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.
Fallout of falling private credit
Abdur Rashid, a mid-tier entrepreneur in Gazipur, was disappointed when he was granted only Tk6 crore in loans against his demand for Tk12 crore from a commercial bank in 2019. He needed the money badly as he ran out of fund after spending on land development and erecting new building and was unable to import capital machinery. The bank concerned cited to him drying up of liquidity, caused by unstoppable default loan, which made them unable to allocate money as sought in the application.
Maximum deposits rate at 6.0% from Feb 01: ABB
Banks particularly private commercial banks (PCBs) have agreed to bring down their interest rates on deposit maximum at 6.0 per cent from February 01 as part of their preparation to execute 9.0 per cent lending rate from April o1. The decision was taken at a meeting of the Association of Bankers, Bangladesh (ABB), held at Gulshan in the capital on Tuesday night with ABB Chairman Ali Reza Iftekhar in the chair.
Sonali misses 2019 defaulted loan recovery target by miles
State-run Sonali Bank Limited, which now holds the third largest loan portfolio and the second highest volume of defaulted loans among the country’s scheduled banks, missed its defaulted loan recovery target by a huge margin in the year 2019. The Sonali managed to recover only Tk 820.35 crore in cash along with regularising Tk 2,377.1 crore in defaulted loans, taking its defaulted loan recovery to Tk 3,197.45 crore in last year, according to a report of the entity.
GP takes first hit in bout with BTRC
Grameenphone’s net profits last year contracted about 2 per cent to Tk 3,450 crore after seven years of positive growth, as its battle with the telecom regulator is started to draw blood from it. This has pushed the operator, which is the largest listed company on the Dhaka Stock Exchange by market capitalisation, to declare its lowest divided in nine years: it announced 130 per cent cash dividend for its shareholders, down from 280 per cent in 2018.
Bangladesh’s stocks gain marginally after a day break
Bangladesh’s stocks posted a marginal gain on Tuesday, after a single-day break, as investors showed their buying binge on selective multinational companies (MNCs). DSEX, the prime index of the Dhaka Stock Exchange, went up by 17.75 points to settle at 4,510, after losing 35 points in the previous day. Two other indices also edged higher.
Securities rule violations: Directors of Aman Feed, Regent Textile fined
Stock market regulator the Bangladesh Securities and Exchange Commission (BSEC) on Tuesday fined each director of Aman Feed Limited and Regent Textile Mills Limited, sparing the independent and nominee directors, for violations of securities laws. Each director of Aman Feed was fined Tk25 lakh and that of Regent Textile Tk2 lakh.
BSEC toughens corporate governance code
The Bangladesh Securities and Exchange Commission on Tuesday augmented punitive measures by inserting provision of delisting or suspension of share trading into the corporate governance code for breaching the code by any listed company. The BSEC made the decision at a commission meeting presided over by its chairman M Khairul Hossain, a BSEC press release said.
BASIS software expo starts Feb 6
The Bangladesh Association of Software and Information Services (BASIS) is going to organise a four-day exposition on the local software market at International Convention City Bashundhara from February 6. President Md Abdul Hamid will inaugurate the event — BASIS SoftExpo — where about 300 exhibitors will showcase their products in presence of top ICT companies, personalities, key policymakers, industry leaders and other stakeholders.