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.
Low revenue forces Bangladesh to tighten belt
The finance ministry has asked all ministries and divisions not to seek additional fund in the current fiscal year in a signal that the government is tightening its belt amid a revenue shortfall, officials said. The ministry furnished the instruction with regard to the operating and development budgets in a circular issued in December in its process of revising the Tk 5,23,190 crore budget for the 2019-20 fiscal year.
HC appoints Ibrahim Khaled as new chairman of ILFSL
The High Court (HC) has appointed Khondkar Ibrahim Khaled, former central bank deputy governor, as an independent director and chairman of the trouble-torn International Leasing and Financial Services Limited (ILFSL). The HC has also imposed a ban on the shareholder-directors and top executives, including PK Halder, of the non-banking financial institution (NBFI) leaving the country.
Govt failing to create jobs for youths fast enough
The government will be able to create only half of the 3 crore jobs it promised to generate by 2030 at the current pace of employment growth, said a think-tank yesterday, in a disheartening projection for the growing number of youth desperate for work. In its election manifesto in 2018, the Awami League had pledged to create the jobs by 2030. But according to the projections of the International Labour Organisation (ILO), 1.49 crore jobs would be created at the existing rate of employment growth of 2.4 per cent.
ECNEC revises project cost, timeline once again
The Executive Committee of the National Economic Council (ECNEC) revised the BSCIC industrial park project on the third occasion increasing the project cost and also extending the implementation time. The Bangladesh Small and Cottage Industries Corporation (BSCIC) has failed to complete the industrial park establishment work in nine years at Sirajganj.
BB body sees hurdles to implement single-digit interest rates
The Bangladesh Bank (BB)-formed committee has submitted its report to the governor, mentioning some challenges for bringing down interest rates on both lending and deposit to single-digit from the existing level. Talking to the BBN, a committee member said they have already submitted their report to the central bank governor for his consideration.
Insurers must put premium calculator on web sites
The Insurance Development and Regulatory Authority on Tuesday asked all insurance companies to put a link of a calculator on their web sites so that the clients could calculate premium of an insurance policy accurately. IDRA, in a circular, asked chief executive directors of all the life and non-life insurance companies to set the ‘premium calculator’ link with effect from February 1.
Bangladesh’s stocks fall marginally
Bangladesh’s stocks fell marginally on Tuesday after gaining four consecutive sessions amid taking some market supportive initiatives. On the day the DSEX, core index of Dhaka Stock Exchange (DSE), declined marginally as large cap companies having impact on index performed mixed.
Experts favour adopting technology in banks to stay competitive
Traditional banks not adopting financial technology would risk losing competitiveness in their business and services, speakers warned at a discussion on Tuesday. They made the warning at a workshop on ‘Outsourcing in financial service sector’ organised by the Bangladesh Institute of Bank Management and the Bangladesh Association of Call Centre and Outsourcing at the BIBM auditorium in the capital.