Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Inflation rises in July due to Eid shopping
The point-to-point inflation slightly increased to 6.36 per cent in July from that of 6.25 per cent in June due mainly to price hike of non-food items in the month on the occasion of Eid-ul-Fitr, according to data of Bangladesh Bureau of Statistics. In July, the first month of the current fiscal year 2015-16, non-food inflation increased significantly by 0.65 percentage points and stood at 6.80 per cent which was 6.15 per cent in previous month. Food inflation, however, fell by 0.25 percentage points to 6.07 per cent in the month from 6.32 per cent in June, according to the data released on Tuesday.
Scientists in Bangladesh develop new zinc-rich rice
Bangladesh Rice Research Institute (BRRI) has developed a second breed of zinc-rich rice which grows faster, gives better yield and is of better nutritional values than its predecessor. Named BRRI dhan72, the second hi-zinc Aman variety was developed two years into the release of the world’s first biologically fortified (biofortified) high-yielding variety zinc rice — BRRI dhan62 — in August 2013. The National Seed Board released the new rice breed on July 12 and the seeds will be made available to farmers for cultivation in the Aman season (June-November) next year.
N-plant sans full feasibility study raises questions
Country’s first nuclear power plant, being built at Rooppur in Pabna, generated some pertinent questions as officials said the project proceeded without full feasibility study and its overall cost assessment. The government obtained a loan worth US $500 million (Tk 40 billion) from Russia. It has already spent most of the money before completion of the feasibility report and the environmental impact assessment (EIA) study, they added.
Bangladesh’s stocks turnover hits 2-month high
Bangladesh’s stocks posted marginal gain on Tuesday with turnover hitting two months high on the main bourse as investors remained active in the market. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 9.26 points or 0.19 per cent to settle at 4,871.81. The DS30 index, comprising blue chips, advanced 3.25 points or 0.17 per cent to finish at 1,904.75. The DSE Shariah Index (DSES) gained 4.79 points or 0.39 per cent to end at 1,207.91.
Sovereign wealth fund in the offing to fix infrastructure
Bangladesh plans to form a sovereign wealth fund with its foreign currency reserves to invest in infrastructure, the lack of which is turning out to be the main barrier to getting out of the 6-percent economic growth trap. A sovereign wealth fund (SWF) is a pool of money derived from a country’s reserves, set aside for investment purposes that will benefit the country’s economy and citizens. The initial size of the fund would be $1-$2 billion, according to Bangladesh Bank Governor Atiur Rahman. At present, the central bank has foreign exchange reserves of more than $25 billion, and by the end of the year will cross the $26-billion mark.
NBR seeks info from banks
The National Board of Revenue (NBR) has initiated move to scrutinise the bank accounts of the country’s telecom operators for assessing their tax returns for fiscal year (FY) 2014-15. The Large Taxpayers Unit (LTU) under the income tax wing recently sent letters to the country’s commercial banks to furnish bank account details of telecom operator Airtel and Robi, banking sources said. In the letter, the LTU requested all the commercial banks to send details of bank accounts of the two telecom operators for 2013 calendar year.
12 firms to get president award for industrial development
Twelve industrial organisations will get President Award for Industrial Development, which will be given for the first time, said officials of the industries ministry. The selected awardees are BSRM Steels Limited (Chittagong), Abdul Monem Limited (Dhaka) and BRB Cable Industries Limited (Kushtia) under large industries category. Under medium industries category, the selected firms are Basumati Distribution Limited (Dhaka), National Agricare Import and Export Limited (Dhaka), and Jalalabad Frozen Foods Limited (Khulna).
Central bank for adoption agriculture insurance in Bangladesh
Bangladesh Bank (BB) Deputy Governor SK Sur Chowdhury suggested adopting insurance for agriculture to face enormous challenges in the sector in Bangladesh. “It’s now the high time to adopt agricultural insurance to cope with the challenges,” Chowdhury said, pointing out that the agriculture in Bangladesh is facing enormous challenges due to impact of various natural calamities. He said access to rural finance is crucial for farm and non-farm growth in rural areas of developing countries where demand for financial services outstrips supply.