Indian investment welcome to Bangladesh: Hasina

Indian investment

MNA Business Desk: Prime Minister Sheikh Hasina on Friday said Bangladesh welcomes Indian investment for further development of the country, reported news agency. She simultaneously urged the Indian government to facilitate the Bangladeshi investors to make investment in India, particularly on joint venture, saying that it will be a win-win situation for both the countries. The prime minister came up with the request when Kolkata business leaders called on her at Mandarin Room of Hotel Taj Bengal Kolkata in India this evening. After the meeting, PM’s Press Secretary Ihsanul Karim briefed reporters. Sheikh Hasina also sought support of the Indian ...

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China to cut auto tariffs on July 1


MNA Business Desk: China announced that it would cut tariffs on auto imports from July 1, the latest sign of a thaw in trade frictions with the United States. Beijing has announced a flurry of liberalisations and reforms since coming under fire from the Trump administration and some European politicians for its protectionist policies. The planned reduction in import duties from 25 percent to 15 percent is a boon for international carmakers keen to grow sales in the world’s largest auto market but may fall short of fulfilling US President Donald Trump’s expectations that Beijing match US tariffs of 2.5 ...

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Revised Padma Bridge Rail Link Project approved

Rail Link Project

MNA Business Desk: The Executive Committee of the National Economic Council (Ecnec) has approved the Padma Bridge Rail Link Project (first revised) involving Tk 392.46 billion, reported news agency. It also cleared 15 other projects, including the 4th Primary Education Development Programs (PEDP-4), involving Tk 383.97 billion. The approval came from the regular weekly meeting of Ecnec, held at the NEC conference room in the capital on Tuesday with Ecnec Chairperson and Prime Minister Sheikh Hasina in the chair. “A total of 16 projects were approved with an estimated cost of Tk 962.35 billion,” said Planning Minister AHM Mustafa Kamal ...

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US suspends tariffs on Chinese products

Chinese products

MNA Business Desk: US treasury secretary Steven Mnuchin has said the US was temporarily suspending tariffs on Chinese products after an agreement was reached to reduce the bilateral trade deficit. “We are putting the trade war on hold,” Mnuchin said on Sunday in a “Fox News Sunday” television interview. “Right now, we have agreed to put the tariffs on hold while we try to execute the framework.” In recent weeks, president Donald Trump had threatened to slap tariffs on as much as $150 billion worth of Chinese imports to force changes in China’s trade practices, to which Beijing responded by ...

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Eurozone trade surplus decline in March


MNA Business Desk: The eurozone has recorded a 26.9 billion euro surplus in trade in goods with the rest of the world in March, declined from 28.5 billion in March 2017, data from Eurostat showed. The first estimate for euro area exports of goods to the rest of the world in March decreased by 2.9 per cent compared with March 2017, while imports from the rest of the world fell by 2.5 per cent compared with March 2017, according to Eurostat, the European Union statistical agency. howevr, intra-euro area trade also fell down by 0.6 per cent compared with March ...

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China-US agree to abandon trade war


MNA Business Desk: Washington and Beijing have agreed to abandon any trade war and back off from imposing tariffs on each other, reported news agency. The announcement came after high-level talks in the US capital and followed months of tensions over what president Donald Trump has blasted as an unfair commercial relationship between the two economic giants. Vice-premier Liu He, who led Chinese negotiators in Washington said: “The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other,” state-run news agency Xinhua reported Sunday. Liu called the agreement a “necessity”, but ...

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Koreans keen to invest in Bangladesh


MNA Business Desk: Korean entrepreneurs have shown their keen interest to invest in Bangladesh, saying they will send a trade delegation to Bangladesh soon, reported enw sagency. They expressed their interest at the Bangladesh Investment Seminar jointly organised by Bangladesh Investment Development Authority (BIDA) and Bangladesh embassy in South Korea in Seoul, South Korea on Friday. BIDA executive chairman Kazi M Aminul Islam and Bangladesh ambassador to South Korea Abida Islam highlighted the remarkable socio-economic achievements of Bangladesh, including the investment opportunities and the incentives offered by the government of Bangladesh. They pointed out that there are ample untapped areas ...

