Dhaka, Bangladesh (BBN) – The Bangladesh Business News (BBN) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

Bangladesh keen on manpower deployment to UAE: Bangladesh consul general in Jeddah, Mohammad Nazmul Islam, has said that plans are under way to bring in skilled and unskilled workers from the country to the Kingdom, reports Arab News. “The Bangladesh government is working on sending not just domestic workers, but also professionals, skilled and semi-skilled workers to the Kingdom,” he said. “The Bangladesh missions in the Kingdom and the Bangladesh government along with the Saudi authorities are holding regular sessions to discuss the issue,” said Islam. “A decision is still pending.”

State banks fall short of loan recovery targets: State banks last year fell way short of achieving their loan recovery targets despite the central bank's constant pressure. In 2013, the four banks aimed for cash recovery of Tk 5,379 crore from loan defaulters, but managed only Tk 2,834 crore, which is 52.7 percent of the target, according to data from the central bank. The recovery from top 20 loan defaulters, however, was better than in previous years: Sonali, Agrani, Janata and Rupali achieved 66 percent of their targets for 2013, whereas in previous years it was less than 12 percent.

Corporate taxpayers' number set to go up by 25pc this year: Number of corporate taxpayers is set to increase by 25 per cent this year compared to the corresponding period last year thanks to the newly introduced online TIN issuance system from the current fiscal year (FY). A total of 20,634 corporate taxpayers obtained Taxpayers Identification Number (TIN) online until Sunday. Of the e-TIN holders, some 4,794 companies have obtained new TINs.

BB buys $57 million more from six banks: The central bank has continued the purchasing of the US dollar (USD) from the commercial banks directly to keep the inter-bank foreign exchange (forex) market stable, officials said. "We're purchasing the US currency from the banks directly to protect the interests of exporters and migrant workers by keeping the exchange rate of the Bangladesh Taka (BDT) against the US dollar stable," a senior official at the Bangladesh Bank (BB) told BBN in Dhaka on Tuesday.

EU urges govt to upgrade worker safety by April 24: A European Union parliamentary delegation yesterday urged the government to implement the measures to ensure workplace safety within April 24, the first anniversary of the Rana Plaza building collapse. The parliamentarians have also assessed the progresses the government has made so far to improve factory safety and workers' rights, notably with the reform of the labour law and the commitment to hire 200 new safety inspectors. After the Rana Plaza building collapse in Savar, where at least 1,130 workers died and numerous received severe injuries, the government has taken some measures to improve the labour rights and workplace safety in the garment sector.

Foreign loan commitment drops by 24pc: Commitments of foreign loans and grants declined by 24 per cent in the first eight months of the current fiscal year because of political unrest surrounding the national election and the government’s thorny relations with the international lenders over Padma Bridge scam. The latest data of the Economic Relations Division showed that the total commitment came down to US$ 2,844 million in February which was US$ 3,780 million in the same period of the previous year.  The ERD data showed of the total commitment in July-February period, US$ 384 million was grant and US$ 2,459 million was loan compared to US$ 595 million grant US$ 3,184 million loan commitment in the same period of the previous year.

Pharma exports rise on growing demand: Pharma exports rose around 24 percent year-on-year to $59.82 million in fiscal 2012-13 thanks to a growing demand for Bangladeshi medicines in Southeast Asia, Asia Pacific and Africa.  “The actual potential is even higher. The country needs to improve its infrastructure and capabilities and the manufacturers should have adequate support from the government to realise that potential,” said Rabbur Reza, chief operating officer of Beximco Pharma. Reza said they are now focusing on developed markets such as Europe, Australia, Latin America and Gulf countries. "We have already started exporting to Germany and Austria and are getting a very good response from these stringently regulated markets.”

BSEC approves Far East Knitting IPO: The Bangladesh Securities and Exchange Commission (BSEC) has approved the initial public offering (IPO) of Far East Knitting and Dyeing Industries to raise fund worth BDT 675 million floating its 250 million shares. Under the approval, the offer price of each share of the company has been set at BDT 27 including premium of BDT 17 on each share, according to a BSEC statement. The capital market regulator approved the IPO in a regular commission meeting held at its office in Dhaka on Tuesday with its chairman M Khairul Hossain in the chair.

BBN/SSR/AD-27Mar14-8:35 am (BST)