Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Invest abroad to migrate
Capital flight has become a serious concern for Bangladesh’s struggling economy. Silently but enormously, money is being laundered to safe destinations worldwide. Latest data shows Bangladeshis’ deposits with Swiss banks rose by 36pc last year. In a three-part series, The Daily Star will try to reinforce why people and money are flying away from home. Many Bangladeshis are rushing to get Malaysian business visas with hopes for a secure future for themselves and their families, as this type of visa is less costly and easier to get than the one under the Malaysia My Second Home (MM2H) programme.
BB examining Beximco, Thermax loan restructuring proposals
The Janata Bank limited has submitted the proposals of two business groups –Beximco and Thermax— to the central bank of Bangladesh for restructuring their large loans worth BDT 25.16 billion. “The central bank is now scrutinising the proposals in line with the large-loan-restructuring policy,” Mohammad Naushad Ali Chowdhury, executive director of the Bangladesh Bank (BB) and head of the large loan scrutiny committee, told BBN in Dhaka.
Tk 1,100cr Janata loss in revised restructuring of Beximco loan
The Janata Bank has approved a revised proposal to restructure Tk 1,849.10 crore loans of BEXIMCO group which will increase the bank’s loss against the loans to Tk 1,122 crore from earlier estimated Tk 838 crore. The bank has already submitted the revised proposal early this month to Bangladesh Bank seeking permission to allow BEXIMCO to pay only 9.82 per cent interest and repay the loans in between 6 years and 12 years. Janata Bank has placed another proposal to the BB for restructuring a Tk 666 crore loan of Thermax Group with similar conditions.
Prices of key commodities up by 60-120pc in major cities
The latest market study of the state-run Department of Agricultural Marketing (DAM), released on Tuesday, found that prices of some key commodities have increased by 60-120 per cent in major cities in the holy Ramadan despite having enough stock of the items. It also revealed a 50-100 per cent gap between the wholesale and the retail prices.
IFC to bear 25pc of floating LNG terminal project cost
The International Finance Corporation (IFC) of the World Bank Group will provide 25 per cent of the cost of building the first floating LNG terminal of the country. The IFC signed a deal Tuesday with the contractor of the terminal-Excelerate Energy Ltd Partnership of the US-, Petrobangla chairman Istiaque Ahmad told the FE Tuesday. The liquefied natural gas (LNG) terminal will be a floating storage and re-gasification unit and it will be located at Moheshkhali island.
NBL MD made OSD
The board of directors of National Bank Limited (NBL), a leading private commercial bank of Bangladesh, on Tuesday made the bank’s Managing Director (MD) Shamsul Huda Khan officer on special duty (OSD) over alleged different irregularities. The board also gave the NBL’s Additional Managing Director Badiul Alam the charge of MD at the meeting held at its headquarters in the Dhaka with its Chairman Zainul Haque Sikder in the chair, a board member told BBN. “We’ve taken the decisions aiming to protect the interests of the depositors and shareholders of the private commercial bank,” he explained.
Square, Beximco get US approval
The US Food and Drug Administration or FDA has recently given its approval to Square Pharmaceuticals and Beximco Pharmaceuticals after inspecting the oral solid dosage facilities of the two companies in Bangladesh. On June 16, the FDA released its Establishment Inspection Report under which it was audited whether the firms are following the current good manufacturing practices.
Bangladesh’s stocks down for 4th day
Bangladesh’s stocks edged marginally lower for the fourth straight sessions on Tuesday as investors followed cautious stance. The market opened with a positive note, but could not sustain as the session progressed. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down further by 14.52 points or 0.32 percent to settle at 4,489.45 points.