Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Firms multitasking in IPOs leads to conflict of interest: Experts and the country’s premier bourse see a conflict of interest, as some particular firms play more than one role in the whole process of initial public offering (IPO) of a company. Experts and officials at the Dhaka Stock Exchange (DSE) said some particular firms worked simultaneously as issue managers, underwriters and pre-IPO shareholders for same companies in IPO floatation leading to a conflict of interest. According to the DSE officials, a conflict of interest arises, when an issuer company pays the loan of a bank by raising capital through IPO and when the bank’s subsidiary is appointed the company’s issue manager.
80pc flood flow zones filled up: Realtors have destroyed more than 80 percent of the capital’s conservable floodplains and water retention zones, mostly in the last five years, as the government stalled implementing key recommendations of the detailed area plan (DAP), say experts. One key recommendation in the DAP was reclamation of more than 2,500 acres of flood flow zones and agricultural land from illegal housing scheme developers. The DAP was finalised twice by technical experts and published in official gazette in June 2010, after a long struggle and much foot dragging. But the government soon stalled the implementation of its major recommendations by making it subject to another “final review” by a seven-minister committee in the face of fierce opposition from real estate developers and lawmakers of Dhaka.
Accord finds faults in all 10 RMG units it inspected: The platform of European retailers, Accord on Fire and Building Safety in Bangladesh, on Tuesday said that it had found faults in all 10 garment units it inspected in a pilot basis late last year. Officials of the Accord said that they found mismatch between structural designs and constructed structures, uncontrolled heavy storage load on floor, locked fire escapes and unsupported and unprotected wires in the factories. The platform, which also accommodates brands and labour unions, at a news conference at a city hotel on the day released its initial inspection report on the 10 garment factories.
BB serves notice on Sonali MD: Bangladesh Bank yesterday served a notice on the managing director of state-owned Sonali Bank asking him to explain why punitive action will not be taken against him for negligence in providing security to the vaults of the bank branches. The MD will have to give a reply by March 16. If the reply is not satisfactory, action will be taken as per law, the BB said in the notice. The central bank said robbers made away with Tk 16.4 crore from a Sonali Bank branch in Kishoreganj by digging a tunnel into the bank’s vault on January 24.
ADB tags conditions to $150m credit: Asian Development Bank has attached conditions to disbursement of $150 million to the Capital Market Development Programme II, officials said. The Manila-based multilateral agency wanted the government to pass the ‘financial reporting act’ in parliament in next two months, the official said quoting a letter of the ADB. ADB sent the letter to finance minister AMA Muhith on February 28.
Three int’l firms selected for main Padma Bridge construction: Communications Minister Obaidul Quader said Tuesday the government has initially finalised three international firms through the international tender for the construction of the main infrastructure of the much-hyped Padma Bridge project. “Three international firms have been selected primarily for the main work of Padma Multipurpose Bridge,” he said at a press a briefing at Setu Bhaban in the city.
Bangladesh’s stocks close positive: Bangladesh’s stocks closed positive Tuesday amid choppy trading with turnover dropped further as investors were remained cautious. DSEX, the prime index of the Dhaka Stock Exchange ended at 4,672.63 points, gaining 7.07 points or 0.15 per cent. However, the other two indices ended into the red. The DS30, comprising blue chips lost 0.01 points to close at 1,681.23 points. The DSE Shariah Index (DSES) went down by 1.04 points or 0.10 per cent to close at 1,011.70 points.
BBN/SSR/AD-12Mar14-8:59 am (BST)