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.
Bangladesh economy grows 7.11% in FY 16
Bangladesh economy grew 7.11 per cent in the fiscal year (FY) 2015-16 helped by stronger industrial performance, according to the official figures. “Bangladesh economy grew by 7.11 per cent in the previous financial year,” Planning Minister AHM Mustafa Kamal told reporters in the capital Dhaka on Tuesday. Growth in the agriculture was recorded at 2.79 per cent, industry at 11.09 per cent, and the service sector at 6.25 per cent, according to the minister. Bangladesh’s gross domestic product (GDP) is now reportedly worth US$221 billion.
B’desh gets $501m foreign aid in Q1
The government received US$501 million concessional foreign aid in the first quarter (Q1) of the current financial year (FY) 2016-17, almost similar amount during the same period of last FY2015-16, officials said Tuesday. In July-September of the last FY2016, the multi-lateral and bilateral donors disbursed $502.24 million foreign assistance, the Economic Relations Division (ERD) date showed.
Realtors urge ACC not to scare homebuyers
The Anti-Corruption Commission’s letters to realtors seeking information on the property ownership of individuals create panic and depress the housing market, sector leaders said yesterday. The exercise also neutralises the government’s provision to whiten undeclared wealth by investing in real estate, said Alamgir Shamsul Alamin, president of the Real Estate and Housing Association of Bangladesh or REHAB. The parliament passed the budget clearly stating that undeclared money earned through legal means can be invested in real estate, he said at a media briefing held yesterday at Sonargaon Hotel to unveil a programme to observe REHAB’S silver jubilee.
India’s Reliance pressing govt for high fiscal benefits
India’s Reliance is pressing the government to bag a high price for imported LNG which will be used in its power plants to be set up at different locations in Bangladesh. At a meeting held on Monday afternoon with state minister for power, energy and mineral resources Nasrul Hamid, Reliance Group chairman Anil Dhirubai Ambani discussed the unsolicited proposal of his company, said officials.
Bangladesh’s stocks edge lower
Bangladesh’s stocks finished slightly lower on Tuesday after remaining flat in the past two days as most of the investors followed cautious stance. Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) closed marginally lower. The market started with a positive note and the key index of the major bourse gaining around 12 points within first 10 minutes of trading, but rest of the session fell steadily, ultimately closed in the red zone.
Tk1,13,700cr loans regularised to overcome post-poll meltdown
The country’s banking sector has regularised a total of Tk1,13,775 crore from July 2013 to December 2015 during political turmoil following the national poll held on January 5, 2013. Of the total amount, banks have rescheduled Tk82,392 crore and restructured Tk31,383 crore. Of the rescheduled amount, a loan of Tk30,000 crore were regularised taking the advantage of relaxed policy while Tk52,244 crore in compliance with the rescheduling policy.
BB appoints observer to First Finance Ltd
The central bank has appointed an observer to another non-banking financial institution (NBFI) to closely monitor its operations, officials said. A K M Amjad Hussain, general manager of Financial Integrity and Customer Services Department of Bangladesh Bank (BB), has been appointed as the observer to First Finance Limited.
Singer’s revenue jumps on strong sales
The revenue of Singer Bangladesh increased 30 percent year-on-year to Tk 770 crore in the first nine months of 2016, driven by strong sales in all product categories. The gross profit for the period has increased 41 percent year-on-year with gross profit margins rising 28.3 percent against 26.2 percent in the previous year.