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.
Banks’ costs mounting
Most of the banks’ cost-to-income ratio, which is used to measure efficiency and productivity, accelerated in 2015 from a year earlier. The higher ratio generally indicates lower efficiency, but a number of factors can affect the ratio, including a bank’s business model, its size and the overall investment climate of a country, according to bankers.
Businesses fear fallouts from city eviction drive
The government’s ongoing eviction drive against illegal establishments on residential plots in the city is feared to put at risk billions in investment and employment of hundreds of thousands of people. A rough estimate shows that there are about 500 hotels, guesthouses and restaurants in residential areas of Rajdhani Unnayan Kartripakkha (Rajuk), including Gulshan, Banani, Baridhara, Uttara, Dhanmondi, Rampura and Khilgaon.
Accord-listed RMG factories correct 64pc safety concerns till July
Sixty-four per cent of safety faults in the readymade garment factories that produce cloths for Europe retailers have been corrected till July, the Accord on Fire and Building Safety in Bangladesh has said. But most of the factories remained behind schedule in their remediation, the Accord, the platform of the EU brands and retailers, said in a recent progress report.
Inflow of remittances fall drastically in July after Eid
The flow of inward remittances dropped by more than 31 per cent in July, the first month of the current fiscal year (FY) 2016-17 after celebration of Eid-ul-Fitr festival, officials said. The remittances from Bangladeshi nationals working abroad were estimated at over $1.0 billion in July 2016, down by $460.44 million from the level of the previous month. In June last the remittances stood at $1.46 billion, according to the central bank statistics.
Bangladesh’s stocks close higher for second day
Bangladesh’s stocks closed marginally higher for the second day in a row on Tuesday with increasing turnover, as investors continued on buying spree amid optimism. Analysts said some fuel and power sector’s large-cap shares showed positive move ahead of their dividend declarations, which helped the market to finish higher.
Foreign aid hits record high in FY16
Bangladesh has received a record foreign aid for development spending in the immediate past fiscal year. The foreign aid stood at $3449.97 million in FY’15-16, an increase of more than 13% a year earlier, according to the latest data of Economic Relations Division (ERD) released yesterday.
Bhutan keen to import internet bandwidth from Bangladesh
Bhutan is keen to import internet bandwidth from Bangladesh, said State Minister for Telecom Tarana Halim, who is currently visiting the South Asian landlocked country. Bhutan’s Information and Communications Minister DN Dhungyel expressed their interest in a meeting with Tarana in Thimphu on Monday. “The issue was also raised in my meeting with Bhutan’s Prime Minister Lyonchhen Tshering Tobgay,” Tarana told The Daily Star over phone.
Norwegian-US firm to conduct 2D survey in offshore areas
A proposal of Energy and Mineral Resources Division on the matter will be placed at the meeting of the cabinet committee on economic affairs for approval tomorrow. According to the proposal, Petrobangla will sign an agreement with TGS-NOPEC and Schlumberger, a Norwegian-US joint venture, to conduct the 2D seismic survey. The agreement will be signed this month.