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.
Home loans to soar 67pc in four years
The demand for low- and middle-income housing finance may grow 67 percent to Tk 81,816 crore by 2020, according to a report of the International Finance Corporation. Of the total demand, Tk 33,640 crore, or 41 percent, will come from rural areas — district and upazila levels — over the next four years. The total housing loans outstanding for the financial sector in 2015 was Tk 48,990 crore, with the rural mortgage portfolio amounting to Tk 4,023 crore.
Package VAT cut likely for business minnows
The government may finally reduce the amount of package VAT (value-added tax) for small businesses in the current fiscal in the face of persistent demand from the trade bodies. In the budget for the current fiscal year (FY), the government has increased the package VAT twofold, prompting the traders and trade bodies to raise their demand for cuts in the tax.
RCBC shifts blame on Bangladesh Bank for $81m heist
Rizal Commercial Banking Corp said Tuesday negligence on the part of the central bank of Bangladesh led to the theft of $81 million from the South Asian country’s foreign reserves, as it maintained that it could not be held liable for the incident. The bank also criticised Bangladesh’s Ambassador to the Philippines, John Gomes, for “unfairly using media” to pressure government to recover the money, reports ABS-CBN News.
Embezzlement of Rupali Bank’s Tk 151cr: ACC probe kicks off
The Anti-Corruption Commission on Tuesday launched inquiry into alleged embezzlement of Rupali Bank’s Tk 151 crore by jeweler Anower Hossain, ACC officials told New Age Tuesday. They said that ACC acting chairman Nasiruddin Ahmed gave the order to start the inquiry. An inquiry officer would be assigned to begin the inquiry in a day or two, they said.
DSE turnover crosses BDT 8b-mark
Bangladesh’s stocks witnessed marginal correction on Tuesday with turnover on the premier bourse crossing BDT 8.0 billion-mark for the second time in 2016 as enthusiastic investors were active on sector specific stocks. Brokers said the market faced mild correction as risk-averse investors booked quick-gain on selective stocks in the last half of the trading session.
Chinese JV firm may get work of Munshiganj power plant
Power Division will place a proposal at the cabinet committee on economic affairs today to award the work of setting up 350 megawatt coal-fired thermal power plant at Gazaria in Munshiganj to a Chinese joint-venture firm, said official sources. The project will be implemented at $433m under a government-to-government (G2G) deal by the Power China and Hubei Hongyuan Power Engineering Company Ltd joint-venture company.
India’s Exim Bank keen to open office in Dhaka
India’s Exim Bank wants to open a representative office in Bangladesh to run its operations smoothly following significant scaling-up of its lending activities. The issue is being discussed at a two-day review meeting on India’s line of credit or LoC to Bangladesh, which started in New Delhi yesterday.
Bangladesh wants to return stolen funds from RCBC in Philippines
Bangladesh Bank (BB) wants Rizal Commercial Banking (RCBC) in the Philippines to return the balance of $81 million stolen from the central bank’s account in New York early this year. Law Minister Anisul Huq led a high-level delegation to Manila to meet Philippine counterparts and seek official assistance retrieving the outstanding $66 million, reports Nikkei Asian Review. “RCBC should come up with the money,” Mr. Huq was quoted by the Nikkei Asian Review as saying on Tuesday.