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.
ADB revises up growth forecast for Bangladesh
The Asian Development Bank yesterday estimated Bangladesh’s economic growth at 7.1 percent for fiscal 2015-16, which is higher than the government’s estimate. Bangladesh Bureau of Statistics forecast the country’s economic growth at 7.05 percent for the year, while the previous estimate of the ADB was 6.7 percent. “Growth in fiscal 2016 exceeded expectations, aided by revived exports and sustained domestic consumption,” the ADB said in its Asian Development Outlook 2016 Update.
Bangladesh’s NPLs with industries rise by 32.62% in FY 16
The volume of classified loans in the industrial sector increased by 32.62 per cent or BDT 61.66 billion in the fiscal year (FY) 2015-16 mainly due to slower recovery drives by banks and financial institutions, officials said. The non-performing loans (NPLs) of industrial sector rose to BDT 250.68 billion in the FY 16 from BDT 189.01 billion in the previous fiscal, according to the central bank’s latest statistics. “We’ve expedited monitoring and supervision aiming to reduce the amount of non-performing loans along with ensuring proper use of industrial credits,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
Fuel oil import goes up in Aug to feed power plants
Bangladesh imported about 300,000 metric tonnes (mts) of diesel and jet fuel in August at lower premium rate from three international suppliers, up 11.11 per cent from July imports, said officials. State-run Bangladesh Petroleum Corporation (BPC) imported the refined petroleum products from the Kuwait Petroleum Corporation (KPC), the Emirates National Oil Company (ENOC) and the Unipec Singapore, said a senior BPC official.
Saarc Summit set to be postponed as Hasina, Modi decide to skip
The 19th Saarc Summit, scheduled to be held in Islamabad in November, looks to be postponed as Bangladesh Prime Minister Sheikh Hasina and her Indian counterpart Narendra Modi reportedly decided to not to attend it. Bhutan and Afghanistan will also skip the summit, diplomatic sources in Dhaka and New Delhi said adding that the current Saarc chair Nepal may officially announce the postponement of the Summit anytime, reports UNB.
Bangladesh’s stocks fall on profit booking
Bangladesh’s stocks finished slightly lower on Tuesday, as risk-averse investors went on late hours profit taking. The market started with a positive note and the key index of the premier bourse advanced 10 points within first 50 minutes of trading, but failed to sustain that level as investors booked profit on sector specific stocks, ultimately ended marginally lower.
KDS Accessories eyes Tk 100cr from new unit
KDS Accessories, a unit of Chittagong-based KDS Group, aims to earn an additional Tk 100 crore in sales revenue a year, as it started commercial production at its new packaging unit in Gazipur last week. The company will reach the revenue target, if the new packaging line can utilise its full capacity and sell the produces, the company said in a statement on the website of Dhaka Stock Exchange yesterday. The company’s revenue in 2015 was Tk 169.08 crore, according to its latest annual report.
FBCCI again pleads for changes in fiscal measures
Country’s apex chamber body has urged the government to amend some of the key fiscal measurers for the fiscal year 2016-17 as it found small and medium-scale businesses facing difficulty in running their operations. Officials said the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) pointed out that the tax measures created complexities and harassment in field-level business.
BB to get back $15.25m reserve heist within next two weeks
Bangladesh is expected to get back $15.25 million of its stolen reserves from the Philippines within next two weeks, said Bangladesh Bank deputy governor Abu Hena Mohammad Razee Hassan. ‘The judgment on sending back the heist money is in favour of Bangladesh . . . we will get the money back after “execution suit”,’ he told BSS. The ‘execution suit’ will give the whole procedure for sending back the money from Manila, he said, adding that it needs two weeks to complete the entire process.