Briefing 16-06-2022

M&A transactions need environment

Participants at a workshop have sought a conducive atmosphere for better merger and acquisition (M&A) transactions of corporates. The stakeholders have also underscored the need for a greater and trustworthy role of the country's M&A intermediaries, to help improve practices in the sector. The observations were made on the first day of a two-day workshop on 'Merger & Acquisition and Syndication Financing' at a hotel in the capital city on Wednesday. Page 9

Ukraine struggles to evacuate civilians

Ukraine said its forces were still trying to evacuate civilians from embattled Sievierodonetsk on Tuesday after Russia destroyed the last bridge to the devastated eastern city. The Ukrainian defenders were holding out against the Russians in a battle which has seen ground change hands several times over the past few weeks. Page 17

Oil prices fall as US rate hike looms

Oil prices fell on Wednesday on concerns about fuel demand and global economic growth before an expected big hike in interest rates by the US Federal Reserve. Brent crude futures for August were down $1.27, or 1 per cent, at $119.90 a barrel as of 1001 GMT, in volatile trading. US West Texas Intermediate crude for July fell $1.44, or 1.2 per cent, to $117.49 a barrel. Page 19

Jute millers for cut in advance source tax

The country's private jute millers sought reduction of advance source tax on export earnings in the proposed budget. Currently, exporters pay 0.5 per cent advance source tax on their export earnings. However, the government has proposed for 1.0 per cent advance source tax in the budget for fiscal year (FY) 2022-23. Page 14