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.
US taking fresh GSP petitions
The US government is accepting applications from countries for trade benefits to the American market, in what is a stroke of good fortune for Bangladesh. Bangladesh has been lobbying hard with the US government for the reinstatement of its Generalised System of Preferences scheme, which was suspended in June 2013 on grounds of serious shortcomings in workplace safety and labour rights.
BB’s operating profit shrinks substantially
The central bank’s operating profit shrank by over 25 per cent or Tk 2.66 billion in the last fiscal mainly for higher interest expenses for mopping up excess liquidity from the money market. Officials said the Bangladesh Bank’s operating profit came down to Tk 7.72 billion in the fiscal year (FY) 2015-16 from Tk 10.38 billion a year before. The figure was Tk 20.38 billion in the FY14.
Chinese firm to install pipeline at deep sea for Eastern Refinery
Energy Division is set to appoint a Chinese firm to install single-point mooring with double pipe line for the state-run Eastern Refineries Ltd, said official sources. The proposal for appointing China Petroleum Pipeline Bureau is likely to place at the meeting of the cabinet committee on economic affairs today.
BIDA starts functioning tomorrow
The newly established Bangladesh Investment Development Authority (BIDA) will start its function from Thursday with the aim of attracting higher local and foreign investment. Former secretary Kazi M Aminul Islam has been appointed the first executive chairman of the BIDA. Kazi Aminul Islam was the secretary-in-charge of the former military backed caretaker government chief Fakruddin Ahmed’s office. He also served as the country’s representative to the World Bank.
Govt procurement: Ministries to get more power
The ministries’ power would be enhanced to approve purchases for development projects under the annual development progamme up to Tk 100 crore, finance division officials told New Age. The finance division, they said, took the move to introduce the new system by altering the terms of reference of the cabinet committee on national purchases. The new system, they said, would also authorize the ministries to approve purchases up to Tk 50 crore relating to projects outside the ADP.
Bangladesh’s stocks extend losses for eight days
Bangladesh’s stocks extended their losing spell for the eighth session in a row on Tuesday, with improving turnover value, as the investors continued on selling mood ahead of Eid festival. The market opened higher and the key index of the premier bourse gaining around 11 points within 15 minutes of trading, could not sustain the momentum as the session progressed, eventually ended marginally lower.
Open up MFS to telcos: Tarana
Mobile operators and other players should be allowed to provide mobile financial services (MFS), in a bid to ensure competition and benefit the masses through financial inclusion, State Minister for Telecom Tarana Halim said at a roundtable yesterday. Tarana said the telecom and banking regulators should work together to formulate a model of regulation, which will help the operators and existing players to enter digital financial services.
RMG exporters seek release of Tk 8.0b in cash incentive
Country’s apparel exporters have urged the government to immediately release Tk 8.0 billion as the first instalment of cash incentives for the current fiscal year to pay wages and festival allowances to their workers, officials said. Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) has recently requested the finance ministry to release the funds by September 01, 2016.