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.
NBFIs ‘out of step with banks’
The Bangladesh Leasing and Finance Companies Association (BLFCA) Tuesday sought government help to bring bonds and sukuk in the market to ensure long-term sources of funds for the non-bank financial institutions (NBFIs). At a virtual press conference, the BLFCA leaders said financial health of four to five NBFIs in the country are not well due to their bad governance, but it has affected the entire non-bank finance market.
An expansionary monetary policy or nothing
At times of recession, it is all too tempting to axe jobs or go for pay cuts for self-preservation. If all companies think this way, then it puts the economic locomotive that would pull the nation out of the crisis grind to a halt, and in fact, give rise to a chicken and egg situation.
PHP dips into reserves to save salaries
PHP Family, one of the country’s leading business conglomerates based in Chattogram, has 10,000 employees on its payroll and Tk11 crore is paid to them as salary bill every month. Like any other companies, it has also been experiencing a significant slump in sales since the Covid-19 pandemic began its onslaught on the country’s economy in March. The group has registered around 50% drop in turnover during the pandemic.
ADP execution rate hits all-time low in FY20
Implementation of the annual development programme in the just concluded fiscal year 2019-2020 was hit hard by the COVID-19 outbreak as the rate of execution stood at 80.18 per cent, the lowest ever. According to the data obtained from the planning and finance ministries, that the previous lowest ADP execution rate was 80.70 per cent in the FY 1992-1993.
DSE daily trade turnover drops 24pc
Stocks extended the losing streak for the second day in a row on Tuesday as risk-averse investors continued to gain some profits on major sectors’ issues amid ongoing pandemic. The market opened on positive note, but after first half the prime index reversed the trend which continued till the end as the shaky investors liquidated their holdings from most of the major sectors.
Farm mechanisation gets a big push from govt
The government yesterday approved a Tk 3,020 crore project — the biggest ever scheme for farm sector — to provide price support to farmers in purchasing agricultural machinery. The aim is to enable them to timely plant and harvest crops by getting rid of worries over the availability of farm workers.
E-commerce businesses urged to maintain quality, honesty
Speakers at a webinar on Tuesday urged businesspersons involved in e-commerce to maintain the highest quality of products and uphold honesty as a prerequisite to create a good image of the industry, since it occupies a billion-dollar market. Businessmen and experts in the field made the call at a webinar, titled “E-Commerce: Perspectives on Bangladesh”, organized by ‘Agamir Bangladesh’.
Foreign aid crosses record $7B amid Covid-19
The Bangladesh government has achieved record foreign aid disbursement from development partners amid the Covid-19 pandemic. Development partners disbursed $7.2 billion throughout Fiscal Year 2019-20, compared to $6.5 billion during FY2018-19. The disbursement growth is 11 percent, according to the preliminary report of the Economic Relations Division (ERD).