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.
BB to bend rules for banks to invest beyond limit
Banks may be allowed to break the barrier and lend beyond 25 per cent of their paid-up capital to single borrowers to facilitate installation of large power plants. Sources said the Bangladesh Bank (BB), in this case of government priority, could bend certain conditions of the Bank Company Act which debar banks from crossing the 25 per cent limit.
BASIC Bank Loan Scam: 50 ghost firms traced
BASIC Bank has finally been able to trace 50 firms which took loans from the bank showing fake documents with the help of its former chairman Abdul Hye Bachchu. Seven borrowers, however, are still to be indentified although three years have passed since the government constituted a new bank board following Bachchu’s resignation, says the parliamentary committee on estimates.
Padma Bridge cost likely to shoot up by Tk1400cr
The estimated cost of the much-hyped Padma Multipurpose Bridge Project is likely to see a rise for the third time as more lands have to be acquired for the completion of the project. With the proposed additional cost of Tk1,400cr, the overall cost for the long-awaited bridge would be standing at Tk30,193.38cr, reports UNB.
Bangladesh’s imports fall by 7.28% in August
Bangladesh’s overall imports fell by 7.28 per cent or US$294.53 million in August this year despite higher rice purchase from overseas markets. The settlement of letters of credit (LCs), generally known as actual import, came down to $3.75 billion in August 2017 from $4.05 billion a month before. It was $3.43 billion in August 2016.
Bangladesh’s stocks witness mild correction
Bangladesh’s stocks faced marginal correction on Monday, breaking a three-day sharp rally, as cautious investor booked profit on quick-gaining stocks. However, daily trade turnover on Dhaka Stock Exchange (DSE) scaled BDT 15-billion-mark, for the first time in nearly eight months amid active presence of investors in both sides of the trading fence.
Loan defaulters barred from getting agent banking licence
Bangladesh Bank on Monday issued guidelines on agent banking, barring loan defaulters from getting licence to operate the services. Through the guidelines, the central bank also asked the managing directors and chief executive officers of all banks not to allow any person, who is convicted by a court of law, to get the licence before three years after completion of his/her sentence or penalty.
Importers suffer for a dearth of lighters at Ctg port
A shortage of lighter vessels at the Chittagong port along with landing stations is causing importers to pay extra charges and demurrages, forcing consumers to ultimately bear the costs. Importers say Water Transport Cell, comprising owners of these vessels of capacities ranging from 800 to 3,000 tonnes, does not have sufficient watercrafts.
BB allows Lafarge to remit $62.5m
The Bangladesh Bank (BB) has allowed Lafarge Surma Cement Limited (LSCL) to remit US$ 62.5 million in favour of Amsterdam-based Holderfin BV against the acquisition of Holcim Bangladesh Limited (HBL). Lafarge made the disclosure through Dhaka Stock Exchange (DSE) website on Monday. The LSCL had sought the central bank’s permission to send the money to Holderfin BV, the owner of HBL.