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.

Prompt action against bank, stock market looters pledged
Major opposition platform Jatiya Oikya Front in its 14-point election manifesto for the 11th parliamentary election, has pledged to bring reforms to the country’s ailing banking sector, including abolishing the Financial Institutions Division to strengthen Bangladesh Bank’s authority to monitor the sector. Nagorik Oikya Convener Mahmudur Rahman Manna announced the reforms yesterday, reading out the manifesto at a Purbani Hotel event in Dhaka.

Muhith sees risks from Ctg conglomerate
Finance Minister AMA Muhith yesterday expressed apprehension that holding ownership of several banks and insurance companies by a Chattogram-based business group may become a threat for the financial sector. The group is becoming dangerous and a threat, he said while speaking to reporters at his secretariat office.

Bangladesh’s stocks turnover fall to nine-month low
Bangladesh’s stocks extended the losing streak for the seventh straight session on Monday with turnover hitting nearly nine-month low as investors reluctant to put fresh fund on stocks. Analysts said stocks fell as growing political tensions led the investors to sell-off their stocks ahead of the national election.

Global cotton stocks likely to decrease in 2018-19
For the first time since 2015/16, global cotton production is expected to decrease in 2018/19, after consecutive increases of 7.0 per cent and 16 per cent in the two prior seasons, the International Cotton Advisory Committee (ICAC) said. A number of producers are expected to show increases — including China, Brazil, West Africa, Turkey and Uzbekistan — but it likely won’t be enough to offset decreases in the United States, India, Australia and Pakistan.

Bangladesh eases farm loan rescheduled policy
The central bank of Bangladesh has issued a fresh rescheduled policy on short-term agriculture loans to help boosting production through facilitating farmers across the country, officials said. Under the policy, the banks are allowed to reschedule such agriculture loans under ‘banker-client’ relationship through relaxation of down payment.

Import growth moderate
Bangladesh’s import maintained moderate growth of 9 percent between July and October in the current fiscal year, giving some respite to balance of payments which was under pressure. According to data from the central bank, letters of credit settlement stood at $17.64 billion in the first four months of 2018-19, up from $16.19 billion in the same period a year ago.

July-Oct export of services fetches $ 1.94b
Export earnings from the country’s services sector stood at US$ 1.94 billion, marking a robust growth of 56.46 per cent during the first four months of the current fiscal year (FY) compared to that of the corresponding period of last fiscal. The sector fetched $ 1.24 billion in the July-October period of FY 2017-18, according to the Export Promotion Bureau (EPB) data released on Monday.

Convert school banking accounts to savings accounts when students turn 18
Bangladesh Bank on Monday asked all the scheduled banks to convert existing school banking accounts to general savings account when owners of the accounts would turn 18 years old. To this end, the central bank on Monday issued a circular asking all the banks to follow the BB stipulated format to report BB regarding the progress on school banking.

BBN/SSR/AD