Dhaka, Bangladesh (BBN) - The Bangladesh Business News (BBN) prepares the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
MoF decides to go tough on loan irregularities in SoCBs: The government has decided to take tough action against irregularities in loan approval and sanctioning process in the state-owned commercial banks (SoCBs), officials said. A decision to this effect was taken at a meeting of the Bank and Financial Institutions Division of the Ministry of Finance (MoF) held to review the state of affairs with classified loans in the SoCBs. The Bank and Financial Institutions Division (BFID) has already conveyed its decision to the central bank for further review.
NBR to hunt the rich to boost receipts: The government will hunt for the rich people and tax-dodgers to achieve the revenue collection target in the next fiscal year. The Finance Division has already set the revenue collection target for the National Board of Revenue, which is Tk 149,720 crore -- around 20 percent higher than the target in the revised budget of the current fiscal year. The tax administrator is now working to set revenue collection targets for different sectors. The income tax department of the NBR will have to collect the lion's share -- around Tk 60,000 crore, which is 35 percent higher than the current fiscal year's revised income tax target, an official said.
USTR seeks fresh progress report on GSP action plan in July: The U.S. has sought a fresh progress report on its GSP action plan by the first week of July containing the implementation of conditions the commerce ministry in its April report pledged to do by next month. The report submitted on April 14 by the commerce ministry to United States Trade Representative’s office promised to complete at least three conditions including completion of appointment of 200 factory inspectors by June. The United States Trade Representative will review the case of reinstating the generalised system of preference for Bangladesh only after a fresh report is made available as the earlier report has not been qualified for review, a top official at the commerce ministry said.
Bangladesh’s stocks close flat: Bangladesh’s stocks closed flat in positive on Monday amid volatile trading throughout the session with turnover rose slightly. DSEX, the prime index of the Dhaka Stock Exchange (DSE), ended at 4,506.44 points, gaining only 1.67 points or 0.03 percent. The total turnover value stood at Tk 3.68 billion on the DSE which was 11.51 percent higher over the previous day’s value. The gainers took a strong lead over the losers as out of 295 issues traded, 178 gained, 81 declined and 36 issues closed unchanged on the DSE floor.
BB to introduce rules on outsourcing by banks: The central bank is going to introduce guidelines on outsourcing arrangements for the banks to avert risks and monitor compliance with regulatory requirements. "We've released draft guidelines on outsourcing arrangements seeking opinions from the stakeholders by May 15," a senior official of the Bangladesh Bank (BB) told the FE Monday. He also said the central bank wants to finalise the guidelines, to be introduced for the first time in Bangladesh, based on the opinions by the stakeholders.
Remittance in slow lane: Remittance inflow slid about 5 percent year-on-year in the first ten months of the fiscal year on the back of a shrinking pool of migrant workers. Between July last year and April this year, the country received $11.73 billion in remittance in contrast to $12.31 billion registered for the same period of last fiscal year, according to data from the central bank. The drop is in keeping with the trend since last August, when it turned negative after sluggish growth since the first half of fiscal 2012-13.
Indian mangoes trickling in B’desh after EU ban: Indian mangoes, banned by European Union, have started to trickle into Bangladesh market. The Indian state of Odisha has already sent the first consignment of the king of fruits to Bangladesh, reports The Times of India. Bangladesh commerce ministry officials, however, told New Age that they were not aware of any mango import from India. A senior official said that the ministry would verify the news and then it would take steps accordingly.
BBN/SSR/AD-06May14-10:39 am (BST)