Business

Rate of excise duty likely to be changed: Muhith

mega budget

MNA Business Desk: Finance minister Abul Maal Abdul Muhith on Wednesday said the decision whether the proposed excise duty on bank deposits will be withdrawn or reduced will be taken after discussion in parliament. “Jatiya Sangsad is now discussing the proposed duty and on the basis of the discussion, the rate of excise duty is likely to be changed,” he told journalists after a meeting of the Cabinet Committee on Government Purchase (CCGP) at the Cabinet Division in the capital. Muhith also said the duty on bank accounts is not a new thing as there was such duty before, reported ...

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Bangladesh beats Pakistan, Nepal to be ILO’s deputy member

deputy member

MNA Business Desk: Bangladesh has beaten Pakistan and Nepal to be elected deputy member of the Asia Pacific region subcommittee of the International Labour Organization’s governing body. Bangladesh bagged 190 votes while its South Asian contenders Nepal and Pakistan polled 173 and 150 votes respectively in the election held in Geneva, Switzerland on Monday night, reported news agency. The ILO Governing Body is an executive body which takes decisions on 10 sectors, including policy making, budget formulation, control, agenda fixation, appointment of director-general and control over the ILO central office. Nepal, India, Iran, Bangladesh, Pakistan, Afghanistan and Sri Lanka fall ...

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Merchant not selling beef at DSCC fixed price

fixed

MNA Business Desk: Most of the beef shops in the capital city are selling beef at a higher price than the one fixed by the Dhaka South City Corporation (DSCC). The rate goes over Tk 500 on holidays, while the traders predict the price would leap up to Tk 600 on the occasion of Eid. Earlier, the prices of beef, buffalo meat and mutton (goat and sheep) have been fixed at Tk 475, Tk 440, Tk 725 and Tk 620 respectively per kilogramme for nearly the whole of Ramadan. Dhaka South City Corporation (DSCC), including Mayor Mohammad Sayeed Khokon, set ...

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Cotton-paper Tk 100, Tk 500 notes from June 11

cotton-paper

MNA Business Desk: Bangladesh Bank has issued cotton-paper new bank notes of Tk 100 and Tk 500 which will be available in the market from June 11. The new bank notes will be cent percent coated cotton-paper printed instead of existing paper notes, said a BB press release on Tuesday. The central bank said Tk 100 note will be 140mm by 62mm in size with 4mm width and Tk 500 will be 152mm by 65mm in size with same the width having Kinetic StarChrome Thread and containing the signature of Bangladesh Bank Governor Fazle Kabir. The new bank notes, however, ...

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GDP growth in outgoing fiscal year to reach 6.8pc: WB

MNA Business Desk: Bangladesh’s GDP growth rate in the outgoing fiscal year will reach 6.8 per cent while it will further come down to 6.4 per cent in the next fiscal year (FY18), according to a World Bank report. The Washington-based lending agency in its report ‘Global Economic Prospect’ released Sunday, attributed the decline in the growth to sliding remittance and fall in internal demand and industrial production. The report also says the GDP growth rate for Bangladesh in the FY19 will reach 6.7 per cent while it will rise further to 7 per cent in FY20. It also says ...

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No bar to hike gas price: Supreme Court

illegal

MNA Business Desk: The Supreme Court on Monday extended its stay on a High Court order that stayed for six months a government decision to raise gas prices for all consumers in the 2nd phase that came into effect from June 1. A four-member Appellate Division bench of the Supreme Court, led by Chief Justice Surendra Kumar Sinha, passed the order. The apex court bench also asked the High Court bench that had stayed the second hike to dispose the latter’s rule by July 31. After the top court bench rule, Attorney General Mahbubey Alam said, with this fresh order, ...

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Rice prices will be tamed very soon: Ministers

ministers

MNA Business Desk: Four ministers of the present government on Friday assured that the prices of rice will be tamed very soon as the government has taken various steps in this regard. Answering questions from journalists about the hike in the rice prices at the Finance Minister’s post-budget press meet in the capital’s Osmani Memorial Auditorium, AMA Muhith, Agriculture Minister Matia Chowdhury, Industries Minister Amir Hossain Amu and Planning Minister AHM Mustafa Kamal came up with the assurance. They attributed the hike in the rice prices to the damage of corps in the haor regions by flash-flood. The Industries Minister, ...

