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.
Tk 1.30t liquidity glut in banks cools market
An all-time-high Tk 1.30-trillion liquidity glut in banks cast a damper on usual pre-festival upswing of call money in inter-bank borrowings, officials said. The inter-bank call-money rate remained stable Monday, barely a week before the Eid-ul-Azha fiesta that sees a binge of buying sacrificial animals and their rawhides.
Bangladesh’s exports bounce back in Aug
Bangladesh’s overall export earnings rebounded in August after a dip in July on the back to higher shipments of apparel items. Overcoming a 3.49-per cent negative growth in July, the first month of the ongoing fiscal year (FY) 2016-17, the export earnings in the July-August period registered a satisfactory growth due to a strong performance in the month of August, officials and exporters said. The overall export earnings increased by 19.76 per cent to $3.30 billion in August from $2.75 billion in the same month of the previous year.
Tax-return filing to go online this year
The National Board of Revenue is working to give taxpayers the convenience to file and submit tax returns online from this year. “We want to launch the digital platform ahead of the income tax fair in the first week of November this year so that individual taxpayers can file and submit returns online,” said a senior official of NBR seeking to remain unnamed. The deadline for individuals to submit income tax returns is November 30, which is now called Tax Day. Taxpayers will have to pay penalty if they do not submit returns on or before the deadline, the NBR said.
Imports dip 18pc in July
Import payments registered a negative growth of 18.42 per cent in July, the first month of the fiscal year, compared with that of a 15.96-per cent growth in the same month of the FY15 because of sluggish business situation in the country and lower commodity prices on the international market. BB officials told New Age on Monday that the businesspeople were still maintaining a go-slow policy to settle letters of credit as they thought that the country’s existing business environment and law and order situation were not favorable enough for business expansion.
Bangladesh’s stocks end higher for fourth day
Bangladesh’s stocks finished higher for the fourth session in a row on Monday as pre-Eid sale pressure faded away. The recent corrections also encouraged investors to take position on some large-cap stocks. Only three trading sessions are left before Eid-ul-Azha vacation, as trading on the bourses will remain closed from September 9.
IDRA backtracks on new directive on insurers’ expenses
The insurance regulator has decided not to implement its new directive on management expenses for non-life insurers after it found that the ceiling was unrealistic for the industry. The Insurance Development and Regulatory Authority will continue to follow the 1958 Insurance Act on management expenses.
Housing project for low, middle income groups in the offing
The government is going to launch a rural and urban housing project with low-interest loans for low and middle income groups. Islamic Development Bank has agreed to lend about Tk 800 crore ($100 million) under the project to be implemented by House Building Finance Corporation through its countrywide network, a senior finance ministry official said.
Big businesses making a beeline for LPG stations’ licences
Business people are lining up en masse to avail government licences to install LPG (liquefied petroleum gas) stations and conversion workshops to establish a strong foothold on the newfound fuel market. Applications for around 1,000 LPG re-fuelling stations, also named auto-gas stations, across the country have already reached the Energy and Mineral Resources Division under the Ministry of Power, Energy and Mineral Resources (MPEMR).