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.
Development spending shows signs of improvement
Development spending improved slightly in the first quarter of the fiscal year but it is still lagging far behind the historical trend. Between the months of July to September, the ministries and divisions put to use 8.75 percent of their total outlay for fiscal 2016-17, up from 7 percent they managed a year earlier. The slight increase would come as a setback to the government, which has taken a host of initiatives over the last two to three years to bump up development spending.
China joins race for metro rail building
China, which is building Bangladesh’s biggest bridge and broad highways, is lately dominating the bidding process for construction of the country’s first metro rail in the capital. Official sources said two Chinese, one Thai and two Indian companies submitted their proposals on the closing day for submission of request for proposals (RfP) for three packages on October 18 and on September 28.
WB’s costly lending scheme set to begin soon in Bangladesh
The government has agreed to take $300 million loan from the World Bank at four per cent annual interest rate that would mark the beginning of costly lending programmes by the bank in the country. Officials told New Age that the WB had offered $450 million loan to the government from its newly introduced lending option called the Scale-Up Facility. But the government agreed to take $300 million for implementation of three proposed infrastructure projects including establishment of a power plant, they said.
ADB: Poor energy base, lack of export diversificaiton bar to economic growth in Bangladesh
Unless the current energy supply gap can be bridged, Bangladesh’s long-term economic growth rate will continue to underperform Lack of energy infrastructure, uncertainties in property ownership and lack of export diversification are signiﬁcant barriers to productive economic growth in Bangladesh, says a new ADB study. In its study report on Bangladesh Consolidating Export-led Growth: Country Diagnostics Study released recently, ADB said Bangladesh has transformed its economy over the last two decades, graduating to middle-income status, as the average annual growth remained strong at 5%–6%. But the country’s goal to become an upper middle-income country by 2021 will require even stronger annual growth of 7.5%–8%.
Bangladesh’s stocks stay flat for second day
Bangladesh’s stocks finished almost flat in green for the second session in a row on Monday with high turnover as investors were active both sides of trading fence. Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) closed in the flat green zone. After witnessing volatility almost throughout the session, the key index of the DSE advanced 0.70 points, while the Selective Category Index of port city bourse rose8.21 points.
Beximco set to export cardiovascular drug to US
Beximco Pharmaceuticals’ plan to expand its footprint into the US, one of the highly regulated drug markets in the world, became one step closer to reality after the Food and Drug Administration gave it a go-ahead to sell cardiovascular medicine. The local drug manufacturer is now expecting to launch Sotalol Hydrochloride, a generic version of the cardiovascular drug Betapace, in the US market by the first quarter of 2017.
BB asks BKB, RAKUB to reduce default loans
Bangladesh Bank (BB) has asked two state-owned specialised banks (SBs) for taking effective measures immediately to reduce the volume of classified loans and improve their respective financial health, officials said. Bangladesh Krishi Bank (BKB) and Rajshahi Krishi Unnayan Bank (RAKUB) have also been instructed to improve their financial health through expediting loan recovery drives across the country.
BTRC likely to cut VSP cos’ annual fees
The telecom regulator is likely to reduce the annual licence fees for the 882 VSP operators to Tk 25,000 from existing Tk 1 lakh in a bid to facilitate the business. Bangladesh Telecommunication Regulatory Commission officials said that a proposal was prepared in this regard after majority of the VSP operators failed to pay their dues because of the dull business situation.