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.
All steps failed to fix banking fiasco
Budgetary and other incentives provided for the banking sector in the outgoing fiscal year have failed to improve the financial health of the ailing sector, which witnessed further scams in the year. The majority indicators suggest a gradual deterioration of the state of the banking sector, regarded as the backbone of the country’s economy in absence of a mature capital market to support the country’s economic progress, experts said.
NPLs cross BDT 1.0t- mark in Bangladesh
The amount of classified loans in the banking sector surpassed the BDT 1.0 trillion-mark for the first time of Bangladesh in March 2019. The volume of non-performing loans (NPLs) jumped by more than 18 per cent to BDT 1,108.73 billion in the first quarter (Q1) of the year from BDT 939.11 billion in the preceding quarter, despite close monitoring of the central bank.
Fix banking woes
The government should go for massive reforms to salvage the ailing banking system or else the contagion will batter the entire financial sector, analysts said. The financial acts should be amended in a way that will arrest rising default loans, ensuring punishment against willful defaulters and keeping banks free from political intervention, they said.
BUDGET FOR FY 20: Business community opposes black money whitening scheme, but favours offer for undisclosed money
Bangladesh’s business community is against any scheme of whitening the black money, but supportive of fiscal measure to legalize undisclosed and untaxed money in the upcoming budget for the next financial year (FY2019-20). The government, however, plans to legalize black money by allowing it to be invested in industries with an aim to boost private investment.
Bangladesh’s stocks gain further before budgetary
Bangladesh’s stocks extended the gaining streak on Monday before the national budget as investors continued their buying spree on sector-wise shares. Stocks kept gaining amid growing confidence of investors ahead of national budget for the (FY) 2019-20, according to market operators.
Exports in May rise by 14.78%
Bangladesh’s exports shipments picked up by 14.78% to $3.81 billion in May, the eleventh month of the current fiscal year. According to the Export Promotion Bureau (EPB) data released yesterday, Bangladesh in May earned $3.81 billion, up by 14.78%, by exporting goods, which was $3.32 billion in the same period a year ago.
Tk 100cr fund for budding entrepreneurs
The government is set to create a Tk 100 crore fund for start-ups as it looks to alleviate youth unemployment, which is progressively becoming an albatross for the country. More than 20.1 million youths aged 15-29 participated in the labour force, according to the Labour Force Survey 2016-17. Of them, 2.1 million were unemployed.
BD eyes $1.7b Chinese loan for power projects
Bangladesh is set to sign at least two loan agreements involving US$ 1.7 billion for two power grid projects during the upcoming visit of Prime Minister (PM) Sheikh Hasina to China. “So far, the China visit is scheduled on July 1-4,” competent sources said.