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Budget session in parliament to begin June 5

budget session

MNA Business Desk: The Jatiya Sangsad budget session for 2018-19 fiscal year will begin on June 5. It will be the last budget of the incumbent Awami League government. The parliament will go into session at 11:00am on that day with Speaker Shirin Sharmin Chowdhury in chair. A few hours before the session starts, Working Advisory Committee meeting will fix the schedule of country’s 47th and fifth budget of the current government. however, Finance Minister Abul Maal Abdul Muhith with place the budget proposal for 18-19 fiscal year on June 7. It will be Abdul Muhith’s 12th budget as finance ...

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Euro zone GDP growth slows in Q1

Euro zone

MNA Business Desk: The economical growth of the Euro zone slowed in the first quarter of this year and industrial output in March was weaker than expected, data from the European Union’s statistics office Eurostat has showed. The Eurostat said on Tuesday that its earlier preliminary flash estimate that gross domestic product (GDP in the 19 countries that share the euro rose 0.4 per cent quarter on quarter in the Q1 slowing from 0.7 per cent in the previous quarters. Year-on-year, euro zone GDP grew 2.5 per cent, in line with the preliminary estimate and down from 2.8 per cent ...

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DSE sells stake to China, rejects India bid


MNA Business Desk: Bangladesh’s main stock exchange signed an agreement Monday selling a quarter of the bourse to a Chinese consortium, an official said, formally rejecting a rival bid from regional ally India. Officials from the Shenzhen Stock Exchange and Shanghai Stock Exchange inked the deal to acquire 25 per cent of the Dhaka Stock Exchange’s (DSE) 1.8 billion shares, reported news agency. The Chinese consortium offered Tk 21 ($0.25) per share, around $122 million, during the tender process and pledged additional technical support worth nearly $37 million. The National Stock Exchange of India made a lower offer of Tk ...

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Traders urged to make tolerable profit during Ramadan


MNA Business Desk: Commerce minister Tofail Ahmed called upon the traders to make profit at tolerable level during Ramadan, reported news agency. The commerce minister said this after a meeting with businessmen in the conference room of the Commerce Ministry at the Secretariat in Dhaka on Sunday. Tofail Ahmed said market prices are normal of all types of products, except sugar and onion. All types of essential commodities are available.  So there is no reason of increase in the price of products in the upcoming Ramadan. If any trader increase price by storing goods, then action will be taken against ...

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Govt considering corporate tax cut: Muhith

corporate tax

MNA Business Desk: Finance Minister Abul Maal Abdul Muhith on Saturday said the government is considering slashing corporate tax rate as it is encouraging that the country’s young generation is now showing interests in paying income tax. The minister hinted that the government is planning for introducing double slab of VAT system from the fiscal year 2019-20 instead of 15 percent flat VAT rate. Muhith said this while addressing a ‘Pre Budget Discussion’ as chief guest organized jointly by Dhaka Chamber of Commerce & Industry (DCCI), The Daily Samakal and Chanel 24 at the Bangabandhu International Conference Centre (BICC). The ...

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India, BD finalise framework deal on $500m LOC


MNA Business Desk: India and Bangladesh finalized framework agreement to implement the Line of Credit (LOC) worth $500 million given by India last year for defence equipment needs of Bangladesh, according to reports published on Indian news portals, Defence Aviation Post and Millennium Post. A high-level delegation of Bangladesh, headed by Lt-General Mahafuz Rahaman, Principal Staff Officer of Bangladesh Army, held discussions with Indian delegation, led by Defence Secretary Sanjay Mitra. The two sides also inked two other agreements relating to Khulna Naval shipyard in Bangladesh and defence school exchange programme. It was the first ever two-day defence cooperation dialogue ...

