Dhaka, Bangladesh (BBN)- The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Non-tax revenue faces big shortfall
The government's non-tax revenue (NTR) income is expected to see a major shortfall this fiscal (2014-15) as the top stakeholders are paying less than what they had pledged earlier. Incomes from the Bangladesh Bank (BB) and the Bangladesh Telecommunications Regulatory Commission (BTRC) and land revenue may fall sharply this fiscal, officials familiar with the development have told the FE. The central bank has paid only Tk 16.0 billion (1,600 crore) so far in the current fiscal against Tk 36.0 billion paid in the fiscal year (FY) 2013-14.
World Bank to provide $300m for long-term financing in Bangladesh
The World Bank (WB) has assured to provide $300 million under Financial Sector Support Project (FSSP) aiming to facilitate long-term financing in the country’s productive sectors. The assurance came at a meeting of six-member delegation, led by visiting WB Vice President for the South Asia Region Annette Dixon, held in the central bank headquarters in Dhaka on Tuesday with Bangladesh Bank (BB) Dr. Atiur Rahman in the chair. “We expect that all official formalities of the proposed project will be completed by the end of this fiscal year,” a BB senior, familiar with the process, told BBN.
Garment exporters hit by euro slide
The steep fall of the euro along with political crisis at home has dealt a twofold setback to garment exporters, who are losing money both ways. “It's a double whammy for us,” said Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association. “On one hand, we are losing business for the ongoing political impasse inside the country and on the other hand, we are losing money due to currency devaluation in our main market.” The eurozone is the largest export destination for Bangladesh, with 60 percent, or more than $14 billion, of garment items being shipped to the region every year.
Revenue collection falls Tk 2,359cr short of target in Jul-Jan
Revenue collection by the National Board of Revenue fell short by Tk 2,359 crore in the first seven months of the current financial year 2014-15, NBR chairman Md Nojibur Rahman said on Tuesday. At a regular news briefing at NBR headquarters in the capital, Nojibur said taxmen collected Tk 69,466 crore in July-January period of the financial year against the target of Tk 71,825 crore set for the period. He, however, did not give any answer to the questions of reporters regarding impact of ongoing political unrest on the revenue collection, particularly in January when the political violence accelerated.
‘Bangladesh, Myanmar, Cambodia have world’s lowest labour costs’
Businesses with supply chains and operations in Bangladesh, Myanmar and Cambodia are benefiting from the world’s lowest labour costs, said a new global ranking. However, the company warns that while the cost competitiveness of these labour markets is extremely attractive, it may be offset by the risks posed by poor working conditions and high levels of child labour and trafficking, said Verisk Maplecroft, a London-based risk analytics company. Verisk Maplecroft’s Labour Costs Index measures a combination of wages, employment regulations, social security contributions and labour productivity to enable companies to identify and compare the cost- competitiveness of workforces in 172 countries.
IFC, Green Delta stand by farmers
International Finance Corporation (IFC) and Green Delta Insurance Company Ltd yesterday entered into an agreement to develop insurance products for farmers to protect them from weather-related losses. Advisory support will be provided for distributing the products, increasing lending to farmers and improving their risk profile. Kyle F Kelhofer, country manager of IFC, and Farzana Chowdhury, managing director of Green Delta, signed the agreement on behalf of their respective organisations, according to a statement.
BGB plans to enter into banking business
Border Guard Bangladesh got the green signal from the Prime Minister’s Office to launch a commercial bank, Shimanta Bank, within six months, said officials. ‘We are advancing with all the formalities necessary to set up a bank since the prime minister gave approval in principle,’ the BGB director general, major general Aziz Ahmed, told New Age in a recent interview at his office.
IBBL working for SME development of Bangladesh
Small and Medium Enterprises (SMEs) have been gaining popularity across the world due to its significant role in the development context given their greater resource-use efficiency, capacity for employment generation, technological innovation, promoting inter-sectoral linkages, raising exports and developing entrepreneurial skills. Contributions of the SMEs in some selected countries show that it has provided very significant portion of GDP and employments in their national economies.
BBN/SSR/AD-25Feb15-10:09 am (BST)