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.
Businesses’ major tax demands unmet
Businesses begin the new financial year on Wednesday with some of their key concerns to help the economy recover from the Covid-19 fallout going unaddressed. Parliament passed the Finance Bill 2020 on Monday without considering most of the major proposals from the businesses. There were only a few tweaks to the original bill.
Only two banks apply for loan in two months of launch
The Bangladesh Bank has received only two applications for the low-cost refinance loan in two months of the formation of Tk 25,000-crore funds to support implementation of the stimulus packages announced by the government. The applying banks are City Bank and IFIC Bank. City Bank submitted application for refinance loans worth around Tk 13.5 crore against its disbursement of Tk 27 crore in stimulus loans to the cottage, micro, small and medium entrepreneurs.
Banks ready to invest Tk 1,650cr in stocks once floor price is lifted
Fourteen banks have together formed a Tk 1,650 crore fund to invest in the stock market but they are now waiting for the lifting of the floor price that the market watchdog set for all stocks earlier.Bangladesh Securities and Exchange Commission set the floor price for all stocks based on the average price of the past five days on March 19, in order to stop the market slump amid the coronavirus pandemic.
Stimulus loans: BB approves Tk4,000cr against 300 firms
The Bangladesh Bank (BB) has approved around Tk4,000 crore in loan proposals of banks against 300 firms under the stimulus packages for industries and service sectors affected by the coronavirus pandemic. The government has announced stimulus packages totaling over Tk1,00,000 crore to overcome the economic impact of the coronavirus, including a Tk30,000 crore package for industries and service sectors.
Stocks edge higher amid cautious trading
Stocks posted a marginal gain on Monday although investors were mostly cautious amid worsening pandemic situation and floor price limitation. DSEX, the key index of the Dhaka Stock Exchange, went up by 7.41 points or 0.18 per cent to settle at 3,981 during the three-hour trading session. DSEX added 19 points in the past five consecutive sessions.
Loans for tanners from Covid funds
Tanners will get loans from Covid-19 incentive packages to buy raw hides during the upcoming Eid-ul-Azha, a meeting has decided. The financial institutions division at a meeting on Monday asked the central bank to incorporate the ‘tannery loans’ in any of the Tk 1.0 trillion incentives packages that the government announced to overcome the impacts of coronavirus on trade and industry.
BSEC sets opening prices as floor prices for newly listed cos
The Bangladesh Securities and Exchange Commission has set the opening price of shares of a newly listed company as its floor price. The BSEC on Thursday sent a letter to the Dhaka Stock Exchange about the floor price of the upcoming companies, a senior BSEC official said. A price floor is the lowest price at which a share can be sold.
India should give more market access to Bangladeshi goods: FBCCI
Bangladesh wants more raw materials from India to increase production for both countries during the coronavirus pandemic. The interdependence between Bangladesh and India has been growing because of increased trade of raw materials for industrial production in Bangladesh.