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Finance Minister unveils country’s 46th national budget

mega budget

MNA Business Desk: Finance Minister Abul Maal Abdul Muhith is unveiling Tk 4 trillion national budget for 2017-18 financial year (FY18) at the National Parliament. He started reading out the annual financial statement at Jatiya Sangsad (national parliament) at 1:40pm. Earlier, the cabinet, chaired by Prime Minister Sheikh Hasina, approved the national budget for placing in the parliament. About a total of expenditure, Tk 2.88 trillion is expected to come from the revenue earnings. But the budget, which Muhith claimed to be his best among the 11, will have a deficit of Tk 1.12 trillion, which is 5% of the ...

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Proposed budget for 2017-18 gets cabinet nod

proposed budget

MNA Business Desk: The cabinet at its special meeting on Thursday approved the proposed budget for the new fiscal year 2017-18. Prime minister Sheikh Hasina presided over the meeting held at the cabinet room of the Jatiya Sangsad Bhaban. The cabinet also endorsed the Appropriation (supplementary) Bill- 2017, and the Appropriation Bill-2017. Finance minister AMA Muhith and other cabinet ministers and state ministers concerned attended the meeting. However, the budget has special significance as it is being placed ahead of the 2019 elections. This is Muhith’s ninth budget in a row and 11th in total. He prepared two budgets when ...

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Rainbow Paints opens new showroom at Banasree

Banasree

MNA Business Desk: Rainbow Paints, a product of RFL, opened its first outlet in the capital’s Banasree area. The retail chain shop was inaugurated for selling Rainbow Paints and Hardware materials, said a press release. RN Paul, Managing Director of RFL, opened the showroom. Kamrul Hasan, Chief Operating Officer, Sazzadul Alam, National Sales Manager, Mohammad Shajahan, Retail Sales Manager, Mainul Islam and Nazmul Akand Tushar, Brand Manager of Rainbow Paints were present at the program. RN Paul said, Rainbow paint is getting popular to the customers day by day. Rainbow Paints has introduced its own showroom with a view to ...

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VAT to remain 15pc: Finance Minister

Bidi

MNA Business Desk: Finance minister Abul Maal Abdul Muhith on Saturday expressed his determination to keep the new Value Added Tax (VAT) at the 15 per cent. “I’ll not reduce the VAT from 15 per cent, because it has remained so from the beginning. However, many will be taken out of the VAT net,” said the finance minister while talking to reporters at his secretariat office on the upcoming national budget. He said, “I would reduce the VAT slightly, but it would create many problems if I did so.” Earlier, Centre for Policy Dialogue (CPD) has asked the authorities to ...

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‘Othoba.com’ launched bidding offer for customers

bidding offer

MNA Business Desk: Popular e-commerce site othoba.com has introduced a bidding offer named “Kar Dame Kato Dom” to its customers. Under this offer, customers will be able to purchase various products of different brands by placing highest price. The offer began on May 21 and will be continued till May 27, said a press release. Nirjhar Kumar Kundu, Assistant Brand Manager of othoba.com, said “Customers have opportunity to purchase various products of different brands, including Apple branded mobile phone, Vision TV, washing machine and air conditioner, Duranto bi-cycle, Regal furniture, Samsung and Xiaomi branded smart-phone, by placing highest price in ...

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Islami Bank removes Vice-chairman Syed Ahsanul

Syed Ahsanul

MNA Business Desk: Vice-chairman of Islami Bank Bangladesh Limited (IBBL) Syed Ahsanul Alam has been removed from his post. The decision was taken at the 34th Annual General Meeting of the bank held at Kurmitola Golf Club in the city on Tuesday with IBBL Chairman Arastoo Khan in the chair. After the meeting, the IBBL chairman briefed reporters on the meeting’s outcome. As per the decision the bank will now have only one vice-chairman and Yousif Abdullah Al-Rajhi, a foreign director of the bank, will continue with his post of vice-chairman. “From now on, there will be one vice-chairman in ...

