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.
Recipe for failure:The government's project implementation is so slow that by the time it releases 20 percent of a project's fund, half the project time elapses, according to the Asian Development Bank. An ADB portfolio review mission recently analysed 58 projects funded by the bank, and showed how slow disbursement affects project implementation. For example, the $400 million Sustainable Power Sector Development Project, approved in June 2007, was scheduled to be completed by 2013. But almost 45 percent of the project time had elapsed before 20 percent of the fund was disbursed, show ADB data. Similarly, the $3.85 million Power Sector Development Project faced delays. Almost 89 percent of the project time elapsed before the government released 20 percent of the amount.
Tk 790.31b ADP for FY15 set to be approved today: The government is set to approve today (Tuesday) Tk 790.31 billion Annual Development Programme (ADP) for the next fiscal. The allocation is 31.71 per cent higher than the revised and 19.98 per cent higher than the original ADP for the outgoing fiscal, officials said Monday. Planning Commission (PC) officials said they would place the draft ADP for the next financial year (FY) 2015 before the National Economic Council (NEC) meeting for approval. The Commission has proposed Tk 790.32 billion ADP outlay for the upcoming FY2015 fiscal with a provision of making available Tk 513.31 billion or 65 per cent funds from domestic resources, and the rest from external sources.
Consumer goods import rises by 43.78pc in July-March: The country’s import of consumer goods increased by 43.78 per cent in the first nine months of this financial year from that of the same period in the FY 2012-13 due mainly to higher import of rice, wheat, soya bean oil and onion in the period. According to the Bangladesh Bank data released on Monday, settlement of letters of credit, or generally known as actual imports, for consumer goods stood at $3.52 billion in July-March of the FY14 against $2.43 billion in the same period of the FY13.
Indian rupee hits 11-month high against US dollar: Extending its rising streak for the fourth straight session, the Indian rupee on Monday jumped by another 32 paise to trade at a fresh 11-month high of 58.47 against the US dollar in early trade on sustained foreign capital inflows after the BJP-led NDA swept the Lok Sabha elections. Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee, The Indian Express reported quoting dealers. Besides, a strong rally in domestic equity market in opening trade and the euro’s gain against the dollar overseas also helped the rupee, the newspaper added.
Listed banks count higher profits: Most listed banks saw an upward trend in net profits during January-March, as economic indicators improved on the back of a relatively stable political situation following the national polls. Of the 30 banks in the stockmarket, the net profits of 25 banks rose in the first quarter, compared to the same period last year. Two banks suffered a net loss, while two others posted a fall in their net profits between January and March, according to the banks' first quarterly disclosures made public recently. Last year was a tough year for banks as business was ravaged by political unrest in the run-up to the January 5 polls. Since then, the political situation was moving towards stability.
BB team hears MD: The Bangladesh Bank (BB) standing committee Monday took note of what BASIC Bank Limited managing director (MD) Kazi Faqurul Islam said in defence of his alleged involvement in financial irregularities. A four-member committee, headed by BB deputy governor Nazneen Sultana, heard the MD's position regarding his alleged involvement in financial corruptions along with failure in protecting the depositors' interest. In the hearing Mr Islam has been asked to submit more documents in support of his arguments, a member of the high-powered committee told the FE. "We'll submit our recommendations to the governor in this connection after completing the hearing," the committee member said.
Only 2,755 people legalised undisclosed money: The opportunity of legalising undisclosed money through investment in different income generating sectors and purchasing residential apartments failed to attract such money holders as the National Board of Revenue received only Tk 44 crore as tax in the current fiscal year from the sectors. In the FY 2013-14, only 2,755 untaxed money holders legalised their undisclosed money by investing in the sectors, officials of the revenue board said. According to the NBR provisional data, only 205 people invested around Tk 234 crore in different income generating sectors by paying 10 per cent penalty along with paying regular tax at the rate of 25 per cent under Article 19E of the Income Tax Ordinance-1984. The revenue board got Tk 18 crore as tax from the sector which the NBR offered in FY 2012.
BBN/SSR/AD-20May14-8:48 am (BST)