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BATB evades Tk 1,863cr tax


MNA Business Desk: A National Board of Revenue (NBR) report detected that British American Tobacco (BAT) Bangladesh evaded Taka 1,863 crore of VAT and supplementary duty in eight months. The Large Taxpayer Unit (LTU) of Value Added Tax (VAT) department under the National Board of Revenue (NBR) detected the dodging of BAT Bangladesh from June 1, 2017 to February, 2018 by declaring lower sales price of low-grade cigarettes, reported news agency. Officials said the LTU-VAT, upon getting NBR’s go ahead directive, will be able to issue first and final demand notices against the BAT Bangladesh to realize the dodged amount. ...

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Banking sector plagued by scam: UN


MNA Business Desk: The banking sector in Bangladesh has been plagued by financial scams, non-performing loans and weak monitoring problems, which might cause a macroeconomic risk in the near term, says a UN report. The report says, robust growth has been supported by domestic demand, especially large infrastructure projects and new initiatives in the energy sector, reported news agency. Remittance flows have also started to increase with the increase in global oil prices, according to the Economic and Social Survey of Asia and the Pacific 2018. Mobilising financing for development remains a fundamental priority in the Asia-Pacific region, said the ...

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ADB stresses strong outlook for Philippines


MNA Business Desk: The Asian Development Bank (ADB) has reiterated its view that the Philippine economy will grow by an even faster clip in the years ahead on the back of rising manufacturing and other investments. Ramesh Subramaniam, ADB Director General for Southeast Asia, said rising labor productivity, as well as investments in manufacturing and technology are building up the economy’s productive capacity. “This means, there’s even further room for the Philippine economy to grow,” he said in the media briefings Friday on the sidelines of the 51st ADB annual meeting, which the Philippines is hosting. He said rising investments ...

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FDI from USA drops by 23.5pc in 2017


MNA Business Desk: Net inflow of Foreign Direct Investment or FDI from the United States of America (USA) to Bangladesh dropped by 23.50 per cent in 2017. Latest statistics, released by Bangladesh Bank, showed that net inflow of FDI from the US declined to $166.66 million in the past year, which was $217.74 million in 2016. Disinvestment, repayments of loans and losses of the current multination entities have been deducted from the gross inflow of FDI to calculate the net FDI. Gross inflow of FDI from the US also declined by around 26 per cent to $181.49 million in the ...

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Showcase Canada begins May 6

Showcase Canada

MNA Business Desk: A two-day long Showcase Canada 2018 (Trade and Education Fair) begins May 6 at International Convention City Bashundhara, Dhaka. The event is supported by the High Commission of Canada to Bangladesh. “Canada is one of the largest and growing trade partners of Bangladesh having two-way trade of C$2.50 billion of which more than C$1 billion is RMG export. Our next target is to take the total trade to C$3 billion by 2021,” a statement of CanCham said. Commerce Minister Tofail Ahmed, MP, will grace the occasion as the Chief Guest and inaugurate the Fair, the 4th of ...

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Bangladesh receives $1.218b remittance


MNA Business Desk: The country received $1.218 billion in remittance from 1-27 April this year. In March, the total inward remittance was $1.299 billion, reported news agency. Bangladesh Bank officials said the data on remittance of three other days (from 28-30 of April) is not available. But once the data is available, the total amount will obviously increase from $1.218 billion. Bangladesh Bank’s available statistics show six state-owned commercial banks — Agrani, Janata, Rupali, Sonali, BASIC and BDBL — received $299.91 million from expatriate Bangladeshis while two state-owned specialised banks — BKB and RAKUB — got $10.51 million. The maximum ...

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Dhaka to resume FTA talks with Beijing


MNA Business Desk: Bangladesh is going to resume negotiations on a free trade agreement (FTA) with China to boost trade with the world’s second-largest economy, officials said. As part of the process, a high-powered delegation of the government would visit Beijing in June and discuss with their Chinese counterparts on a joint-feasibility study to assess the economic potentials of such bilateral agreement, officials said. Though the visit was supposed to happen early this year, it did not take place for unknown reasons. In March, Bangladesh became eligible to graduate from an LDC (least-developed country), for which it could lose a ...

