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.
Record $2.2b FDI came last year
Bangladesh received its highest ever foreign direct investment of $2.2 billion last year with the manufacturing sector getting the bulk of the investment, according to the United Nations. The FDI receipt was 44.1 percent higher compared to that of 2014, said the World Investment Report 2016 of the United Nations Conference on Trade and Development (UNCTAD). The report was published on its website yesterday.
Axe hangs over tax at source for exporters
The government is now set to reduce the proposed tax at source for export-oriented industries for fiscal year 2016-17 following request from the stakeholders and exporters. The tax at source on export bill has been proposed to increase to 1.5 per cent, from the existing 0.60 per cent, in the new budget placed in parliament on June 02 and presently under discussion.
BB officials to meet New York Fed over stolen funds
Bangladesh central bank officials will hold a meeting with the New York Federal Reserve next month to try and speed up efforts to recover $81 million stolen by hackers from its account at the Fed, officials in Dhaka said. More than four months after the hackers broke into the computer systems of Bangladesh Bank and transferred money into bank accounts in Philippines using the SWIFT payment network, there is no breakthrough yet in investigations.
BB issues fresh circular for DG posts this week
The government is going to issue a fresh circular again for appointing deputy governors of the Bangladesh Bank (BB) as the earlier panel selected by the search committee has been canceled. ‘’We will issue a new circular by this week for the DG posts of the central bank,’’ said Gokul Chand Das, join secretary of bank and financial division of the Finance Ministry.
Savers squeezed by low interest rates
Savers are now counting negative returns on their money once inflation and tax are taken into account. Even the declining inflation rate could not protect the depositors from seeing their savings get squeezed or become negative in real terms.
Bangladesh’s stocks extend losses for fourth day
Bangladesh’s stocks extended their losing spell for the fourth session in a row on Tuesday as most of the investors continued on selling mood amid reduced trading time in Ramadan. The market opened positive and key index of the premier bourse advanced nearly 9.0 points within the first 40 minutes of trading, but rest of the session fell steadily, eventually ended lower.
Farm credit disbursement set to beat target this fiscal
The target of farm credit disbursement is expected to be crossed by the end of the current fiscal year (FY) as the central bank has beefed up efforts to make such credit available for farmers, officials said. The expectation came after attainment of more than 94 per cent of the annual agriculture loan disbursement target of Tk 164 billion by the banks in 11 months to up to June of the outgoing FY 2015-16.
Muhith: Power generation in Rooppur plant to be costly
Finance Minister AMA Muhith said the power generation cost in the proposed Rooppur Nuclear Power Plant will be higher than usual. He said cost of 2,400MW power generation in nuclear power plant is usually $3.5bn, but in the proposed plant the cost will be $11bn.