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Shipping Corporation to get 6 new ships

Shipping Corporation

MNA Business Desk: Six new ships will be added with Bangladesh Shipping Corporation (BSC) by 2018, said an official release in Dhaka on Sunday. The ships would be bought from China National Import and Export Machineries Corporation (CMC) at a cost of Taka 1,843 crore (Tk 18.43 billion). “Each ship will have 39,000 tonnes capacity. The six ships – three oil tankers and three bulk carriers – will be added with Bangladesh Shipping Corporation (BSC) by 2018,” the release added quoting shipping minister Shajahan Khan as he confirmed this after returning home from China last night. Bangladesh Shipping Corporation has ...

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Shafiul Islam new FBCCI president

Shafiul Islam

MNA Business Desk: M Shafiul Islam Mohiuddin has been elected new president and Sheikh Fazle Fahim as first vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for the 2017-19 term. Besides, M Muntakim Ashraf has been elected vice-president of the FBCCI as seven other vice-president candidates withdrew their nominations. FBCCI election conducting committee chairman Ali Ashraf announced the names of three winners at the conference room of the federation building in the city on Tuesday. However, the official result will be announced on May 21. The biennial election to the apex trade body was held at ...

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Germany to provide 7m euro for RMG sector

Garment workers

MNA Business Desk: Germany will provide seven million euro as grant aimed at enabling an effective utilization of credit, promote workers’ safety and improve environmental standards in the country’s Ready Made Garments (RMG) factories, reported news agency. The amount would be given through Germany’s KfW and GIZ under the project “Financing of Environment and Safety Retrofits in the Bangladesh Ready Made Garments (RMG) sector”. Two separate agreements –Financial Cooperation (FC) and Technical Cooperation (TC) –were signed today in this regard, a German embassy statement said here. Additional Secretary (Europe Wing) of the Ministry of Finance Muhammad Alkama Siddique and German ...

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UCB Bank gets new Chairman, Vice-chairman

bank

MNA Business Desk: Young woman entrepreneur and Managing Director of Aramit Group Rukhmila Zaman has been elected Chairman of United Commercial Bank Limited (UCB) in an emergency board meeting. The meeting was held after the 34th Annual General Meeting (AGM) on Thursday at the corporate office of the UCB, said a press release. The meeting elected notable industrialist, one of the sponsor directors of UCB and Chairman of Yunusco Group Yunus Ahmed Vice- Chairman of the UCB. On the other hand, Anisuzzaman Chowdhury has been elected Executive Committee Chairman of the bank. He is also the Director of Ronny Chemical ...

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TCB to start OMS of Ramadan commodities from 15 May

start

MNA Business Desk: The Trading Corporation of Bangladesh (TCB) is going to start open market sale (OMS) of essential commodities across the country from 15 May, ahead of the holy month of Ramadan. “We will start the OMS activity across the country from 15 May for the convenience of people centering the holy month of Ramadan,” TCB Spokesperson M Humayun Kabir told news agency. “A total of 185 trucks will be engaged to sell the essential commodities. Of them, 33 trucks will be in Dhaka, 10 trucks in Chittagong, five trucks each in other divisional cities and two trucks each ...

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4 members of a family can be bank directors

members

MNA Business Desk: The cabinet on Monday approved the draft – Bank Company (Amendment) Bill, 2017 – which will allow four members of a family to be the directors of a bank. The existing law permits only two members of a family to be the directors of a bank. The cabinet gave the approval at its weekly meeting held at the Secretariat with Prime Minister Sheikh Hasina in the chair. While briefing reporters after the meeting, Cabinet Secretary Mohammad Shafiul Alam said, “The Bangladesh Bank has also given a positive note in this regard.” The draft law also restricts commercial ...

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ADB to provide $2 billion loan to Bangladesh

loan

MNA Business Desk: The Asian Development Bank (ADB) is planning to almost double its loan size to $1.8-$2 billion for Bangladesh this year, reported news agency. “…Bangladesh is really an ‘emerging economy’ if you see at its Forex reserves this year. We’re negotiating with the government for providing loans ranging from $1.8-$2 billion which is almost twice than the last year,” said director general of ADB’s South Asia Department Hun Kim here on Sunday. Hun Kim was responding to a volley of questions from a group of journalists on the last day of the 50th Annual Meeting of the Board ...

