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.
ADB to approve $1b for Bangladesh rail project
The Asian Development Bank is set to approve $1 billion at the end of this week for a project to lay a 102km rail track from Dohazari in Chittagong to Cox’s Bazar — the lender’s highest allocation for a single project in Bangladesh. Until now, the ADB’s highest allocation for a single project is $700 million; the project was in the power sector.
Bangladesh’s banks CRAR fall slightly in Q2
The capital base of banks has weakened slightly, but remains at a comfortable level, in second quarters (Q2) of this calendar year mainly due to increased classified loans. The overall capital-to-risk weighted assets ratio (CRAR) of all the banks operating in Bangladesh came down to 10.34 per cent in the April-June period of this year Q2 from 10.62 per cent in Q1 (January-March), according to the central bank latest statistics.
Govt plans monetising unused assets to fund big projects
The government wants to monetise its unused assets and collect fund for the country’s future big infrastructural projects so foreign aid dependency can be reduced, official sources said. As prime minister has directed to ensure maximum use of the unused assets, officials are also planning to securitise pension funds of the private and public employees. Prime Minister Sheikh Hasina said if the used assets can be utilised to the full, the country can reduce dependency on foreign assistance.
Nine banks face Tk 16,657cr in capital shortfall
Burdened with huge amounts of defaulted loans, nine scheduled banks faced capital shortfalls of Tk 16,657 crore as of June 30 this year. The nine banks are Bangladesh Krishi Bank, Sonali Bank, BASIC Bank, Janata Bank, Agrani Bank, Rupali Bank, Rajshahi Krishi Unnayan Bank, Bangladesh Commerce Bank, and ICB Islamic Bank. The country’s banks had to keep minimum Tk 77,524 crore in capital against their risk-weighted assets as of June 30, but the overall capital shortfall stood at Tk 640 crore in the sector due to the failure of the nine banks.
Bangladesh’s stocks return to green
Bangladesh’s stocks returned to green on Monday, after facing a mild correction in the previous day, as optimistic investors were active on sector specific large-cap stocks. The market started with a positive and the key index of the premier bourse advanced about 16 points within first 50 minutes of trading, however it went into the red after three hours of trading, but last hour buying spree helped the market closed marginally higher.
Govt to raise funds through stock mkt for mega projects in power sector
State minister for power and energy Nasrul Hamid has said the government is eager to raise funds through the capital market for mega projects in the power and energy sector. Speaking at a discussion at Dhaka Club on Sunday night, he urged bourses to be proactive to attract such projects to the capital market.
ILO to improve 127 garment factories
The International Labour Organisation has set a target to bring an additional 127 garment factories under its Better Work (BW) programme by next June, to ensure greater social compliance and workers’ rights. At present, 98 garment factories in Bangladesh are members of the BW programme, Louis B Vanegas, programme manager of BW Bangladesh, told a group of journalists at his office in Dhaka.
RMG unit to get up to Tk 35cr from JICA fund
A factory owner of the country’s ready-made garment sector will get up to Tk 35 crore in loans from a Tk 276-crore JICA fund to retrofit, rebuild and relocate his or her industry. Bangladesh Bank issued a circular to managing directors and chief executive officers of all banks saying that the factory owners of the RMG sector would get the loan at up to six per cent rate of interest from the JICA fund.