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.
Major state-run banks fail to check bad loans
State-owned commercial banks have failed to check bad loans as per their agreements with the government due to the current loan rescheduling opportunity by paying only two per cent down payment, officials said on Tuesday. In July –September quarter, scam-hit Janata Bank’s target of limiting its bad loan amount was exceeded by a whopping Tk 9,924 crore while the target of scam-hit Sonali Bank by Tk 1,000 crore.
FDI hits all time high
Foreign direct investment to Bangladesh surged 51 percent last fiscal year to its highest on record, riding largely on Japan Tobacco Inc’s acquisition of Akij Group’s tobacco business for $1.47 billion. In 2018-19, net FDI stood at $3.88 billion in contrast to $2.58 billion a year earlier, according to data from the central bank.
Distributing social safety benefits: Experts call for using digital services
The government could save millions of dollar if the handouts under the social safety net programs were given fully through Digital Financial Services (DFS) instead of traditional banking channel, experts said on Tuesday. They also called for addressing risk management and security associated with the transaction, along with enacting proper policies to avoid corruption and irregularities in the process.
BB to review performance of BKB, RAKUB today
The central bank of Bangladesh is set to review the progress in the implementation of the memorandums of understanding (MoUs) and key financial indicators of the two specialised banks – BKB and RAKUB – on Wednesday. The central bank is likely to ask two state-owned specialised banks at the meeting to take effective measures for mobilising low-cost funds alongside high-cost ones to generate operational profits.
Stocks fall slightly after four-day rally
Bangladesh’s Stocks faced a mild correction on Tuesday, snapping a four-day rally, as risk-averse investors opted for quick-profit on sector specific shares. The market faced natural correction as investor booked short-term profit on stocks that saw significant gains in the past four trading days, according to experts.
Number of foreign taxpayers static
The number of foreign taxpayers has remained the same during the last three years, despite the government’s efforts to trace the illegal aliens. The National Board of Revenue, or NBR, has devised fiscal policies, conducted physical inspection and formed taskforces in the last few years to raise the number of foreign taxpayers.
RMG exporters to go all out for fair prices
In a desperate move for better prices, Bangladeshi garment exporters are planning to hold rallies and human chains in major European cities to create awareness among the end consumers. The activist move comes after brands opposed the idea of fixing a base price for garment items.
Govt’s bank borrowing swells to Tk 33,587cr in 4 months
The government’s net borrowing from the banking system surged with the figure standing at Tk 33,586.94 crore in just four months (July-October) of the current fiscal year 2019-20 against Tk 535.90 crore in the same period of FY 2018-19. Economists said that a slowdown in sales of national savings certificates, another major source of the government’s domestic borrowing, and the stagnancy in revenue collection by the National Board of Revenue were the reasons for the sharp rise in the government’s borrowing from the banking sector.