An apparel factory in Bangladesh. Photo: BBN file photo
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.
10 new products to get export subsidy
The government is going to extend subsidies on the export of 10 new products with a view to boost export earnings to $50 billion by 2021 to achieve higher growth and generate employment. Moreover, garment export to the US, Europe and Canada will for the first time get 1 percent of the earnings as subsidy, for which the government has allocated Tk 2,825 crore.
Non-EZ essential goods makers face tax disparity with EZ units
Tax benefit disparity between economic zone and non-EZ essential commodity producing factories may create imbalance in domestic industries in the sector, destabilise the market of the products and drive many businesses out of the market, industry insiders and tax officials said. The government may also lose a huge amount of revenue due to the exemption given to EZ industries involved in production of essential consumer goods including edible oil, sugar, atta and maida for selling those in the domestic market, they said.
NBFIs allowed borrowing more from money market
The central bank of Bangladesh has allowed non-banking financial institutions (NBFIs) to borrow the maximum 40 per cent of their equities instead of 30 per cent from the inter-bank call money market. The revised limit for borrowing from the call money market of the NBFIs will come into effect from September 01, 2019, according to a notification issued by the Bangladesh Bank (BB) on Monday.
281,000 BO accounts closed in July amid sluggish stock business
A total of 281,158 beneficiary owner (BO) accounts were closed in July due mainly to non-payment of annual account renewal fees by the stock investors amid sluggish stock business. Besides, capital losses also contributed to exodus of investors who did not bother to renew their accounts paying annual fee, stakeholders have said.
Bangladesh’s stocks slip into red as mobile operator’s share falls
Bangladesh’s stocks slipped into the red on Monday amid volatile trading as the country’s major mobile phone operator, Grameenphone (GP), shares fell sharply after the record date. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,160, shedding 12.49 points or 0.24 per cent over the previous day.
Mannan sits with ministries today
Planning Minister M A Mannan will sit with different ministries today (Tuesday) to evaluate the government's development projects due to non-satisfactory progress in their implementation and a tendency of the agencies concerned to seek repeated revision of projects. "Since the ministries and agencies seek revision of their projects frequently, the minister will try to find out their shortcomings in this regard," said a senior official of the Planning Commission (PC) on Monday.
Foreign investors retreating from DSE
Net overseas investment in the Dhaka bourse has been in the negative for the last five months as foreign investors are put off by lack of coordination among regulators. The amount hit Tk 164.67 crore in the negative in July, when foreign investors purchased shares worth Tk 309.36 crore and sold Tk 474.03 crore, according to data from the Dhaka Stock Exchange (DSE).
Remittance rises by 21pc in July
Inflow of remittance rose by 21.2 per cent year-on-year in July as expatriates sent home more money before Eid-ul-Azha, one of the biggest festivals of the Muslims. Bangladesh Bank data released on Monday showed that the country received $1.6 billion in remittance in July, the first month of financial year 2019-20, against $1.32 billion in the same month of last year.
BBN/SSR/AD