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.
Govt to seek fund source to discourage saving tools sales
The government would seek source of fund in order to discourage sales of saving certificates amid its high growth and debt liability getting heavy for the budget management. The option of seeking source of fund was discussed at a joint meeting of the national coordination council on the budget and macro-economy at the finance ministry, said the officials attending the meeting.
Authority ferrets out anomalies over source tax deduction
The revenue board has unearthed irregularities in tax deduction by some of the companies, firms and other deducting authorities. Officials of the National Board of Revenue (NBR) said the withholding entities keep the tax at source unpaid for three to four years. They later settle the issue in an appellate tribunal, bypassing taxmen’s order.
Meghna bags $82m foreign loan for sugar plant
Meghna Sugar Refinery Ltd, a sister concern of Meghna Group of Industries, has managed an $82 million loan or around Tk 688 crore from a consortium of foreign financial institutions to establish a sugar refinery plant at Meghna Economic Zone in Narayanganj. The company will produce around 4,000 tonnes of liquid and invert sugar—an edible mixture of glucose and fructose—every day, said Mostafa Kamal, chairman of the group.
Yields on T-bonds rise significantly ahead of Bangladesh polls
Yields on the government treasury bonds (T-bonds) increased significantly on Tuesday, as banks were unwilling to purchase the long-term securities ahead of the national polls. The cut-off yield, generally known as interest rate, on 15-Year Bangladesh Government Treasury Bonds (BGTBs) rose to 7.55 per cent on the day from 7.20 per cent of the previous auction, held on September 26 while the cut-off yield on 20-Year BGTBs reached 8.24 per cent from 7.97 per cent, according to the auction results, issued by Bangladesh Bank (BB).
Govt’s bank borrowing soars ahead of polls
The government has started borrowing heavily from banks in November after holding back in the previous three months to meet its growing cash requirement ahead of the national election in the next month. In the first 27 days of the month, the government borrowed Tk 3,042 crore from commercial banks, according to data from the Bangladesh Bank.
Trading sector eats up 51pc of SME financing
The trading sub-sector gets more than 51 per cent of the loans and advances disbursed by the banks and financial institutions to the small and medium enterprises (SMEs) sector, according to official figures. On the other hand, the manufacturing and services sub-sectors get lower shares of the institutional financing, affecting employment generation, officials said.
L’Oréal Paris now in Bangladesh
The world-renowned beauty and cosmetics brand L’Oréal Paris can now be found at Shajgoj.com, the popular online marketplace in Bangladesh. The announcement was made on Monday at a grand ceremony held at the Hotel Radisson Blu Water Garden, following which L’Oréal Bangladesh and Shajgoj officially started their collaboration.
Grey market sales boom shrinks legal mobile handset import
Import of mobile handsets in Bangladesh dropped by 17.85 per cent or 50 lakh units in the January-September period of 2018 compared with that in the same period of last year due to a boom in handset sales in grey market. Bangladesh Mobile Phone Importers Association made the allegation at a press briefing held in a city hotel on Tuesday.
BBN/SSR/AD
