Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Better rail link to southern Bangladesh by 2022
The government yesterday allocated BDT 412.41 billion for having a better rail and road connectivity between the capital and the southern part of the country to reap the maximum benefit from the Padma Bridge Project. Of the amount, BDT 164.92 billion will come from the public exchequer and the rest will be financed by a government-to-government (G2G) loan from China.
Legal proceedings begin to freeze their bank accounts
The National Board of Revenue (NBR) has started legal proceedings relating to the freezing of bank accounts of four companies under Bangladesh Petroleum Corporation (BPC) for non-payment of VAT arrears worth BDT 26.89 billion. As a part of the process, officials said, the Value Added Tax (VAT) wing of the NBR has served two notices on the state-owned companies to clear the overdue tax or face legal action.
Bangladesh’s interest rate spread rises in March
Overall interest rate spread in the country’s banking sector increased slightly in March as the commercial banks have slashed their interest rates on deposit more than that of leading rates, bankers said. The weighted average spread between lending and deposit rates offered by the banks rose to 4.86 per cent in March 2016 from 4.81 per cent in the previous month, according to the central bank latest statistics. It was 4.84 per cent in January 2016.
Inflation eases in April on rice price decline
The point-to-point inflation inched down to 5.61 per cent in April from 5.65 per cent in March thanks to a decline in both food and non-food inflation, according to the Bangladesh Bureau of Statistics. The overall food inflation decreased to 3.84 per cent, while the non-food inflation dropped to 8.34 per cent in April, shows the BBS data released on Tuesday.
Wilful defaulters owe Rs 66,000 cr to govt banks of India
There were 7,686 wilful defaulters owing Rs 66,190 crore to state-owned banks as of December 2015, Jayant Sinha, minister of state for finance, told Rajya Sabha on Tuesday. Sinha also said that the total outstanding amount in top 100 non-performing accounts (NPAs) with public sector banks (PSBs) was Rs 1.73 lakh crore as of December 2015.
Bangladesh’s stocks break losing streak
Bangladesh’s stocks ended higher on Tuesday, breaking a week-long losing spell as investors went for buying shares following the central bank’s latest announcement. Bangladesh Bank (BB) Monday said that it has started work of adjusting the banks’ over exposure on ‘case to case’ basis to bring down the banks’ over exposure within stipulated timeframe without selling any shares, which created a hype among the investors.
New VAT law to fuel living costs
Prices of many goods and services will soar, while various local industries will face increased competition with imported goods once the new VAT and supplementary duty law comes into effect in July. Framed at the prescription of the International Monetary Fund, the new law envisages a flat 15 percent value-added tax, replacing different rates of VAT.
Women entrepreneurs to get Jica funds
Women entrepreneurs will be entitled to get funding from JICA-backed project styled ‘’Financial Sector Project for the Development of Small and Medium Enterprises (FSPDSME)’’. Bangladesh Bank has brought some necessary amendments in the operating guidelines of the project fund in favour of the women entrepreneurs by providing medium and long-term financial support, according to a Bangladesh Bank statement issued yesterday.