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.
Interest rates on savings tools to be re-fixed twice a year
The government will review and re-fix the interest rates on savings instruments twice in a year to tighten the widespread borrowing from the costly instruments as their skyrocketing sales put a dent on the economy. April and October are the months fixed for revisions to be conducted by a nine-member committee, a senior official of the finance ministry said. The finance ministry will announce new rates for savings tools in January and October of each year.
Govt plans to hike farm subsidy
The government may increase agriculture subsidy in the next fiscal year, as farmers are not getting fair prices for their produce, Finance Minister AMA Muhith said yesterday. “I think we have to give more subsidy to the farm sector as prices of the produce have fallen in the local markets due to a surplus in output,” Muhith said in a meeting with Shykh Seraj, a leading agriculture development activist and journalist, at the minister's secretariat office in Dhaka.
Govt looks to keep inflation rate at 5.8pc in next fiscal
Despite some risk factors, the government is likely to keep the inflation rate at 5.8 per cent in the upcoming fiscal year (FY) 2016-17.The inflation target was estimated considering the existing prices of essential commodities including petroleum products in the global market, a senior official familiar with the budget preparations told the FE on Tuesday.
Bangladesh’s stocks close flat
Bangladesh’s stocks closed yet another flat session on Tuesday, with turnover remaining low, as late hour selling pressure wiped out early gains. Both the Dhaka Stock Exchange, the prime bourse of Bangladesh, and Chittagong Stock Exchange, the port city bourse of the country opened with a positive note, but could not sustain the positive momentum at the end of the session.
Bangladesh secures Tk 517cr in first loans from China-led AIIB
Bangladesh will get Tk 517 crore or $66 million in loans from the Asian Infrastructure Investment Bank for two power distribution projects -- the first loan for the country from the China-led development bank. The projects at a total cost of Tk 821 crore were approved at a meeting of the Executive Committee of the National Economic Council (Ecnec) in Dhaka yesterday and will help improve the transmission lines of the country.
Padma Life overspends Tk124cr in 4 years
Padma Life Insurance repeatedly violated the insurance act between 2011 and 2014 by overspending around Tk124 crore above their approved limit, an audit into the private company's accounts has revealed. During these four years, the insurance company failed to comply with industry guidelines and wrote down its exorbitant expenses as management costs.
SWIFT to unveil new security plan in the wake of Bangladesh heist
The SWIFT secure messaging service that underpins international banking says it plans to launch a new security program as it fights to rebuild its reputation in the wake of the Bangladesh Bank heist. The Society for Worldwide Interbank Financial Telecommunication’s (SWIFT) chief executive, Gottfried Leibbrandt, is expected to tell a financial services conference in Brussels that SWIFT will launch a five-point plan later this week, reports the ZD Net.
Four-fold rise in pension allocation for non-govt teachers in next budget
The secondary non-government teachers will get their pension immediately after their retirement as the new budget has raised the allocation by four times to relieve them of their sufferings. People, familiar with the development, told the FE Tuesday that the government has allocated Tk 5.0 billion in the upcoming budget for fiscal year 2016-17 for the MPO-listed secondary school teachers which usually got Tk 1.0 billion a year in the past.
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