Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Banks see sharp decline in NPLs during Q4 of 2014
The amount of classified loans in the country’s banking system recorded a sharp decline in the final quarter of the calendar year 2014 following rescheduling, write-off and recovery, officials said. The volume of non-performing loans (NPLs) fell by more than 12 per cent to Tk 501.56 billion in the fourth quarter (Q4) of the last calendar year from Tk 572.91 billion in the preceding quarter, according to the central bank statistics. During the Q4, the share of NPLs in the total outstanding loans of the banking system came down to 9.69 per cent from 11.60 per cent in the previous quarter.
Classified loans of Bangladesh’s 11 banks rise in Q4
Classified loans of the country’s 11 banks increased in the final quarter of 2014 despite of falling trend in non-performing loans in the banking system. Three private commercial banks (PCBs), six foreign commercial banks (FCBs) and two development finance institutions (DFIs) have failed to reduce their volume of classified loans, according to the Bangladesh Bank (BB) statistics. Among the 39 PCBs, the amount of classified loans of the AB Bank Limited rose to BDT 4.95 billion during the October-December period of the last calendar year from BDT 4.56 billion in the previous quarter.
Saudi jobs up for gentle workers
Dhaka and Riyadh are expected to strike a deal to resume recruitment from Bangladesh on a gradual basis, beginning with domestic helps and drivers. The deal is likely to be signed today, the last day of the visit by a powerful Saudi delegation led by Dr Ahmed Al Fahaid, deputy minister for international affairs of the Kingdom’s labour ministry. “We issued around 1.3 million new visas last year for recruiting foreign workers…we need the same figure of workers. So, there are huge opportunities of employment of Bangladeshi people,” said the Saudi minister after a meeting with the Bangladesh delegation in Dhaka yesterday.
No AIT on local LCs for executing export orders
Deduction of advance income tax will not be applicable on the payment against local letter of credit which is opened to purchase goods for execution of export orders, officials of the National Board of Revenue said. They said that income tax wing of the revenue board would issue a clarification soon to remove confusion over deduction of AIT at the rate of 3 per cent on the value of local LCs opened by the 100 per cent export oriented companies to implement export orders. A high official of the NBR said that income tax field offices and banks remained in confusion on the issue as it was not clear in the article 52U of the Income Tax Ordinance-1984.
16 Bangladeshis connections found with Swiss HSBC
At least 16 Bangladeshi clients had 31 accounts in a Swiss subsidiary of the HSBC (Hong Kong & Shanghai Banking Corporation) Holdings Plc, a multinational British bank. These 31 accounts had deposits worth $13 million, presumably laundered from Bangladesh. The largest deposit linked to a Bangladeshi client amounted to $4.4 million. The leaked HSBC list of Swiss bank account-holders from 203 countries revealed this information. According to the list, Bangladesh ranks 148th among the countries in terms of fund held.
Target to double software exports
Bangladesh expects to earn over $250 million through software exports in the current fiscal year, Prime Minister Sheikh Hasina said yesterday. Exports of IT and IT-enabled services stood at $124.72 million last fiscal year, according to Export Promotion Bureau. Bangladesh exports software to over 50 countries, and the government has attached the highest priority to building a nation educated in IT, Hasina said. She said her government has kept a provision for special incentives for the investors in the ICT sector and developed infrastructures to attract foreign investment.
Delhi picks Kejriwal again
By 9:00am as votes were counted in the Delhi elections, the Aam Aadmi Party had pulled way ahead of the BJP and seemed headed for a massive win. There are celebrations at the party’s office. AAP is leading in 36 seats now, the BJP ahead in only 10, trailing in at least 12 seats it had won the last time. The Congress is leading in five seats, reports NDTV.
Bangladesh’s stocks see merginal gain
Bangladesh’s stocks inched slightly up on Monday for the fifth running sessions as investors continued on buying lucrative stocks amid political unrest across the country. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up further by 10.96 points or 0.23 percent to close at 4,712.56 points. The two other indices also closed in green.
BBN/SSR/AD-10Feb15-10:19 am (BST)
