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.
Challenges to implementing ADP in an election year
The lack of implementation of the government’s Annual Development Programme (ADP) has become a norm in Bangladesh. The current 2017-18 fiscal year is not an exception. An analysis of publicly available information revealed that the ADP is never fully implemented. Although some of the development projects move ahead slowly, many do not even start.
UN declaration likely in March
The government is expecting official announcement of the country’s promotion as the lower middle income country in March that experts said would just be a statistical milestone and hardly reflect the growing inequality, unemployment and lack of good governance. Economic Relations Division in a report on Monday apprised the cabinet that progress was good in all three major indicators for the country’s promotion to a lower middle income nation from the current status of the least developed one.
Bangladesh’s banking sector faces some pressures: BB
The central bank of Bangladesh sees the banking sector faced some pressures from asset quality, particularly in the state owned banks, and tighter liquidity in some of the fourth generation private banks. The gap between credit and deposit growths in a low interest environment helped absorb the existing excess liquidity in the banking system, according to the latest Bangladesh Bank Quarterly (BBQ) assessment for July-September 2017.
Lower loan-deposit ratio to affect economy: Bankers
The central bank’s planned move to slash the loan-deposit ratio ceiling to 80.5 percent from existing 85 percent will hurt the banking industry and the economy at a time when it is on a high growth trajectory, bankers said. Additional deposits of Tk 20,000 crore to Tk 25,000 crore would be needed if the Bangladesh Bank revises the ratio downwards, said the Association of Bankers, Bangladesh in a letter on January 14.
Bangladesh’s stocks end higher for third day
Bangladesh’s stocks extended the winning streak for the third running session on Monday as optimistic investors showed their buying appetite on sector-wise large-cap issues. Analysts said the market ended higher amid increased turnover as enthusiastic investors were on active on sector specific heavyweight issues like Square Pharmaceuticals and Grameenphone.
NPLs bother banking sector very much
Finance Minister AMA Muhith said Monday the country’s banking sector is bothered very much about the non-performing loans (NPLs) and argued that it has been a big problem since the independence when it reached 40 per cent of total outstanding loans. “But now it has come down to almost one digit and, hovering between one and two digits,” he told a meeting with a visiting Norwegian investment delegation at his secretariat office.
Oxfam: Top fashion brand CEOs work 4 days to earn a Bangladeshi worker’s lifetime pay
A CEO from one of the world’s top five global fashion brands has to work for just four days to earn what a garment worker in Bangladesh earns in his entire life, non-profit organization Oxfam International revealed in a report on Monday. The findings were revealed during the release of a report titled “Reward Work, Not Wealth” at a gathering of political and business elites for the World Economic Forum in Davos, Switzerland, reports Associated Press.
BJA demands withdrawal of ban on raw jute export
Bangladesh Jute Association on Monday demanded that the government withdraw the ban on export of uncut raw jute — Bangla Tosha Rejection and Bangla White Rejection. On January 17, the jute ministry imposed the ban for an indefinite period.