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.
Remodel business plans to revive exports: experts
With a slump in demand for commodities among the Western consumers, Bangladesh needs to remodel its business plans to revive exports in the time of Covid-19, which has severely affected the global economy, economists said. Maybe the traditional fast fashion garment items or basic apparel products are not adequate for Bangladesh to remain competitive in the global markets, they said.
BB removes ONE Bank Chairman
The central bank removed One Bank’s Chairman Sayeed Hossain Chowdhury from the board on allegations of loan default, an official said on Monday. “We’ve removed the One Bank’s chairman from its board after his company’s loan was identified as defaulted,” Serajul Islam, spokesperson for the Bangladesh Bank (BB), told the FE. Mr. Islam, an executive director of the central bank, also added that a loan defaulter cannot hold a position as a board of director of any bank or non-banking financial institution.
Revenues post first ever negative growth
Revenue collection nosedived in the negative terrain for the first time in history as the National Board of Revenue recorded 3.79 per cent negative growth in the just-completed fiscal year 2019-20 amid deepening impacts pf coronavirus outbreak on the economy. According to the primary data obtained, the revenue board managed to collect Tk2,15,400 crore till June 30, down by Tk8,492 crore from the year-ago period and far from the revised target for the FY20.
13 banks face Tk 25,901 crore capital shortfall
The capital base of the banks deteriorated further during the January-March period of the current year with the capital shortfall of thirteen banks, including seven state-owned banks, increasing by Tk 2,288 crore as the volume of defaulted loans continued to remain high. The banks faced a total Tk 25,901 crore in capital shortfall while the figure was Tk 23,612.43 crore at the end of December 2019.
Inflation overshoots target last fiscal year
Inflation ended the just-concluded fiscal year at 5.65 per cent, slightly overshooting the government’s target of 5.5 per cent, owing to the dragging supply chain disruption caused by the pandemic-induced shutdown. Fiscal 2019-20’s weighted-average inflation was also 17 basis points higher than the previous year’s 5.48 per cent, showed data from the Bureau of Statistics (BBS) yesterday.
Regulatory move for ensuring mandatory shareholding rules
Stocks rebounded on Monday with key index hitting one-month high as optimistic investors went on buying binge at the lowest possible prices riding on the regulatory move for ensuring mandatory shareholding rules. Stocks rebounded on Monday with key index hitting one-month high as optimistic investors went on buying binge at the lowest possible prices riding on the regulatory move for ensuring mandatory shareholding rules. DSEX, the key index of the Dhaka Stock Exchange, went up by 13.13 points or 0.32 per cent to settle at more than one month high at 3,994, since June 1.
Knitwear makers seek cash incentive against full export proceeds
The country’s apparel exporters have urged the government to allow 4 per cent cash incentive to the knitwear exporters against their repatriation of export proceeds instead of value addition. Bangladesh Garment Manufacturers and Exporters Association, Bangladesh Knitwear Manufacturers and Exporters Association, Bangladesh Textile Mills Association and Exporters Association of Bangladesh on Sunday sent a joint letter to the finance ministry, demanding the issuance of a master circular on the cash incentive as the exporters were being harassed due to the ambiguity in the existing finance ministry’s circular in this regard.
Jute makes turnaround: Golden fibre emerges as 2nd largest export earner
While major export items are struggling to survive the economic hit of the new virus, jute and jute goods are the exception as it posted an 8.10% rise to $882.35 million in FY20. In the just concluded fiscal year 2019-20, Bangladesh merchandise exports declined by 16.93% to $33.67 billion, according to the data of the Export Promotion Bureau (EPB).