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.
RMG & ‘Security’ Concern: Some buyers get new tool to cut prices
Some unscrupulous international retailers are taking advantage of security concerns after the July 1 Gulshan cafe attack to lower prices of apparel items, The Daily Star has learnt, talking to more than a dozen garment exporters. Soon after the attack, retailers either suspended or cancelled their trips to Dhaka. With the government coming down hard on militancy, many of them resumed their business trips in recent months. But some of the retailers continue to use “security” as a tool to cut down garment prices further, said industry insiders.
Chinese-funded big power projects taken posthaste
Two public-sector power entities have sought ‘post-facto’ approval for a couple of major power-transmission and-distribution projects from the Planning Commission (PC). The agencies have already signed contracts with two Chinese firms for implementation of the projects. Sources said project-implementing agencies are yet to know about the terms and conditions of the Beijing-offered loans for their projects.
Foreign investment in stocks rises 51pc in Oct
Net foreign investment in Dhaka Stock Exchange increased 51 per cent or Tk 72 crore in October this year against that of the previous month. According to DSE statistics, net overseas investment was Tk 213 crore in October while the amount was Tk 141 crore in September. Stockbrokers said that the positive market momentum during last couple of months might be the main reason behind the increased share purchasing by the overseas investors.
Muhith: Budget to be Tk 500,000cr in FY18
Finance Minister AMA Muhith said the size of the next fiscal year’s national budget for the next fiscal year would be around Tk 5, 00,000 crore. “The size of the national Budget for the fiscal year 2017-18 will be nearly Tk500,000 crore,’’ he said while addressing the inaugural ceremony of Dhaka edition of National Income Tax Fair, which is being held for the seventh consecutive year. Muhith also inaugurated the e-filing system at the fair, so the taxpayers can submit their income tax returns online from now on by visiting www.etaxnbr.gov.bd
Bangladesh’s stocks edge higher
Bangladesh’s stocks returned to green with choppy trading on Tuesday, breaking a four days losing streak as some investors took position on sector specific stocks. Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) finished marginally higher after remaining down in the past four consecutive sessions.
China agrees to limited bidding for projects
China has at last agreed to allow limited bidding for the selection of contractors for projects under its soft loan after a year’s persuasion by Bangladesh, a finance ministry official said. At present, for projects financed with Chinese soft loans, Beijing puts forward a contractor and Dhaka has to implement the project by that company. In such cases, the purchase value is not competitive. Often, the price was lowered through negotiation only for it to be revised upwards later.
Govt framing rules for informal sector labourers’ provident fund
The labour ministry has initiated a move to formulate provident fund rules for informal sector labourers in a bid to ensure the workers’ economic and social security. The ministry is working on a draft of the rules which will be devised under a provision of the Bangladesh Labour Welfare Foundation Act 2006. Under the rules, the labourers who work in the sector out of the purview of labour act will be entitled to provident fund facility.
Bangladesh’s interest rate spread falls further in September
Overall interest rate spread in Bangladesh’s banking sector fell slightly further in September 2016 as the commercial banks slashed their interest rates on lending more than on deposits. The weighted average spread between lending and deposit rates offered by the commercial banks came down to 4.76 per cent in September 2016 from 4.80 per cent in the previous month, according to the central bank latest statistics.