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China to give $2.6b loan for Padma rail link

Padma rail link

MNA Business Desk: The loan agreement of Padma rail link project was signed on Friday in Beijing, capital of China, said an official release in Dhaka. The $2.67 billion agreement was signed at Exim Bank of China’s head office at 10.30am (local time of China), reported news agency. Additional secretary of the Economic Relations Division (ERD) M Zahidul Haq and China Exim Bank vice president Sun Ping signed the agreement on behalf of their respective sides. A six-member Bangladesh delegation is now visiting China. Officials from the contractor organizations and Economic Counselor of Bangladesh embassy in China M Jahangir, among ...

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RJSC seeks info on default loans from BB

default loans

MNA Bushiness Desk: The Office of the Registrar of Joint Stock Companies and Firms (RJSC) has sought information on default loans urgently from the central bank for checking loan portfolio of aspirant directors of registered companies, reported news agency. The issue was discussed at a meeting held Wednesday among the Bangladesh Bank (BB), the Bangladesh Securities and Exchange Commission (BSEC), the RJSC, the Insurance Development and Regulatory Authority (IDRA), the Micro-credit Regulatory Authority (MRA), the Department of Cooperatives (DoC) and the Bangladesh Telecommunication Regulatory Commission (BTRC). At the meeting, the RJSC sought information on default loan from Credit Information Bureau ...

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BD gets 1st delivery of imported LNG


MNA Business Desk: The maiden consignment of LNG reached Maheshkhali from Qatar to supply the imported gas to the national network. According to official sources, the very first consignment of liquefied natural gas (LNG) reached Chittagong through the Excelerate Energy’s floating storage and re-gasification unit (FSRU). The FSRU is generally known as LNG terminal which was set up on a floating vessel with storage and re-gasification facilities, will permanently station in Maheshkhali. ‘The FSRU reached the country at 2 pm Tuesday, one day ahead of its scheduled arrival’, Mohammad Quamruzzaman, managing director of Rupantarita Prakritik Gas Company Limited (RPGCL), reported ...

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IMF unveils new corruption policy


MNA Business Desk: The International Monetary Fund (IMF) will systematically address corruption and its impact on economic growth with all its member countries under new guidelines launched on Sunday. The new policy also tackles how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering or by allowing anonymous corporate ownership. “We know that corruption hurts the poor, hinders economic opportunity and social mobility, undermines trust in institutions and causes social cohesion to unravel,” IMF Managing Director Christine Lagarde said in a statement. Poor governance sap economic growth and exacerbate inequality, according to ...

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WB shareholders back $13b capital increase


MNA Business Desk: The World Bank’s shareholders on Saturday endorsed a $13 billion paid-in capital increase that will boost China’s shareholding but bring lending reforms that will raise borrowing costs for higher-middle-income countries, including China. The multilateral lender said the plan would allow it to lift the group’s overall lending to nearly $80 billion in fiscal 2019 from about $59 billion last year and to an average of about $100 billion annually through 2030. “We have more than doubled the capacity of the World Bank Group,” the institution’s president, Jim Yong Kim, told reporters during the International Monetary Fund and ...

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Global economy has ‘bumpy road ahead’: IMF


MNA Business Desk: World leaders, finance ministers, the private sector and nongovernmental organisations begin the Spring International Monetary Fund (IMF) and World Bank (WB) meetings on the 10-year anniversary of the global financial crisis. On Tuesday, the IMF’s economic outlook report predicts short-term global growth to 3.9 per cent, it highlights debt levels, trade policies, decreased labor participation and aging populations as risks to long-term growth. “The IMF is saying that now is the time for countries to get their houses in order to prevent and prepare for future financial crises,” noted Jubilee USA Executive Director Eric LeCompte who serves ...

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Novoair launches mobile app


MNA Business Desk: Novoair, one of the private airlines in the country, has introduced a mobile app aiming to make ticket purchase process easier and convenient for its passengers. Travellers can now book or purchase tickets, get information regarding flight status, services of Frequent Flyer Programme-Smiles through the mobile app, says a press release Wednesday. One can find all the information and addresses of all Novoair sales offices by contacting with its reservation and ticketing department directly, the release said. The mobile app is now available for download at App Store and Play Store. To know more details about the ...

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