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.
Bangladesh’s classified loans rise 15% in Q1 of 2016
The volume of classified loans in the country’s banking system jumped by 15.65 per cent in the first quarter (Q1) of the ongoing calendar year despite close monitoring by the central bank. The amount of non-performing loans (NPLs) rose by BDT 80.40 billion to BDT 594.11 billion during the January-March period of this year from BDT 513.71 billion in the preceding quarter, according to the central bank latest statistics.
Substantial hike in tax revenue target likely
Finance Minister AMA Muhith is likely to propose a tax-revenue target of Tk 2.31 trillion in the national budget for the fiscal year (FY) 2016-17. The budget is set to be placed before parliament on June 02 next. The target set for next fiscal is 33.5 per cent higher than that of the current fiscal. The next tax-revenue target is substantially higher than the original estimate of Tk 1.76 trillion in the current budget. The raise is envisaged by giving the domestic Value Added Tax (VAT) collection highest priority, taxmen and analysts said.
Govt plans to allow rice exports
The government plans to allow exports of 40 lakh to 50 lakh tonnes of rice from a surplus stock to help growers get better prices. “I asked exporters to look for markets in Africa and other potential markets for rice exports,” Commerce Minister Tofail Ahmed told reporters at his secretariat office in Dhaka yesterday. Annual demand for rice in Bangladesh is 3.29 crore tonnes at present while production was recorded at 3.48 crore tonnes in fiscal 2014-15, according to Ahmed.
Commodity wholesalers, retailers in contradiction over prices
Wholesale and retail businesses on Tuesday made contradictory statements over the hike of prices of essential commodities ahead of Ramadan, the fasting month for the Muslims. At a meeting with commerce minister on supply, prices and stocks of essential items ahead of Ramadan at the secretariat in the capital, the wholesalers and retailers blamed each other for gaining excessive profit.
Bangladesh’s stocks end higher for 2nd day
Bangladesh’s stocks extended their gaining spell for the two consecutive sessions on Tuesday as investors continued on buying spree on large-cap stocks. Market insiders said the investors remained active on the large-cap stocks, which faced significant correction in the last few sessions, considering lucrative valuation level of stocks.
Move to high-value agriculture: WB
A 10 percent increase in farm income generates a 6 percent rise in non-farm income in Bangladesh, a recent study found. Subsequently, the study report advised the country to shift towards high-value agriculture, including horticulture, livestock and fisheries, as well as greater value addition to improve farmers’ income and household nutrition.
Officials of 6 insurance cos fined for violating law
The Insurance Development and Regulatory Authority on Tuesday fined senior officials of six insurance companies Tk 6 lakh and warned two other companies for violating Insurance Act, 2010. The companies did not submit audited financial statement for the year 2014 in due time breaching section 32 (1) of Insurance Act, 2010, said an IDRA press release issued on the day.
Twitter ‘to loosen character limit’
Microblogging site Twitter is to stop counting photographs and links in its 140-character limit for tweets, according to a report from Bloomberg. The change could be made within the next two weeks, Bloomberg quoted a source as saying, reports BBC. The company has not yet commented on the report.