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.
BB prods banks to raise exposure to share mkt
The central bank has asked some 20 banks to boost their investments in stocks to help revamp the country’s ailing capital market. The banks have the scope for investing more in listed securities in line with the existing rules and regulations, officials said.
Bad loans put Janata in trouble
State-run Janata Bank’s provisioning shortfall has hit a whopping Tk 8,256 crore, the highest-ever deficit for any bank in the country, putting depositors’ money at risk. And this happened because of a few big errant clients, including AnonTex and Crescent Group, who took hundreds of crores of taka as loans from the bank, but did not pay back, said bank sources.
NBFIs asked to target bond market as source of fund
The central bank has advised the non-bank financial institutions (NBFIs) to create alternative sources of fund through boosting the bond market in Bangladesh. The advice was made at a meeting with chief executive officers (CEOs) and managing directors (MDs) of NBFIs at the Bangladesh Bank (BB) headquarters in Dhaka on Tuesday with BB Governor Fazle Kabir in the chair.
E-wallet transaction limit doubles
Bangladesh Bank on Tuesday raised the transaction limit for E-wallet account from Tk50,000 to Tk100,000 a day to encourage cashless transaction in the economy. The facility, however, will not be applicable for mobile financial services (MFSs), according to a central bank circular.
Local firm to set up $200m plant to make electric vehicle
Local automobile company Bangladesh Auto Industries Ltd (BAIL) is all set to make electric vehicles from next year with an initial investment of $200 million. The facilities, civil work and utility connection of the proposed plant on a 100-acre of land at the Mirsarai economic zone in Chattogram will be completed by December this year, Mir Masud Kabir, managing director of BAIL, told The Daily Star.
HC questions legality of BB circular
The High Court (HC) on Tuesday issued a rule questioning the legality of a Bangladesh Bank (BB) circular, which offered special privileges for loan defaulters. The court asked the BB and the Finance Ministry to explain within 10 days as to why the circular should not be declared illegal.
Liquidator for PLFSL takes charge seeking info
Newly-appointed liquidator for People’s Leasing and Financial Services Limited (PLFSL) took over responsibility of the troubled non-banking financial institution (NBFI) on Tuesday formally. The liquidator visited the headquarters of the financial institution on the day and asked the existing management to provide him with affidavit information on the company’s assets and liabilities by July 27 in line with the existing company law.
80pc of US brands, retailers want to expand sourcing from Bangladesh
Eighty per cent of fashion brands and retailers of United States having business with Bangladesh have expressed their interest in expanding sourcing from the country in the next two years as the companies were actively seeking China’s alternatives, according to the US Fashion Industry Benchmarking Study for 2019. The study, released on Monday, also revealed that nearly 17 per cent of the respondents expected to increase sourcing from Bangladesh strongly.