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.
Phenomenal rise in industrial sector NPL
The volume of classified loans, belonging to the industrial sector, jumped by more than 48 per cent in the fiscal year (FY) 2018-19. The main reason for a big leap was attributed mainly to the addition of certain volume of rescheduled loans that turned classified again to the fresh default loans. Slower repayment by borrowers, particularly by influential ones, has also pushed up the amount of non-performing loans (NPLs) in the sector, bankers said.
Land phone connection free from next week
Getting a new landline connection would be free of cost from next week as the government looks to bring users back to wire-connected telephony and give a shot in the arm to struggling Bangladesh Telecommunications Company Ltd. The decision came at a meeting at the post and telecommunications division attended by Prime Minister’s ICT Affairs Adviser Sajeeb Wazed Joy.
High Court imposes ban on Nirapon for 6 months
The High Court on Tuesday imposed a six-month ban on activities of Nirapon, a local entity that was formed with backing of 23 North American apparel brands and retailers, replacing the Alliance for Bangladesh Worker Safety. Nirapon has been overseeing the building safety, inspection and remediation of garment factories in Bangladesh in recent months after the North American retailers’ group Alliance left in December last year.
Bangladesh updates BEFTN system to facilitate businesses
The central bank of Bangladesh has updated its electronic funds transfer system that will come into effect from October 24 to facilitate business activities across the country. Under the update system, payments will be settled within a day instead of the existing next day by using the updated Bangladesh Electronic Funds Transfer Network (BEFTN).
Bangladesh’s stocks fall significantly on Tuesday
Bangladesh’s stocks fell significantly on Tuesday as investors dumped their holdings to prevent further losses. DSEX, the prime index of the DSE, plunged 52.74 points or 1.11 per cent to settle at 4,708. It was the lowest level of DSEX since November 17, 2016.
BR mulls over fare hike on ADB pressure
Bangladesh Railway (BR) is planning to raise fares for both passenger and freight trains to meet a requirement of the Asian Development Bank (ADB) as part of the railway reform programme. The last time the BR revised its fares was three years ago, although the reform programme called for revision of the fares every year under a tariff policy set out by the ADB.
Tax fair begins Nov 14
The National Board of Revenue (NBR) is going to organize its annual Income Tax Fair across the country beginning on November 14 with the aim to help taxpayers with tax returns filing services. The weeklong fair will be held at Officer’s Club in the capital and continue until November 20, while the fairs at district level will be for three to four days.
Government moves to review effectiveness of export subsidy, prepare guidelines
The government has taken a move to review the effectiveness of existing export subsidies and prepare guidelines on offering subsidies to exporters in future. The commerce ministry has already formed a six-member committee, consisting of representatives from Bangladesh Tariff Commission, Export Promotion Bureau, Bangladesh Bank and Federation of Bangladesh Chambers of Commerce and Industry to review the existing system regarding the subsidies and prepare the guidelines.