Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Bank borrowing in Q1 up 166pc
Government borrowings from the banking system soared nearly 166 per cent in the first quarter (Q1) of this fiscal year (FY) mainly for settling its liabilities with the central bank, officials said. Its net borrowings from the banking system shot up to Tk 87.57 billion during the July-September period of the FY 2015-16 from Tk 32.94 billion in the same period a year ago, according to a central bank’s confidential report.
Taxmen hunting for 7 lakh manual TIN holders
The National Board of Revenue is looking for nearly seven lakh taxpayers who held the now-invalid manually-issued TINs but are yet to sign up for the new 12-digit ones despite the online system being live for over two years now. Prior to the introduction of the online registration system, the NBR cleansed its manually-issued taxpayer identification number (TIN) database and found that only 17 lakh of the 32 lakh TINs were active.
Govt to form wage commission for workers of SoEs
The labour ministry is going to form National Wage and Productivity Commission-2015 to increase wages of the state-owned enterprises workers to match with the recent pay hikes of the government employees. The ministry thinks if the wages of the public sector workers are not increased in proportionate to that of the government employees, the inequality will result in anger and frustration among the workers.
BB: No bank loan unless jute bag used
The suppliers and producers of paddy, rice, wheat, fertiliser and sugar will not be allowed to get loans if they do not use jute bags in product packaging. Bangladesh Bank issued a circular yesterday, warning the businessmen that they would not be allowed loan if they fail to comply with the mandatory jute packaging law. The circular said banks will impose condition prior to giving loans to the businessmen.
Bangladesh’s stocks rebound with increased turnover
Bangladesh’s stocks rebounded on Monday, after previous day’s steep fall, as investors went on a buying spree. The market opened with a cheerful note which sustained till end of the session. Key index of Dhaka Stock Exchange (DSE) gains 48.02 points and Chittagong Stock Exchange (CSE) up 111.57 points after the end of the second session of the week.
BB warns cooperatives on money laundering risks
Bangladesh Bank has instructed all cooperative firms to put in place policies and procedures to prevent and detect money laundering. Instructions include systems and controls to identify, assess and monitor money-laundering risks as well as customer due diligence measures. Cooperative firms have to ensure that their systems and controls enable them to identify suspicious transactions, according to a notice issued by the central bank’s Bangladesh Financial Intelligence Unit yesterday.
Sri Lanka co buys controlling stake of BD LPG unit
Sri Lanka’s leading Laugfs Gas PLC has acquired 1.8 million ordinary shares, or 69 per cent of the total issued shares, of Petredec Elpiji Ltd (PEL) of Bangladesh, a liquefied petroleum gas (LPG) distributor, for US$ 18.75 million, said sources. Laugfs, a ‘rapidly growing’ Sri Lankan energy company, acquired controlling stakes of PEL, marking its first overseas acquisition.
Dhaka, Thimphu in talks to sign double taxation avoidance deal
The National Board of Revenue on Monday started negotiations with Bhutan to sign an agreement on avoidance of double taxation and prevention of tax evasion and capital flight from the country. A five-member delegation led by NBR chairman Md Nojibur Rahman has been carrying out the first round of negotiations at Thimphu, Bhutan, with the Bhutanese officials on the proposed ‘Avoidance of Double Taxation Agreement’, the NBR said in a statement issued on the day.