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.
Terror may stymie growth: WB
An escalation of terrorist attacks in recent months in Bangladesh has heightened security concerns and created new types of uncertainties -- a development that could adversely impact investment, growth and inflation, said the World Bank yesterday. “Security shocks, such as terrorist attacks, have the potential to cause damage to the economy, particularly by weighing on investment and consumer confidence,” said the Washington-based multilateral lender in its Bangladesh Development Update.
Pvt cos, banks unwilling to contribute a part of profit
Local companies, including commercial banks and the government are at loggerheads over the former's contribution of a portion of their profits to the workers' welfare fund. Different companies including commercial banks are still reluctant to contribute to the government-run Bangladesh Workers' Welfare Foundation (BWWF), formed by the government, despite repeated reminders to comply with the law, ministry officials said.
BPC, NBR violate customs act in assessing duty on petroleum oils
The National Board of Revenue has lost around Tk 22,000 crore in revenue due to violation of the customs valuation rules for assessing the duties on petroleum products imported by Bangladesh Petroleum Corporation. Both customs and Bangladesh Petroleum Corporation officials have been violating the rules since 2005 not assessing the duties on imported petroleum products at actual import prices. The assessment had been conducted at the fixed tariff value or minimum import price set by the National Board of Revenue though the Customs Act-1969 says that assessment should be conducted at actual price of imported goods if the price is higher than the tariff value.
Credit growth rises in August
The country’s private sector credit growth increased in August, one month after it dropped, due to growing demand for implementation of mega projects in infrastructure sector. The growth rate climbed to 16.2% in August from 16% in July. It was the highest 16.8% in June, above the monetary target of 16.7% set for September.The total credit to private sector stood at Tk6,71,900 crore in August. The upward trend of private sector credit growth is still not a concern for Bangladesh Bank as Advance Deposit Ratio (ADR) is far lower than the authorised limit, said Allah Malik Kazemi, change management adviser to the central bank.
Bangladesh’s remittance inflow falls by 17.83% in Q1
The overall flow of inward remittances dropped by 17.83 per cent in the first quarter (Q1) of the current fiscal year (FY) 2016-17 against the same period of the last fiscal year, officials said.The inflow of remittance came down to US$3.23 billion during the July-September period of the FY 17 from $3.93 billion in the same period of the previous fiscal, according to the central bank latest statistics, released on Monday.
Bangladesh’s stocks end flat after see-saw
Bangladesh’s stocks finished almost flat on Monday with persistent volatility as investors were active both sides of trading fence throughout the trading session. Market insiders said some investors continued on profit taking mood on stocks that saw substantial gain in the past few sessions while some took position on sector specific stocks, closing the market in flat green zone.
WB secretly funds Asian 'coal boom'
The World Bank is indirectly financing a boom in some of Asia's dirtiest coal-fired power generation despite commitments to end most funding for the sector, a development advocacy group charged yesterday.The power plants, which contribute to climate change and deforestation as well as premature deaths due to illness, are cropping up from Bangladesh to the Philippines, all with financing provided by financial intermediaries supported by the Bank, said a report produced by the organization Inclusive Development International.
ADB moves to harmonise SPS, TBT in SASEC bloc
The Asian Development Bank (ADB) has mooted a process of removing roadblocks to intra-regional trade, officials said. Harmonising two technical non-tariff measures (NTMs) slowing trade among the South Asian Sub-regional Economic Cooperation (SASEC) countries is on top of the ADB agenda, they added.
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