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.
World Bank to provide $1.0b for tackling malnutrition in Bangladesh
The World Bank (WB) will increase its International Development Assistance (IDA) to Bangladesh by 50 percent for 2017-18 and said that the country needs to invest more in building human capital.The global multilateral lender will also provide an additional US$1.0 billion to help Bangladesh tackling malnutrition. Visiting WB President Jim Yong Kim announced the extra assistant while addressing a press conference after his meeting with Finance Minister AMA Muhith at his ministry office in Dhaka on Monday.
Beximco, Meghna tie up with Chinese investors for power
Local business giants Beximco and Meghna signed agreements with Chinese companies to produce a total of 3,500 megawatts of electricity in five years. The deals were part of the 13 agreements, worth $13.6 billion, that were signed during Chinese President Xi Jinping’s two-day visit to Dhaka. Beximco Group would produce 2,180MW, of which 1,980MW would come from coal-fired plants and 200MW from a solar power plant, according to its Executive Director M Rafiqul Islam.
NBR intel to probe tax-related money laundering issues
The Central Intelligence Cell (CIC) of the National Board of Revenue (NBR) from now on will investigate tax-related money laundering cases as per provision of the Money Laundering Prevention (Amendment) Act, 2015. The NBR, in a recent special board meeting held on October 02, took the decision to empower the CIC as ‘investigating agency’ under the provision of the law.
RMG exports to Russia, China soar in Q1
Country’s apparel-export earnings from Russia, China and Chile registered a colossal growth in the first quarter of the current financial year of 2016-17 while the earnings from most of the non-traditional markets including India, Turkey, Brazil and Australia suffered a negative growth in the period. Readymade garment export to Russia in the July-September period of FY17 registered a whopping 61.67 per cent growth to hit $49.10 million from $30.37 million in the same period of FY16, according to the Export Promotion Bureau data.
Bangladesh’s stocks slip into red after three days
Bangladesh’s stocks returned to the red on Monday, after remaining upbeat in the three days, as risk-averse investors booked on sector specific stocks. Market insiders said the risk-averse investors booked quick-profit on stocks that saw significant gain in the past few days, closing the market slightly lower. After witnessing volatility in the first hour of trading, rest of the session fell steadily, ultimately closed marginally lower.
Mongla port may get Tk 44b for upgrade
The government has planned a Tk 43.93 billion project for modernisation of Mongla Port, considering the growing demand for using the port by Bangladesh and other South Asian countries, officials said. The Ministry of Shipping (MoS) has prepared a development project proposal titled ‘Modernisation and Expansion of Mongla Port Facilities’.
BTRC alerts mobile users to frauds
The telecom regulator asked mobile phone users not to share any personal information, like passwords of mobile financial services or banking information, to anyone through phone calls or SMS, even if they refer to the regulator’s name. Bangladesh Telecommunication Regulatory Commission yesterday issued a notice in this regard. It has recently observed that a group of criminals were collecting customers’ SIM registration information by confusing them with fraudulent calls and even asking for money from customers.
DoC advised to intensify efforts for vacating DMCBL writs
The cooperatives regulator has been asked to take effective measures to vacate writ petitions Dhaka Mercantile Cooperative Bank Limited (DMCBL) filed with the High Court, officials said. The suggestion came from a coordination meeting of major watchdog bodies, namely Bangladesh Bank (BB), the Bangladesh Securities and Exchange Commission (BSEC), the Office of the Registrar of Joint Stock Companies and Firms, the Insurance Development and Regulatory Authority (IDRA), the Micro-credit Regulatory Authority (MRA), the DoC and Bangladesh Telecommunication Regulatory Commission (BTRC).