Bangladesh aims for 10% GDP growth

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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.

GDP growth may cross record 8pc
Bangladesh economy is going to cross a record 8 percent growth mark in the current fiscal year, powered by high performance in manufacturing and service sectors, the finance minister has claimed. Despite a dip in the farm sector performance, the GDP growth in 2018-19 is likely to be 8.13 percent, up from 7.86 percent the previous year, according to the provisionary figure from the Bangladesh Bureau of Statistics (BBS).

Govt likely to allow rescheduling with up to Tk 1cr down payment
The government is likely to give opportunity of restructuring any large defaulted loan by making down payment of up to only Tk 1 crore. Officials said the new term was included in the draft bailout package proposed by the Financial Institutions Division after consulting with Bangladesh Bank and a high-powered committee appointed in June, 2018.

Govt revises down ADP to Tk 1.65tn
The government revised the Annual Development Programme (ADP) on Tuesday, trimming the fund allocation by 4.62 per cent to Tk 1.65 trillion. In the revised ADP, the transport sector has got top priority as the government has allocated Tk 380.40 billion, 23.05 per cent of the total outlay, for it.

BSEC to amend private placement, book building method guidelines
The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday formed two separate committees to amend the private placement (pre-IPO placement) regulation and the book-building method. BSEC made the decision at a commission meeting held at its office in Dhaka. BSEC Chairman M Khairul Hossain presided over the meeting, said a press release.

DSE turnover hits nearly three-month low
The daily trade turnover on the prime bourse came down to Tk 4.38 billion on Tuesday, hitting nearly three months low, as most of the investors were reluctant to make fresh investment in stocks. Turnover, a crucial indicator of the market, stood at Tk 4.38 billion on the country’s premier bourse, slumping further by 8.0 per cent over previous day’s mark of Tk 4.76 billion.

Per capita income hits $1,909
Bangladesh’s per capita gross national income (GNI) jumped more than 9 percent to $1,909 last fiscal year from $1,751 a year ago, showed provisional official figures released yesterday. The GNI means all income of a country’s residents and businesses including residents abroad while gross domestic product (GDP) takes into account domestic production only.

Half of inspected RMG units still lack fire safety system, claims Accord
Accord on Fire and Building Safety in Bangladesh, a platform of European buyers and brands, has claimed that more than fifty per cent of readymade garment factories inspected by the initiative still lacked adequate fire detection and alarm system. The platform also claimed that the findings of discrepancy in building plan and drawings still remained in nearly 25 per cent factories, as per its quarterly aggregate report on remediation progress and status of workplace programmes at RMG factories on Monday.

GP to digitize lives with internet of things (IoT)
The first day of BASIS Softexpo 2019 at BICC marked the launch of Grameenphone IoT, the next step towards digitization in Bangladesh. The launch was attended by Minister of State for ICT Division Zunaid Ahmed Palak, BASIS President Syed Almas Kabir, Deputy CEO and CMO of Grameenphone Yasir Azman and Chief Business Officer Mahmud Hossain, according to a press release.