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.
Record FDI in 2018
Bangladesh received net foreign direct investment (FDI) amounting to $3.61 billion in 2018, its highest yet thanks to the one-off payment of $1.47 billion by Japan Tobacco Inc. to purchase Akij Group’s tobacco business. The inflows are an increase of 67.94 percent from a year earlier, according to the United Nations Conference on Trade and Development (Unctad).
HC stays BB guidelines for two more months
The High Court on Monday extended the stay order for two more months on the special policy guidelines of Bangladesh Bank (BB) that offered loan rescheduling and ‘one time exit’ facilities for defaulters. On May 21, the High Court halted the guidelines for a month, five days after the central bank issued it.
Banks’ return on equity, asset falls sharply in 2018
Return on equity and asset of the country’s banks almost halved at the end of December last year from that of a year ago, showed a Bangladesh Bank report titled ‘Bangladesh Systemic Risk Dashboard’. As per the BB report published on Monday, return on equity (ROE) dropped to 4.4 per cent at the end of December, 2018 while the rate was 10.4 per cent a year ago.
Current-account balance improves in H2 of 2018: BB
Current-account balance-to-GDP (gross domestic product) ratio improved during the second half (H2) of 2018 compared to the same period a year earlier. “The improvement indicated that the country’s export growth shows sign of upturn while import growth is decaying,” a senior official of the Bangladesh Bank (BB) told the BBN in Dhaka.
Bangladesh’s stocks move up after bumpy ride on DSE
Bangladesh’s stocks moved up on Monday slightly as investors mostly followed cautious stance ahead of June closing on Sunday. Most of the investors adopted cautious stance as they are observing the government move to review the proposed tax measures for listed companies, according to the market operators.
Savings tools sale set to be double the target
Net sale of National Savings Certificates (NSC) is likely to be more than double its original target of Tk26,197 crore this fiscal year ending June 30, as per sources at Internal Resources Division (IRD). The sale of the instrument is set to cross even the revised target of Tk45,000 crore set for the outgoing financial year , as the government in the first 10 months of the 2019-20 fiscal year already borrowed Tk43,474.42crore from the savings tools.
More large companies to come under LTU
The National Board of Revenue has withdrawn the upper limit on the number of companies to be brought under its Large Taxpayers Unit (LTU-Value-Added Tax) to bring more eligible companies across the country under the unit’s jurisdiction for ensuring proper revenue collection from the entities and providing them better services.
Revised tax target to fall short by big margin
The National Board of Revenue (NBR) is on course to missing its collection target by a big margin once again this fiscal year, increasingly leaving the government dependent on bank borrowing and foreign sources to fund its budget.