Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Exports up 3.35pc in FY ’15
The country’s merchandise export in the just-concluded fiscal year (FY) 2014-15 fetched US$31.198 billion (3119.8 crore), up by 3.35 per cent against the previous fiscal year’s $30.176 billion, officials said. However, the earnings fell short by 6.0 per cent of the target of $33.2 billion set for the last fiscal. Vice Chairman of the Export Promotion Bureau (EPB) Shubhashish Bose attributed this to depreciation of the Euro and the Russian ruble against the US dollar and the fall in production at some local apparel factories in the face of ongoing safety inspections by the Alliance and Accord, two platforms of apparel buyers.
HSBC upgrades Bangladesh rating
Banking giant HSBC is optimistic about Bangladesh’s economy as the country returned to normalcy after turbulent times earlier this year. “As political tensions ease, it is time to focus on Bangladesh’s economic fundamentals,” HSBC said in a report, “Bangladesh: Getting back to business”. Before the June 30 upgrade, HSBC was negative on the Bangladesh equity market owing to a deteriorating investment sentiment brought about by protracted political unrest.
Bangladesh’s stocks edge lower for third day
Bangladesh’s stocks saw marginal correction on Monday for the third consecutive sessions with turnover falling further as investors remained followed cautious stance ahead of Eid festival. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 9.28 points or 0.20 per cent to settle at 4,526.72 points after witnessing marginal volatility. The DSE Shariah Index (DSES) shed 0.54 points or 0.04 per cent to end at 1,110.56 points.
Issuance of e-TIN remains suspended due to technical hitches
The issuance of taxpayers’ identification number and replacement of old TIN with e-TIN online remained suspended since Friday due to technical hitches in the system. The dedicated web site of the income tax wing of the National Board of Revenue for providing e-TIN remained out of service, causing sufferings for both the new and existing taxpayers. The e-TIN service has been disrupted as the hardware and hosting supporting company for the e-TIN service is upgrading the system and shifting their office set-up and machinery, NBR officials said.
Deposit rate falls below 7% in May
The weighted average interest rate on deposit came down to four-year low at 6.99% in May due to lack of credit demand, and increased foreign loan inflow. The deposit rate was 6% in 2010 and the weighted average rate stood at 6.08% at the end of the year, according to the Bangladesh Bank data. The lending rate also continued to fall for the past one year, but the falling rate was relatively less than the deposit rate.
India wants bandwidth by Aug 15
India has requested Bangladesh to start exporting bandwidth — 10 gigabits per second — to its northeastern state of Tripura by August 15, when the neighbour will celebrate its Independence Day, officials said. Bangladesh Submarine Cable Company was supposed to commence the export by September, in line with a deal signed last month between Bharat Sanchar Nigam of India and the Bangladeshi company. The Indian state-run firm has recently sent a letter to Submarine Cable Company, according to Monwar Hossain, managing director of the lone submarine cable operator of Bangladesh.
Aid commitment declines in FY 15
Foreign aid commitment recorded a decline, by 18 per cent, during the financial year (FY) 2014-15, as some major donors were found to be slow on their fund sanction, officials said Monday. The multilateral and bilateral donors confirmed concessional foreign assistance worth US$2.83 billion during the July-May period of the last FY compared to that of $3.46 billion in the previous fiscal, according to Economic Relations Division (ERD) data.
BB fines BCBL for settlement failure
Bangladesh Bank on Monday slapped a financial penalty of Tk 50,000 on Bangladesh Commerce Bank Ltd due to its failure in settling local acceptance bills against letters of credit in due time. The BB issued a letter to the managing director and chief executive officer of BCBL asking him to pay the fine by the next 14 days. Otherwise, the central bank will deduct the money from the bank’s current account with the central bank, said the letter. The BB imposed the financial penalty in line with the article 109 of Bank Company Act 1991.