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.
Trade deficit doubles
Trade deficit more than doubled in the first quarter of the current fiscal mainly as the value of country’s imports far outstripped its export earnings, officials said. The trade gap widened by nearly 111 per cent or US$1.24 billion to $2.37 billion during the July-September period of the financial year 2016-17 from $1.12 billion in the same period of last fiscal, according to the central bank’s latest statistics, released Tuesday.
Apparel export growth hinges on long-term strategies
Bangladesh should set marketing strategies for its goods now, as the country will no longer enjoy the duty benefit once it leaves the least-developed country status by 2021, a European diplomat said yesterday. International buyers will also take long-term strategies in line with Bangladesh’s plans, said Johan Frishell, Swedish ambassador to Bangladesh.
NBR issues rules to implement new VAT act from July
The government has issued the Value-Added Tax and Supplementary Duty Rules-2016 to pave the way to implement the new VAT act from July next year. The National Board of Revenue on November 3 issued the gazette notification of the rules containing 119 articles and 70 forms consistent with the new VAT and Supplementary Duty Act-2012.
Though the VAT rules have given priority on automated procedures related to registration for VAT identification number, VAT payment and other business operations, they have also kept the option of manual procedures considering the existing development of the country’s business community in automation.
India to export onions to Pakistan via Bangladesh
In the backdrop of a ban by Pakistan on Indian yields, including onion and cotton, Maharashtra has decided to export the same to the West Bengal (WB) market. The WB market is the biggest exporter of onion to Bangladesh and European countries, whereas Pakistan imports onions from Bangladesh. Farmers in the state thus hope to make up for their losses by exploiting the WB-Bangladesh-Pakistan route, the Asian Age reported.
Bangladesh’s stocks end flat with high turnover
Bangladesh’s stocks ended flat in green zone on Tuesday with trading activities remained high as risk-averse investors booked profit on sectors specific stocks later part of the trading session. The market started with an upward trend and crossed the 4,700-level after first 15 minutes of trading, but could not sustained that level as some investors booked profit on later part of the session, ultimately closed almost flat green zone.
Aman production cost to be slightly lower this yr
The production cost of Aman paddy has been estimated at Tk 18.82 a kg by the Department of Agriculture Extension (DAE) this year. The cost is slightly lower than that of the last year. A meeting organised by the DAE Tuesday was informed of the estimated cost. Director General of DAE Hamidur Rahman presided.
Dhaka to invest US$ 1bn in Dorjilung hydropower project: FM
Bangladesh is willing to invest US$ 1 billion in the 1125-MW Dorjilung hydropower project under trilateral cooperation with India and Bhutan, said foreign minister AH Mahmood Ali on Tuesday. The foreign minister put particular emphasis on joint development of hydropower projects and operationalisation of BBIN Motor Vehicle Agreement under the framework of sub-regional cooperation.
0.5pc registered SIMs have wrong data
Less than 0.5 percent of the SIM cards that were biometrically verified have incorrect data on them, State Minister for Telecom Tarana Halim said yesterday. “If the subscribers had been conscious when providing finger prints, the errors wouldn’t have happened,” she said at a media briefing in Dhaka. In total, 11.4 crore SIM cards have been verified through biometric registration and less than 0.5 percent or 5.7 lakh of those have loopholes.