Dhaka, Bangladesh (BBN) - The Bangladesh Business News (BBN) prepares the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Govt losing large amount in taxes as DPI providers not under tax net: The government is losing large amount of money in taxes as many of the foreign companies are supplying products to Bangladesh directly through their local agents without being registered locally, industry insiders said. The Direct Proforma Invoice (DPI) providers running large-scale business here, but they are not under the existing income tax net. Such discriminatory policy creates uneven competition in the indenting businesses too, sources said.
Steps on worker safety, rights under watch: Germany will critically assess Bangladesh's next moves towards improving factory safety and ensuring worker rights following the Rana Plaza tragedy, a German delegation warned yesterday. Stefan Rebmann, deputy head of a seven-member delegation from the German parliament, said Germany and the whole of Europe are attaching great importance to this development. He made the comment at a press briefing about the outcome of the delegation's four-day visit to the country. Speaking at the briefing, Dagmar G Woehrl, a member of the German parliament, said the Rana Plaza disaster came as a shock not only for Bangladesh, but also for the whole world.
IDB president says global financial crisis not recovered fully: The world, in the last few years, has gone through a deep financial crisis, from which it has not fully recovered yet, Ahmad Mohamed Ali, president of the Islamic Development Bank (IDB) group has said. “This crisis exposed the shortcomings of the conventional financial system characterized by excessive speculation and highlighted the need to have a new and alternative financial paradigm, which is built on the principles of justice, risk sharing, less speculation and direct linkages with the real economy,” the IDB president said while addressing at a seminar held in a local hotel on Sunday.
Merchant banks, brokerage houses exempted from personal guarantee: The government has waived one of the tough conditions earlier set for availing the capital market re-financing scheme facility by the investors affected during the stock market debacle, officials said. The merchant banks and brokerage firms will now be able to get funds under the capital market re-financing scheme without giving 'personal guarantee' of their directors.
Govt's bank borrowing yet to pick up steam: The government has taken out only 19 percent of its borrowing target from the banking system in the nine and a half months of the fiscal year, due to low implementation of development programmes and low spending on subsidy. Between July 1 last year and April 15, some Tk 4,898 crore was borrowed from banks against the target of Tk 25,993 crore. The figure is 36 percent lower than in the same period of the previous year. Low utilisation of the Annual Development Programme and an increase in net sales of savings instruments were the main causes behind the government's lower bank borrowing, Zahid Hussain, lead economist of the World Bank's Dhaka office, told The Daily Star.
Bangladesh Bank to review performance of nine new banks: The central bank of Bangladesh will sit with the top management of nine new private commercial banks on Wednesday aiming to review their overall performance, officials said Tuesday. “The central bank has called the meeting for the first time to know their overall situation,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
DSE turnover dips below Tk 4.0 billion-mark: The market saw further correction on Tuesday with turnover on the prime bourse dipped below Tk 4.0 billion-mark once again as depressed earnings growth empowered with recent waning tone unleashed panic sale pressure. DSEX, the prime index of the Dhaka Stock Exchange (DSE) came down below 4,600 points mark after 7-session and ended at 4,567.04 points, shedding 57.71 points or 1.24 per cent.
BBN/SSR/AD-30Apr14-11:10 am (BST)