesh’s stocks ended lower for the second straight session on Monday, with turnover hitting three weeks low on the premier bourse, as investors continued on selling mood. The market opened with a negative note and DSEX dipped below the 4,400-mark within the first hour of trading, however, last hour buying spree helped to close above the 4,400 level. By the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 14.96 points or 0.34 percent to finish at 4,410.93 points.

Subsidy to soar 37pc next fiscal year
Expenditure on subsidy is set to soar about 37 percent in fiscal 2016-17 from that in the current year owing to food distribution at lower prices through public channels and opening up of new sectors to financial support. Some Tk 26,729 crore has been allocated for subsidy purposes next fiscal year, according to data from the finance ministry.

Govt needs to borrow more from cheap external sources
Economists at a post-budget meet Monday suggested securing cheap foreign loans in greater volume instead of borrowing high-cost funds from domestic sources to finance the budget deficit in the next fiscal. The shift, they felt, would help reduce the interest payment burden and avoid crowding out the private sector.

ICB Islamic Bank has no merger plan
Troubled ICB Islamic Bank has no plan to merge or sell on the majority shares owned by Malaysian entrepreneurs despite the bank’s struggle to improve its financial indicators since current owners took over in 2008, a top official said. Though the bank has paid off 98.5 percent account holders’ deposits, those are individual depositors.

BBN/SSR/AD