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Bangladesh loses $9bn for capital flight in 2014: GFI

capital flight

MNA Business Desk: About $9.11bn drained from Bangladesh in a single year of 2014 for capital flight, Global Financial Integrity (GFI), a Washington-based research and advisory organization, revealed the report. The report titled “Illicit Financial Flows to and from Developing Countries: 2005-2014” that was conducted on 149 nations was released on Monday. Major share of Bangladesh’s lost money was taken out of the country through embezzlements in bilateral exports and import deals, the report high-caliber analyses said. The GFI report also revealed that illicit capital flight from Bangladesh was on a higher trend from 2007 following political turmoil of the ...

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Muhith leaves to join 50th annual meeting of ADB

Annual

MNA Business Desk: Finance Minister Abul Mal Abdul Muhith will leave Dhaka for Japan tonight to join the 50th Annual General meeting of the Asian Development Bank (ADB) in Yokohoma. Economic Relations Division (ERD)’s secretary Quazi Shafiqul Azam will accompany the minister. The Finance Minister is expected to return on May 9. ADB Secretary Woochong Um extends an advanced welcome to delegates of the 50th Annual Meeting of the ADB Board of Governors. Held on the theme “Building Together the Prosperity of Asia,” the event will be an opportunity for delegates to reflect on the lessons from the first 50 ...

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Bangladesh to unlock potentials in trade with Canada: FM

potentials

MNA Business Desk:  Foreign Minister Abul Hassan Mahmood Ali has put importance on unlocking potentials in trade and investment between Bangladesh and Canada and sought more Canadian investment for economic growth. “I urge our Canadian friends for more Canadian investment in Bangladesh and hope that CanCham will also play an enabling role in this regard,” he said in his dinner speech at Hotel Le Meriden. Canada-Bangladesh Chamber of Commerce and Industry (CanCham) hosted the dinner to celebrate the 150th years of Canada Confederation. The foreign minister said Canadian entrepreneurs may contribute to the economic growth of both the countries by ...

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Indian BHEL company gets contract of Rampal Power Plant

contract

MNA Business Desk: Bharat Heavy Electricals Limited (BHEL) has got the contract to build the 1,320 MW Rampal Power Plant. The state-owned Indian company announced that it got the $1.5 billion export order for the thermal power station on Tuesday. BHEL won its biggest order following stiff competition in international bidding for the coal-fired power plant, a joint initiative of India’s state-owned National Thermal Power Corporation and Bangladesh Power Development Board. BHEL’s share price rose by two percent to Rs 180.45 after it announced that it got the order from Bangladesh India Friendship Power Company (BIFPCL). However, experts of both ...

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US company Chevron to sell Bangladesh gas fields to Chinese firm

Chevron

MNA Business Desk: U.S. oil and gas company Chevron Corp said on Monday it has agreed to sell its three gas producing fields in Bangladesh to Chinese firm Himalaya Energy, reported news agency. “The agreement is for the sale of Chevron`s Bangladesh companies, which hold our interests in Bangladesh,” a company spokesman told media, declining to share the deal value or any timeline. The spokesman said Himalaya Energy is owned by a consortium of China ZhenHua Oil and CNIC Corp Ltd. ZhenHua is a state-owned oil company while CNIC is an investment corporation established in Hong Kong. Chevron explores for, ...

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PRAN confectionery launches Cricket Gum

PRAN Confectionery

MNA Business Desk: Cricket Gum, a new product of PRAN Confectionery Limited, was launched at a program at PRAN-RFL center on Sunday. Bangladesh off-spinner Mehedi Hasan Miraz and opener Imrul Kayes unveiled the new product as brand ambassadors. Before the launching program, the young two tigers -Miraz and Kayes- signed agreements as brand ambassadors of Cricket Gum. Under the agreements, they will perform in different promotional activities of Cricket Gum for next two years. Saiful Islam, Chief Operating Officer of PRAN Confectionery Limited said “We launched the product by considering consumers interest and taste. Cricket gum, made by mixed fruit ...

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DCCI proposed 7 percent flat VAT from next FY

Abul Kasem

MNA Business Desk: Dhaka Chamber of Commerce and Industry (DCCI) has proposed a 7% flat VAT rate from the next fiscal year though the government indicates not to bring any change in its plan. “If the government reduces tax and VAT (value added tax) rates, investment will automatically increase,” said DCCI President Abul Kasem Khan. “The IMF officials wished to know how we’ve planned to implement the new VAT. We told them that it’ll come into effect in July and be set at 15 percent for two years,” Finance Minister AMA Muhith said earlier. While addressing a workshop on VAT ...

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